Arbitration centre launched to settle business disputes in Bangladesh

The first arbitration centre to settle business disputes was launched in the country on Saturday. The law minister, Shafique Ahmed, inaugurated the Bangladesh International Arbitration Centre, sponsored by the International Chamber of Commerce, the Dhaka Chamber of Commerce and Industry and the Metropolitan Chamber of Commerce and Industry with support from the International Finance Corporation, UKAid and the European Union, in a ceremony at the Bangabandhu International...

Huge backlog of CIB credit reports

Jasim Uddin Sarker The Central Information Bureau of the Bangladesh Bank is finding it difficult to deliver reports because of manpower shortage and delay in launching the full-fledged online system, while the number of requests for reports from different banks and financial...

New stock of boro starts arriving in Bangladesh

Kazi Azizul Islam New stock of Boro rice has started arriving in the market and farmers are reportedly getting good prices. However, market men say that since the Boro harvest has been better than usual this year the volume of arrivals is bound to increase within the next few days and the prices that the farmers receive will begin to fall. Several boats laden with just harvested Boro paddy arrived at Dhaner Gola mokam (local trading station) at Ashuganj in Brahmanbaria...

Gold hits fresh record

Gold rose to a record high for a fourth straight day and silver surged on Friday, as a weaker dollar, the prospect of a US government shutdown and inflation worries lifted precious metals in a broad commodities rally. Gold notched its biggest weekly gain in four months, drawing support from renewed euro zone sovereign debt fears amid Portugal's financial crisis and inflation jitters as crude oil and corn hit new highs this week. Bullion broke above key resistance...

‘Donlim’ brand launched in Bangladesh

Abarani  International Limited, a distributor of consumer home appliances, on Saturday launched Taiwanese 'Donlim' brand in Bangladesh. Donlim, a Taiwan-based electronics consumer home appliances producer, has chosen Abarani International Limited as its sole distributor in Bangladesh, said a news release. At a news conference  organised by Abarani  International in a city hotel its managing director Maksudul Momin said the quality of Donlim brand...

US stocks regulators wrestling with private trading rules

US securities regulators are conducting a broad review of share issuance rules for private companies, including the 500-shareholder threshold meant to mark the transition to public ownership. The Securities and Exchange Commission review could make it easier for private companies to raise capital while delaying an initial public offering and the accompanying increase in financial disclosures. 'We are approaching it with an open mind,' SEC chairman Mary Schapiro...

European stocks rise, euro soars on Portugal bailout talks

European equities and the euro currency rose Friday, some buoyed by soaring oil prices, as gold hit new highs and EU finance chiefs agreed the need for a multi-billion euro bailout for Portugal. London's FTSE 100 index of leading shares gained 0.81 per cent to finish at 6,055.75 points. In Paris, the CAC 40 put on 0.83 per cent to end at 4,061.91 points, and in Frankfurt the DAX gained 0.53 per cent at 7,217.02 points. With the dollar falling, gold's safe-haven status...

EU offers Portugal $115b bailout

Europe offered Portugal Friday an 80-billion-euro ($115 billion) bailout, but set tough conditions as it bids to draw a line under a destabilising debt crisis. The joint EU-IMF loans, following bailout rescues of Greece and Ireland last year, will be conditional on more public spending cuts, tax rises and far-reaching privatisations — negotiated with Portuguese politicians facing an angry, fearful electorate around June 5 polls. This third bailout of a eurozone...

Late budget deal avoids costly shutdown in US

President Barack Obama and congressional leaders struck a last-minute budget deal on Friday to narrowly avert a government shutdown that would have hit the economy and idled hundreds of thousands of workers. With a little over an hour to spare before a midnight deadline, Obama's Democrats and opposition Republicans agreed to a bitterly fought compromise plan that will cut about $38 billion in spending for the rest of the fiscal year. Congress then quickly approved...

Spain PM heads to Asia in search of investment

Spain's prime minister Jose Luis Rodriguez Zapatero will visit China and Singapore next week in search of new investments to shore up his country's embattled economy, government sources said Friday. Zapatero arrives in Beijing on Tuesday where he will meet premier Wen Jiabao, vice-premier Li Keqiang, Chinese financial authorities, bankers and investors. He moves on to Singapore on Wednesday for talks with Prime Minister Lee Hsein Loong and investors before returning...

Japan’s stalled chip sector ‘to cost $470b’

The cost to the global economy of Japan's stalled computer chip industry remaining shuttered into May could be almost half a trillion dollars, a report said Saturday. Manufacturers across Japan have closed down production lines or cut back their output because of direct damage or supply chain problems caused by the earthquake and tsunami that struck the northeast on March 11. The Nikkei newspaper, citing a government estimate, said the knock-on impact on the global...

Sanofi-Aventis completes Genzyme takeover

Sanofi-Aventis said it has completed its takeover of US biotechnology company Genzyme Corp, whose shares will cease trading on the Nasdaq as of the market close on Friday. The companies agreed in February on a deal worth about $20.1 billion. The acquisition gives Sanofi access to Genzyme's business in treating rare diseases and is expected to help the company combat sales erosion from drugs facing cheap generic competition. Sanofi said more than 237 million Genzyme...