Bangladesh Economy Trading & Entertainment News

Tk 1,13,819 cr nat’l budget for 2009-10

noreply@blogger.com (startdh) — Thu, 11 Jun 2009 18:24:00 +0000

Earning Tk 79,461 crore; Expenditure Tk 82,ooo crore; ADP Tk 30,500 crore;deficit Tk 34,358 crore; GDP growth target 5.5 per cent

Finance Minister Abul Mal Abdul Muhith presented a Tk. 1,13819 crore national budget for 2009-10 in parliament on Thursday with special emphasis on implementing the ruling Awami League's election pledge - 'Charter of Change'.Of the total outlay of the budget, the first of this government and the 38th since independence, Tk. 82,000 crore has been earmarked for revenue expenditure and Taka 30,500 crore for the Annual Development Programme (ADP) while the GDP growth.The budget proposes revenue earnings of Tk 79,461 crore leaving a record deficit of Tk. 34,358 crore which will be met with foreign assistance of Tk.13,803 crore and domestic borrowings of Tk. 20,555 crore.

The budget deficit is estimated At 5 per cent of the GDP.The original size of the budget for the outgoing fiscal 2008-09 was Tk.99,962 crore which stands at Tk.94,130 crore after downward revision, the total deficit being Tk. 24,960 croreIt is after two years that the finance minister presented the budget in the parliament.

In the previous two years during emergency rule the budgets were announced outside of the House. The new budget gives special attention to some key issues such as combating recession, mobilising internal and external resources, promoting agriculture, infrastructure development , education and IT, generating employment, checking inflation, and alleviating poverty.

Finance Minister Muhith's budget, for the first time in the country's history, includes Public-Private Partnership (PPP), bailout strategy for recession-hit sectors, special allocations for creating jobs for ultra poor and establishment of a national service scheme to facilitate people with jobs who have qualifications up to the higher secondary level. Tk. 21,00 crore has been allocated for the newest avenue of this years budget , Public Private partnership (PPP).

The new budget outlines major reforms in the tax collection machinery to mobilise more internal resources faster than ever by expanding the tax net. For fiscal 2009-10, revenue through NBR is estimated at Tk. 61,000 crore and revenue receipt from non-tax and non-NBR sectors is estimated at Tk. 15,506 crore and Tk. 2,955 crore respectively. The size of this year's budget is the largest ever and so is the deficit.

The new budget proposes expansion of the tax net to mobilize domestic resources. Import duty on motor vehicles and other luxury items have been enhanced to mobilize domestic resources.The budget seeks to mobilize additional revenues through various fiscal measures and restructuring the existing tax net.

The finance minister vowed to expand the tax net instead of increasing the tax rates. Total revenue earnings target for the fiscal 2009-10 is set at Tk 79,461 crore which is 14.86 percent higher than the revised revenue for the outgoing year.Of the total revenue earnings, income tax receipts are projected at Tk 16,560 crore. To boost income tax, the budget proposed taking taxpayer's identification number (TIN) for use of cars, company registration, designing of house in divisional cities and for getting drug licenses etc.

Growth of the value added tax (VAT) is estimated at 13.31 percent to Tk 22,795 crore for next fiscal.The budget proposes to allow whitening of black money by paying 10 percent tax if invested in infrastructure, specific industrial sectors and share market. Black money can also be whitened by paying tax for purchase of appartments. This opportunity will be available for three fiscal years.

The finance minister mentioned that the budget is expansionary and ambitious, particularly the ADP and therefore he laid emphasis on effective and efficient supervisory mechanism without which he felt implementation of measures in the budget would fall behind .Finance Minister AMA Muhit in his budget speech said, the budget for FY2009-10 will be the first step towards our journey to realise the dreams enshrined in our vision. "Through the budget proposals, after carefully evaluating our preparedness to tackle the impact of global recession, anysing the possible resource constraints and taking into account the capacity for implementation of development programmes, I intend to proceed with the budget proposals enshrining our promises to keep for the charter of change," he said.

Budget aims at fulfilling election pledges: Finance Minister

noreply@blogger.com (startdh) — Thu, 11 Jun 2009 18:20:00 +0000

Finance Minister AMA Muhith has said the new national budget is not just a statement of income and expenditure of the government rather it is an instrument through which we would ensure growth, poverty reduction and achieve the macroeconomic fundamentals as per the earlier election pledges of the Awami League-led grand alliance government."With a view to taking country's economy to the higher trajectory of growth, we have to come out from the vicious poverty cycle by bringing a qualitative change in the investment strategy.

In order to attain such higher growth, investment in infrastructure development, especially power and energy, ports, communication, supply of drinking water and waste management, education and health will be given highest priority," he said this while delivering his budget speech in the parliament on Thursday.This, the first budget of the Awami League-led grand alliance government comes in the backdrop of global recession.

The Prime Minister and Leader of the House Sheikh Hasina was present in the parliament while opposition leader and BNP chairperson Khaleda Zia remained absent as BNP has been boycotting the budget session over a seating dispute.

AMA Muhith observed that since the implementation and funding of any infrastructure development projects is a long drawn process and the investment risk is much higher as well as is not, in many cases, commercially viable."We are going to take special initiatives to involve the private sector under Public Private Partnership (PPP) to meet the probable investment gap in infrastructure development and maintenance, alongside the government's investment.

We trust that successful application of PPP concept will open up the door for increased flow of investment from both local and foreign investors. This will accelerate economic growth," he hoped. Referring to the need to keep the negative impact of global recession at a minimum level on the remittance flows in mind, the Finance Minister mentioned some strategies of the new government that include: rehabilitation of the jobless returnee expatriate workers, continuation of diplomatic initiative to prevent retrenchment of workers, exploration of new labour markets abroad and making the National Skill Development Council more effective."

The budget for Financial Year 2009-10 has been formulated keeping in mind the need to maintain macroeconomic stability in the context of current global economic meltdown, achieving desired economic growth to fulfill our election pledge and contributing to poverty reduction.

With regards to these, we have attached priority to massive employment generation, enhancement of social safety net, creation of self-employment, reduction of regional disparity, increasing emphasis on agricultural development, achieving the target of power generation, acceleration of industrialization and building necessary infrastructure for Digital Bangladesh".

Muhith said in the proposed budget, the government has given highest priority to overall agriculture and rural development sector as 48 percent of our labour force is engaged in this sector with a target to ensure food security for our citizens through developing theagriculture sector by 2012.The government's initiatives would increase irrigation facilities by protecting more areas from flood and continue the efforts for river protection, reduction of risk of salinity and maintenance dredging, he added.

The Finance Minister assured that the industries affected by the economic melt-down will be given various support packages on a case-to-case basis to keep them afloat and in competition and until alternative arrangements are made for the likely displaced workers an SOE will not be closed.In his budget speech, AMA Muhith was also very vocal to ensure the trial of the Bangabandhu murder case and killings of four national leaders in jail.

"In order to establish rule of flaw in the country, these trials have to be completed fairly. We are reviewing the 5th amendment of the Constitution and based on that review we are planning necessary measures, including possible amendment of the Constitution" he continued, "We shall in no way tolerate any extra judicial killing. All such incidents will be subject to judicial investigation."

Many other socio-cultural and political issues were also mentioned in his speech. He sought all out cooperation to build up a sonar Bangla earlier dreamt by the father of nation Bangandhu Sheikh Mujibur Rahman.

Budget sparks mixed reaction

noreply@blogger.com (startdh) — Thu, 11 Jun 2009 18:18:00 +0000

The national budget for fiscal 2009-10 has sparked mixed reaction with one group of politicians, businessmen and economists hailing the budget as pro-people and some others specially the opposition groups criticizing it as anti-people.

Expressing reaction on budget, different groups of people said that the countrymen were waiting with eagerness to see such a budget under a democratic government for long through which the country's overall development and sufferings of people will be reduced although some others termed the country's 39th budget "tremendous" for huge amount of loans and "adventurous" for targeting large revenue earnings and said that if the government fails to collect revenue targeted for fiscal 2009-10, the country's economy will face serious setback.

Talking to this correspondent about budget, Professor Muzaffer Ahmed said that he waits to see the effectiveness of budget on the country's economy and its people. "I will make comment on the budget later. However, the system of the government to turn black money into white will not be able to shrink black money because as many as Tk 70,000 crore is being produced in the country every year."

Economist Professor Abu Ahmed said that it is the country's biggest budget. If the government is able to manage the budget as per plan it will bring good result to the country. Otherwise, load of loan of the government will be heavier and country's economy may face instability.Abu Ahmed said the budget usually boosts up the country's economy.

Moreover, black money owners will be benefited instead of common people through making black money white. BNP Standing Committee member Lieutenant General Mahbubur Rahman (Retd) said that the government has approved a big budget for reaping its own interest. "A tremendous load of loan has been imposed on the shoulder of the country and its people by the biggest budget, nothing else."The government should be congratulated by the people for making such a budget with a view to paving the path of development of the country removing different crises. No government has been bold enough to approve such a big budget except this democratic government.

Besides, the government will have to fulfill pledges given to people during electioneering, said Azizul Haque, a real estate businessman.A good number of common people working at different sectors in the city said that the government must keep prices of essentials reasonable and also meet their demand. "I came to know through TV that food security for the poor would be ensured by this budget. Besides, prices of essential commodities were under control during the last tenure of Awami League government," said Moslehuddin, a rickshaw puller while talking to this correspondent yesterday

Dishonest traders raising prices on different pretexts

noreply@blogger.com (startdh) — Thu, 11 Jun 2009 18:16:00 +0000

A section of dishonest traders have started raising prices of essentials on pretext of budget, pay hike of government employees and the upcoming Ramzan.Traders, of different items including essentials like edible oils, imported machinery and medicines, in the capital have started hoarding of the items which has created an artificial crisis in the market, posing a threat to the people.

While visiting city's different markets, this correspondent found that the traders of essential commodities are charging enhanced price for all most all items on the pretext of budget. The prices of essentials rise every year in the country soon after budget, and thus, this year is also in no exception.Talking to The Bangladesh Today, Kamaruzzaman a grocery trader of Farmgate area said prices of all essentials items have started increasing and it might go beyond means of people during the month of Ramadan.

Soon after national budget and before the month of Ramadan, the prices of essential commodities start increasing every year. The government should find out the reason behind of this and it should also keep close watch on the movement whole sellers. He said the prices of all sorts of edible oils in the market have increased up to Tk 100 per five litre can. Beside, the price of wheat has increased up to Tk 10 per two kg packet and potato price is highly instable in the market.

The recent price hike of essential commodities is the impact of illegal storage of products. For creating a critical situation and artificial crises of daily commodities in the market, a section of dishonest traders along with their associates have started a price hike of essential commodities throughout the country.

If the government is not be able to foil the ongoing plot, people sufferings will increase enormously during Ramadan, a group of businessmen of Kawran Bazar kitchen market told this reporter yesterday.Belal a pharmacy businessman of Farmgate area said people are feeling crisis of some medicine recently which are imported from different foreign countries.

fter budget, price hike of different items in the country is a common trend, so artificial crisis of foreign medicine in the market has already been created to make earn quick profit. Punitive measures should be launched against the quarters, he added.

Budget to total 16.5 percent of total GDP

noreply@blogger.com (startdh) — Thu, 11 Jun 2009 18:13:00 +0000

Finance minister AMA Muhith has proposed a budget of Tk 1,13,819 crore for FY2009-10, or 16.5 percent of total GDP.

In his budget speech, Muhith has set the target for revenue collection at Tk 79,461 crore. The budget deficit will amount to Tk 34,358 crore.

Muhith proposed to meet the deficit by loans totalling Tk 20,555 crore from internal sources while another Tk 13,803 crore from foreign support The finance minister forecast 6 percent GDP growth for 2009-10.

Muhith began announcing the annual outlay in parliament from 3.15pm Thursday, broadcast live on state-run TV and radio.

The first budget of the new government comes with the back drop of global recession and Awami League's expansive electoral pledges.

Prime minister Sheikh Hasina was present in the House, while opposition leader Khaleda Zia remained absent as BNP has been boycotting the budget session over a seating dispute.

Growth inflation seen to fall

noreply@blogger.com (startdh) — Thu, 11 Jun 2009 18:11:00 +0000

Finance minister AMA Muhith, who laid out his Tk 114,000 crore budget on Thursday, sees the economy slowing and inflation falling.

In his budget speech Thursday, he set a target of 5.5 percent GDP growth for FY2009-10. Growth rate for the current FY2008-09 was 5.88 percent, which fell short of the targeted 6.5 percent, and marked a fall from the previous year's 6.2 percent.

With falling commodity and fuel prices, along with favourable production conditions, annual average inflation would come down to 6.5 percent from 7 percent, said Muhith. On a point to point basis inflation in July of the current fiscal year was 10.8 percent which fell to 5.4 percent in April 2009.

Average rate of inflation for the year was 9.9 percent in FY 2007-08. The finance minister presented the first budget of the new government in parliament Thursday, with a prposed outlay of Tk 1,13,819 crore. It comes in the back drop of global recession and the Awami League's expansive electoral pledges.

Prime minister Sheikh Hasina was present in the House, while opposition leader Khaleda Zia remained absent as BNP has been boycotting the budget session over a seating dispute.

Nigeria invited to invest in power sector, import pharmaceuticals

noreply@blogger.com (startdh) — Fri, 08 May 2009 07:23:00 +0000

The Federation of Bangladesh Chambers of Commerce and Industry Thursday invited Nigeria to invest in various fields, especially in power sector, as the apex business body presented before a delegation from the African country huge investment opportunities here.

They conveyed the invitation to the Nigerian government through the visiting Nigerian delegation from Nigeria National Defense College when the team met FBCCI leaders here this (Thursday) noon.

During the meeting, the federative trade forum sought direct linkage with the Nigerian Chamber of Commerce for enhancing trade between the two countries as the bilateral trade position remained so poor.

The business leaders also requested Nigeria to import pharmaceutical products from Bangladesh as they believe Bangladesh produces quality medicines, which is proven on the world market.

Earlier, FBCCI First Vice-President Abul Kashem Ahmed and its directors welcomed the delegation led by Rear Admiral T J Lokoson.

The delegation expressed their interest about micro-credit system to adopt it in Nigeria for poverty alleviation as it became popular in Bangladesh.

They also expressed their desire to establish small cottage industries in Nigeria which might be a tool for their poverty alleviation and wanted to know about Bangladesh's experience.

"Our key objective behind this visit is micro-credit system and it's a research mission on it and other sectors," said the team leader, Rear Admiral T J Lokoson.He said they would make a presentation on the outcome of the visit and put forward a set of recommendations to the government.

"I hope, a high-powered delegation would visit again to discuss the specific issues related to both countries," he said.

The team members were well-briefed about the prospect of micro-credit system, how it works, what is the method of loan distribution and mechanism of recovery.The delegation wanted to know how Bangladesh is being affected by the current global financial flu.

Replying to their query, FBCCI General Secretary Mir Sahabuddin Ahmed said Bangladesh is slowly feeling the impacts of the global financial meltdown.He admitted that the volume of export is somewhat down and the flow of remittance has decreased due to the financial downswing.

Tata group to offer low-cost housing

noreply@blogger.com (startdh) — Fri, 08 May 2009 07:16:00 +0000

India's Tata group plans to introduce cheap, low-cost housing for low-wage earners in Mumbai, where property prices are among the world's steepest.

The group, which last month unveiled the Nano, touted as the world's cheapest car, will start issuing applications this weekend to book houses that will be built in Boisar town, on the outskirt of India's financial hub.

The low-cost homes, part of the firm's project "Shubh Griha" (Blessed House), are priced between 390,000 to 670,000 rupees (7,900 to 13,500 dollars).

More than 1,200 houses will be provided in the first phase, the company said.Successful applicants will be chosen through a lottery system handled by the State Bank of India and will be able to move into their new homes in about two years, Tata officials said.

"There is a large percentage of the migrant population -- low-income people living in rented or company-provided accommodation -- who stay away from their families to earn a living in big cities," said Brotin Banerjee, chief executive of Tata Housing Development."

Our study shows that nearly 48 percent of the people in the lower segment are currently staying in rented accommodation," he told reporters late Wednesday.Migrants from other states constitute more than 50 percent of Mumbai's population but house prices continue to be out of reach for most people.

Oil price rises to 58 dollars

noreply@blogger.com (startdh) — Fri, 08 May 2009 07:12:00 +0000

Oil prices soared close to six-month highs above 58 dollars a barrel on Thursday, extending sharp gains won a day earlier on hopes of a pick-up in energy demand amid fresh signs of economic recovery.

New York's main futures contract, light sweet crude for delivery in June, rallied to 58.05 dollars a barrel -- the highest level since November 13.Brent North Sea crude for June delivery advanced to 57.78 dollars -- also the highest point since mid-November.

"The positive sentiment on the exchanges was not driven by oil (supply and demand) fundamentals but rather by economic news following the release of a US labour report showing a slowdown in the number of US private-sector job losses for the month of April," analysts at JBC Energy Research said in a note.

Prices had already struck a five-month peak above 56 dollars on Wednesday as traders welcomed economic data from the United States, the world's biggest consumer of energy, that undershot analysts' forecasts.

Later Thursday, New York crude stood at 57.87 dollars per barrel, up 1.53 dollars from the close on Wednesday, while Brent oil was 1.37 dollars higher at 57.52.The US private sector shed 491,000 jobs in April, fewer than expected by analysts, a survey by payrolls firm ADP data showed Wednesday, signalling the prolonged recession may be easing.

The April figure was much lower than the 708,000 job cuts in March and the 645,000 expected by most analysts and the smallest private payrolls decline since October last year.

Wall Street saw solid gains Wednesday as a better-than-expected survey on US private-sector job losses helped ease jitters over upcoming results of "stress tests" on the banking system -- which are due later Thursday.

"Amid renewed confidence in the outlook for the global economy and in anticipation of the US bank stress test results expected later today, equity markets surged again yesterday, spilling over into the energy complex," said ODL Securities analyst Marius Paun.

Traders continued to digest news that crude stockpiles had risen by 600,000 barrels in the week to May 1, while analysts had forecast a much bigger jump of 2.1 million barrels.

Govt, entrepreneurs urged to set up mobile phone industry

noreply@blogger.com (startdh) — Tue, 05 May 2009 11:43:00 +0000

Government and local entre-preneurs should come forward to provide necessary policy support to build up mobile phone handset manufacturing plants in Bangladesh as every year huge amount of money is spent to import telecom accessories, said Ban-gladesh Mobile Busines-smen Association (BMBA) president Engr Md. Nizam Uddin Jitu.

He made the comment while announcing a 5-day Dhaka International Tele-com Fair-2009 at Dhaka Reporters' Unity on Monday in the capital.

The fair will begin on 8 June and it will continue till June 12 at Bangladesh-China Frien-dship Conference Centre with a view to promoting Telecom Industry in Bangladesh.

"As the present government is determined to establish Digital Bangladesh through providing telecommunication facilities for general people at affordable prices the fair will play an important role to achieve the goal," said BMBA president.

This year the slogan of the fair is "Growing Towards a Digital Bangladesh." Prime Minister Sheikh Hasina is expected to inaugurate the fair as chief guest while finance minister, commerce minister and post and telecommunications minister will be present as special guests at the inaugural ceremony, the organizer said.

He said the fair will also help provide different brands of mobile sets of world's reno-wned companies to potential buyers at attractive offer under one shed. "Our targeted people of the fair are general visitors, potential customers and people related to the telecommunication business," he said.

Mobile Phone operators, PSTN service providers, Manufacturers and Imp-orters of mobile hand sets and retailers, mobile phone accessories pro-viders, ISP Companies, Telecommun-ication oriented educational organizations and other allied technology promoters will showcase their products and services at the fair.

A total of 52 stalls along with 15 pavilions and 6 mega pavilions will be set up in the fair, said BMBA president. The fair will remain open for all on 8th June at 2pm and rest of the days it will remain open from 10am to 9pm. The entry fee is Tk 20 per person. Channel F-2, an event management company, in coordination with the BMBA will organize the fair.

Syed Margub Morshed, former chairman of Bangladesh Telecommunication Regulatory Commission (BTRC), Golam Dastogir Gazi, director of FBCCI and Abul Kashem, first vice president of FBCCI, among others, spoke at the press conference.

47 pc of rural people live below poverty line

noreply@blogger.com (startdh) — Tue, 05 May 2009 11:41:00 +0000

Around 47 percent of country's total population in rural areas is still living below the poverty line due to absence of pragmatic policies and its implementation and lack of coordination among different development partners.This revelation was made by speakers at a roundtable discussion on 'creating job opportunities for distressed women at village level' at the National Press Club yesterday.

The speakers said despite initiating several development projects sponsored by local and foreign organisations, the country remains among the most densely populated countries in the world where around 47 percent of its total population are living below the poverty line. Among them, the most vulnerable are the women and their children.

They said many local and foreign development partners in collaboration with NGOs have been investing crores of money to ensure development of rural areas and create job opportunities.

For eradicating poverty through creating job opportunities, ensuring improvement of socio-economic condition and sustainable development at village levels should be ensured with collective efforts. To make the mission a success, all including development partners and NGOs will have to take united steps or else, the millennium development goal by 2015 will not be achieved, they added.

Akmal Hossain project director of rural employment opportunities for public assets in his keynote paper said with a view to eradicating poverty of village level women, a project of maintenance of rural roads is being implemented investing euro 2,85,52,328. Around 24,444 women of around 388 unions throughout the country are engaged in this project. And the concerned NGO activists are providing information about the necessities of education, health, sanitation among these women. They are also influencing them for income generating works to eradicate poverty. The keynote paper also said the government in association with development partners has been implementing poverty reduction programmes throughout the country since long. European Commission, one of the development partners of the country wants to raise its assistances thro-ugh creating job opportunities which will increase access to food for vulnerable groups.

DSE asks govt to allow investment of undisclosed money in capital market

noreply@blogger.com (startdh) — Wed, 29 Apr 2009 17:44:00 +0000

Dhaka Stock Exchange urged the government to allow unquestioned investment of undisclosed money in the capital market for the sake of a vibrant market in the country, as bourses usually go bearish.DSE officials made the plea at a pre-budget meeting with the National Board of Revenue (NBR) on Wednesday morning.

A press briefing at his office after the meeting, DSE president Md Rakibur Rahman said that if the government allowed question-free investment in the pre-IPO and placement or secondary market, then it would help develop the capital market and additional employment would be created through this measure.

The huge amounts of undisclosed money, stuck-up in private coffers, have to be brought in the mainstream economy of the country, and through this the liquidity crisis of the capital market would be solved, he suggested.

The chief of the premier bourse also said that big companies would get capital from the share market and invest for industrialization, which will create employment.

"There is no alternative other than capital market for industrialization and employment generation through utilizing undisclosed money to bring it in the mainstream economy," he said.

Global crisis has exposed flaws in int’l economic system: Ban

noreply@blogger.com (startdh) — Wed, 29 Apr 2009 17:41:00 +0000

UN chief Ban Ki-moon yesterday said the current economic crisis has clearly exposed the flaws in the existing international economic system and asked institutions to become more "representative, credible, accountable and effective."

"The current global economic and financial crisis is exposing dangerous weaknesses and flaws in international economic system," Ban said in his address to a high-level meeting of the Economic and Social Council (ECOSOC), at the UN headquarters in New York.

"Recent events have proven that the current system of global economic governance is not adequate to today's challenges. Our institutions and governance structures must become more representative, credible, accountable and effective," he said.

Observing that faith in financial deregulation and market self-regulation has been diminished, to say the least, Ban said: "In its place, we are seeing a new commitment to effective regulation and supervision - not just nationally, but also internationally."

What began with financial turmoil in the third quarter of 2007 has escalated into a full-blown, global recession. The UN system, including the Bretton Woods institutions, foresees a shrinking global economy in 2009, he said.

All this, Ban said, will bring down people's average incomes in much of the world. "Global trade is collapsing. Hundreds of millions of people are losing their jobs, their income and their ability to survive. In too many parts of the world, frustration has erupted into violent protests, threatening stability and peace," he said.

The UN chief said development efforts are sagging under the weight of the crisis. "We expect negative effects in nearly every area covered by the Monterrey Consensus and the Doha Declaration on Financing for Development," Ban said.

The Secretary General argued the current system emerged through the 1944 UN Conference at Bretton Woods, and the world body, with its universal membership, must be fully involved in the reform process.

"We need to ensure that a large enough share of the additional resources will flow to developing countries, to help them cope with the crisis and preserve hard-won gains towards the Millennium Development Goals.At the very least, existing commitments to increase aid for the poorest countries must be fully met," Ban said, welcoming the decision of the latest G20 summit in London to allocate more resources to developing countries.

The London Summit was an important beginning. "But we must act urgently to keep the financial crisis and economic recession from evolving into a major humanitarian crisis and a breakdown in peace and security," Ban said.

Global stock market movements

noreply@blogger.com (startdh) — Sun, 26 Apr 2009 15:09:00 +0000

The global financial turmoil seen during 2008 has triggered extreme volatility on the world's stock markets.

Below you can see how some of the main global stock indexes have fared in the past few months (graphs update automatically).

FTSE 100 INDEX: JUL 2008 - JUN 2009

DOW JONES INDUSTRIAL AVERAGE: JUL 2008 - JUN 2009

NIKKEI 225 INDEX: JUL 2008 - JUN 2009

DAX INDEX: JUL 2008 - JUN 2009

CAC 40 INDEX: JUL 2008 - JUN 2009

BBC GLOBAL 30 INDEX: JUL 2008 - JUN 2009

What is a global recession?

noreply@blogger.com (startdh) — Sun, 26 Apr 2009 14:35:00 +0000

Many individual countries are now in recession, and the world economy is flagging badly. Leading economic organisations and business leaders are talking about "a global recession".

But it is not easy to define. BBC World Service economics correspondent Andrew Walker looks at the tricky business of working out whether we are in "a global recession".

It really depends what you mean.

Even for national economies the word "recession" has more than one meaning.

It can apply to two consecutive quarters of declining output (GDP), a decline in annual GDP, or in the case of the US, it is the judgement of a committee of economists at the National Bureau of Economic Research.

But although there is more than one, these definitions are are widely used and understood.
That is less true of global recessions.

Some people are talking about one now, and for what it's worth, I have little doubt that by the end of this episode most people will agree that we have been through one. But what is it?

Different thresholds

Quarterly data are a problem at the global level. The International Monetary Fund (IMF) has concerns about the consistency across countries so it doesn't publish any quarterly global aggregates.

So that brings us to annual figures and I have heard several different thresholds from IMF chief economists for judging whether a year counts as a recession.

Global output growth below 3%, 2.5%, and 2% have all been suggested.

Another idea is growth per capita of below zero. Global population grew at about 1.2% last year, which gives another, lower threshold.

Or some people just take recession to mean a very sharp slowdown in global growth.

There is also a wrinkle when it comes is adding up national output figures, in different national currencies.

The obvious thing to do is to use actual exchange rates, but that tends to make items produced in a developing country count for less than a similar item made in a developed one.

You can adjust for that by using made-up conversion rates known as Purchasing Power Parities, or PPPs.

If there is a global recession, it will be this year - let's hope no more than that.

So there are no real data. All we have to go on is forecasts.

The most recent one from the IMF is growth of 0.5% using PPPs, and minus 0.6% using market exchange rates.

If the forecast is right it's a recession by all those measures.

Political banana skin

But does it matter? For a journalist, it is more convenient to know for sure one way or the other.

Many people called 2001 a global recession, but the IMF decided it was a near miss. For the sake of balance I felt obliged to take account of that in how I wrote.

Whatever label we choose though, the underlying reality matters a great deal to people who lose their jobs, have their incomes cut or whose business fails.

It is also worth asking whether the word itself makes things worse, by depressing confidence.

It is arguable that when the National Bureau announced the current US recession, it added to the gloom on Wall Street - though it was a bad day for investors anyway.

There certainly is a history of wariness about using the R-word.

Last year the US Treasury Secretary Henry Paulson invented a new term - "down-climb".

It was such an odd choice that it really only succeeded in showing he was trying to avoid a nastier one.

In the more distant past, there's a story about a senior official in Jimmy Carter's US administration, an economist by the name of Alfred Kahn.

He was told off for frightening people by talking of recession and even depression.

So what did he do? Was he chastened?

No. He was witheringly sarcastic. He decided, the story goes, to substitute another word - banana.

The US was in danger of experiencing the worst banana in 45 years.

In a way it was a case of turning on its head a famous line from Shakespeare's Romeo and Juliet: "That which we call a rose by any other name would smell as sweet".

But this time it's not a rose that we can smell. It's an increasingly rotten banana.

Facebook users say yes to changes

noreply@blogger.com (startdh) — Sun, 26 Apr 2009 14:30:00 +0000

Facebook members were invited to vote on the changes

Facebook users have voted to back changes which give them control over data and content they post on the site.

Early results suggest 75% of those who voted support the proposals.

The vote was triggered by changes Facebook made to its terms and conditions in February.

The move drew fire because it appeared to hand the social network site ownership of images, videos and data that users posted on profile pages.

Low turnout

In response to the criticism, Facebook withdrew the changed terms, wrote a new set and invited its 200 million members to make their views known.

The new terms return control of what is done with data put on the site to users and give them the right to ask for it to be deleted if they stop using Facebook.

In total about 600,000 people took part in the week-long vote. Initially, Facebook said it would only adopt those new terms if 30% of its members voted in support of them.

However, writing in a blog posting on Facebook announcing the early results, Ted Ullyot, Facebook's legal chief, said it would adopt them anyway.

"You can expect to see the new documents on the site in the coming weeks," wrote Mr Ullyot.

He said a preliminary count suggested 74.4% backed the new Facebook Principles and Statement of Rights and Responsibilities.

The results are now being assessed by an external auditor to produce a final count.

Mr Ullyot expressed disappointment that there was not a bigger turnout but acknowledged that the exercise was a first for both Facebook and its members.

Future votes on changes to how the site operates, which are enshrined in the new terms, will have a threshold of less than 30% for any alterations to be made binding.

"We are hopeful that there will be greater participation in future votes," he wrote.

FBCCI redesigns stimulus demand

noreply@blogger.com (startdh) — Sun, 26 Apr 2009 11:01:00 +0000

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) yesterday demanded formation of a "financial crisis mitigation fund" to provide assistance to the sectors affected by fallout from the global recession.

Annisul Huq, president of the apex trade body, also urged the government to arrange funds in a 'block allocation' from its internal resources.

The FBCCI will submit a proposal revised with new demands to Finance Minister AMA Muhith today.

Huq spoke to reporters yesterday to reveal the new proposal after a meeting with businessmen, trade body leaders, chamber leaders, exporters and importers at the Federation Building.

The proposal says Bangladesh Bank will roll out loans from the block allocation to the entrepreneurs of the affected sectors at a 6 percent bank interest rate in line with the central bank's guideline.

The borrowers will repay the loans within five years from 2011, according to the proposal. "Giving stimulus packages to the affected sectors in this system will be more effective," Huq said.

In the proposal, the FBCCI also asked the government to form a fund named "Bangladesh power fund" to address the power crisis immediately.

The FBCCI also suggested the issuance of power fund bonds with a seven-year term and 7 percent interest rate.

Huq also suggested the government purchase power from captive power plants, as many businessmen are ready to sell electricity to the government from their plants.

Huq did not mention the amount of the revised stimulus package and the allocation for "Bangladesh Power Fund".

But he said: "The size of both funds will be as big as possible as all the affected sectors have been included in the proposed package."

Earlier, in a meeting with Prime Minister Sheikh Hasina, the FBCCI president proposed Tk 6,000 crore in a stimulus package for the affected sectors, but it was critised by different quarters.

Huq yesterday called for initiatives to get funds from the International Monetary Fund, the World Bank and Asian Development Bank as those organisations have recently launched a bailout package of $850 billion.

"Bangladesh as an LDC should be able to receive an allocation from this fund," he said.
Huq urged the government to keep the interest rate spread between the cost of fund and the interest on deposits at 2.5 percent.

He also proposed fixing the tax rate at 25 percent for manufacturing companies, whose yearly income is less than Tk 1 crore, 30 percent for the manufacturing companies whose yearly income is more than Tk 1 crore and 35 percent for trading and non-manufacturing companies in the upcoming national budget for fiscal 2009-10.

The FBCCI boss urged the government to keep the revenue collection target at Tk 55,000 crore in the budget for fiscal 2009-10 with an estimated growth rate at 6 percent.

The apex trade body also called upon the government to bring down the import duty to 1-2 percent by 2016 to speed up rapid industrialisation.

Huq also asked the government to cap the duties on import of capital machinery at 1 percent, on intermediate goods at 5 percent, essential intermediate goods at 12 percent and on luxury items at 25 percent in the upcoming budget.

Crisis traps more in poverty, hunger

noreply@blogger.com (startdh) — Sun, 26 Apr 2009 10:53:00 +0000

The global economic crisis means up to 90 million more people will remain trapped in extreme poverty this year while the chronically hungry could top one billion, a World Bank/IMF report said Friday.

The report, entitled "A Development Emergency," says the crisis was putting in danger attaining the United Nations' 2015 Millennium Development Goals which focus on poverty reduction, especially in Africa.

Most of the eight goals -- which also include reducing child and maternal mortality, improving education and fighting malaria and HIV/AIDS -- "are unlikely to be met,' it said. "It is estimated that an additional 55 to 90 million people will be trapped in extreme poverty in 2009 due to the worldwide recession. "The number of chronically hungry people is expected to climb to over one billion, reversing gains in fighting malnutrition," a statement on the report said.

The report said efforts to cut poverty and hunger levels by half between 1990 and 2015 had gotten off to a good start but were now at risk as overseas markets dry up, and foreign investment and aid flows come under pressure. Before the sharp rise in food prices starting from 2007, some 850 million people suffered from chronic hunger but this had risen to 960 million in 2008 and would be above one billion this year, it said.

"The situation is extremely serious," said John Lipsky, first deputy managing director at the International Monetary Fund, describing the problems facing the poor as the "third wave" of a global crisis unprecedented since the 1930s Great Depression.

"With simultaneous recessions striking all major regions, the likelihood of painfully slow recoveries in many countries is very real, making the fight against poverty more challenging and more urgent," Lipsky said.

World Bank officials also warned that the situation in Eastern Europe and Central Asia was very serious, with recent development gains that had taken 90 million people out of poverty in the region put at risk by the crisis.nShigeo Katsu, the World Bank's vice president for Europe and Central Asia, stressed the human dimension, urging authorities to bear in mind the need for a social welfare net besides measures to help banks and companies.

Meanwhile Antoinette Sayeh, the IMF director for Sub-Saharan Africa, one of the world's most vulnerable regions, said countries there need more direct aid to get through the crisis. "Africa will need more international support," Sayeh told a news briefing, calling on developed countries to live up to their 2005 commitment to double aid by 2010.

Sub-Saharan Africa will grow just 1.5 percent this year, down from 5.5. percent in 2008, but recover to 4.0 percent in 2010, according to the IMF. "Risks are mostly on the downside," Sayeh said, adding that the "the crisis is now in full force in Africa." She stressed that more aid should be given outright as grants so as to avoid these poorest countries from being saddled with fresh debt.

Gem producer Botswana cuts output

noreply@blogger.com (startdh) — Sun, 26 Apr 2009 10:50:00 +0000

Debswana produces close to quarter of the world's diamond output

The world's largest diamond producer, Botswana, is to cut output by more than half this year, because of falling demand for gems.

Debswana, jointly owned by the Botswana government and De Beers, said it would produce 15 million carats of diamonds, against 33.6 million carats last year.

It came after state diamond trading firm DTCB said it could only sell between 18 and 20 million carats.

In February, Debswana had said it would close two mines for the rest of 2009.

"If there are indications that demand will improve quickly, then we will increase production," said DTCB corporate affairs manager Esther Kanaimba.

She said there was some inventory left from poor sales in November and December last year.
DTCB was set up in 2008 by Botswana's former president, Festus Mogae, in a move designed to boost local business and create jobs.

The mining industry in Botswana has cut 4,500 jobs as global demand for diamonds has fallen. Debswana produces close to a quarter of the world's output.

Yahoo to cut 5 percent of jobs

noreply@blogger.com (startdh) — Thu, 23 Apr 2009 10:59:00 +0000

Yahoo Inc said it would cut 5 percent of its global workforce and reported quarterly results that showed progress toward controlling costs, sending shares higher in an after-hours relief rally.

The Internet company said economic conditions remained challenging, as revenue on Yahoo Websites from both display ads and search ads fell during the first quarter.

But the decline in revenue was offset by better cost controls, as new Chief Executive Carol Bartz seeks to revive Yahoo's fortunes.

"People were really looking at the profit structure of the business and for things not to be falling apart," said Kaufman Brothers analyst Jason Avilio.

Yahoo said last October it would cut about one-tenth of its workforce, or about 1,600 jobs. The company finished 2008 with roughly 13,600 employees and said it would take severance charges from the new round of layoffs during the second quarter.

The company also announced in an internal memo to employees on Tuesday that it planned to implement a mandatory shutdown of operations during the holiday week of December 25, 2009 through January 1, 2010.

Yahoo said its operating cash flow, excluding certain items, was $409 million in the first quarter, at the high end of the $365 million to $415 million range it forecast in January. Yahoo shares were up 54 cents at $14.92 in after-hours trading on Tuesday.

The company's stock is up roughly 9 percent from its Monday close of $13.66. Yahoo's financial report comes as speculation has mounted that the firm has restarted discussions with software giant Microsoft Corp about an Internet search partnership, following last year's failed merger negotiations.

Bartz, who replaced Yahoo co-founder Jerry Yang in the top job in January, declined to comment on anything related to Microsoft during the conference call on Tuesday.

But she reiterated her belief that search is a very valuable part of Yahoo's business.

"I'm well-versed enough in the search business at Yahoo to say it's absolutely critical to Yahoo," Bartz said in response to a question regarding whether she is now familiar enough with the business to respond to an offer for search.

AIM TO KEEP COSTS IN LINE In the first full quarter under Bartz's leadership, Yahoo generated revenue of $1.58 billion, down 13 percent from the year-ago period.

Excluding traffic acquisition costs (TAC), Yahoo's revenue was $1.16 billion, compared with the average analyst expectation of $1.2 billion, according to Reuters Estimates.

The Sunnyvale, California-based company reported a net profit in the first quarter of $118 million, or 8 cents a share -- down from $537 million, or 37 cents a share, a year earlier.

Wall Street analysts, on average, had forecast earnings at 8 cents a share, according to Reuters Estimates. While revenues were "a bit light," Jefferies & Co. analyst Youssef Squali said in an e-mail that Yahoo's overall results, particularly on the bottom line, were not bad given the environment.

Yahoo said that revenue from display ads on its owned and operated Websites slid 13 percent year-over-year in the first quarter, with revenue from automotive advertisers down "substantially" and spending by retail advertisers "softened" compared to the year ago period.

Revenue from search-based ads on Yahoo sites were down 3 percent. And Yahoo said that advertisers were spending less money to bid for the individual keywords that their ads appear alongside, echoing a theme present in results last week from Google Inc, the No.1 U.S. Internet search company.

Yahoo, like Google, stressed the importance of keeping costs in line amid the difficult economy. The new round of job cuts come about two months after Bartz announced a reorganization of Yahoo's internal management structure.

The layoffs, said Bartz, are a "natural outgrowth" of the reorganization, which will allow Yahoo to streamline its operations and eliminate duplication of efforts.

The Internet company said it would also continue to implement unspecified "non-headcount cost reductions," so it can increase its ability to make strategic investments and target hiring in its core operations "It's crucial that management adjusts the cost structure to the new growth (or lack thereof) realities; so margin protection is paramount to Yahoo right now," said Jefferies analyst Squali.

"We think there is potential outperformance on margins." Chief Financial Officer Blake Jorgensen told Reuters there were "still very dark clouds on the horizon" for the economy.

"I'll try to resist calling the bottom in any way," he said in a telephone interview. Yahoo projected that sales in the current quarter would range between $1.425 billion and $1.625 billion.

World economy in severe recession, IMF says

noreply@blogger.com (startdh) — Thu, 23 Apr 2009 10:55:00 +0000

The International Monetary Fund on Wednesday slashed growth forecasts for every major country and urged governments to take forceful action to ensure the world economy's recovery from a severe recession.

In its latest World Economic Outlook, the IMF said the global economy would likely contract 1.3 percent this year in the deepest post-World War Two recession by far. Growth is set to re-emerge at a sluggish 1.9 percent next year but the pick-up depends on aggressive measures to repair a poorly functioning financial system.

"The longer this goes on, the longer and the deeper will be the recession," IMF chief economist Olivier Blanchard told a news conference. Just three months ago, the IMF had projected global growth of 0.5 percent, although last month it warned of a deep recession.

The Washington-based institution said it revised its forecasts downward because financial markets appear likely to take longer to stabilize than it had thought earlier.

"A key concern is that policies may be insufficient to arrest the negative feedback between deteriorating financial conditions and weakening economies in the face of limited public support for policy actions," the IMF said.

The IMF said on Tuesday that banks and other financial institutions around the world faced losses which could amount to $4.1 trillion. It said banks would likely need to raise $875 billion in fresh capital.

In offering new economic projections, the IMF said government measures to battle recession should be sustained, if not increased, in 2010, warning that premature withdrawal of stimulus could set back a recovery.

It said interest rates in major advanced economies are likely to be lowered to or remain near zero, and said authorities should move quickly to cut interest rates where there was room for further easing.

Blanchard said emerging markets were dealing with a sharp drop in capital flows and a collapse in global trade. While, growth is expected to pick up in emerging nations, including China and India, a recovery to previous healthy levels will depend on a pick-up in advanced economies. EPICENTER OF CRISIS The IMF said the United States remains at the epicenter of the crisis, and it said it now expected the US economy to contract 2.8 percent this year.

It said while there were signs the US recession might be easing, a recovery was unlikely to take hold until next year, which would leave 2010 gross domestic product flat.

"There has been some improvement in business confidence, some signs of bottoming out in the housing market, but these are early days and we should not expect a return to growth any time soon," IMF economist Charles Collyns said.

IMF economist Jorg Decressin said, however, a recovery in the United States was likely to occur before a pick-up in the euro area, where fiscal and monetary stimulus kicked in later.

The IMF forecast the euro zone economy will shrink by 4.2 percent this year and fall a further 0.4 percent in 2010 and it criticized the currency bloc for a weak policy response. Among euro area countries, Ireland will suffer the sharpest contraction.

Its economy is likely to shrink by 8 percent this year and by 3 percent next year, the IMF said.

The IMF said it was especially important for European Union countries to coordinate financial policy as bank loan books deteriorate due to a heavy exposure to a slumping emerging Europe.

In Asia, where countries are being harder hit by a drop in global trade than by troubles in the financial sector, the IMF said Japan's recession would be far deeper than previously thought, while China's economy will grow at a much slower pace.

Better Business Forum to get new footing

noreply@blogger.com (startdh) — Thu, 23 Apr 2009 10:52:00 +0000

The Bangladesh Better Business Forum, a high-powered body formed during the last caretaker government for strengthening the country's trade and economy, will get a new footing, the finance minister has said.

Talking exclusively with bdnews24.com on Monday, AMA Muhith said, "The forum worked well during the caretaker government's two years. Quite a good number of recommendations from the BBF had a positive impact on the country's economy."

"So we want to revive the BBF," he said.

The Fakhruddin Ahmed-led interim administration, in a move hailed by businesses, unveiled the 38-strong high-profile forum on Nov 26, 2007 to maintain institutional relations with the private sector.

Its stated aim had been "to create an environment favourable to investment and economic growth".

The government will soon reconstitute the body with the prime minister at its head, as the chief adviser had been before, said Muhith.

"There will be little change to the number and composition of members and its working areas will be the same," he said.

He said the forum would meet at least once a month, as it did previously, to suggest measures for the economy to overcome hurdles. "And the government will enforce the recommendations," said the minister.

The forum was launched with members from the top tiers of the government and private sector.

Muhith said he met Sunday with a number of BBF members, including the FBCCI president, all of whom asked the government to keep up the forum active.

Anisul Huq, president of the country's apex trade body FBCCI, also lauded the efficiency of the BBF and said the institution was able to ensure swift actions as the head of the government was the chief of the body.

"There was little bureaucratic tangle," Huq said, with a hope that the body would be able to carry out its tasks under the present government as well to boost the country's economy and trade.

Pizza Hut, KFC sensitise people on Earth Day

noreply@blogger.com (startdh) — Thu, 23 Apr 2009 10:49:00 +0000

Pizza Hut and KFC, the world famous chain restaurants in Dhaka, observed the Earth Day Wednesday with their unique exotic flavours.

Transcom Foods Ltd, the franchisee of Pizza Hut and KFC in Bangladesh, is celebrating the day through a unique campaign. They are using the visual of a pair of diver's fins as promotional tool to remind the audience of the new underwater life to make them aware and start acting. Now!

The campaign suggests its audience to be a minimalist while using power, gas and water, and avoid using, whenever possible, motorised vehicles and air conditioners.

Real snorkel swimmers in real diving gears walked around in all the Pizza Hut and KFC branches Wednesday, talking to the people, handing out brochures and answering questions related to the ten ways, the brochure suggests, in which anybody could help in efforts to cool the earth down and maybe save Bangladesh.

With global temperatures and sea levels rising, about two-thirds of lowlying Bangladesh are likely to be submerged by 2050 if the current trends of the changing climate are not halted, scientists say.

Akku Chowdhury, Transcom Foods director, said they were trying to procure and use maximum number of local ingredients while preparing foods to reduce carbon emission.

Coca-Cola's lower profit meets Street view

noreply@blogger.com (startdh) — Thu, 23 Apr 2009 10:35:00 +0000

Coca-Cola Co reported a lower quarterly profit on Tuesday that met Wall Street estimates as the weak global economy led to slower international sales growth.

Coke, which gets the bulk of its sales from abroad, said international sales by volume rose 3 percent, which is lower than last year's growth rates which were in the 5 percent to 7 percent range.

Volume fell 2 percent in North America, and rose 2 percent worldwide.

Shares of the world's largest soft drink maker were down 0.9 percent after falling in premarket trade, when the broader market was also indicated downward.

"I don't think it's overly specifically tied to Coke," Gary Bradshaw, a portfolio manager with Hodges Capital Management, said about the market. "But Coke didn't have a whole lot to add to good news out there ... When I think about the weak US economy and the weak global economy, to grow case volume 2 percent, it's not great, but OK."

Coke said net income was $1.35 billion, or 58 cents per share, in the first quarter ended on April 3, down from $1.5 billion, or 64 cents per share, a year earlier.

Excluding items, Coke earned 65 cents per share, meeting analysts' average forecast, according to Reuters Estimates.

Operating revenue fell 2.8 percent to $7.17 billion.

International sales were driven by 31 percent volume growth in India and 10 percent growth in China. Volume fell 2 percent in Central and Eastern Europe.

The strength of the U.S. dollar versus foreign currencies hurt operating revenue by 10 percentage points and operating income by 17 percentage points.

Coke forecast currency fluctuations to hurt operating income by 14 to 16 percentage points in the second quarter.

Coke's results came a day after archrival PepsiCo Inc reported a higher-than-expected profit despite a 6 percent volume decline in its domestic soft drink business.

Pepsi also announced an unsolicited takeover bid for its two largest bottlers Pepsi Bottling Group Inc and PepsiAmericas Inc, which resurrected speculation that Coke might take over Coca-Cola Enterprises Inc, its largest bottler.

But Coke has repeatedly said it had no intention of doing so, and did not mention it in its earnings release.

Atlanta-based Coke does not provide specific earnings forecasts, but has said it was looking to meet its long-term target of 3 percent to 4 percent volume growth and high single-digit earnings-per-share growth this year.

Coca-Cola shares were down 42 cents at $43.91 after rising to $44.95 in early morning trading on the New York Stock Exchange.

60,727 more tourists visited country in 2008 than previous year

noreply@blogger.com (startdh) — Mon, 20 Apr 2009 15:51:00 +0000

A total of 60,727 more foreign tourists visited Bangladesh in 2008 than that of the previous year as 3,49,837 tourists arrived in 2008 and 2,89,110 in 2007.

Incomes from the tourism sector stood at Taka 526.52 crore in 2007 and Taka 459.78 crore in 2008, which was Taka 66.84 crore less than the previous year, according to a Bangladesh Parjatan Corporation (BPC) figure.

The less incomes were fetched from the sector due to arrival of more tourists from neighbouring countries, mostly from India, by road and they also spent less in comparison with the European and US visitors.

But the better activities are being expected from the tourism sector this year as both the private and public enterprises are moving for organising the internal tourism further, said BPC Chairman Shafiq Alam Mehdi today.

The BPC chairman while addressing a press conference at Jatiya Press Club on organising a tourism fair in Dhaka, said the tourist operators have been coordinating efforts to boost the internal tourism for the three consecutive years successfully.

The foreign tourists would not come if they find developed tourism infrastructures and services, Shafiq said.

The BPC chairman said the new government at present is giving final touches to enact a tourism law and if it is enforced, the sector will further be flourished.

He said there was no vacant seat in private and public tourist resorts and hotels in Cox's Bazar even when the cyclone 'Bijli' was brewing on Friday and Saturday last.

President of Association of Travel Agents of Bangladesh Mohaimen Sadek said the tourism sector should be developed vigorously as the export of manpower has come down due to the global meltdown.

General Secretary of the Tourism Developers Association and Editor of monthly Parjatan Bichitra Mohiuddin Helal said they will organise the 3rd tourism fair from August 12 in Dhaka.