World Business Today

Business
No more cheap SIM cards
Md Hasan
Mobile phone operators have reduced subsidy on SIM cards, putting their plan to connect people in rural areas at risk.


Air Asia may fly from Dhaka
Porimol Palma
The government is likely to allow operation of low-cost airline, Air Asia Berhad, from Dhaka.


Goldman, Morgan Stanley end Wall Street era
Afp, New York
Goldman Sachs and Morgan Stanley brought down the curtain on a Wall Street era Sunday, agreeing to a radical revamp that completes the biggest overhaul in high finance since the Great Depression.


DSE market capitalisation crosses Tk 1 trillion mark
Star Business Report
The market capitalisation of Dhaka Stock Exchange yesterday reached Tk Tk 1,00,970 crore (over Tk 1 trillion) for the first time on the trading debut of First Security Bank shares.


Aramit to expand
Sarwar A Chowdhury
Aramit Limited, a building materials manufacturing company, plans to set up a new production unit at a cost of more than Tk 14 crore.


Row over toxic milk marketing widens
Star Business Report
The management of New Zealand Dairy Products Bangladesh Limited (NDPBL), manufacturer of Red Cow and Diploma powdered milk in Bangladesh, blamed a section of unscrupulous traders for tarnishing the image of the company by marketing contaminated products.


Dhaka to host int’l quality control conference
Star Business Report
Bangladesh will host the 33rd conference of the International Convention on Quality Control Circles in Dhaka on October 23-26, organisers said yesterday.


Made in Bangladesh fair in New York Oct 17-19
Unb, Dhaka
A Bangladeshi product-based exhibition styled 'Made in Bangladesh' will be held in New York October 17-19 for promoting the country's world-class commodities in the United States.


G7 vows to help US fight global financial crisis
Afp, Washington
The Group of Seven industrialised nations pledged Monday to help the United States address a global credit crisis, saying they will "take whatever actions may be necessary."


Bscic hosieries post Tk 9,240cr exports
Unb, Dhaka
Bangladesh Small and Cottage Industries Corporation (Bscic) Hosiery Industrial estate in Naraynganj exported knitting products worth about Tk 9,240 crore in 2007-08 fiscal year.


US to join Asia-Pacific free trade deal
Afp, United Nations
The United States has agreed to join Singapore, New Zealand, Chile and Brunei in a free trade agreement which could set the pace for a broader Asia-Pacific free trade area, officials said.


US credit crisis may hit ROK bank reforms
ANN/The Korea Herald
The South Korean government's financial deregulation plans aimed at nurturing giant investment banks may stumble due to the US credit crisis, which raised concerns about the risky nature of investment banking, industry watchers said Sunday.


Australian exports to surge
Afp, Sydney
Australian export earnings are set to hit record levels this year due to continued strong demand for raw materials despite a global economic slowdown, the nation's chief forecaster said Monday.


Deutsche Bank to issue 40m new shares
Afp, Frankfurt
The biggest German bank, Deutsche Bank, said Monday it will issue up to 40 million new shares to pay for its purchase of a stake in Postbank.


Eid Shopping
Tailors face slack time
Sohel Parvez
Mannequins show off new trendy designs in air-conditioned, cosy readymade garment stores. The approaching Eid festival offers them the privilege of taking a new look quite frequently to pour a buzz into the young minds.


Column
Subprime to liquidity crunch: Lessons learnt
Mamun Rashid
For more than a year we have been hearing about the subprime crisis where predatory lending in real estate sector and its associated leveraged structured products has brought in losses to many global banks, mostly US based though.


Asian stocks close up
Afp, Hong Kong
Shares in Asia mostly rose Monday as dealers reacted positively to the US government's rescue package for the financial sector, while some markets were also boosted by domestic regulatory measures.


Oil prices higher in Asian trade
Afp, Singapore
World oil prices were higher in Asian trade Monday as investors reacted to moves by the US to help investment banks Goldman Sachs and Morgan Stanley survive a financial crisis that has shaken global markets, dealers said.


International Business News
Japan's Nomura to buy Lehman Asian operations
Afp, Tokyo
Top Japanese brokerage group Nomura Holdings has won a deal to buy the entire Asian operations of failed US investment firm Lehman Brothers Holdings, two sources said on Monday.


International Business News
Philippine lender files rehab move for Lehman units
Afp, Manila
The Philippines' biggest lender said Monday it had asked a local court to place under rehabilitation two local units of collapsed US investment bank Lehman Brothers.


International Business News
Russia's top investment bank eyes global expansion
Afp, Moscow
Russia's biggest investment bank on Monday said it would take advantage of global financial turmoil to expand internationally after unveiling a partnership with one of Russia's top tycoons.


International Business News
ECB renews loan offer of $40b
Afp, Frankfurt
The European Central Bank renewed its offer of 40 billion dollars (27.6 billion euros) in one-day loans, it said on Monday, adding that banks had bid for more than double that amount.