Stock jitters linger

The capital market regulator sits with managing directors of seven leading merchant banks today to find ways of overcoming the ongoing bearish trend in the stock market.In separate meetings, the Securities and Exchange Commission is set to discuss why the market has continuously remained in the red and how soon it may return from losses, officials said yesterday.The SEC will also discuss capital market activities and margin loan facilities of the seven merchant banks, including Lanka Bangla, IDLC, AB Bank, Prime Finance.The regulatory move came after a continuous slump in the stock market, which also ended lower yesterday.The benchmark index of the Dhaka Stock Exchange, DSE General Index, fell 47.32 points, or 1.8 percent, to 2571.62 points. The DSE All Share Price Index dropped 39.21 points, or 1.73 percent, to 2215.47 points.The market shed about 8 points in the first 10 minutes of morning trade, before gaining about 20 points within the next 20 to 25 minutes. The next half-hour saw the market lose the gains as the index approached to 2608 points. The next hour was relatively stable and the market gained around 3 points. For the rest of the session, the market continued to drop with a relatively constant rate. The day ended flat.Most securities traded down on the Dhaka Stock Exchange. Of the 229 issues traded, only 28 advanced, 189 declined and 12 remained unchanged.A total of 1,41,16,226 shares worth Tk 187.12 crore changed hands on the premier bourse.Total market capitalisation declined to Tk 91,307 crore from the previous day's Tk 92,553.93 crore.The day's top ten turnover leaders were Titas Gas, Beximco Pharma, Beximco Limited, Keya Cosmetics, Square Pharma, Lanka Bangla Finance, ACI, Uttara Bank, BATBC and Islami Bank.Titas Gas, the state-run gas distribution and transmission company, topped turnover leaders with Tk 18.44 crore in 5,18,500 shares.Like the DSE, Chittagong stocks ended lower yesterday. The CSE Selective Categories Index fell 72.35 points, or 1.35 percent, to 5268.56 points, while the CSE All Share Price Index declined 104.37 points, or 1.26 percent, to 8115.39 points.A total of 28,36,265 shares worth Tk 23.83 crore changed hands on the port city bourse. Of the 130 issues traded, only 15 advanced, 111 declined and four remained unchanged.

Govt cuts jet fuel price

The government has cut jet fuel prices by about 5 percent to $1.19 a litre from $1.25 amid falling petroleum prices on the global market, triggered by recession fears in developed economies.Also for the airlines operating on domestic routes, fuel prices came down 5 percent to Tk 90 from Tk 95 a litre, industry people said yesterday.Local airlines however demanded a further price cut arguing that it would not help them heal what they said were wounds from months of losses. “The fuel price should be reduced by at least 20 percent from the present level to allow us to keep afloat,” said M Haider Uzzaman, chairman of Best Aviation, one of the newcomers to private aviation. The government slashed the prices of jet fuel last week after raising the prices three times since January as the oil price continued to soar on the global market through mid-July 2008.But worries of economic recession in the US and other developed economies have pushed the oil prices down. Oil it hit a record high of $147 a barrel on July 11. On Monday it slipped to $114 a barrel.A senior official of Padma Oil Company, one of the state-run petroleum marketing companies, said the prices of jet fuel were cut due to declining international prices.But the Best Air chairman said it would still remain in trouble despite cost reduction. “We are really passing a rough time,” said the chief of Best Air, which posted a $1.7 million loss in the last four months due to high fuel prices. To pare down losses, the airline had cut its domestic flights earlier.Best Air, one of the five local airlines that started passenger flights with a single leased Boeing 737-200 in mid-January 2008, aimed at profiting from the aviation industry that recorded about 7.5 percent growth a year. While United and Aviana Airways also entered during the last one year, taking the number of airliners to five, including state-run Biman Bangladesh Airlines and private GMG Airlines. A hike in fuel prices put all airlines across the board in trouble. Most operators passed the price burden on to passengers.“The increase in fuel prices has cost us an additional Tk 250 crore. We expect the government to adjust fuel prices in line with the global market prices,” said a senior Biman official.Referring to hajj flights, the official said the carrier would be hurt by lingering high prices.However Nazrul Islam, a spokesman for GMG Airlines, said the price cut would help airlines get back some passengers who chose alternative transports for domestic travel because of pricey tickets.“If the downturn in fuel cost continues, it will benefit both airlines and passengers,” said the official of GMG, the country's biggest private carrier that had earlier cut five international flights out of six amid an aircraft shortage and higher fuel costs.Retired Squadron Leader Syed Habibur Rahman, managing director of Aviana Airways operating only on the domestic routes, said the fuel price had still remained high, considering their operating costs and passenger volume. “It's like a tiny drop in a vast ocean. But a Tk 5 cut in fuel prices matters, really. It has helped us save about Tk 17,000 a day."

Worst Form Of Labour :Govt firm to withdraw child workers by 2015

With a view to monitor the implementation of child labour programmes in the country, the Ministry of Labour and Employment has formed a Child Labour Unit (CLU) recently.At the launching ceremony of the unit at the National Press Club yesterday, the speakers said that objectives of the unit are to maximise impact by promoting multi-sectoral collaborative action, strengthen knowledge base on the worst forms of child labour in the country and to develop and implement a national multi-disciplinary system for monitoring child labour.It also aims at developing a systematic, well-planned and comprehensive advocacy at national level for the elimination of the worst form of child labour, the speakers said.Joint Secretary Azizur Rahman and Panudda Boonpala, director of International Labour Organisation (ILO), Dhaka were also present at the ceremony chaired by Dr Mahfuzul Haque, secretary to the Ministry of Labour and Employment.Bangladesh is committed to withdraw the child workers from the worst form of child labours by 2015 as it ratified the ILO Convention on the Worst Forms of Child Labour. But currently there is no specific mechanism to monitor child labour and the unit would be helpful in this regard, the speakers said.Quoting the National Child Labour Survey 2002-03, the speakers said that around 7.4 million of the children aged under 5-17 years were economically active and 41 percent of the child labourers were involved in hazardous jobs.Child labourers face two types of hazards brought about by the nature of the work and the circumstances under which it is carried out, the speakers said.In addition to the fact that most child labourers are deprived of education and a proper childhood, many face serious work-related hazards that have short-term and long-term impact on their health such as cuts, bruises, burns and other injuries, infections, skin diseases, deteriorating eyesight, hearing and breathing problems, gastro intestinal complaints and headaches, etc, they added.

End of an era

THERE was no electricity at our place in Karachi this afternoon, but it was cool so we hadn't turned on our little generator. "Aren't you watching our president's speech on TV?" asked a friend on the phone. On came the generator. Live on Geo, the TV channel that spearheaded the media boom under Musharraf, was the president in a dark western suit and tie (rather than the high-collared sherwani that leaders tend to don when trying to appease nationalist or religious forces).The obligatory portrait of the country's founder (sherwani-clad) on the wall behind him, Musharraf was listing his government's achievements.The economic achievements are tempered by rising inflation and increasing divide between the rich and poor, but he made a couple of good moves when he restored the women's reserved seats in parliament and introduced thirty percent women's seats at the district level, as well as striking down the "separate electorate system" that divided voters on religious grounds. Reminding people that he was a human being, prone to making mistakes, whose intentions were always noble, he thanked his mother, his wife, and his children for always standing by him.And then he did what no leader in Pakistan has ever done: publicly announced his resignation -- something he should have done a long time ago. The elections of February 18 provided a good opportunity but the tenacious former army commando had dug his heels in and refused to go, despite his earlier promise to step down if the people rejected the parties that supported him.America is perceived as one of the major factors keeping him in place, as a key ally in the "war on terror." Washington has now started realising the need to back the people of Pakistan and the elected government rather than an un-elected president and the army.The "war on terror" cannot be won by military means alone. It is important to support the political process and take the people along.In resigning, Musharraf avoided the impeachment that loomed over his head (another first), which would have carried confrontation further. As I left on August 12 for Jakarta to participate in a forum on "Islam and Democracy in South Asia," someone remarked that I would be returning in five days to a transformed Pakistan. Not likely, I replied. Even if Musharraf went during this time, there would be no dramatic change. Inflation would continue to break the people's backs, violence in the name of religion would continue to take lives, unprincipled forces would continue to try and sabotage the democratically elected government, hidden hands would continue to needle India and Afghanistan, and the lawyers would continue to agitate for restoring the judiciary that Musharraf had axed during his imposition of emergency on November 3 last year, that the ruling coalition is dragging its feet over.As Musharraf announced his resignation, television news showed jubilant men and women dancing in the streets of Multan (Prime Minister Yusuf Raza Gillani's hometown). Some called for Musharraf to be held accountable and charged with treason, punishable by death. Wisdom would call for another course of action that provides Musharraf safety and "leave his accountability to history … (which) is necessary for the stability of the country and for moving forward," as political analyst Shaheryar Azhar puts it.The nation seems to have heaved a collective sigh of relief that the drama is finally over. But Musharraf's departure is just one step in the process of democracy, for the continuation of which Pakistan and its allies will need all the patience they can muster.

Landslide zones in Ctg to be marked

The government initiated the process to mark hillsides and valleys, where landslides are possible, as "Red Zones", evacuate people living in those areas and bring those areas under afforestation. The move comes a day after 11 people died in a mudslide at Matirjharna in Chittagong city.Commerce and Education Adviser Zillur Rahman gave the necessary directives to authorities concerned in this regard during a meeting in Chittagong yesterday. The meeting was held at the local circuit house following Monday's rain-induced mudslide that killed 11 people.At the meeting Bangladesh Railway, Chittagong Wasa, Public Works Department and the Police Department, which own most of these vulnerable lands, were instructed to manage their lands and hills following a low-cost protection plan, said the adviser while talking to journalists later.A Technical Protection Committee was formed headed by the Chittagong Development Authority (CDA) chairman to prepare a low-cost sustainable protection plan for management of hills and vulnerable lands applying geotechnical methods, he said.The authorities concerned were directed to file cases against those erecting illegal slums on such lands and charging them specifically to help speed up disposal of cases.The adviser said a case was already filed with Khulshi Police Station against Abdullah Hasan Piko who developed the Hossain Colony slum on risky hillside at Matijharna.He said in order to help conduct drives against illegal development of slums in risky areas, the government would take initiatives to include related sections and clauses of the environmental act in mobile court laws.The commerce adviser said drives to relocate people living in risky hillside and valley houses continued under the initiatives taken after the June 11, 2007 tragic landside. But the relocated people returned to the same places indicating that the relocation was not a sustainable solution so far as economic reality was concerned, he observed.The commerce adviser also visited the relief camp set up at Lalkhan Bazar Government Primary School and the landslide spot at Matijharna.Sources said the Hill Management Committee was formed to introduce a set of rules for proper management of hills following the rain-induced devastating landslide and inundation that left 127 people dead in the city on June 11, 2007.Under the vigilance of the committee, different authorities filed a total of 261 cases under the environmental act and 250 families were relocated since June 11, 2007.Sources said the initiative to declare vulnerable areas as red zones and bringing them under afforestation was proposed by the Hill Management Committee.“The Hill Management Committee and the Technical Protection Committee would hold a meeting on December 25 to decide on hill management issues following technical and sustainable protection plans," said Additional Deputy Commissioner (revenue) Zafar Alam, also member secretary of the Hill Management Committee.CDA Chairman Shah Muhammad Akhter Uddin, who is heading the Technical Protection Committee, said they are thinking about building walkways and planting trees around the hills to prevent slums from sprouting there.Over 50,000 people are living in risky slums in the port city, said the chairman quoting a study the CDA carried out last year.After providing one tonne of rice as instant food assistance to the affected families of Monday's landslide the district administration is now providing Tk 4.25 lakh as compensation to victims' families.Chittagong Metropolitan Police (CMP) also provided Tk 50 thousand as financial assistance to the landslide affected people who were now staying at a relief camp.Meanwhile, a woman died and four others were injured in a rain-induced mudslide at Baishari Rangajhiri of Naikhongchhari upazila early yesterday, a correspondent in Bandarban reports.The mudslide destroyed three houses built on hillside.The dead was identified as Safura Khatun, 50.Just after the incident, the local administration started evacuating people from the area and people living in houses on the slopes of different hills.

Rab seizes drug making machines, 5,100 capsules

Rab yesterday seized over 5,100 'Dupper' capsules, an alternative drug to Yaba, and eight Dupper-making machines from a house in the capital's Khilgaon area. Acting on a tip-off, a team of Rab-2 raided the house at East Rampura in the city's Khilgaon in the afternoon and seized the drugs and machines, said a Rab official. They also arrested Rashed Mostafiz in this connection. Although officials of Department of Narcotics Control (DNC) had been receiving information for the last few months that Dupper is being used as an alternative drug to Yaba after massive crackdown on dealers and peddlers of Yaba about a year back, this is the first ever seizure of Dupper, said DNC sources. The arrestee said he along with his associates has been selling the drugs for the last one year in the capital and other parts of the country. He also told Rab that they sell 10 Dupper capsules for Tk 500. Rab has launched a drive to arrest Rashed's associates, added the Rab official

People from 'Red Level' hillslide zones to be evacuated

Staff Reporter
Commerce and education adviser Hossain Zillur Rahman Tuesday visited the site of Monday morning's devastating mudslide in Chittagong, which claimed 11 lives, despite repeated warnings from experts.
Talking to reporters in the Motijharna area, where the disaster occurred, Hossain Zillur said the most at-risk sites in and around the area had been identified as "Red Level" zones. Local administration and city corporation officials have been advised to evacuate people from the "Red Level" areas and to ensure no further private housing is constructed at those sites. The adviser said orders had also been issued to railway officials as well as WASA and local police to evacuate those living in vulnerable areas under their control. "From now on none will be permitted to build houses in the most risky areas. The forest department has been asked to start forestation in these areas as quickly as possible," Zillur said. Monday's tragedy comes in the wake of last year's lethal June 11mudslide in the district, which more than 100 people were killed. He also said measures would be taken to provide mobile courts with the power to put an end to hill cutting, known to be a major contributing factor to mudslides, under environmental legislation. "The technical committee formed earlier has been given orders to send specific proposals to the government as a priority on how to save the hills. When we receive them the government will arrange financing," said the adviser. Rahman stressed the importance of a permanent solution to the relocation of the mainly low-income residents of the targeted areas.
"People living in vulnerable areas have already been evacuated once before, although many of them simply returned to the area," he said. Prior to visiting Motijharna, the adviser held a meeting with senior officials from the local administration at Chittagong Circuit House, where he announced a grant of Tk 4.25 lakh to six families affected by the disaster. Calls were also made at the meeting to take legal action against those responsible for building and renting constructions in dangerous hilly areas. A case has already been filed against Advocate Abdullah Ahsan Piku, owner of Hossain Colony, who built and then rented out houses after allegedly grabbing Bangladesh Railway owned land at the foot of Motijharna Tank hills. Following the adviser's visit, city corporation workers began evicting people living in the most risky spots in Motijharna. They have been temporarily moved to Lalkhan Bazar Motijharna School. On his return to Dhaka, Rahman said those involved with building housing on land owned by different agencies in Chittagong are now being identified. Speaking to reporters in the capital, the adviser said: "Poverty is a factor in building houses in the hills." He said the government is searching for areas in the city to house those targeted for relocation, for which funds would be made available.

Human rights and we

Standing at the doorstep of the new millennium, when the entire world is progressing towards success and prosperity through modern technological as well as economic advancement, where are we going? A country like Bangladesh is far away from the concept of "Human Rights". When there is an occasion to say something in social gatherings, educated people like us speak a lot about human rights and what can be done to improve the condition etc. But honestly speaking they themselves don't know what it really means. The term "Human Rights" refers to the basic rights and freedom to which all humans are entitled. Examples of rights and freedom which are often thought of as human rights include civil and political rights, such as the right to life and liberty, freedom of expression, and equality before the law; and social, cultural and economic rights, including the right to participate in culture, the right to work, and the right to education. The true meaning of Human Rights which in simple words could be "Live & Let Live" exists nowhere in the perception of Bangladeshi people. There are many questions which need to be answered in order to enlighten the society regarding human rights, but it will take time. It needs a sound mentality & attitude to practise "Human Rights".

Bangladeshi workers protest again in Kuwait

The Kuwaiti Ministry of Social Affairs and Labour has issued orders to security authorities to gear up and be ready to face further demonstrations by Bangladeshi workers in the country, a Kuwaiti daily reported yesterday.The Kuwait Times also reported that Kuwaiti police on Sunday broke up protests by over 300 Bangladeshi workers in Hasawi and took at least fifty men into custody.The workers were protesting non-payment of salary arrears.In another incident, the United Arab Emirates yesterday deported 87 Bangladeshi workers from Dubai Immigration, saying their visas were not valid.An immigration police at Zia International Airport said that these workers were flown back by three flights of Gulf Air, Emirates and Qatar Airways. They had left for UAE with work visas on August 13.The recruiting agencies that processed these workers' documents could not be contacted yesterday.The Kuwait Times meanwhile reported that the Kuwaiti ministry has information that a number of Bangladeshi workers employed at security and safety companies as well as taxi drivers are now planning strikes. The report said that disgruntled Bangladeshi workers are planning demonstrations at various locations around Kuwait because the companies have withheld their salaries for several months now.In another incident, a number of Bangladeshis working at Kuwait's National Assembly also went on strike Sunday, claiming that the company employing them does not pay them the agreed salary and also forces them to work 12 hours a day, the newspaper reported.The newspaper quoted the Minister of Social Affairs and Labor Bader Al-Duwaila as saying that said he will never allow companies to violate laws and the ministry will definitely not permit companies to infringe on the rights of workers.He said strict legal action would be initiated against all errant companies even if high-ranking officials own them.The Kuwait Times report quoted one worker as saying that the company that hired them had agreed to pay each worker Kuwaiti Dinar (KD) 60 per month but in fact was paying only KD 50 per month. The worker also said that the company refused to pay them airfares in accordance with their contract, which stipulates one air ticket home every two years. Also the company forced the workers to pay KD 70 each for renewal of residence and health insurance in violation of local laws. The Kuwaiti National Assembly Secretary General Allam Al-Kandari however denied that there was any protest by its workers and that they had gathered to receive their IDs, according to the report.Meanwhile, nearly 700 Bangladeshis gathered outside the Bangladesh embassy demanding that the embassy take appropriate actions to help the workers realise their dues. Five labourers were chosen as representatives to discuss the issue with embassy officials.The Arab Times, meanwhile, reported that the acting Speaker of the National Assembly Roudhan Al-Roudhan has promised to discuss the issue with the secretary general of the assembly and compel the concerned company to pay the workers' salaries. Earlier in late July, thousands of Bangladeshi workers demonstrated in Kuwait in demand of better pays and working conditions, which led to deportation of 1129 workers. However Kuwait declared minimum wage of KD 40 for cleaners. A number of workers deported by the Kuwaiti police, upon their arrival in Dhaka said that the Kuwaiti police had tortured them and deported them though they had not taken part in any demonstrations.