Haque Specialized Group's News

A Singapore court has sentenced a Saudi Arabian diplomat to four strokes of a cane and more than 26 months in jail for molesting a young hotel intern while on holiday in the city state last year, according to the Straits Times newspaper. Bander Yahya A Alzahrani, 39, who is attached to the Saudi Arabia Embassy in Beijing, is appealing against his conviction and sentence, the newspaper said on Friday. Caning is legal for male offenders in Singapore. The judicial system can hand down the corporal punishment for offences such as drug and sexual abuse, vandalism and rioting, or to foreigners who overstay visas by more than 90 days. The practice also occurs in Saudi Arabia.....

Published at: 2017-02-04 00:00:05

A German tourist attraction that features miniature models of various parts of the world has put up a wall around the United States, in a dig at President Donald Trump's plan to build a full-sized one on the border with Mexico. The display at Miniature Wonderland, which Trip Advisor rates as the top destination in the city of Hamburg, is a hit with tourists, including some from the United States, who are usually drawn by its vast model railway, reports Reuters. Visitors on Friday could be seen peering over a miniature concrete wall topped with razor wire to look at sites such as a tiny Mount Rushmore and a Las Vegas skyline. The slogan "Let the world be great again" was scribbled on the wall, a reference to Trump's election slogan "Make America Great Again". "I don't want to tell anyone what to think. Everybody should look at that wall, and then decide regardless of whether they are on the left, right or center," said Gerrit Braun, co-founder of Miniatur Wunderland. "The main thing is that the people think about it." Ryan Ott, a tourist from the United States, said: "I think it's a good use of humor, which is what the world needs, I think, right now to help cope with what's happening in our country."  ....

Published at: 2017-02-04 00:00:05

The Bangladesh Investment Development Authority (BIDA) called for amending some relevant laws Thursday for attracting more local and foreign investment in the country. These are customs act, companies act, contract law, arbitration act and insolvency act. BIDA executive chairman (EC) Kazi Md Aminul Islam made the plea at a meeting with law, justice and parliamentary affairs minister Anisul Huq at the latter's Secretariat office. The BIDA, in its suggestions, said some clauses of the laws are years-old and not entirely investment-friendly. The law minister agreed with the views of the BIDA for bringing about some reforms of some clauses of the laws. "There are some laws that are directly related to investment. The Customs Act was enacted in 1969. Now a new law is needed to be framed," the law minister told the media after the meeting with the BIDA.  He said some legal complications have been delaying investment.  "There is no alternative to investment to make Bangladesh a developed nation by 2041. To ensure faster investment, we need an international standard investment climate in Bangladesh," he said. He said the BIDA chairman gave him some suggestions to make the laws time-befitting through some reforms.  "They also suggested bringing changes to some of the clauses of the companies act. We assured them of considering it," he said.  "Contract act is nice. But to make it time-befitting, we need to do some refurbishment of the law," the minister said. He said the BIDA representatives also suggested setting a timeline for arbitration and fixing rate of fees aiming to reduce cost for arbitration.   The law minister said they also discussed about cases filed with the money loan court. He said the government has decided to take prompt steps for land registration which also came up in the discussion. The BIDA sources said they would submit their recommendations for bringing changes to arbitration act, customs act, companies act, insolvency act and contract act to the law ministry within the next seven working days. Mr Huq said for developing investment climate, there is no need to enact a new law. Rather bringing amendment or changing some clauses of the acts is enough to ensure more investment. Asked when the proposed amendments of the laws will happen, the law minister said, "It cannot be done during the ongoing parliament session. Before the budget session, there will be one session only for enactment of laws. We will try to do it in that session," he said. "We need a huge amount of local and foreign investment to turn Bangladesh into a middle- income country by 2021 and developed nation by 2041," the BIDA chairman told the media. He said there are some legal matters which are related with investment climate. "We discussed the matters with the minister," he said.   He said their discussion with the minister was fruitful. He said the BIDA will take an action plan that will lead to reforms of laws in order to create a world class/standard business climate environment in Bangladesh to facilitate local and foreign investment without any hesitation. About bottlenecks for investment, he said: "There are many. For example, investors want to know how much time it will need for providing electricity, getting permission for constructing building, land registration, loan disbursement and some information for credit and proper enforcement of contracts". The BIDA was formed in September last through merger of Privatisation Commission and Board of Investment.     talhabinhabib@yahoo.com....

Published at: 2017-02-03 00:00:04

The leaders of the Metropolitan Chamber of Commerce and Industry (MCCI), Dhaka placed a set of demands to the government on Thursday for reducing cost of doing business in the country to foster economic growth and encourage investment. They placed the demands at a meeting with Commerce Minister Tofail Ahmed at his secretariat office. MCCI President Nihad Kabir led the delegation, comprising mainly the newly-elected office-bearers of the organisation. MCCI committee members - M Anis Ud Dowla, A K M Rafiqul Islam, FCA, Francois de Maricourt and Tabith M Awal - also spoke, among others, on the occasion. The minister assured the MCCI delegation of removing the obstacles and providing facilities in doing business smoothly. In her speech Ms Kabir said Bangladesh is at an appalling position in the World Bank's cost of doing business index. The Prime Minister has asked all concerned to take steps to bring down Bangladesh below 100 in the index soon through cutting costs. The Ministry of Commerce has a vital role to play in this case, she said, seeking cooperation of the minister. Ms Kabir further said investments from both the domestic and foreign sources have been stagnant despite notable success in various economic and social fronts. "High cost of financing, lack of confidence and bureaucratic hassles etc could be the possible reasons behind such stagnancy, which need to be identified and addressed." She also focused on issues like optimum use of land, developing special economic zones (SEZs) as quick as possible, ensuring adequate power and energy, export diversification, GSP (generalised system of preferences) facility,  poor state of infrastructure, weak governance and lack of policy continuity, port-related problems, need for policy coordination, political stability, and law and order situation, among others. Ms Kabir, pointing finger to apparel sector, said only the top export-oriented sector enjoys huge benefits from the government. She said for the country's export diversification other potential sectors also need to be promoted through providing various incentives. Chairman of ACI Ltd M Anis Ud Dowla said it is not certain when the existing gas problem will be solved. The government is assuring the businesspeople of providing liquefied natural gas (LNG), but without giving guarantee when it will be available. He also said various problems, including poor infrastructure, power and gas supply shortage etc, are impeding doing business here properly. Chairman of Rangamati Waterfront A K M Rafiqul Islam, FCA, said businessmen face immense problems in searching out their imported goods at airport cargo village, where goods are kept in a haphazard way. He requested for digitisation of the system of keeping the register of imported goods. Managing Director of Kay & Que (Bangladesh) Ltd Tabith M Awal said counterfeit products are causing substantial financial losses to the manufacturers and importers of goods of big brands. As a result, he said Bangladeshi industrial units are failing to grow, and their owners are feeling discouraged to make fresh investment. Mr Awal suggested engaging Bangladesh Railway in carrying cargoes, which will reduce carrying costs. The commerce minister said the government has been doing a lot to facilitate the businesses in the country. He, however, admitted that infrastructure problems and gas and power supply shortage were hindering businesses and investments. Mr Tofail Ahmed said the government has set a target to establish 100 SEZs, of which work of 21 is underway. He acknowledged that acute scarcity of industrial lands is also an obstacle in attracting investments. The minister also said the government will extend cash incentives facility for some more sectors to promote their export, especially for IT sector. He praised the new US administration for withdrawing itself from Trans-Pacific Partnership (TPP) deal, as it could have posed challenges for Bangladesh's export. The minister said Bangladesh is no more concerned about GSP facility, which the US administration did not restore despite meeting their conditions. He, however, expressed concern that the country's export income may experience a shortfall due to changes in the US administration, devaluation of Taka against US dollar, and impact of the BREXIT process etc.  syful-islam@outlook.com ....

Published at: 2017-02-03 00:00:04

Finance Minister AMA Muhith asked on Thursday the central bank governor to place a report to him regarding the Islamic Development Bank (IDB) president's claim that the recent changes in the Islami Bank Bangladesh Ltd (IBBL) did not take place in consultation with foreign shareholders of the bank. "I have asked for a report from the governor as to how it did happen, how are majority  shareholders not party (in this case) and how it was changed", he told a group of journalists at Bangladesh Secretariat when his attention was drawn to this regard. New president of the IDB Dr Bandar M H Hajjar reportedly in a recent letter to Mr Muhith expressed his dismay over the recent changes brought to the IBBL board and top management. The IDB and foreign shareholders from the Kingdom of Saudi Arabia and Kuwait now own 52 per cent share of the country's largest private sector bank. On January 05 this year, former secretary of the government Arastoo Khan was elected chairman of board of directors and Abdul Hamid Miah was named as managing director of the bank in a meeting of the board of directors. Later, Mr Muhith told newsmen that the changes in the IBBL were made at the will of the foreign shareholders of the bank and under their pressure On Thursday, replying to a query, he said, "If I take it as a serious matter, my impression was very different. They have told me that there is no basis of the statement you made." "My impression was different because past president of the IDB Dr Ahmad Mohamed Ali Al-Madani brought to my notice some problems with the IDB shares in the IBBL. I thought that interest continues in the IDB. But I see his successor is not aware of that," Mr Muhith said. Replying to another query, the minister said, "The governor should know it, because they gave the permission." Meanwhile, in a statement issued Thursday, IBBL clarified its position regarding recent media reports on appointment of the new managing director and board meeting procedures. It said the notice of board meeting was being sent timely to all the directors of the bank in line with the existing rules and regulations. The documents relating to the board meeting were also being sent to the directors, both in soft and hard format, based on which the directors play vital role in policy formulation. The statement said the appointment of new managing director of the bank did not breach any rule. The appointment was made on consensus of all the directors and following the existing rules and regulations as the post became vacant. An experienced banker has been appointed as the managing director who earlier worked in several banks of the country at similar position, it mentioned. The IBBL authority assured all the stakeholders that the recent changes in the bank were brought following all the rules and regulations properly which will also be followed in the future. syful-islam@outlook.com....

Published at: 2017-02-03 00:00:04