Strong earnings from Caterpillar drive Dow higher

AP, NEW YORK, April 30: Caterpillar drove the Dow Jones industrial average higher Friday after the company reported a huge gain in first-quarter earnings. The world's largest maker of mining and construction equipment rose 2.5 percent after its earnings increased more than five-fold. The company also raised its sales and profit forecast for the year. The Dow added 4 percent in April, its best month since December. ...

5 banks fail in Fla., Ga., Mich.; makes 39 in '11

AP, WASHINGTON, April 30: Regulators on Friday shut down banks in Florida, Georgia and Michigan, a total of five closures that lifted the number of U.S. bank failures this year to 39. The pace of closures has slowed, however, as the economy improves and banks work their way through piles of bad debt. By this time last year, regulators had closed 64 banks. The Federal Deposit Insurance Corp. seized First National Bank of Central Florida,...

Beijing turns to currency to cool inflation

AP, BEIJING, April 30: Surging inflation that helped trigger protests in Shanghai is prompting China's leaders to turn to a tool they long resisted: speeding up the rise of the country's tightly controlled currency. Rising prices are a political threat to China's communist leaders and they have declared taming inflation their priority. But they suffered a setback in March, when a double-digit jump in food costs pushed inflation to a 32-month high...

Hiring likely to boost spending despite gas prices

AP, WASHINGTON, April 30: Consumers as a whole will likely spend more this year. But it's not because we'll all be earning more money. Even people lucky enough to get a raise will likely spend most of the extra dollars to pay higher gas and food prices. Yet employers are hiring more freely this year and more people working means more money being spent to fuel the economy. "It is hard to spend money without an income. More jobs will...

Geithner gives some companies pass on new rules

AP, WASHINGTON, April 30: Treasury Secretary Timothy Geithner has decided to let companies continue to trade certain contracts used to guard against swings in currency values outside regulators' view. New rules require that many such trades happen more transparently, on exchanges where regulators can see them. But Geithner is exempting certain contracts used by companies to hedge currency rates. The new financial overhaul law authorized...

Apple juggernaut sends ripples through tech world

AP, NEW YORK, April 30: Consumer technology companies reporting financial results this week are looking like rowboats bobbing in the wake of Apple Inc.'s supertanker. Close to oblivion in 1997, Apple is now the world's second-most valuable company, after Exxon Mobil Corp. On April 20, it reported net income of $5.99 billion for the January-to-March period, nearly double that of a year ago. It shipped a record 18.65 million iPhones...

Amazon launches 69-cent song store

AP, LOS ANGELES, April 30: Amazon.com Inc. this week launched a store that sells digital songs for 69 cents, an attempt to bring more people to its e-commerce website and bolster its plan to eventually charge people to store tunes on distant servers known as the cloud. It has cut the price on singles to 69 cents in the past, but this is the first time it has dedicated a page to the offering. About 200 songs out of the 15 million available have had...

US lawmakers press Sony for info on data breach

AP, WASHINGTON, April 30: U.S. lawmakers are pressing Sony Corp. for more information about the loss of personal data in a security breach that affected 77 million accounts on its PlayStation Network. Rep. Mary Bono Mack, R-Calif., and Rep. G.K. Butterfield, D-N.C., sent a letter Friday to the chairman of Sony Computer Entertainment America, Kazuo Hirai, demanding answers about when Sony discovered the breach and informed others, why it can't determine...

Poverty in decline in Bangladesh, says governor Atiur

Dhaka, April 29: Increased remittances, better performances by the agriculture sector and improved connectivity have contributed to the fall in the poverty level, say analysts.The number of population below the poverty line has dropped to 31.5 percent from 40 percent in 2005, said Bangladesh Bank Governor Atiur Rahman yesterday.''It's a remarkable progress in poverty eradication. Some 15 million people have come out of poverty in last 10 years,'' said Rahman,...

SME Foundation wants tax benefit for the sector

Dhaka, April 29: The SME Foundation yesterday urged the government to make a raft of changes in the tax and VAT regime in the upcoming budget for the betterment of the sector. The foundation placed the demands while submitting their proposals for the budget for fiscal 2011-2012 at a meeting with the National Board of Revenue (NBR) in the city. NBR Chairman Nasir-uddin Ahmed, SME Foundation Chairperson Aftab ul Islam, its Managing Director Syed Rezwanul Kabir...

Indian minister stresses Saarc power grid

Dhaka, April 29: A power grid linking South Asian Association for Regional Cooperation (Saarc) countries has the potential to create 100,000 megawatt of electricity capacity and help bridge the energy deficit in the region, according to KC Venugopal, India's junior power minister. "It is estimated that a Saarc power grid linking Bangladesh, India, Nepal, Pakistan and Sri Lanka has the potential to produce at least 100,000 megawatt (capacity) in the region for...

State Bank of India to open branch in Rajshahi

Rajshahi, April 29: State Bank of India will soon open a branch in Rajshahi city to accelerate the exchange of trade and commerce between Bangladesh and India.Rajshahi City Mayor AHM Khairuzzaman Liton said this to journalists yesterday after a meeting with top officials of the bank. State Bank of India's Country Head in Bangladesh Debabrata Dutta, First Assistant Vice President RM Chakrawarty and Rajshahi branch chief Mahbubur Rahman called on the mayor at his...

Ctg dialogue stresses budget for marginalised

Dhaka, April 29: The government should prepare a decentralised budget to uplift the livelihood and economic condition of the marginalised people, speakers said at a dialogue in Chittagong yesterday.The demand came at a dialogue titled "National budget for 2011-12: a democratic budget and the rights of the marginalised community people" organised by Democratic Budget Movement in collaboration with Young Power in Social Action (YPSA) and ActionAid Bangladesh at...

Soaring land prices hurt FDI, business

Dhaka, April 26: Soaring land prices and hassles in land acquisition deter inflows of foreign investment and the expansion of local businesses as well, according to two international organisations.The land issue has made the country's development challenges more critical as Bangladesh faces two other major challenges -- how to upgrade infrastructure and ensure a large and skilled workforce."Availability of land for the public and private sector projects is emerging...

Projects to get buyer's credit from India

New Delhi, April 26: India said it will provide buyer's credit for projects in Bangladesh in a bid to boost bilateral trade.Buyer's credit is the credit received by an Importer (buyer) from overseas lenders for payment of his imports. Buyer's credit is generally given on the understanding that the project developers would source equipment or technology from the credit-giving country. "We will provide buyer's credit for projects in Bangladesh," said Indian Commerce...

Cabinet okays separate co for coal-based power

Dhaka, April 26: The cabinet on Monday approved a proposal for establishing the Coal Power Generation Company of Bangladesh Limited under the Bangladesh Power Development Board. The Power Division placed the proposal at a weekly meeting of the cabinet presided over by the prime minister, Sheikh Hasina. 'The government has approved the proposal for establishing a company for coal-based power as the cost of power generation from gas or oil is much high,' the prime...

Increase in supply pushes down paddy price

Dhaka, April 26: With harvesting picking up and supply of new stock increasing on the market, price of paddy has started falling, market sources said. Learning from farmers that yield of paddy has been very much satisfactory this year, market observers predict that price will continue to falling in the coming weeks. At Abadpukur Bazar in northern Naogaon district on Tuesday, per maund or 37.3-kg of new stock od paddy of Jira-Miniket variety sold between Tk 800...

DCCI urges removal of bureaucratic tangles to attract more FDI

Dhaka, April 26: Bureaucratic complexities faced by the foreign investors while making investment in any sector should be removed urgently for attracting foreign direct investment, DCCI president Asif Ibrahim said on Monday. He said absence of continuity in public policies, burden of excessive ill-managed regulations and corruptions are the bottlenecks for which investors face loss and these barriers would have to be removed to ensure overall macro economic stability...

Tea board head office demanded in Moulvibazar

Moulvibazar, April 26: Leaders of the Moulvibazar Chamber of Commerce and Industries have demanded that authorities should shift the head office of the Bangladesh Tea Board from Chittagong to Moulvibazar. 'We want the head office of the board to be shifted to Moulvibazar as the district is the main tea producing area of the country,' said MA Ahad, president of the MCCI, at a meet the press held at the MCCI office on Sunday. He said the Bangladeshiya Cha Sangsad,...

Robi deploys Oracle database machine

Dhaka, April 26; Robi, an Axiata Group company, has successfully deployed the Oracle Exadata Database Machine X2-2 to power its custom built data warehouse in support of their business. Robi replaced HP-based platform and EMC storage servers with Oracle Exadata Database Machine X2-2 to optimise its data query process and perform management analytics more efficiently, said a news release on Monday. Robi expects that the data warehouse will improve the external services...

Siemens Bangladesh gets new MD, CEO

Dhaka, April 26: Siemens Bangladesh Ltd has recently appointed Shouvik Bhattacharya as its new managing director and chief executive officer. He is succeeding Michael Schuermann who has completed his tenure in Siemens Bangladesh and moved on to new responsibilities in Siemens AG, Germany, said a news release. 'His (Bhattacharya) vast knowledge of the electrical and electronics business combined with more than 25 years of extensive experience in South Asian markets...

PBL re-elects chairman, vice-chairman

Dhaka, April 26: Hafiz Ahmed Mazumder has been re-elected as chairman and Habibur Rahman as vice-chairman of the board of directors of Pubali Bank. The election was held at the 818th board meeting held after the 28th annual general meeting of the bank in Dhaka on Sunday, said a news release. Hafiz Ahmed Mazumder is a lawmaker and industrialist. Habibur Rahman is a businessman the sponsor director of Green Delta Insurance, the release said.Source: New Age...

Global wellness brand opens office in Dhaka

Dhaka, April 26: VLCC Health Care Ltd, a leading wellness brand in Asia, yesterday launched operation in Bangladesh with a promise to introduce its flagship health care and beauty products and services to serve the largely untapped market."We know there is a huge gap between supply and demand in Bangladesh for wellness products and services, and we have the solutions," said Sandeep Ahuja, managing director of VLCC, at a press conference at Dhaka Sheraton Hotel.Ahuja,...

Pubali Bank re-elects top brass

Dhaka, April 26: Pubali Bank re-elected Hafiz Ahmed Mazum-der as chairman at the bank's 818th board meeting in Dhaka on Sunday.The meeting also re-elected Habibur Rahman as vice chairman, the bank said in a statement yesterday. Member of the Parliament, Mazum-der established "Hafiz Mazumder Education Trust" for the development of the education sector.Rahman is the sponsor director of Green Delta Insurance, Delta Hospital and Delta Medical Centre. Source: The Daily Star...

New MD for Jennys International

Dhaka, April 26: MA Quader has recently joined Jennys International as managing director, the company said in a statement yesterday.Prior to joining the post, Quader has been serving Bata Shoe Company (Bangladesh) Ltd for the last 32 years in the retail and marketing department, the statement added.Source: The Daily Star...

Cement makers fortify foothold

Life becomes more delightful than ever for Sulaiman Babu, a 41-year old construction-material shop owner in Badda. His sales figure has steadily risen ever since an elected government came into power at the beginning of 2009."The construction projects started to go on in full swing after the government was sworn in early 2009. This change in power has eliminated the slow pace of the industry's growth that lasted for two years when the caretaker government had...

New name in cement, with new promises

Bangladesh's growing economy and its booming construction section have prompted Indian giant Aditya Birla Group to launch its cement brand, UltraTech, in Bangladesh."The cement business is a great business to be in, and Bangladesh has enormous potential for growth. I believe that UltraTech is uniquely positioned to capitalise on these developments, given its unique brand values and customer orientation," said Vivek Agarwal, chief executive of international business...

Asian stocks, commodities fall as Fed meeting looms

Reuters, HONG KONG, April 26: Silver tumbled on Tuesday and Asian shares pulled back from recent three-year highs in a bout of profit-taking before the Federal Reserve meeting this week where investors are seeking clues on when it plans to begin exiting its ultra-easy monetary policy. The drop in silver, triggered by an options expiry later in the day, spread to the gold and oil markets with U.S. crude futures dropping more than...

China's Minmetals bows out to Barrick Gold's Equinox bid

Reuters, HONG KONG/SYDNEY, April 26: China's Minmetals Resources bowed out of the battle for copper miner Equinox Minerals on Tuesday, saying Barrick Gold Corp's C$7.3 billion ($7.68 billion) bid was too rich. Canada's Barrick, the world's largest gold miner, announced its agreed offer for Equinox on Monday, seeking to tap surging demand for copper from China and other developing economies that has pushed prices up more than sevenfold in the past...

Silver trims losses, snaps rally ahead of option expiry

Reuters, SINGAPORE, April 26: Silver prices trimmed a fall on Tuesday that had ended the precious metal's surge to a record high, as option traders sold back metal to cover risks ahead of options expiry later in the day. Spot silver prices had exploded in Monday's session, soaring to within 17 cents of the 1980 record high as options sellers bought silver when key strike levels at $45 and $50 came under threat of exercise. "People...

States face growing pension gaps

Reuters, WASHINGTON, April 26: U.S. states are short $1.26 trillion in paying for public employee pensions and other retirement benefits, a gap that grew 26 percent in one year and will take many more years to wipe out, according to a report released on Tuesday. A total of 31 states had pensions that were underfunded in fiscal 2009, the latest year for which data is available, up from 22 states a year earlier, the Pew Center on the States reported....

Netflix profit rises, but outlook disappoints

Reuters, NEW YORK, April 26: Netflix Inc (NFLX.O), the top movie rental service, issued an earnings outlook that fell short of expectations and provided fresh ammunition to critics of its sky-high stock price. Shares of Netflix fell 5 percent after its report, a sign that anything less than perfect performance will not suffice for a company whose stock has nearly tripled over the past year and become a target of short-sellers. ...

Canon Q1 profit declines 5 percent, cuts annual outlook

Reuters, TOKYO, April 26: Canon Inc (7751.T) reported a 5 percent fall in quarterly operating profit and cut its annual outlook to below market expectations as it copes with the effects of Japan's earthquake, which has hit suppliers and hobbled production. Profits at Canon, which competes against Sony Corp (6758.T) and Nikon Corp (7731.T) in cameras and Xerox Corp (XRX.N) and Ricoh Co Ltd (7752.T) in copiers, have been under pressure as it has...

Nasdaq and ICE doubt NYSE-D.Boerse cost savings

Reuters, NEW YORK, April 26: Nasdaq OMX Group and IntercontinentalExchange warned NYSE Euronext investors to be "highly skeptical" of the additional cost savings that the NYSE says will result from its friendly merger with Deutsche Bourse. Nasdaq (NDAQ.O) and ICE (ICE.N) are hoping to thwart the Deutsche Boerse (DB1Gn.DE) deal, having offered $11.2 billion to buy NYSE (NYX.N) after Deutsche Boerse and NYSE agreed to a $9.9 billion merger. ...

Nintendo CEO: alliances with other firms may be needed

Reuters, TOKYO, April 26: Nintendo said on Tuesday that alliances with other companies may be necessary, a day after the game maker reported its second straight fall in annual profit and said it would launch a successor to its aging Wii console. "I now regret that we didn't tie up with someone outside the company to market the Wii. If we had done that, the fate of the Wii might have been different," Chief Executive Satoru Iwata said at a conference...

UBS sees money pour back in as rebuilds trust

Reuters, April 26: UBS (UBS.N)(UBSN.VX) appeared to put the financial crisis behind it, with money pouring back into its core wealth management arm in the first quarter, although its investment bank struggled to regain momentum. The Swiss bank, whose client inflows of 11.1 billion Swiss francs ($11.55 billion) far outstripped forecasts after they were flat the previous quarter and following big outflows in the first half of 2010, acknowledged...