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The number of visitors to the UK rose to 3.5 million in June, up 7.0 per cent from the same month last year, according to official figures. The number of visitors from North America shot up by 34 per cent. While in the UK, the visitors spent £2.2bn, a rise of 2.0 per cent, the Office for National Statistics (ONS) said. The increase comes as the weak pound makes the UK more affordable for visitors, but also follows terror attacks in London and Manchester. Meanwhile, UK residents took a June record of 7.2 million trips abroad, up 4.0 per cent. However, with the fall in the value of sterling putting them at a disadvantage, the amount they spent leapt by 15 per cent to £4.6bn. The big increase in visitors from North America, from 483,000 in June of last year to 650,000 this year, was "clearly buoyed by the particularly sharp drop of the pound against the dollar since mid-2016", according to Howard Archer, chief economic adviser to the EY Item Club. The number of visitors from Europe rose by 2.0 per cent to 2.241 million. EXCHANGE RATE 'MADE ME HAPPY' BY ROB YOUNG, BUSINESS REPORTER The weaker value of the pound since the Brexit referendum vote means that the UK is now a much cheaper destination than it used to be. Many mainland Europeans, Americans and Chinese people are taking advantage of that. That's clear from the cacophony of different languages and accents outside Buckingham Palace, and on the streets around the Palace of Westminster. "It's a little more economical than it was a few years ago," says one visiting American tourist. Meanwhile, a German man said the euro-pound rate has "made me quite happy". 'KEY DRIVER' OF GROWTH The best month so far this year was April, with 3.7 million visitors coming to the UK - up 19 per cent from a year earlier. Over the April-to-June quarter the number of visitors from overseas rose to 10.75 million, up 8.0 per cent from the same period a year earlier. But while holiday visits were up by 20 per cent to 4.7 million over the same three months, business visits were down by 4.0 per cent at 2.4 million. VisitBritain director Patricia Yates said: "Tourism is one of Britain's most valuable export industries and this continued growth demonstrates the industry's increasing importance as a key driver of economic growth across our nations and regions."  ....

Published at: 2017-08-19 05:00:04

The government has moved to form a revolving fund worth Tk 32 billion to meet initial import cost of liquefied natural gas (LNG) meant for catering a growing energy demand. The money, equivalent to US$ 400 million, for this proposed fund is likely to come from the 'Energy Security Fund' earlier established to help finance future energy projects to avert energy shortfall, officials said. At present, over Tk 35 billion has accumulated in the Energy Security Fund from higher-rated fuel sales to the public. Bangladesh plans to start LNG import by April 2018 to bring about a better energy mix against the backdrop of depleting domestic gas reserves. The country's first LNG-import terminal, with a capacity of 3.75 million tonnes per year, is being developed by US-based Excelerate Energy and is expected to be commissioned in April 2018 A second terminal, which will also come with a capacity of 3.75 million tonnes a year, is being developed by Summit Group and is expected to be commissioned by end of 2018. Both located on Moheshkhali Island in the Bay of Bengal, the two terminals are expected to add an additional 1,000 million cubic feet per day (MMCFD) to the national gas grid upon their completion. Besides, the government signed a Sales-Purchase Agreement (SPA) with RasGas of Qatar last month for procuring 2.5MTPA LNG initially. The SPA has already been sent to the Cabinet Committee on Government Purchase for approval. According to government estimates, around US$ 82 million would be required each month for LNG import in the country: US$ 75 million for actual shipment and an additional US$ 7 million for the regasification of the same. As per the relevant provisions, Petrobangla would have to repay the amount within 15 days of receiving the relevant invoices. Otherwise it would have to pay additional liquidated damages at a rate of LIBOR plus 4 percent. Against this backdrop, Petrobangla recently sent a letter to the Ministry of Power, Energy and Mineral Resources asking for forming a revolving fund out of the Energy Security Fund of Bangladesh Energy Regulatory Commission for defraying this initial cost.    "Our analysis says that it may take around four to five months to get the payment from the actual LNG consumers," an Energy Ministry high official told FE last week. "In such case, we would like to use the money from the revolving fund for meeting the initial import cost."   Back in September 2015, BERC formed the Energy Security Fund, with a hope that its proceeds would be handy in meeting the country's energy demand when the limited gas reserves will be on the wane. As per the relevant guidelines, for the sale of each cubic meter of gas, Tk 1.01 is supposed to be stored in the special fund. The interest on the savings would also be kept in the fund along with the surcharge and profit on the fund money. The guidelines also stipulate that the government could use the fund for the import of LNG and LPG as well as for the construction of infrastructure to facilitate the imports. According to BERC sources, around Tk 35.52 billion has been generated out of this fund until March this year. Government estimates show that the country may need to import as much as 2,500 million cubic feet of LNG per day by the year 2025, which comes to around 17.5 million tonnes per year.    mehdi.finexpress@gmail.com....

Published at: 2017-08-19 05:00:04

At least four people died after a freight truck overturned into a ditch, police say. The accident occurred on the Naogaon-Rajshahi Highway in Manda Upazila around 9am on Saturday, said Manda Police Station OC Anisur Rahman. The victims have yet to be identified. It is believed the truck was headed from Naogaon to Rajshahi, the OC said. A police team was dispatched to the scene after the accident was reported. “We have recovered the bodies of four people from the scene. We have not been able to tell if there are more beneath the truck,” Rahman said. Police are conducting rescue operations with the help of locals.   ....

Published at: 2017-08-19 05:00:04

With more areas in 27 northern and central districts or one-third of the country inundated by floodwaters, the authorities now say an estimated five million people are affected. The second spell of the flooding, triggered by the onrush of upstream water and heavy rains, has claimed 77 lives in the affected areas in a week, the Department of Disaster Management officials said on Friday. There is no definitive count of deaths, but the authorities on Wednesday said that 107 people died in floods since July. The flood has damaged crops on over 618,000 hectares of land. Naznin Shamima, an official at the DDM control room, said 133 Upazilas and 43 municipalities of 27 districts have so far been flooded. The number of affected families is over 1.1 million, she added. Swathes of Kurhigram, Lalmonirhat, Rangpur, Sylhet, Sunamganj, Netrakona, Rangamati, Nilphamari, Gaibandha, Bogra, Sirajganj, Khagrhachharhi, Dinajpur, Jamalpur, Thakurgaon, Panchagarh, Mymensingh, Brahmanbarhia, Rajbarhi, Naogaon, Joypurhat, Jessore, Moulvibazar, Faridpur, Tangail, Manikganj and Madaripur districts have gone under water.      The authorities have closed more than 3,000 educational institutions in Kurhigram, Lalmonirhat, Netrakona, Bogra, Sirajganj, Dinajpur, Jamalpur, Mymensingh, Rajbari, Naogaon, Joypurhat, Jessore, and Tangail. The deluge has destroyed around 15,000 houses completely and around 250,000 more partially. Floodwaters in some areas in Kurigram have started receding, according to reports. The disaster management department says cash of around Tk 60 million, about 16 tonnes of rice and 36,500 packets of dry food have been distributed among the flood-affected people. After visiting Dinajpur and Thakurgaon on Friday, the department’s Director General Md Reaz Ahmed said Tk 70 million cash and 19.5 tonnes of rice have been allotted for the flood-hit people so far. ONE-THIRD OF THE COUNTRY SUBMERGED Reaz Ahmed said that around one-third of the country has been flooded, reports bdnews24.com.   He said the situation was improving as the water in northern districts is decreasing. He expected the situation in the central districts to also improve in four to five days. He claimed the situation this year is not as devastating as it was in 1988 and 1998. In the floods of 1988, around 64 per cent of the country went under water while the 1998 flood submerged 68 per cent, he said. The floods in those years lasted more than two months each, causing more devastation than this year, he said. “But the death toll this year is very high. Because dams collapsed in many areas suddenly. Snake bites and other reasons also caused the deaths. Districts like Dinajpur have experienced flooding for the first time this year,” he said. MORE FLOODS FEARED The disaster management department chief said though the current situation ‘is improving’, another bout of floods may hit the country by the end of this month. “Rain may start in the upstream on Aug 24 or 25. The country may also experience rain,” he said. “That’s why floods may hit the country again before the Eid-ul-Azha. The sufferings will increase in that case,” he added. At least 13 districts were struck by floods in the second half of July.   ....

Published at: 2017-08-19 05:00:04

SYLHET, Aug 17: The mayor of Sylhet City Corporation announced a Tk 493.15 billion budget of Sylhet City Corporation (SCC) for 2017-2018 fiscal year while it was of Tk 338.52 million in the last fiscal.  City mayor Ariful Haque Chowdhury announced it at a press conference at a hotel in the city this afternoon in presence of a large number of elite, SCC officials and media men. The revenue (General) earning target from the SCC's own sources has been set at Tk 831.78 million including Tk 477.9 million from holding tax, Tk 85 million as trade licence fee,  Tk 80 million from property transfer tax, Tk 28 million from water connection fee and Tk 15 million in fee for deep tubewell setting etc. The rest amount is to come from different heads. Besides, the target of earning from government has been set at Tk 100 billion in Sylhet city's infrastructure construction project, Tk 200 million from the government's ADP allocation, Tk 100 million in special grant, Tk 100 million for other projects' allocation, Tk 800 million in allocation for the project to reclaiming the 11 canals and construction of RCC retaining wall, Tk 290 million for procurement of machinery etc. Besides, Tk 218.5 million is targeted as Indian government grant (committed) for improvement of environment and construction of educational institutions. The revenue expenditure is set at Tk 488.97 million to be spent for establishment, education related works, grant for social and religious organisations, health & sanitary sector, tree plantation, sports & games, electrification of roads, water line repair etc. Another amount of Tk 344 million has been set for different infrastructural development projects, development of bus terminal, markets etc. Tk 500 million would be spent for land acquisition and development for different purposes. In his speech the mayor said we are working on a major programme to be started for modern management of medical wastes as soon as possible. Besides, the water treatment plant at Kushitek area would soon be put into full operation to supply additional 28 million litres water daily. On the other hand, a new water treatment plant of 50 million litres capacity is awaiting approval from the government, he added. The mayor in his address sought all out cooperation from the city dwellers to make Sylhet a clean city.     iqbal1527@hotmail.com....

Published at: 2017-08-18 05:00:04