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National News Social Islami Bank faces hostile takeover

Wrtsil wins another PPE contract from Bangladesh

Corruption huge problem for Bangladesh trade, investment climate: Bernicat

Corrupt banks under finance ministry panel scanner

Farmers Bank tagged risky for financial sector

BB asks banks to tighten offshore lending

Accelerating digital inclusion

Exports to UK beat Brexit fears

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International News Asian markets muted ahead of central bank announcements

Chinese firm looks for partners

National News

Social Islami Bank faces hostile takeover

From left, new SIBL Chairman Prof Anwarul Azim Arif, Executive Committee Chairman Belal Ahmed and Managing

Director Quazi Osman AliCollected

The decision to remove the top three of the senior management and the announcement on their replacements was made

at a closed door meeting of the banks board of directors

After the top level management of Islami Bank Bangladesh Ltd (IBBL) was removed, forcibly according to critics, on

January 5 this year, Social Islami Bank Ltd (SIBL) on Monday faced a similar series of drastic changes to its upper

echelon.

SIBL Chairman Major (Retd) Dr Md Rezaul Haque and Executive Committee Chairman Md Anisul Hoque were

replaced by former Chittagong University vice-chancellor Prof Anwarul Azim Arif and Belal Ahmed, vice chairman of

NRB Global Bank, respectively, inside sources told the Dhaka Tribune.

The Managing Director of SIBL, Shahid Hossain, has also stepped down and been replaced by Quazi Osman Ali,

additional managing director of First Security Islami Bank Ltd, sources confirmed.

The decision to remove the top three of the senior management and the announcement on their replacements was made

at a closed door meeting of the banks board of directors at The Westin hotel in Dhaka under tight security.

The names of the replacements will be sent to the Bangladesh Security Exchange Commission (BSEC) and Bangladesh

Bank (BB) for approval.

The changes in high level management at both SIBL as well as at IBBL on January 5 are allegedly being backed by

Chittagong-based S Alam Group that bought up shares of both banks prior to the takeover.

DSEX 5,996.25 0.83 Gold (Ounce) $1,289.20 Dollar 80.85 (Buy) 81.85 (Sell)

REPO Rate (16/10/2017) 3.44%

DSE30 2,162.81 6.17 Oil (Barrel) $52.15 Euro 94.21 (Buy) 98.55 (Sell)

REPO Rate (15/10/2017) 3.46%

Source: DSE Source: Yahoo Finance Source: One Bank Limited Source: Bangladesh Bank (W AV)

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Both Arif and Belal took their positions as directors on the board for the first time at Mondays meeting. Arif qualified

for the position of director as he is a representative of the little-known Hasan Abashan Company Ltd, a sister concern

of S Alam Group.

First Security Islami Bank Ltd, where Quazi Osman Ali was additional managing director, is also owned by S Alam

group.

According to sources, Belal is the son-in-law of S Alam Group Chairman and Managing Director Mohammed Saiful

Alam.

When contacted, newly-elected SIBL Chairman Prof Anwarul Azim Arif told the Dhaka Tribune: The Board of SIBL

has made me a director as well as chairman of the bank at the meeting today (Monday), and the executive committee

chairman and managing director have also been changed. The previous holders of the positions have resigned.

Inside sources further said that the departing chairman, executive committee chairman and managing director were not

present at the board meeting where the decision was taken, though S Alam Group chairman Saiful was in attendance.

A director present at the board meeting told the Dhaka Tribune on condition of anonymity that the departing chairman,

executive committee chairman and managing director were prevented from coming to the meeting. The change was

made forcibly, the director said.

How the takeover happened

At the beginning of this year, United Group began buying shares of SIBL. In the space of a few months, they had

acquired a 31% share in the bank. However, in the face of allegations from BSEC that they breached rules regulating

the buying of shares, they sold their stake in the bond market.

According to sources, the S Alam Group bought these shares from the bond market over the last two months by using

relatively unknown companies that they allegedly own. The group also bought SIBL shares from other companies,

finally establishing a 40% stake in the bank.

The companies allegedly used by S Alam Group to buy shares of SIBL are Global Trading Corporation, Leon Securities

and Investment, Portment Cement, Modern Properties, Prashad Paradise Resort, Unique Investment and Securities,

Hasan Abashan Company Ltd, Platinum Endeavours, Dynamic Venture, Reliable Enterprise, Paradise International,

Leader Business Enterprise, Pushti Vegetable Ghee, Unitex Steel Mills and Unitex Cement Ltd.

Earlier on January 5, Islami Bank Bangladesh Ltd saw several major shifts in policy and operations that some insiders

claim were rife with irregularities and benefited interests that have been gaining control of the bank. The chairman, vice-

chairman and managing director of IBBL all abruptly resigned.

Following the change, a number of foreign investors sold off their shares in IBBL, which were allegedly bought by S

Alam Group. As of September this year, S Alam Group owns 25% of the shares of IBBL.

Furthermore, the current IBBL chairman, who was appointed at the time, is a representative of Armada Spinning Mills,

also allegedly a sister concern of S Alam Group.

S Alam Group representatives could not immediately be reached for comment.

Source: http://www.dhakatribune.com/business/2017/10/30/social-islami-bank-takeover/

Wrtsil wins another PPE contract from Bangladesh

The technology group Wrtsil has been awarded another contract to supply power generating equipment to Bangladesh,

reports www.globenewswire.com.

The latest order, which was booked in October 2017, is for a 100 MW power plant project in Chittagong being built by

Karnaphuli Power Ltd, owned by Baraka Group. It is the seventh order that Wrtsil has received this year for power

generating equipment from Bangladeshi companies, said a press release.

The baseload plant will be powered by six Wrtsil 50 engines running on heavy fuel oil (HFO), and the low heat rate,

high efficiency, and excellent reliability of this engine were emphasised in the award of this contract. Furthermore, the

project is being executed on a fast-track basis, and Wrtsil's ability to comply with a demanding delivery schedule was

another important factor. The Wrtsil equipment is scheduled for delivery in January 2018, and the plant is expected

to be operational four months later, in May.

Source: http://www.theindependentbd.com/post/121511

Corruption huge problem for Bangladesh trade, investment climate: Bernicat

US ambassador to Bangladesh Marcia S Bernicat, American Chamber of Commerce in Bangladesh president Md

Nurul Islam, executive director Md Shahadat Hossen and former president Aftab ul Islam are seen at the AmCham

luncheon meeting held at the Westin Hotel in Dhaka on Monday. New Age photo

http://www.dhakatribune.com/business/2017/10/30/social-islami-bank-takeover/http://www.theindependentbd.com/post/121511

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US ambassador in Dhaka Marcia S Bernicat on Monday said improving business climate in Bangladesh was important

for attracting foreign direct investment, including from the US investors.

High Tariff, unnecessary and arbitrary regulations, corruption, cumbersome customs procedures, bureaucratic

complexities and in some cases sanitary requirements were the most unfair trade barriers for US companies in the

country, she said at a luncheon meeting of the American Chamber of Commerce in Bangladesh.

Corruption is a huge problem for trade and investment climate in the country, she said.

AmCham arranged the luncheon meeting at Hotel Westin in Dhaka where Bernicat spoke as guest of honour dwelling

on how to overcome obstacles to doing business in Bangladesh.

Bernicat said that ensuring labour rights and safety would be the most essential part of the Bangladeshi apparel brands

in the global market as competition in the sector is growing.

She also urged the government to change the countrys labour law and EPZ law for meeting the international

standards of the freedom of association which is a growing concern of US buyers.

She said that labour rights and safety were also the foundation of free and fair trade agenda of the United States.

Bangladesh made significant progress over the years but more works needed to be done.

AmCham president Md Nurul Islam, former president Aftab ul Islam, executive director Shahadat Hossen and other

executive committee members also attended the meeting.

The US ambassador said that Rohingya crisis, along with other crises the country has been facing, would put impact

on Bangladeshs economy.

She appreciated the generosity and hospitality of the government and people of Bangladesh towards the Rohingya

people, saying that the US is working together along with other international communities to ensure safe and

voluntary return of the Rohinga people to their ancestral home in Rakhaine state in Myanmar.

Bernicat said that the US was the single largest foreign direct investor in Bangladesh as well as the largest buyer of

readymade garments from Bangladesh.

But the trade volume is heavily lopsided towards USA as the country exported worth only $895 million in 2015

against import of goods worth more than $6 billion from Bangladesh, she said.

There are lots of potential to increase the sales of US goods and services in the country, she added.

She said that the US was working together with Bangladesh to improve the business climate in the country.

The US in coming weeks will review the progress of discussion made in the third meeting of the United States Trade

and Investment Cooperation Forum Agreement (TICFA) held in May in Dhaka, she added.

It is also preparing the National Trade Estimate Report in which the significant foreign barriers to the US trade and

investment will be highlighted, she said, adding that US companies can provide information by mid-November for the

report.

Nurul Islam said that there were lots of obstacles in doing business in the country and businesses were growing

overcoming the obstacles.

Referring to the decision of US oil and gas giant Chevron to stay in Bangladesh, he said that it was an excellent

example of overcoming obstacles which was an encouraging development for the businesses of the country.

Source: http://www.newagebd.net/article/27295/corruption-huge-problem-for-bangladesh-trade-investment-

climate-bernicat

Corrupt banks under finance ministry panel scanner

The Parliamentary Standing Committee of the Finance Ministry yesterday strongly condemned the irregularities of the

NRB Commercial Bank and Farmers Bank and asked Bangladesh Bank (BB) to take necessary action within two

months.

The parliamentary body also asked the four foreign financial units to provide the necessary information to the

committee on the alleged laundering of Tk. 2,990 crore from the country by the Arab Bangladesh Bank on the pretext

of offshore banking.

The committee will decide on the next course of action based on the reports given by the financial units.

In addition, the committee expressed concern over the alarming increase in the rate of distribution of loans by the

Islami Bank Bangladesh ever since its new board of directors has taken charge. The committee has asked the bank

authorities to provide information about the sectors in which loans are being disbursed and the clients at its next

meeting.

http://www.newagebd.net/article/27295/corruption-huge-problem-for-bangladesh-trade-investment-climate-bernicathttp://www.newagebd.net/article/27295/corruption-huge-problem-for-bangladesh-trade-investment-climate-bernicat

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Headed by the committee chairman Dr Muhammad Abdur Razzaque, the meeting was held at the Parliament building.

The other members of the committee present at the meeting were MPs M A Mannan, Nazmul Hassan, Mustafizur

Rahaman Chowdhury, Farhad Hossain, Md Sawkat Chowdhuri, and Akhtar Jahan.

Committee sources said the members lambasted the corruption in the banking sector.

The NRB Commercial Bank started functioning in 2013. But within a short time, the directors got embroiled in internal conflict and irregularities regarding the providing of loans, it was reportedly discussed at the meeting.

A special BB report has reportedly found that the bank took a resolution after forging the signatures of some directors

who were absent at the meeting, disbursing loans in favour of organizations belonging to the chairman of the

mercantile bank in violation of the rules.

The committee reportedly stated that the involvement of the board of directors and the managing director had been found in the issuing of a huge amount of loan without caring for the laws.

The BB report has also stated that the shares of six directors were confiscated and three of the directors were removed without following the rules.

The committee has also found that Farmers Bank got embroiled in several irregularities soon after it started operations

in 2013.

The bank allegedly granted loans to organizations that existed only in signboards, to its own directors and the directors

of other banks, and to defaulters, and often crossed the single-borrower exposure limit while granting loans, the committee said. Irregularities in recruitment have also been found.

Though BB has appointed an observer in Farmers Bank to check the increasing rate of irregularities and bring back

discipline, the situation has not improved.

Muhammad Abdur Razzaque told journalists that the committee has recommended further investigation into the

irregularities of NRB Commercial Bank and Farmers Bank to ensure the punishment of the responsible persons, bring back the trust of its customers, and to save the banks from destruction.

The Bangladesh Bank Intelligence Unit will investigate the irregularities in the two banks and take action according

to rules within two months, he said.

These banks are public properties because people deposit their money here. If irregularities are found, the entire economy will be ultimately affected, he also said.

We dont want the banks to face the threat of being shut down. We want them to carry out their activities properly, following the rules and regulations, he added.

The amendment of the Bank Company Act, 1991, was also discussed at the meeting. A decision will be taken in the

next meeting in the presence of finance minister AMA Muhith.

Source: http://www.theindependentbd.com/post/121371

Farmers Bank tagged risky for financial sector

A government report recommends action against Farmers Bank and NRB Commercial Bank over corruption and

irregularities

The Parliamentary Standing Committee on Finance Ministry yesterday asked the Bangladesh Bank to take punitive

action against those involved in corruption and irregularities in running the Farmers Bank Limited and NRB

Commercial Bank in line with the Bank Company Act.

The central bank was also told to submit its report on the matter within next two months, according to a handout from

Parliament Secretariat.

Moreover, the committee asked the newly formed governing body of the Islami Bank Bangladesh Limited (IBBL) to

inform about the details on loans it has been approving, its clients and the sectors, as the banks disbursement of credit

have risen alarmingly in recent times.

http://www.theindependentbd.com/post/121371

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The parliamentary watchdog in its 21st meeting yesterday made the recommendation after discussing a report of the

Bank and Financial Institutions Division (BFID) on the irregularities in these banks.

The report termed the Farmers Bank, owned by former State Minister Mohiuddin Khan Alamgir, as risky for the

financial sector of Bangladesh.

It said that the Bank was taking loans with high-interest rates from depositors and other banks while it does not have

the capacity to pay back, creating systematic risk for the entire financial sector of Bangladesh.

The banks depositors might lose confidence in it for these activities, warned the BFID report submitted to the

parliamentary standing committee yesterday morning.

It also said that Farmers Bank was taking new loans violating a ban by the central bank, adding that the bank had also

admitted to the irregularities.

The Farmers Bank had secured its licence along with eight other banks in June 2013.

Regarding NRB Commercial Bank, the report said it had prepared their board meetings minutes forging the

signatures of absent directors and disbursed credits to an organisation related to Mercantile Bank chairmans interest.

Chairman of the parliamentary committee Abdur Razzak presided over yesterdays meeting at Jatiya Sangsad Bhaban.

It was also attended by State Minister for Finance and Planning MA Mannan, and committee members Najmul Hasan,

Mostafizur Rahman Chowdhury, Farhad Hossain, M Shawkat Chowdhury and Akhter Jahan.

Source: http://www.dhakatribune.com/business/banks/2017/10/30/farmers-bank-tagged-risky-financial-

sector/

BB asks banks to tighten offshore lending

Bangladesh Bank has asked banks to tighten their lending in foreign currency through their offshore banking units with

the view to stabilising the exchange rate.

The instruction came at a meeting yesterday with the top executives of banks that have offshore banking units.

The central bank is concerned about banks' offshore exposure as they are collecting foreign currency funds from local

sources instead of foreign sources, putting pressure on the foreign exchange rate, said SK Sur Chowdhury, deputy

governor of the BB.

An asset liabilities' mismatch has been created, which, in turn, is creating volatility in the exchange rates.

Subsequently, the banks were instructed to abandon their aggressive approach to lending in foreign currency.

Banks have been asked to reduce onshore borrowing to strike a balance between the inflows and outflows of foreign

currency, Chowdhury added.

At present, the offshore units' total outstanding loans stand at $6.4 billion, which is about Tk 51,200 crore. Of the total

offshore exposure, 31.6 percent was borrowed from local source.

The main function of the offshore units is to borrow from foreign sources and lend them to clients who have foreign

earnings, said Syed Mahbubur Rahman, managing director of Dhaka Bank.

But banks collect a major portion of their foreign currency funds from local sources, like their own treasury department

or other local banks on a short-term, and lend at their offshore units for long-term.

As a result, a tenure mismatch has been created, putting the banks at risk, Rahman said.

Currently, 36 of the 57 banks in the country are running offshore units as per a directive issued by the Banking Control

Department of the BB on December 17, 1985.

The central bank is now working on issuing a fresh directive aiming to mitigate the risks of offshore operations in

Bangladesh through strengthened monitoring and supervision.

The BB is also concerned about the mismatch in deposit and credit growth, said a senior official of a private bank.

At the meeting, bankers explained that the high credit growth is due to infrastructure and power project lending, he said.

Bankers were suggested to be cautious about lending and bringing balance between deposit and credit growth, he

added.

http://www.dhakatribune.com/business/banks/2017/10/30/farmers-bank-tagged-risky-financial-sector/http://www.dhakatribune.com/business/banks/2017/10/30/farmers-bank-tagged-risky-financial-sector/

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On July 30, the rate of deposit growth stood at 10.88 percent, down from 12.21 percent three months earlier. The deposit

growth was 13.13 percent on December 31, 2016.

The deposits had a slower growth than that of the credit growth in the first seven months of the year as the depositors

were discouraged to keep money with banks due to the low interest rates.

On the other hand, the overall credit growth as of July 27 stood at 17.16 percent, up from 15.90 percent on March 30. It

was 15.32 percent on December 31, 2016.

Source: http://www.thedailystar.net/business/bb-asks-banks-tighten-offshore-lending-1484098

Accelerating digital inclusion

At the start of the twenty-first century, technology began levelling the playing field for entrepreneurs worldwide. Over

the next decade, this flattening of the world's economy continued with further advancements in technology. Today, there

are more than 150 discrete technologies that are changing the world around us faster than ever.

As technology rapidly eliminates geographic barriers, it has begun enabling a group of entrepreneurs in Bangladesh to

compete globally. At the same time, the challenge of the widening digital divide in the local population remains. The

successful adoption of modern technologies can help address this challenge in an effective manner.

Economic inclusion of citizens has seen some success in Bangladesh. The progress in the successful adoption of IT in

delivering healthcare services has been recognised by the World Health Organisation. Further, programmes under

Access to Information (a2i) are making Bangladesh digitally empowered. The adoption and proliferation of the right

kind of technology will help in accelerating inclusion of the people along this digital journey.

The first requirement in this journey is to create a digital identity for every resident of the country. Advancement in

technology has made the collection of biometric data of individuals easy; this biometric data can then be used to create

digital identities. An identity can be made unique by applying the right kind of technology, popularly known as data

deduplication. Subsequently, interfaces can be built for secure verification of that identity through inexpensive processes

and tools.

In this regard, India's programme towards digital identity creation can serve as a good reference point. The Unique

Identification Authority of India (UIDAI) started creating unique identification numbers for each Indian resident seven

years ago. According to the UIDAI website, it has created unique identification numbers for more than 111 crore

individuals. This means enrolment has been happening at an average speed of five individuals per second. The successful

roll-out of a programme on such a scale has been significantly dependent on the deployment of the right technology:

technology for data collection, technology for data deduplication and technology for identity authentication.

For a country like Bangladesh, the technology will be important for collecting data, particularly for collection of

biometric information. Hardware devices have to be easily portable, since data collection will happen in remote areas

too. Further, hardware and software have to be robust enough to function in environments that may not always be clean

and favourable. Finally, data collection kits need to be inexpensive to ensure their widespread use.

http://www.thedailystar.net/business/bb-asks-banks-tighten-offshore-lending-1484098

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Technology used at the backend will also be very important to keep the collected data secure and yet easily accessible.

The complex job of data deduplication can also be managed efficiently using technology. In fact, deduplication is

necessary to keep identities unique, thereby preventing benefit leakages.

The real benefit of unique identities becomes evident at the time of identity authentication. Hence, the authentication

process needs to be fast and error-free. Again, the choice of the right technology will help in achieving this. Biometric

sensors that are portable yet secure, an authentication technique that is lightweight yet reliable, and high-speed internet

connectivity are critical success factors for achieving this.

For example, today, a citizen in Bangladesh has to submit a photocopy of his/her National ID (NID) while purchasing

a new mobile connection. With an integrated identity authentication process, a retailer should be able to authenticate a

customer at the point of sale within a few seconds by using biometric sensors and software. This will make the

authentication process efficient and robust.

Bangladesh spends several thousand crores of taka every year in subsidising the cost of chemical fertilisers. In an

inclusive environment, the government should be able to distribute this subsidy directly to farmers as per their individual

entitlements. This will help the government optimise the subsidy amount and monitor the corresponding output. A

similar approach will be effective in distributing food subsidies, cooking gas subsidy and other benefit distribution

programmes.

The achievements of subsidised cooking gas retailers in India demonstrate the power of technology-enabled benefits

distribution. These cooking gas companies collectively identified more than four crore customers as suspected duplicate

beneficiaries using technology. This resulted in rigorous beneficiary verification and duplicate connection termination.

It helped the government prevent further leakage of benefits. Through this initiative, the government of India saved

several thousand crores of rupees. The money thus saved has helped the government run a separate programme for

providing cooking gas connections to poor families free of cost. This accelerates inclusion of more families to use

cleaner cooking fuel.

Bangladesh already has some of the basic ingredients required for a successful inclusion programme. Currently, the

country has more than 13 crore mobile subscribers. Bangladesh also has an impressive customer base in mobile financial

services. Further, the national identity system is capable to capture biometric data while creating an individual's identity.

A robust framework with the right set of technologies to integrate all these components into a reliable, efficient and

sustainable benefits delivery and benefits monitoring system will accelerate the digital inclusion of Bangladesh's

population. Source: http://www.thedailystar.net/business/accelerating-digital-inclusion-1484068

Exports to UK beat Brexit fears

Refayet Ullah Mirdha

http://www.thedailystar.net/business/accelerating-digital-inclusion-1484068http://www.thedailystar.net/author/refayet-ullah-mirdha

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Buoyed by higher shipments of apparel items, Bangladesh's exports to the UK are on the rise although British consumers

have been hit hard by rising inflation amid Brexit pressure.

The UK's key inflation rate hit its highest for more than five years in September, driven up by increases in transport and

food prices.

The Consumer Prices Index climbed to 3 percent, a level it last reached in April 2012, and up from 2.9 percent in August,

according to BBC.

Shoppers suffered a big jump in clothing prices, particularly for womenswear, plus pricier petrol at the pumps, the

Guardian reported.

The fall in the pound since last year's Brexit vote has been one factor behind the rise in the inflation rate, as the cost of

imported goods has risen.

But exports from Bangladesh increased 22.29 percent year-on-year to $1.03 billion in the July-September period of the

fiscal year.

During the quarter, garment shipment to the UK grew 10.47 percent to $862.28 million.

Exporters say the shipment to the UK remained insulated because Bangladesh exports basic garments at lower prices,

and consumers prefer cheaper products during tough times.

The UK is the third largest export destination for Bangladesh after the US and Germany.

Not only garments, some other local items like fruits and vegetables are seeing higher demand from the UK thanks to

the presence of a sizeable Bangladeshi diaspora there.

Garment export from Bangladesh to the UK is increasing as British customers get cheaper products, said Kutubuddin

Ahmed, chairman of Envoy Group, a leading garment exporter.

Recently, British retailers have increased the volume of sourcing from Bangladesh, he said.

The upward trend in the exchange rate of the pound sterling against the taka is also a major cause for the rise in exports

from Bangladesh to the UK, said Abdus Salam Murshedy, a former president of Bangladesh Garment Manufacturers

and Exporters Association.

The pound sterling was trading at Tk 109.44 yesterday. Sometimes, the amount goes above Tk 110 per pound sterling.

The exchange rate of the local currency hovered around Tk 95 and Tk 98 since Brexit vote in June 2016.

The exporters' confidence received a boost because of the higher exchange rate of the pound sterling, Murshedy said.

Moreover, Bangladesh was able to ride out an image crisis in the garment sector after factory remediation, he said.

Overall, European buyers are placing orders for higher volume of garment items as workplace safety has been ensured

following the inspections, he said.

Although the UK market is attractive, it accounts for only 8-9 percent of total garment exports from Bangladesh, said

Dhyana van der Pols, CEO of Nash International, which advises 200 European garment retailers that source $200 million

worth of apparel items from the country every year.

In an email interview, she said the average price level in the UK is extremely low in comparison with other EU markets

and is under constant pressure.

Traditionally, UK buyers tend to pay far less for similar products than the other EU retailers. This situation will

aggravate further with Brexit, the plummeting of the pound sterling and the absence of a bilateral trade deal with

Bangladesh.

Bilateral negotiations with the UK should start as soon as possible to secure a future export position or to prevent the

current position from sliding further, van der Pols said.

The EU will shortly sign a free trade agreement with Vietnam and could reinstate GSP-plus trade privilege for Sri Lanka.

Those market dynamics will again cause an alteration of sourcing dynamics and country shifts. The sourcing caravan

is out of options for cheap labour so future trade deals and benefits between nations are a factor that should not be

underestimated.

Source: http://www.thedailystar.net/business/exports-uk-beat-brexit-fears-1484101

http://www.thedailystar.net/business/exports-uk-beat-brexit-fears-1484101

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International News

Asian markets muted ahead of central bank announcements

Asian stock markets were largely flat yesterday as investors locked in gains on earnings reports and braced for key

Japanese and US central bank announcements.

In Tokyowhere the Nikkei cooled but still reached its best level in 21 yearsthe focus is on a two-day Bank of Japan

policy meeting that started yesterday.

The US Federal Reserve begins its two-day meeting Tuesday, with President Donald Trump expected to announce the

Feds next chair by Friday before he embarks on an 11-day Asia tour.

Neither meeting was expected to result in an immediate rate rise, with inflation low in each country, but investors were

watching with caution.

With the earnings season in full swing, Tokyo stocks ran out of steam to close virtually flat yesterday, while Hong Kong

was down 0.1 per cent in afternoon trading.

Shares in banking giant HSBC briefly rose on news that profits had leapt fivefold in the third quarter to $4.6 billion on

booming Asian business and a huge restructuring drive. But they settled back on profit-taking.

Gaming giant Nintendo nearly doubled its full-year profit forecast as it pointed to sizzling sales of its Switch games

console and a cheaper yen, but shares ended slightly down.

Crisis-hit Kobe Steel, reeling from quality data-faking scandal, downgraded operating profits yesterday, but saw shares

jump 2.2 per cent after the Nikkei business daily reported Japanese banks were preparing billions of dollars in loans for

the steelmaker.

Shanghai tumbled 0.8 per cent, as Chinese traders returned to full activity after a steady trading week which also featured

the Communist Party congress.

The market tumbled today, partly because increased yields on Chinas 10-year government bond over the last week

shook sentiment to some degree, said Li Daxiao, an analyst with Yingda Securities.

http://www.arthosuchak.com/archives/378057/%E0%A6%AA%E0%A7%8D%E0%A6%B0%E0%A6%A5%E0%A6%AE-%E0%A6%AA%E0%A7%8D%E0%A6%B0%E0%A6%BE%E0%A6%A8%E0%A7%8D%E0%A6%A4%E0%A6%BF%E0%A6%95%E0%A7%87-%E0%A6%95%E0%A7%83%E0%A6%B7%E0%A6%BF-%E0%A6%AA%E0%A6%A3/http://www.arthosuchak.com/archives/378057/%E0%A6%AA%E0%A7%8D%E0%A6%B0%E0%A6%A5%E0%A6%AE-%E0%A6%AA%E0%A7%8D%E0%A6%B0%E0%A6%BE%E0%A6%A8%E0%A7%8D%E0%A6%A4%E0%A6%BF%E0%A6%95%E0%A7%87-%E0%A6%95%E0%A7%83%E0%A6%B7%E0%A6%BF-%E0%A6%AA%E0%A6%A3/http://www.arthosuchak.com/archives/378057/%E0%A6%AA%E0%A7%8D%E0%A6%B0%E0%A6%A5%E0%A6%AE-%E0%A6%AA%E0%A7%8D%E0%A6%B0%E0%A6%BE%E0%A6%A8%E0%A7%8D%E0%A6%A4%E0%A6%BF%E0%A6%95%E0%A7%87-%E0%A6%95%E0%A7%83%E0%A6%B7%E0%A6%BF-%E0%A6%AA%E0%A6%A3/http://www.arthosuchak.com/archives/378057/%E0%A6%AA%E0%A7%8D%E0%A6%B0%E0%A6%A5%E0%A6%AE-%E0%A6%AA%E0%A7%8D%E0%A6%B0%E0%A6%BE%E0%A6%A8%E0%A7%8D%E0%A6%A4%E0%A6%BF%E0%A6%95%E0%A7%87-%E0%A6%95%E0%A7%83%E0%A6%B7%E0%A6%BF-%E0%A6%AA%E0%A6%A3/http://www.arthosuchak.com/archives/378057/%E0%A6%AA%E0%A7%8D%E0%A6%B0%E0%A6%A5%E0%A6%AE-%E0%A6%AA%E0%A7%8D%E0%A6%B0%E0%A6%BE%E0%A6%A8%E0%A7%8D%E0%A6%A4%E0%A6%BF%E0%A6%95%E0%A7%87-%E0%A6%95%E0%A7%83%E0%A6%B7%E0%A6%BF-%E0%A6%AA%E0%A6%A3/

11 | P a g e

But the drop in the market also helped release the risks accumulated during a week of relatively steady trading.

Busy US calendar

Wall Street closed with gains Friday on blowout earnings from tech giants, as well as strong third-quarter economic

growth figures which overshot forecasts.

The figures showing Trump hitting stated growth targets were also a boost to advocates of his tax reform plans, further

fuelling investor sentiment.

Investors will have plenty more to digest this week with an extremely busy US schedule of events, including the Federal

Reserve meeting and key data such as the October jobs report.

Trump is expected to announce this week whether he will replace Federal Reserve chair Janet Yellen, who over the

weekend described moribund US inflation over the last year as a mystery, a surprise and a concern.

Centrist Jerome Powell appeared to edge ahead as front-runner at the weekend, presenting the possibility of a continuity

candidate unlikely to rattle foreign exchange rates. But he would be a blow to hawks who favour rate rises sooner rather

than later.

The Fed is considered unlikely to raise interest rates at this weeks meeting, but the expectation remains of an increase

in December.

The dollar eased off slightly in Asian trade following gains against the euro last week, when the European Central Bank

said it would soon start to taper its monetary stimulus programme.

Source: http://www.theindependentbd.com/post/121509

Chinese firm looks for partners

High-rise building construction

A leading Chinese construction company is looking for reliable partners in Bangladesh and other potential markets in

South Asia and beyond to address growing housing and high-rise building construction demands taking the advantage

of modern technology, reports UNB.

Theres very strong market demand. Were looking for good partners in Bangladesh and other countries as part of our

expansion plan, Vice President of Broad Homes Industrial International Construction Co Ltd Bo Huang told the news

agency at his office at Yuelu District, Changsha.

He said they are looking for such partners who have strong background in this sector. We have to set up factories, too

as we provide one-stop service.

Explaining potential of business expansion plan globally, Huang said there is a growing need for houses and everybody

wants a house. Were the biggest company in the sector within China and now were expanding our business network,

he said, adding that their products are being exported to French, Japan, Australia, New Zealand and Nigeria.

The official said the specialty of the company is that all things are done under the same rooffrom building design to

final construction. Everything is being made ready in our factory. And then we install those in the construction site.

He said shrinking labour force is one of the reasons to make everything centrally with the use of high technology

avoiding manual labour.

Huang said the Broad Homes established Research & Development Center in 1996 consisting of professional teams

with adequate engineers and architects.

In order to create innovations for industrialised building in China, they invited professional researchers not only from

the field of construction engineering, but also from other fields of specialisation such as ecology, energy and artificial

intelligence.

Broad Homes 5th generation of industrialised integrated building system adopts the worlds most advanced precast

concrete technology and BIM platform, he said.

By optimising the R&D, design, manufacturing, construction, material and product systems, quality is improved and

time, energy and cost can be saved, Huang said.

http://www.theindependentbd.com/post/121509

12 | P a g e

Through standardisation and industrialisation, we adopted a flexible production line to produce PC, which can greatly

reduce the labour and shorten production period while ensuring product quality and efficiency, he added.

The company offers technical service and consulting in the area of precast concrete manufacturing and construction.

As the leading enterprise in precast concrete construction worldwide, Broad Homes specialises in providing integrated

solutions of precast concrete construction (including residential buildings, commercial buildings, public facilities,

industrial facilities and infrastructure) for over 20 years.

With advanced precast concrete construction technology and expertise, Broad Homes International is engaged in helping

customers to fully master precast concrete construction technology by delivering the smartest precast factory solution,

engineering services, technical consulting services and technical support throughout the lifecycle of a construction

project, officials said.

We are also constructing American, French and European style villas which are a bit expensive, Huang said showing

some of the completed projects.

He said these two or three storied buildings are strong enough against any natural disaster, including earthquake.

Responding to a question, Huang said they will keep in mind all risk factors associated with any specific country when

they will start projects abroad.

Source: http://www.theindependentbd.com/post/121514

http://www.theindependentbd.com/post/121514