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Two suspects in the murder of ASP Mizanur Rahman have been killed in a ‘shootout’ with police in Dhaka’s Rupnagar. The gunfight took place in the Beribadh area on Wednesday morning, Additional Deputy Commissioner of the Detective Branch Golam Mostafa Rasel said, reports bdnews24.com. “A team of detective police raided the area, based on a tip-off that the muggers were located there,” he said. “The muggers caught sight of the team and opened fire. Police returned fire and two of the suspects were injured in the shootout. They were taken to Dhaka Medical College Hospital, where doctors pronounced them dead,” Golam Mostafa added. Asked about the identity of the deceased, the police officer said, "They were identified as Zakir and Farooq who were suspected in the murder of ASP Mizan.”    ....

Published at: 2017-07-26 00:00:08

Asian stocks steadied on Wednesday and the dollar held firm as investors awaited the Federal Reserve's policy decision later in the day for more clues on its tightening plans. The Fed concludes a two-day meeting later on Wednesday, and is widely expected to keep interest rates unchanged. With a rate hike not in the picture this time, the focus will be on the Fed's statement, with markets looking for signs of when the central bank will begin paring its massive bond holdings and next raise rates. A statement is expected at 1800 GMT. "The stock markets are generally of a view that the Fed is not in too much of a hurry to normalise monetary policy. So equities would be able to take this Fed meeting in stride if the Fed's statement is in line with such views," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management. Federal funds futures implied traders saw the chance of a Fed rate increase in September at about 8 per cent and a December hike possibility at 48 per cent. A more assertive policy message by the Fed, on the other hand, was expected to lift US yields and boost the dollar. MSCI's broadest index of Asia-Pacific shares outside Japan was little changed, but drew mild support after the S&P 500 climbed to an all-time high overnight on well-received results from McDonald's and Caterpillar in addition to bank share gains. Australian stocks gained 1 per cent with a smaller-than-expected rise in local inflation supporting views that interest rates will remain at record lows for some time to come. The Australian dollar slipped 0.3 per cent to $0.7918. Japan's Nikkei added 0.5 per cent after the dollar rallied against the yen overnight to pull away from seven-week lows. Shanghai lost 0.2 per cent while South Korea's KOSPI slipped 0.3 per cent. The dollar regained some ground against major currencies in the previous session after US Treasury yields jumped the most in almost five months in response to Wall Street's rise and on reduced demand for safe-haven bonds. But the greenback remained hobbled by uncertainty about the progress of healthcare reforms and the prospect of further delays for President Donald's Trump's ambitious stimulus and tax reform polices. US Senate Republicans narrowly agreed on Tuesday to open debate on a bill to end Democratic President Barack Obama's signature healthcare law, but it still faces significant hurdles. The dollar has also been kept in check by political uncertainty as lawmakers investigate possible meddling by Russia in the 2016 presidential election and whether there was any collusion by Trump's campaign. The euro was effectively flat at $1.1651, pulling back from a two-year high of $1.1712 hit on Tuesday on a stronger-than-expected German Ifo business survey. Expectations that the European Central Bank would begin phasing out its easy monetary policy sooner rather than later have supported the common currency this month. The dollar index against a basket of major currencies was little changed at 94.061, after managing to put some distance between a 13-month low of 93.638 plumbed on Tuesday. The dollar was steady at 111.915 yen after surging about 0.7 per cent overnight. "The dollar continues to lack clear direction against the yen. Uncertainty towards US politics is capping the pair. But 'risk on' is also taking place in equities thanks to good corporate results, so dollar/yen is not headed for a big slide either," said Daisaku Ueno, chief currency strategist at Mitsubishi UFJ Morgan Stanley Securities. In commodities, crude oil extended its surge after jumping overnight on data showing a sharp fall in US crude stocks last week. US crude rose 1 per cent to $48.37 a barrel and Brent added 0.8 per cent to $50.61 a barrel. Gold struggled as improved investor risk appetite curbed the precious metal's appeal. Spot gold was a shade lower at $1,248.26 an ounce following its ascent to a one-month peak of $1,258.79 on Monday.   ....

Published at: 2017-07-26 00:00:08

A top businessman and a researcher of the country on Tuesday urged the government to liberalise the process of making overseas investment from Bangladesh. Investing overseas can become a means of enhancing the country's GDP growth and poverty alleviation while it can increase income from investment abroad for the country, they said. Their observations came at a roundtable on 'Overseas Investment by Bangladeshi Entrepreneurs' organised by the International Business Forum of Bangladesh (IBFB). The speakers at the forum observed that while Bangladesh is losing a huge amount of tax revenue through capital flight, if local investors are allowed to invest overseas legally and competitively, they can gain potentially higher rates of return available in overseas market. "Global experience shows that investing overseas can become a means of boosting the GDP growth and poverty alleviation while it can also enhance our capability to become a middle-income country by 2021", said Director of IBFB M S Siddiqui in his keynote presentation. Outward FDI from the country was originally restricted through the Foreign Exchange Regulation Act 1947. However, in September 2015, the government amended the 1947 Act Section 5(v) that provides 'conditional provision' for opening up overseas investment through converting capital accounts. Nevertheless, according to the amended act, the scope of FDI is strictly limited to the approved investors. At the same time, the central bank has also made provisions to allow overseas FDI from export retention fund. However, noting that the current provisions are inadequate, speakers at the event called for further liberalisation of the related rules and regulations.    "The competitive advantage that exists in overseas market may erode in future due to competition. So, Bangladeshi investors need to explore the untapped overseas investment opportunities from now", said Shafiul Islam Mohiuddin, President of Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).   "Countries in Sub-Saharan Africa, for example, offer immense opportunities for Bangladeshi entrepreneurs to invest in agriculture due to huge amount of land available there", he pointed out. Citing the example of India, they said that after opening up of the Indian economy, a large number of Indian companies have gradually moved to make big investment overseas as part of their business expansion and now they are also acquiring many big European firms. While Indian stock of FDI in November 2013 was US$ 310 billion, outward foreign direct investment made by India by the end of 2013 was US$ 120.1 billion, it was informed.      Balance of payments and foreign exchange reserve have always been a matter of concern for the government while allowing more outward investment from Bangladesh. However, focusing on the country's present healthy foreign exchange reserve, the speakers observed that the high forex reserve may also lead to depreciated asset value, higher opportunity cost and inflationary pressure. "The government has to realise that unlike 1980s, today's investors of Bangladesh are far more capable and prudent to make investment abroad", said Dr Khondaker Golam Moazzem, Research Director of the Centre for Policy Dialogue.   "At the same time, unlike the 1980s, we do not have to be too much worried about the health of our balance of payments", he added. Mr Moazzem also noted that due to the lack of big investment opportunities in Bangladesh, many big entrepreneurs in the country are compelled to invest in areas where SMEs should rather invest. "Such big entrepreneurs will get better benefits if they are allowed to make big investment abroad while it would open up space for more local investment for SMEs", he observed. The speakers also said local consumer electronics companies which are exporting their products abroad need to make bigger outward investment to provide warranty and after-sales service to their overseas customers. They said investment in West African countries by Bangladeshi electronic companies can offer them better access to this huge growing market. Against this backdrop, it was recommended at the roundtable that the relevant policies should also ensure that the investors to bring back a certain percentage of the profit each year unless it is reinvested. This would ensure retrieval of profit and investment made through overseas operations, the IBFB said. At the same time, necessary permission should be taken from Bangladesh Investment Development Authority (BIDA) for remittance from the country if further investment is required. The policies should also state that entities investing abroad would be required to submit audited financial statement while income tax file should reflect the FDI. In case of liquidation, the entire investment should be taken back to the country while on failing to meet terms and conditions, the counterpart at home will meet the obligations, they added. The speakers also called for setting up of a FDI cell headed by the Chairman of BIDA, who will be responsible for monitoring such outward investment. Secretary of BIDA Ajit Kumar Paul in his speech said that the government needs further research, data and analysis to identify potential areas for outward investment for Bangladeshi companies. mehdi.finexpress@gmail.com....

Published at: 2017-07-26 00:00:08

The US House of Representatives has voted to impose fresh sanctions on Russia, despite President Donald Trump objecting to the legislation. Senior officials will be targeted in retaliation for alleged Russian interference in the US 2016 election. The bill is likely to complicate President Trump's hopes of improving relations with Russia. It needs to be passed through the Senate before it can be sent on to the president to be signed. The White House says it is reviewing the bill, and it is unclear whether the president will veto it. "While the president supports tough sanctions on North Korea, Iran and Russia, the White House is reviewing the House legislation and awaits a final legislative package for the president's desk," White House spokeswoman Sarah Sanders said in a statement. Russia's relationship with the president has dogged his first six months in office, amid allegations Moscow interfered to help Mr Trump get elected. Mr Trump has also piled pressure on his attorney general over the Russia inquiry. He has publically labelled Jeff Sessions "weak" and said he was "disappointed" in Mr Sessions' decision to recuse himself from the investigation. The House voted overwhelmingly to back the measures, which will also see fresh sanctions against North Korea and Iran over ballistic missile tests. The bill, which passed by 419 to three, was described by House Speaker Paul Ryan as a sanctions package that "tightens the screws on our most dangerous adversaries in order to keep Americans safe". The planned sanctions on Russia were drawn up in part to further punish its annexation of Crimea in 2014. They will place new restrictions on oil and gas projects, affecting the Nord Stream 2 pipeline from Russia to Germany. The US already has a range of sanctions in place against Russian individuals and companies over Crimea. In December, following claims of election hacking, then-President Barack Obama expelled 35 diplomats and closed two Russian compounds in the US. BY BARBARA PLETT, BBC STATE DEPARTMENT CORRESPONDENT The legislation codifies sanctions imposed by Barack Obama over Russia's Ukraine interventions, which would make lifting them more difficult. It also expands restrictions on doing business with Russian companies, in particular on energy development. That has the Europeans very worried they'll be penalised for supporting Russian pipeline projects. But what concerns the White House is a measure that limits the president's traditional right to waive the sanctions: he would be forced to consult congress first. That and the broad bipartisan support for the legislation shows just how wary lawmakers are about Mr Trump's pro-Moscow approach. The Senate had overwhelmingly passed an earlier version of the bill: the differences between the two have to be worked out before Mr Trump decides how to respond. The White House has suggested the president may support the bill after some changes to the original draft, but he would have little room to manoeuvre anyway because Congress almost certainly has enough votes to override a veto. WHAT HAPPENS NEXT? This version of the legislation still needs to be approved by the Senate, but it is not yet clear when it will consider the bill. But if it passes through the Senate mostly intact, the bill would provide a headache for President Trump, who has signalled a more conciliatory approach towards Moscow. If the two chambers pass similar but slightly different bills, a committee will draw up a compromise version for approval. Once both House and Senate have approved a bill, it goes to the president to be signed into law. WHAT ARE TRUMP'S OPTIONS? The president could veto the bill, but in doing so would fuel suspicion that he is too supportive of the Kremlin, correspondents say. The bill has widespread support from both major parties in both Houses - making a veto a potentially unpopular political move. Additionally, a presidential veto can be ignored if two thirds of both the House and Senate vote to override the president. White House spokeswoman Sarah Huckabee Sanders said President Trump is "going to study that legislation and see what the final product looks like." HOW HAS RUSSIA REACTED? Prior to the vote, Russian Deputy Foreign Minister Sergei Ryabkov said such measures would plant a "dangerous mine" under the foundation of ties. Mr Ryabkov said: "All this is very worrying. We can see no signs that that Russophobe hysteria that has engulfed the entire US Congress is dying down." After its passage, Russian MP Leonid Slutsky said the sanctions "undermine the prospects for the restoration of Russian-American relations and further complicate them for the foreseeable future". "Opportunities for diplomatic manoeuvring" are now "extremely" small, he told Russia's Interfax news agency.    ....

Published at: 2017-07-26 00:00:08

Two suspected robbers were killed in two separate incidents of 'gunfight' in Sadar and Bheramara upazilas of Kushtia district on Wednesday. The deceased were identified as Hasanuzzaman Lalan, a resident of Gangni upazila of Meherpur district, and Sobhan Ali, reports UNB. Nur Hossain Khandakar, officer-in-charge of Bheramara Police Station, said tipped off that a gang of robbers were taking preparation at Dashmail in Bheramara upazila to commit robbery, a police team conducted a drive there. However, sensing the presence of the police team, the bandits swooped on them, forcing the law enforcers to retaliate that triggered the gunfight, leaving Lalan dead on the spot. Police also recovered a short gun, one bullet and a local weapon from the spot, said the OC adding, three policemen were also injured during the gunfight. In another incident, Sobhan Ali was killed in a 'gunfight' between police and his gang members at Baradi Gorasthan in Sadar upazila in the early hours. Based on the information of Sobhan, police came to Baradi Gorasthan to recover arms, said officer-in-charge Nasir Uddin of Kushtia Model Police Station. When the police personnel reached Baradi, the robber gang members opened fire to the law enforcers. In retaliation, police also fired back, triggering the gunfight. At one stage, the robbers fled the scene while police found Sobhan with bullet wounded. Later, Sobhan was taken to Kushtia General Hospital where doctors declared him dead. Police also recovered a foreign pistol, a local gun, one bullet and three cartridges, a Chinese axe and a machete from the spot.....

Published at: 2017-07-26 00:00:08