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Business & Finance News Wednesday, September 03, 2003 Compiled by SDNP Head Lines
Tourism hinges on infrastructure Star Business
Report, The Daily Star The prime minister was speaking at the inauguration of an extension of Dhaka Sheraton Hotel. Tourism has been identified as a thrust sector as the government wants to develop it on priority basis, Khaleda said. The prime minister also stressed the need for portraying a positive image of Bangladesh to develop tourism. "Globalisation has left us to face different challenges of different magnitudes. It has also brought certain opportunities. We have to face the challenges and exploit the opportunities at the same time," she said. Khaleda said for the attraction of the tourists, the government has already declared Cox's Bazar, Kuakata and the Sundarbans, the world's largest mangrove forest, as special tourist zones. She said her government has declared the first-ever National Tourism Policy in line with the open market economy in addition to taking steps to create an investment-friendly climate for flourishing the tourism industry. The extension, a project of Tk 65.85 crore, covers 55 guestrooms including five suites, two conference rooms, one boardroom and two meeting rooms. The expansion also facilitates a new lobby, tea lounge, prayer room and large pre-function area. State Minister for Civil Aviation and Tourism Mir Mohammad Nasiruddin his ministry has involved private sector to promote tourism. A tourism board has also been established for the development of the sector, he said. Four more tourist motels of Parjaton Corporation at Khagrachhari and Bandarban in Chittagong hill tracts and at Benapole and Sagardari in Jessore will be inaugurated within 15 days, the state minister said. Bangladesh Services Limited (BSL), a government owned firm, is the owner of 99.68 per cent shares of the hotel. Sheraton Overseas Management Corporation (SOMC), which operates more than 400 hotels and resorts in 70 countries, runs the hotel. To celebrate the inauguration of the extension, the hotel has chalked out weeklong programme. Dhaka Sheraton Hotel started its journey in 1966 as Dhaka Intercontinental. In 1984, the SOMC took over its management. Major MA Mannan (rtd) MP, Civil Aviation and Tourism Secretary Shafiqul Islam and Starwood Hotels and Resorts Worldwide, Inc Vice-president Erhard Hotter were also present at the function. Govt forms 15 working groups for Cancun meet Star Business Report, The Daily Star The government has formed 15 working groups to participate in different meetings of the 5th WTO ministerial meeting in Cancun, Mexico, scheduled to be held this month. Commerce Minister Amir Khosru Mahmud Chowdhury will head a 17-member Bangladesh delegation in the conference while Commerce Secretary Suhel Ahmed will act as alternative head, sources said. The Ministry of Commerce at a meeting with the delegation members yesterday formed the working groups and finalised the subject specific responsibilities of the delegates. The commerce minister chaired the meeting. The groups will deal with various issues including non-agricultural market access, agriculture, special and differential treatment, services, dispute settlement, trade-related aspects of intellectual property rights (TRIPS), trade-related capacity building, TRIPS and public health rules, implementation issues, Singapore issues, trade and environment, e-commerce, Doha issues and support services. The members of different working groups are: Professor M Ali Taslim, Mostafa Abid Khan, Taufiqur Rahman, Nasiruddin Ahmed, Mahbubur Rahman, Quazi Moniruzzaman, A Matin Chowdhury, AM Badrul Hassan, ASM Quashem, Md Abu Yousuf Miah and Rashed Al Mahmud Titumir. Asian stocks edge up in directionless trading ECONOMIC DESK, The Independent Most stock markets in Asia eked out gains Tuesday despite a lack of major leads after US markets were closed for a holiday. Share prices in Tokyo rose 0.19 per cent led by hi-techs and banks but finished well off their intra-day highs as late profit-taking set in after Monday's substantial gains. The Tokyo Stock Exchange's Nikkei-225 index gained 19.90 points to close at 10,690.08, off a high of 10,748.76. The broader Topix index of all first-section stocks gained 1.90 points to 1,028.91. "Following yesterday's sharp rise, (domestic) investors sold shares broadly from the opening to lock in gains but strong buying by foreign investors more than balanced the profit-taking," said Masatoshi Sato, a market strategist for Mizuho Investors Securities. The Nikkei jumped 3.16 per cent Monday to end at its highest level in 14 months. Banking stocks were bought aggressively after Nomura Securities Financial Institute upgraded its investment rating on the major banks to "bullish" from "neutral", citing improved profitability due to the expected economic recovery and the stock market rally. HONG KONG: Share prices in Hong Kong closed a shortened day's trading 0.34 per cent higher, led by blue chips as investors awaited fresh leads to prop up the index. The Hang Seng Index ended the morning up 36.54 points at 10,939.94, off its high of 10,967.52 and low of 10,879.44. SYDNEY: Australian shares closed 0.40 percent higher as banks and resources led the market higher in the absence of any leads from the US due to the Labor Day holiday. Dealers said the market continues to respond well to positive news, with investors more optimistic and looking for opportunities. The benchmark SP/ASX 200 index closed up 12.9 points at its intraday high of 3,218.0, while the All Ordinaries index was up 11.8 points at 3,223.9. Shaw Stockbroking senior dealer Jamie Spiteri said investors remained optimistic, citing winemaker Southcorp, which rose six cents to 3.24 dollars despite posting a record 922.9 million dollar loss. SINGAPORE: Share prices in Singapore closed 0.58 per cent lower on profit-taking in the absence of fresh leads. The Straits Times Index closed 9.24 points down at 1,596.36, while the broader All-Singapore Equities index fell 2.3 points to 435.46. SEOUL: South Korean share prices closed at their highest level so far this year after edging up 0.31 percent against profit-taking pressure. The composite index closed up 2.39 points at 766.50, the highest closing level for the year but off an intraday high of 768.91 and a low of 763.34. The market opened higher but eventually lost ground on profit-taking and slipped into negative territory before late program-buying helped it move back into postive territory, the dealers said. They said there was a note of caution as the US markets were closed on Monday with the resultant lack of leads. KUALA LUMPUR: Malaysian share prices closed lower on profit-taking, especially in key blue chips, with investors also sidelined by a lack of positive leads, dealers said. The Kuala Lumpur Stock Exchange composite index closed down 1.28 points or 0.17 percemt at 742.02. "The market was weak on resuming trade after the National Day long weekend. The declines were led by Proton and MMC. Bangladesh seeks more trade with Turkey ECONOMIC REPORTER, The Independent ICC Bangladesh President Mahbubur Rahman emphasised the need to explore possibilities of bilateral cooperation between Bangladesh and Turkey especially in the field of trade and investment. He sought support from the Ambassador to exchange trade delegates and organise trade fairs both in Bangladesh and Turkey so that Bangladesh can export its products to Turkey adding that the trade between these two countries are insufficient and there are possibilities to enhance it. ICCB President said there are opportunities for opening up business and trade and both the Governments need to take positive steps to increase the business and trade between Turkey and Bangladesh. The ICC Bangladesh President made the request when the Turkish Ambassador in Bangladesh Ferit Ergin made a courtesy call on the former at the Chamber office yesterday. The Turkish Ambassador agreed with the views of Rahman and said that both the countries need to strengthen relations further in all spheres including socio-political, economic, infrastructural, trade and investment to meet the challenges of globalisation. He also mentioned that there was scope for increasing trade and investment in joint ventures in Bangladesh. He assured the ICCB President of all support and cooperation from Turkey. Earlier, welcoming the Ambassador, Mahbubur Rahman briefed him about the role and functions of ICC, the world business organisation, and more specifically that of Bangladesh National Committee of the ICC and he thanked the Ambassador for helping ICC Bangladesh in arranging the visit of Turkish Minister for Trade Ali Coskun to the ICC International Business Conference in Dhaka, January next. Referring to the International Business Conference on Global Economic Governance and Challenges of Multilateralism to be held in Dhaka on January 17-18, 2004, the Ambassador highly appreciated and congratulated ICC President for organising such type of international conference from the private sector. |
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