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Protection of manipulators hinder recovery of stock market
 

Special Correspondent

If the government is protecting the manipulators, how the stock market will recover is the big question that several high profile discussants at a seminar last week wondered asking the authorities to work to restore confidence of the investors in the bourses.
Meanwhile, the melodrama is almost a daily routine on the Motijheel streets in the city blocking traffic movement where small investors are decrying their plight in violent protest as the slide in the stock market continued unabated last week from the previous week.
What are the wrongs behind it the discussants put themselves the question and squarely blamed the government for not taking the necessary actions against the market manipulators. By showing determination the authority could overcome the confidence gap necessary to recovery the stock market, they said.
At a roundtable held by the Centre for Policy Dialogue (CPD) the discussants said mere lip service will not do. They urged Prime Minister Sheikh Hasina to punish the manipulators sitting around the seat of government instead of protecting them. The said, she should recognize that a big crime has been perpetrated by the vested interest groups and emphasized the need for punishing them to reassure the investors that such things won’t recur. Otherwise, mere calling of a meeting by the Prime Minister to salvage the stocks will not deliver the goods.
They have moreover posed the question why the Finance Minister or the regulators had failed to restore confidence in the bourse and waited for Prime Minister’s intervention. And now they wondered that the Prime Minister’s intervention also did not restore confidence in the market. It only resulted in big publicity.
Chairman of the government probe committee Khondker Ibrahim Khaled said the Finance Minister and the chairman of the SEC have failed to play their role and thereby they have lost credibility to continue in their posts. The Prime Minister had to intervene in the troubled share market on their failure, he said questioning the quality and credibility of their leadership.
“They involved the prime minister in stock market issues to avoid their responsibility. It’s a shame,” said Khandker Ibrahim Khaled demanding clear action to save the bourse rather than saving some people dabbling in politics.
Ibrahim Khaled, chairman of Bangladesh Krishi (agriculture) Bank, said the government is trying to hide something about the stock market like it did in 1996 when the bubble burst in the share market too.
Meanwhile critics wondered why the Prime Minister is not calling a meeting at Gonobhavan to fix the fate of the market manipulators like the one she had called to discuss the fate of the stock market.
Khaled, a former deputy governor of Bangladesh Bank, said the government and the market regulators are only concentrating on the liquidity crisis, instead of focusing on the issue of confidence deficiency among investors.
“The government is highlighting the liquidity crisis to hide something,” he said and added: “Its wrong assumption. It is not liquidity crisis but a lack of confidence among investors. I would call it a game. There will be no positive outcome unless the game is stopped immediately.” He asked the government to concentrate on restoring confidence among investors.
Criticising the government for not taking action against the market manipulators whose names were in the probe report, Khaled said asd asked: “Who is more powerful — the government or the market manipulators?”
He said the Finance Minister had reassured him of taking action and publishing the scam report once the investigation was over. But he retracted from his promise apparently to protect the wrong doers. He said manipulators are powerful persons and blamed the probe report itself for not being based on fair facts.
Referring to the Finance Minister’s comments that the probe report was based on assumption, Khaled said the report was a blend of proof and perception. “But assumptions and perceptions are not the same thing.” He further pointed out that the SEC and its corrupt officials were responsible for the market manipulation.
“In our report, we recommended removing the corrupt officials. But the government did nothing, except removing them to safety as officers on special duty. The previous SEC chairman is still working and drawing salary from the public exchequer,” he said. Even after the debacle, the SEC was restructured with political appointees, not with professionally skilled people.
“There wasn’t even a single week when the present SEC chairman like his previous colleague was not visiting the finance ministry for advice. If the regulator is dependent on others, how can the investors derive confidence from them?” he questioned.
Economists, lawmakers, academicians, bankers and stock exchange members also spoke.
CPD Distinguished Fellow Dr Debapriya Bhattacharya moderated the dialogue, while CPD Senior Research Fellow Dr Khondker Golam Moazzem presented the keynote paper.
Critics say the government is playing with the stock market to conceal its own failures. One critic said the Prime Minister has felt it fair to abandon the entire nation to protect one Abul Hossain from corruption charges. For her, to abandon the interest of millions of investors of the market is not a big decision.  

Comment

Special Correspondent

If the government is protecting the manipulators, how the stock market will recover is the big question that several high profile discussants at a seminar last week wondered asking the authorities to work to restore confidence of the investors in the bourses.
Meanwhile, the melodrama is almost a daily routine on the Motijheel streets in the city blocking traffic movement where small investors are decrying their plight in violent protest as the slide in the stock market continued unabated last week from the previous week.
What are the wrongs behind it the discussants put themselves the question and squarely blamed the government for not taking the necessary actions against the market manipulators. By showing determination the authority could overcome the confidence gap necessary to recovery the stock market, they said.
At a roundtable held by the Centre for Policy Dialogue (CPD) the discussants said mere lip service will not do. They urged Prime Minister Sheikh Hasina to punish the manipulators sitting around the seat of government instead of protecting them. The said, she should recognize that a big crime has been perpetrated by the vested interest groups and emphasized the need for punishing them to reassure the investors that such things won’t recur. Otherwise, mere calling of a meeting by the Prime Minister to salvage the stocks will not deliver the goods.
They have moreover posed the question why the Finance Minister or the regulators had failed to restore confidence in the bourse and waited for Prime Minister’s intervention. And now they wondered that the Prime Minister’s intervention also did not restore confidence in the market. It only resulted in big publicity.
Chairman of the government probe committee Khondker Ibrahim Khaled said the Finance Minister and the chairman of the SEC have failed to play their role and thereby they have lost credibility to continue in their posts. The Prime Minister had to intervene in the troubled share market on their failure, he said questioning the quality and credibility of their leadership.
“They involved the prime minister in stock market issues to avoid their responsibility. It’s a shame,” said Khandker Ibrahim Khaled demanding clear action to save the bourse rather than saving some people dabbling in politics.
Ibrahim Khaled, chairman of Bangladesh Krishi (agriculture) Bank, said the government is trying to hide something about the stock market like it did in 1996 when the bubble burst in the share market too.
Meanwhile critics wondered why the Prime Minister is not calling a meeting at Gonobhavan to fix the fate of the market manipulators like the one she had called to discuss the fate of the stock market.
Khaled, a former deputy governor of Bangladesh Bank, said the government and the market regulators are only concentrating on the liquidity crisis, instead of focusing on the issue of confidence deficiency among investors.
“The government is highlighting the liquidity crisis to hide something,” he said and added: “Its wrong assumption. It is not liquidity crisis but a lack of confidence among investors. I would call it a game. There will be no positive outcome unless the game is stopped immediately.” He asked the government to concentrate on restoring confidence among investors.
Criticising the government for not taking action against the market manipulators whose names were in the probe report, Khaled said asd asked: “Who is more powerful — the government or the market manipulators?”
He said the Finance Minister had reassured him of taking action and publishing the scam report once the investigation was over. But he retracted from his promise apparently to protect the wrong doers. He said manipulators are powerful persons and blamed the probe report itself for not being based on fair facts.
Referring to the Finance Minister’s comments that the probe report was based on assumption, Khaled said the report was a blend of proof and perception. “But assumptions and perceptions are not the same thing.” He further pointed out that the SEC and its corrupt officials were responsible for the market manipulation.
“In our report, we recommended removing the corrupt officials. But the government did nothing, except removing them to safety as officers on special duty. The previous SEC chairman is still working and drawing salary from the public exchequer,” he said. Even after the debacle, the SEC was restructured with political appointees, not with professionally skilled people.
“There wasn’t even a single week when the present SEC chairman like his previous colleague was not visiting the finance ministry for advice. If the regulator is dependent on others, how can the investors derive confidence from them?” he questioned.
Economists, lawmakers, academicians, bankers and stock exchange members also spoke.
CPD Distinguished Fellow Dr Debapriya Bhattacharya moderated the dialogue, while CPD Senior Research Fellow Dr Khondker Golam Moazzem presented the keynote paper.
Critics say the government is playing with the stock market to conceal its own failures. One critic said the Prime Minister has felt it fair to abandon the entire nation to protect one Abul Hossain from corruption charges. For her, to abandon the interest of millions of investors of the market is not a big decision.  


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ROUTE TO CTG. PORT NEEDS IMPROVEMENT
Relaxed EU rules not to affect backward linkage industry

Shamsul Huda

Apart from the European and American markets for export of Bangladeshi ready made garments, some other new markets have already been explored by Bangladeshi entrepreneurs.
Countries such as Australia, China, India and Japan have now been included in the list of RMG export market.
As Bangladesh exports apparel products in competitive prices, so it is a great opportunity for Bangladesh to explore new markets for ready made garment products as well as it can attract foreign direct investment in this sector.
Over the last two decades the infrastructure in this sector that has been developed is now capable of handling export orders for all types of ornamental and gorgeous items from the importing countries’, said Shahidul Islam, managing director of the Rupa Group, a leading RMG product exporting company that manufactures both knitwear and woven products.
What the country has achieved in the RMG manufacturing sector over the decades now needs to be held by way of modernising, developing required infrastructure facilities and upgrading related service sectors, in particular the customs, bank, supply chain management and transport services, he said.
As the government has taken steps to solve the ongoing power crisis, hopefully there may be a good environment for further investments by both the local and the foreign companies in RMG manufacturing and in its backward linkage industries. The existing backward linkage industries would not be affected by the relaxation of the rules of origin for Bangladesh’s products in the European countries under generalised system of preference (GSP).
Islam said, till now most of the exporters prefer to source yarn from the local companies as there are facilities for the exporters in the process that they can enjoy low lead time and also can change the low and uneven quality of yarn easily and within the shortest lead time.
He opined that single stage transformation of export facilities for Bangladesh’s knitwear garments in the European market will not harm the local spinning and textile mills as the exporters are still getting more facilities by using local yarn and fabrics than the imported ones.
“We can match our required yarns and fabrics with the local yarn and fabrics and in case of any problem it is easy to change within shorter time than using imported yarns. The yarn and fabrics that we once imported could not be changed if required to”, he said.
Islam who was also a vice president of the Bangladesh Ready made Garments Manufacturers and Exporters Association (BGMEA) said, in the overall macro economics development, contribution by the export of garment is helping a lot to maintain a good foreign currency reserves by the central bank and keep the balance of payment favourable for the economy.
While assessing the current export in the European countries, the former BGMEA leader said, export volume of RMG products from Bangladesh to the European countries could be reduced as the financial turmoil in the EU countries would persist for sometime more.
Despite reduced buying capacity by the EU buyers, the effect may not be faced heavily by the Bangladeshi products as it manufactures low cost products which are more affordable for the crisis-hit low income people of the EU member-countries, he said and added that competition would also be there between Bangladesh and the other RMG exporting Asian countries’ as Bangladesh offers competitive prices as it enjoys low cost labour and comparative advantageous geographical location.
In times of shipment of exporting goods for seaborne carriers is an important part of the present competitive market and it is more important for Bangladesh because the mainline ocean going vessels do not come to Chittagong port directly because of its insufficient depth. Goods are to be transhipped.
Islam stated that for timely shipment of local RMG goods, the transportation system from Dhaka to the Chittagong port should be made hassle free and speedy. But the road congestion is worsening everyday taking more than double time to transport goods to the port city.
He said: “So, in most of the cases, we miss the ships and to keep our buying customer satisfied we need to send the goods by air cargo at double the cost than the sea route”.
Islam asked for ensuring overall development of transportation system saying, the government should take immediate and tangible steps to remove the traffic problems to Chittagong port and keep the exports competitive as the entrepreneurs are still enjoying relative advantages than their Asian counterparts. 

Comment

Shamsul Huda

Apart from the European and American markets for export of Bangladeshi ready made garments, some other new markets have already been explored by Bangladeshi entrepreneurs.
Countries such as Australia, China, India and Japan have now been included in the list of RMG export market.
As Bangladesh exports apparel products in competitive prices, so it is a great opportunity for Bangladesh to explore new markets for ready made garment products as well as it can attract foreign direct investment in this sector.
Over the last two decades the infrastructure in this sector that has been developed is now capable of handling export orders for all types of ornamental and gorgeous items from the importing countries’, said Shahidul Islam, managing director of the Rupa Group, a leading RMG product exporting company that manufactures both knitwear and woven products.
What the country has achieved in the RMG manufacturing sector over the decades now needs to be held by way of modernising, developing required infrastructure facilities and upgrading related service sectors, in particular the customs, bank, supply chain management and transport services, he said.
As the government has taken steps to solve the ongoing power crisis, hopefully there may be a good environment for further investments by both the local and the foreign companies in RMG manufacturing and in its backward linkage industries. The existing backward linkage industries would not be affected by the relaxation of the rules of origin for Bangladesh’s products in the European countries under generalised system of preference (GSP).
Islam said, till now most of the exporters prefer to source yarn from the local companies as there are facilities for the exporters in the process that they can enjoy low lead time and also can change the low and uneven quality of yarn easily and within the shortest lead time.
He opined that single stage transformation of export facilities for Bangladesh’s knitwear garments in the European market will not harm the local spinning and textile mills as the exporters are still getting more facilities by using local yarn and fabrics than the imported ones.
“We can match our required yarns and fabrics with the local yarn and fabrics and in case of any problem it is easy to change within shorter time than using imported yarns. The yarn and fabrics that we once imported could not be changed if required to”, he said.
Islam who was also a vice president of the Bangladesh Ready made Garments Manufacturers and Exporters Association (BGMEA) said, in the overall macro economics development, contribution by the export of garment is helping a lot to maintain a good foreign currency reserves by the central bank and keep the balance of payment favourable for the economy.
While assessing the current export in the European countries, the former BGMEA leader said, export volume of RMG products from Bangladesh to the European countries could be reduced as the financial turmoil in the EU countries would persist for sometime more.
Despite reduced buying capacity by the EU buyers, the effect may not be faced heavily by the Bangladeshi products as it manufactures low cost products which are more affordable for the crisis-hit low income people of the EU member-countries, he said and added that competition would also be there between Bangladesh and the other RMG exporting Asian countries’ as Bangladesh offers competitive prices as it enjoys low cost labour and comparative advantageous geographical location.
In times of shipment of exporting goods for seaborne carriers is an important part of the present competitive market and it is more important for Bangladesh because the mainline ocean going vessels do not come to Chittagong port directly because of its insufficient depth. Goods are to be transhipped.
Islam stated that for timely shipment of local RMG goods, the transportation system from Dhaka to the Chittagong port should be made hassle free and speedy. But the road congestion is worsening everyday taking more than double time to transport goods to the port city.
He said: “So, in most of the cases, we miss the ships and to keep our buying customer satisfied we need to send the goods by air cargo at double the cost than the sea route”.
Islam asked for ensuring overall development of transportation system saying, the government should take immediate and tangible steps to remove the traffic problems to Chittagong port and keep the exports competitive as the entrepreneurs are still enjoying relative advantages than their Asian counterparts. 


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Comments: Excellent article. Thanks a lot to identify the important issue of our RMG industry.
Commented by : MAU Masud



South America towards China with love 

Marcela Valente in Buenos Aires

South America has managed to withstand the knock-on effects of recession in the EU and U.S. thanks to the protection offered by the soaring Asian demand for commodities. But many things could change in the medium term.
There is a new centre of gravity in the world, comprised of emerging countries led by China, while the influence of the powers of the industrialised North is waning, experts in political science and the economy agreed at a recent seminar in Buenos Aires.
As a result of growing exports of food and mineral commodities to China, producers of those goods such as Argentina, Brazil, Chile, Paraguay, Peru and Uruguay have posted high levels of growth and achieved enviable fiscal stability, said participants at “Crisis in the developed world: opportunity for emerging countries” held recently.
But that beneficial effect, which is projected to continue in 2012, may not last if the global crisis drags on and if South America does not move in the direction of greater industrialisation and higher spending on education, said experts from Argentina, Brazil, Ecuador, Peru and Uruguay, who were brought together by the private consultancy ABECEB.
China is driving global growth by means of increasing demand for minerals and grains, he added.
“My forecast is that China will rescue commodities, and that is good for Latin America,” Suárez told Inter Press Service (IPS). “But there is also a risk that the crisis will affect spending decisions, change expectations and trigger devaluations.”

‘Great turmoil’ in 2012
Argentine political scientist Juan Gabriel Tokatlián at the private Torcuato Di Tella University said the international context in 2012 will be marked by “great turmoil and uncertainty,” and even higher levels of social polarisation.
U.S. influence has declined significantly in South America, he added. Against that backdrop, Argentina and Brazil should lead a “strategic alliance” based on hi-tech industries and other sectors, he recommended.
“Crises bring both opportunities and risks, because although the conditions are now favourable for Latin America, the developed countries are facing a slowdown and Asia is producing goods at lower and lower costs,” economist Bernardo Kosacoff, a professor at Torcuato Di Tella University and a former director of the Economic Commission for Latin America and the Caribbean (ECLAC) in Argentina, told IPS.
The crisis should drive “an agenda of competitiveness” in the region, he said in his speech.
Former Brazilian minister of finance and the environment Rubens Ricupero made the same point. Ricupero, who was secretary general of the U.N. Conference on Trade and Development (UNCTAD) from 1995 to 2004, said Brazil is confronting the crisis by means of incentives for consumption, as it did in 2008 and 2009.
In 2012, these incentives will enable Brazil to continue growing and to keep up wages and the current situation of near full employment.
But there will be uncertainty in the medium term, the economist said. He cited a “worrisome sign” in Brazil: the loss of competitiveness of local industry in the face of imports from China. Ricupero said the growing demand driven by incentives in the domestic market cannot be met by Brazilian industry, but is covered by products from China, “a phenomenon that cannot be fixed with old-fashioned protectionism.”

Regional solutions
In Brazil some industrialists are becoming importers – the same thing that happened in Argentina during the 1990s, a period of de-industrialisation, he said, stressing that it is necessary to come up with “regional solutions” to this challenge.
Ricupero does not believe commodities will rescue the economies in the region in the medium term.
“It’s not a question of rejecting profits from agriculture or mining, but those activities do not have the capacity to diversify and generate jobs like industry has. The question is: how are we going to stand up to China five years from now?”
Value must be added to natural resources, interest rates must be lowered, appreciation and volatility of local currencies must be avoided, and the tax burden must be lightened, he recommended.
He was responding to the more optimistic scenario outlined by Suárez and Pedro Kuczynski, a former Peruvian prime minister and minister of economy and energy and mining.
Kuczynski stated flatly that “China will save Latin America,” noting the fact that nearly 20 percent of Peru’s exports are shipped to ports in the Asian giant.
“This demand will save South America, which is in the best position to supply China with food and minerals,” he said. “The myth that commodities are bad has burst. They can serve as a source of financing.”
He acknowledged, however, that it’s not a question of specialising in raw materials. “The economy must diversify, but in the meantime these goods generate hard currency that enabled many countries that are now industrialised to finance their own development,” he said.
— Inter Press Service

Comment

Marcela Valente in Buenos Aires

South America has managed to withstand the knock-on effects of recession in the EU and U.S. thanks to the protection offered by the soaring Asian demand for commodities. But many things could change in the medium term.
There is a new centre of gravity in the world, comprised of emerging countries led by China, while the influence of the powers of the industrialised North is waning, experts in political science and the economy agreed at a recent seminar in Buenos Aires.
As a result of growing exports of food and mineral commodities to China, producers of those goods such as Argentina, Brazil, Chile, Paraguay, Peru and Uruguay have posted high levels of growth and achieved enviable fiscal stability, said participants at “Crisis in the developed world: opportunity for emerging countries” held recently.
But that beneficial effect, which is projected to continue in 2012, may not last if the global crisis drags on and if South America does not move in the direction of greater industrialisation and higher spending on education, said experts from Argentina, Brazil, Ecuador, Peru and Uruguay, who were brought together by the private consultancy ABECEB.
China is driving global growth by means of increasing demand for minerals and grains, he added.
“My forecast is that China will rescue commodities, and that is good for Latin America,” Suárez told Inter Press Service (IPS). “But there is also a risk that the crisis will affect spending decisions, change expectations and trigger devaluations.”

‘Great turmoil’ in 2012
Argentine political scientist Juan Gabriel Tokatlián at the private Torcuato Di Tella University said the international context in 2012 will be marked by “great turmoil and uncertainty,” and even higher levels of social polarisation.
U.S. influence has declined significantly in South America, he added. Against that backdrop, Argentina and Brazil should lead a “strategic alliance” based on hi-tech industries and other sectors, he recommended.
“Crises bring both opportunities and risks, because although the conditions are now favourable for Latin America, the developed countries are facing a slowdown and Asia is producing goods at lower and lower costs,” economist Bernardo Kosacoff, a professor at Torcuato Di Tella University and a former director of the Economic Commission for Latin America and the Caribbean (ECLAC) in Argentina, told IPS.
The crisis should drive “an agenda of competitiveness” in the region, he said in his speech.
Former Brazilian minister of finance and the environment Rubens Ricupero made the same point. Ricupero, who was secretary general of the U.N. Conference on Trade and Development (UNCTAD) from 1995 to 2004, said Brazil is confronting the crisis by means of incentives for consumption, as it did in 2008 and 2009.
In 2012, these incentives will enable Brazil to continue growing and to keep up wages and the current situation of near full employment.
But there will be uncertainty in the medium term, the economist said. He cited a “worrisome sign” in Brazil: the loss of competitiveness of local industry in the face of imports from China. Ricupero said the growing demand driven by incentives in the domestic market cannot be met by Brazilian industry, but is covered by products from China, “a phenomenon that cannot be fixed with old-fashioned protectionism.”

Regional solutions
In Brazil some industrialists are becoming importers – the same thing that happened in Argentina during the 1990s, a period of de-industrialisation, he said, stressing that it is necessary to come up with “regional solutions” to this challenge.
Ricupero does not believe commodities will rescue the economies in the region in the medium term.
“It’s not a question of rejecting profits from agriculture or mining, but those activities do not have the capacity to diversify and generate jobs like industry has. The question is: how are we going to stand up to China five years from now?”
Value must be added to natural resources, interest rates must be lowered, appreciation and volatility of local currencies must be avoided, and the tax burden must be lightened, he recommended.
He was responding to the more optimistic scenario outlined by Suárez and Pedro Kuczynski, a former Peruvian prime minister and minister of economy and energy and mining.
Kuczynski stated flatly that “China will save Latin America,” noting the fact that nearly 20 percent of Peru’s exports are shipped to ports in the Asian giant.
“This demand will save South America, which is in the best position to supply China with food and minerals,” he said. “The myth that commodities are bad has burst. They can serve as a source of financing.”
He acknowledged, however, that it’s not a question of specialising in raw materials. “The economy must diversify, but in the meantime these goods generate hard currency that enabled many countries that are now industrialised to finance their own development,” he said.
— Inter Press Service


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Arbitration helps emerging economies to take off 

Business Report

Arbitration helps emerging economy like Bangladesh to take off. Expeditious resolution of disputes through arbitration generates confidence to invest in Bangladesh. This was the unanimous view expressed at a dialogue organised by the Bangladesh International Arbitration Centre (BIAC) at the MCCI Conference Room, Dhaka last week.
Law Minister Barrister Shafique Ahmed said that adversarial method of dispute resolution results in build up of cases and delays disposal. Government is therefore bringing about changes in the laws to make ADR mandatory where possible.
To address the theme ‘Arbitration in an emerging economy,” Keynote Speaker Prof. Arif Ali, Head of the International Arbitration Practice of the Washington-based law firm Crowell & Moring, described how the arbitration process actually works internationally, the key issues to look out for, and the preparation that is essential. Citing specific problems he made certain specific recommendations for capacity building in Bangladesh.
Distinguished panellists from the legal and business community offered their comments on the subject. Former Chief Justice Tafazzul Islam, former Justices Syed Amirul Islam and Awlad Ali, Dr. M Shah Alam, Chairman, Law Commission, Helal Ahmed Chowdhury, MD Pubali Bank highlighted certain pertinent points relating to arbitration. Lawyers, officials of the law ministry, Law Commission, banks and representatives of chambers of commerce and corporate houses were present in the meeting and participated in the deliberation.
The Chairman of the BIAC Board Mahbubur Rahman stated that there were roughly 19 ac cases pending before the courts of which 6 lac were Civil Cases. Many business-related cases can be disposed of through arbitration, relieving the pressure on the judicial system and helping business move speedily. The dialogue was moderated by BIAC Chief Executive Dr. Toufiq Ali. 

Comment

Business Report

Arbitration helps emerging economy like Bangladesh to take off. Expeditious resolution of disputes through arbitration generates confidence to invest in Bangladesh. This was the unanimous view expressed at a dialogue organised by the Bangladesh International Arbitration Centre (BIAC) at the MCCI Conference Room, Dhaka last week.
Law Minister Barrister Shafique Ahmed said that adversarial method of dispute resolution results in build up of cases and delays disposal. Government is therefore bringing about changes in the laws to make ADR mandatory where possible.
To address the theme ‘Arbitration in an emerging economy,” Keynote Speaker Prof. Arif Ali, Head of the International Arbitration Practice of the Washington-based law firm Crowell & Moring, described how the arbitration process actually works internationally, the key issues to look out for, and the preparation that is essential. Citing specific problems he made certain specific recommendations for capacity building in Bangladesh.
Distinguished panellists from the legal and business community offered their comments on the subject. Former Chief Justice Tafazzul Islam, former Justices Syed Amirul Islam and Awlad Ali, Dr. M Shah Alam, Chairman, Law Commission, Helal Ahmed Chowdhury, MD Pubali Bank highlighted certain pertinent points relating to arbitration. Lawyers, officials of the law ministry, Law Commission, banks and representatives of chambers of commerce and corporate houses were present in the meeting and participated in the deliberation.
The Chairman of the BIAC Board Mahbubur Rahman stated that there were roughly 19 ac cases pending before the courts of which 6 lac were Civil Cases. Many business-related cases can be disposed of through arbitration, relieving the pressure on the judicial system and helping business move speedily. The dialogue was moderated by BIAC Chief Executive Dr. Toufiq Ali. 


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Fifth Berger Architecture Award ceremony held   

Holiday Report

Berger Paints Bangladesh Limited arranged award giving ceremony of the fifth Berger Award for Excellence in Architecture (BAEA) at the Bangabandhu International Conference Centre (BICC) was held last week, says a press release.
From 2003, Berger took the initiative of recognising and awarding the works of the country’s talented architects of the country and it takes place after every 2 years.
In 2011 the competition comprises of 2 categories - Berger Architects’ Award and Berger Young Architects’ Award. Both categories have 2 sub-categories — residential and non-residential. Total 6 projects have got recognition in both the categories.
In residential category, Ar. Salauddin Ahmed (Karim Residence, Bashundhara) wins Berger Architects’ Award, Commendation winner Ar. Md. Rafiq Azam, (S.A. Residence, Gulshan, Dhaka).
In non residential category, Ar. Patrick D’ Rozario, Ar. Selim Altaf Biplob and Ar. Tamanna Sayeed (Brac Aarong Centre, Uttara) jointly win Berger Architects’ Award, Commendation winners jointly by Ar. Khan Md. Mustapha Khalid, Ar. Mohammad Foyez Ullah, Ar. K. M. Saiful Kader (GPHouse, Bashundhara).
Apart from these awards to inspire young architects for their works Ar. Shahnawaz Khan, Ar. Rumana Chowdhury, Ar. Shamsuddin Ahmed jointly won Berger Young Architect’s Award in Residential Category, Commendation Berger Young Architects’ Award (Residential), Ar. Jubair Hasan and Ar. Rubayet Tanveer Chowdhury (Nazimuddin House, Dinajpur). Berger Paints’ MD Rupali Chowdhury mentioned that being a ‘corporate citizen, Berger has taken the responsibility of recognizing and awarding the works of reputed architects of the country. At the same time, we have also inspired young architects to come forward.’
For the 5th BAEA the jury board comprises of Architect A.S.M Ismail, Chief Architect, Ministry of Housing & Public Works, Architect George Kunihiro, President Chairman — ArcAsia, Dr. Khondokar Sabbir Ahmed, Professor, Architecture Department of BUET, Architect Mahmudul Anwar Riyaad, Asst. Professor, Dept. of Architecture, BUET and Architect Marina Tabassum, Managing Director Marina Tabassum & Associates.
Reputed architects, real estate representatives, Berger senior officials and media personalities were present at the launching ceremony. 

Comment

Holiday Report

Berger Paints Bangladesh Limited arranged award giving ceremony of the fifth Berger Award for Excellence in Architecture (BAEA) at the Bangabandhu International Conference Centre (BICC) was held last week, says a press release.
From 2003, Berger took the initiative of recognising and awarding the works of the country’s talented architects of the country and it takes place after every 2 years.
In 2011 the competition comprises of 2 categories - Berger Architects’ Award and Berger Young Architects’ Award. Both categories have 2 sub-categories — residential and non-residential. Total 6 projects have got recognition in both the categories.
In residential category, Ar. Salauddin Ahmed (Karim Residence, Bashundhara) wins Berger Architects’ Award, Commendation winner Ar. Md. Rafiq Azam, (S.A. Residence, Gulshan, Dhaka).
In non residential category, Ar. Patrick D’ Rozario, Ar. Selim Altaf Biplob and Ar. Tamanna Sayeed (Brac Aarong Centre, Uttara) jointly win Berger Architects’ Award, Commendation winners jointly by Ar. Khan Md. Mustapha Khalid, Ar. Mohammad Foyez Ullah, Ar. K. M. Saiful Kader (GPHouse, Bashundhara).
Apart from these awards to inspire young architects for their works Ar. Shahnawaz Khan, Ar. Rumana Chowdhury, Ar. Shamsuddin Ahmed jointly won Berger Young Architect’s Award in Residential Category, Commendation Berger Young Architects’ Award (Residential), Ar. Jubair Hasan and Ar. Rubayet Tanveer Chowdhury (Nazimuddin House, Dinajpur). Berger Paints’ MD Rupali Chowdhury mentioned that being a ‘corporate citizen, Berger has taken the responsibility of recognizing and awarding the works of reputed architects of the country. At the same time, we have also inspired young architects to come forward.’
For the 5th BAEA the jury board comprises of Architect A.S.M Ismail, Chief Architect, Ministry of Housing & Public Works, Architect George Kunihiro, President Chairman — ArcAsia, Dr. Khondokar Sabbir Ahmed, Professor, Architecture Department of BUET, Architect Mahmudul Anwar Riyaad, Asst. Professor, Dept. of Architecture, BUET and Architect Marina Tabassum, Managing Director Marina Tabassum & Associates.
Reputed architects, real estate representatives, Berger senior officials and media personalities were present at the launching ceremony. 


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