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Business & Finance News Monday, September 08, 2003 Compiled by SDNP Head Lines Revamping port services a must to fetch FDI: WB ECONOMIC REPORTER, The Independent Demand for port services in Bangladesh will continue to increase. Current capacity at Chittagong port will not satisfy the growing demand; CPA (Chittagong Port Authority) is already working above its capacity, creating considerable congestion and delays at the port, observed a World Bank report released recently. The report identified the lack of sufficient capacity at ports as a major road block in attracting foreign direct investment in the country. "Congestion in the ports is exacerbated by the current practice of providing priority berthing privileges to Bangladeshi-flagged ships. Normal industry practice is to treat all vessels equitably. Foreign vessels, which carry approximately 85 percent of all container cargo, must wait longer for access to container berths because of this rule. Anticipating long waits, most freight lines use their least efficient vessels to service Bangladesh, thereby adding to the inadequacy and high cost of the system" the WB report observed. "CPA's inefficiency is widely recognised but little has been done to rectify the problems. Moreover, even with rapidly increasing traffic, facility development has been inadequate. A rule of thumb in the port industry is that expansion plans should begin when demand reaches 60 per cent of capacity. On this basis, development of at least one new container terminal at Chittagong should be well advanced by this time" the report added. On the issue of restruccuring the report said that no separation of the development, operating, and regulatory roles of the port authorities currently existed. "This serious organisational flaw introduces conflicts of interest and confusion in managing these distinct activities. Their regulatory role impedes the port authorities' ability to function as fully commercialized entities, while their operational roles tend to compromise their impartiality as regulators" the report said. "Current thought in the port industry is that there is a need for regulatory bodies to be established, independent of operating organisations. A more practical solution may be for the port authorities to remove themselves completely from direct responsibility for certain commercial activities, such as ship services and cargo handling. By allowing the private 'sector to take over these kinds of activities the port authorities will be better able to carry out regulatory functions in these areas. In effect, this approach would transform the CPA and MPA into landlord ports" the report said. Activities such as the determination of port tariffs and other matters that could present conflicts of interest could be assigned to an inde-pendent regulator, or perhaps to a national port council, always on the basis that flexibility and expediency in decision-making are essential in dealing with industries as dynamic and volatile as international trade and shipping. However there is very little interest, particularly at CPA, to engage in the privatisation of existing facilities. "The India and Sri Lanka model of private-sector development of all new container terminals (in close proximity to existing facilities) is likely to be more politically attractive. The situation is similar with respect to the Inland Waterways. The operational and regulatory roles of BIWTA are not separated. Considering the extent to which these bodies are involved in operational activities, this lack of separation presents a significant organizational flaw chat makes the waterborne transportation system vulnerable to conflicts of interest" the report said. Shares finish lower at DSE, CSE BSS, DHAKA, The Independent Shares finished lower at both the Dhaka and the Chittagong bourses yesterday, although few issues rebounded. The market saw mixed trading as the DSE marked thinner transactions of scripts at lower turnover, while at the CSE made thicker transaction at higher turnover. The DSE-20 Selective Price Index for blue chip shares lost 2.71 points to 978.44 from previous day's 981.15. The DSE Weighted Average Share Price Index moved slightly higher at 823.22. A total of 753,271 shares worth Tk 21.92 million (USD 0.379 million) were traded at the DSE yesterday compared with previous day's 1,482,937 shares worth Tk 22.4 million (USD 0.387 million). In all, 157 issues were traded, of which 52 gained, 65 lost and 40 remained unchanged. The CSE-30 Selective Price Index for blue chips gained 1.15 points to 1163.97 from previous day's 1162.82. The CSE Trade Volume Weighted Index was also up at 1841.22. A total of 114,213 shares worth Tk 1.98 million (USD 0.034 million) were traded at the CSE yesterday against previous day's 104,350 shares worth Tk 1.21 million (USD 0.021 million). In all, 34 issues were traded at the CSE, of which 13 moved up, 13 lost and 8 were unchanged. The market capitalisation at the DSE was 0.317 per cent or Tk 210 million (USD 3.6 million) down at Tk 65.98 billion (USD 1.14 billion) from previous day's Tk 66.19 billion (USD 1.143 billion). The market capitalization at the CSE was 0.0168 per cent or Tk 10 million (USD 0.17 million) up to Tk 59.65 billion (USD 1.03 billion) from previous day's Tk 59.64 billion (USD 1.03 billion). Bangladesh-Myanmar border trade resumes Our
Correspondent, Cox's Bazar, The Daily Star The stalemate ended on Saturday following a fruitful negotiation between the parties concerned at a joint meeting at Cox's Bazar. The government has been deprived of at least Tk 1.20 crore in duty during the six-day suspension of trade, sources said. Border traders said that they imported huge amount of fish, food grains, onions, spices, shoes and umbrella yesterday through Teknaf from Myanmar. The border trade came to a halt on Monday when a joint body of importers, exporters, C&F agents and truck owners in Teknaf enforced the strike protesting 'extortion and harassment' by police and BDR. They alleged the members of BDR and police in the name of checking documents and contraband goods often harass them at border and on several points on the Teknaf-Cox's Bazar road while transporting goods. After discussion, the joint meeting decided that the law enforcers or the customs officers would not stop the trucks carrying export-import goods to and from Teknaf at those points on Teknaf-Cox's Bazar road. It was decided that all necessary checking will be done by the police-BDR joint forces at Teknaf and not elsewhere, sources said. The meeting attended by representatives from all trade bodies in Cox's Bazar and Teknaf, and the police, BDR and truck owners also agreed in principle to consider the 10-point demands of the traders, sources said. Deputy Commissioner of Cox's Bazar, following a directive by the State Minister for Communications Salahuddin Ahmed, convened the meeting to end the deadlock that badly affected the border trade. The government had been incurring a revenue loss of Tk 15 to Tk 20 lakh daily following the suspension of border trade, sources said. Importers-Exporters, C&F Agents and Truck Owners Oikya Parishad alleged the BDR forces use to intercept trucks at Damdamia, Marichya, Leda, Hwaikong and Balukhali points on Teknaf-Cox's Bazar road and demand extortion. Goods like food grain, shoe, sandal, onion, spices, umbrella and fish are imported everyday from Myanmar through Teknaf Border. India to lead developing world's fight to cut farm subsidies AFP, New
Delhi, The Daily Star India's Commerce Minister Arun Jaitley has given notice that developing countries, 16 of whom have banded together to take on the world's major economies at the talks, will be gunning for the latest United States-European Union plan for reforming global agriculture. Bristling Indian officials had immediately dismissed the EU-US farm proposal, which frees up some areas of agricultural trade but contains no timetable for phasing out farm subsidies, as "tokenism". Jaitley, a distinguished Supreme Court lawyer known for driving a hard bargain, was forthright. "Their proposal is not acceptable as it does not take into account the interests of our farmers," he told AFP. "Protecting the interests of farmers is our priority. We cannot give the farmers the kind of subsidies that the developed countries are giving and, therefore, they must reduce and thereafter, eliminate these subsidies. "Secondly, we have to give reasonable tariff protection to our farmers. We also need additional tariff protection for sensitive items and special safeguards to stop a surge in imports." Agriculture is vital to India's economy, with more than 70 per cent of the country's billion-plus population dependent on it. Jaitley said Asian countries were being undercut in the global marketplace by subsidies the US and European countries doled out to their farmers in the shape of cheap financing and generous credit. World trade ministers had agreed in Doha, Qatar in November 2001 that a final agreement should lower all forms of agricultural export subsidies with a view to eventually phasing them out. The WTO talks have made little progress since the agenda was launched in Doha, missing a string of deadlines as deep differences persist on key issues. |
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