Newton Murder Case: HC acquits six

The High Court yesterday acquitted three condemned accused and commuted seven others' death sentence to life-term imprisonment in the sensational Dhaka City Corporation ward commissioner Saidur Rahman Newton murder case.

The HC also acquitted three more accused who had earlier been sentenced to life in the same case.

A trial court in 2006, sentenced 10 accused to death and six others to life imprisonment after a lengthy hearing of Newton killing case.

Newton, the then commissioner of DCC ward No-8 (Mirpur), was gunned down by a gang near Rapa Plaza in the capital's Dhanmondi area on May 10, 2002. His mother Rabeya Begum filed a murder case with Dhanmondi Police Station the same day.

The convicts who were yesterday awarded life term are Mohammad Khorshed, Shahdat Hossain alias Shahdat, Monir Hossain alias Kiran, Kala Jahangir, Kazi Mohammad Ismail, Towfiq Alam Khan alias Pial, Sadequl Islam Chowdhury alias Sagor, Mohammad Ayub, Sheikh Russell alias Baltu Russell and Rubel Hossain Howlader.

Only three of the convicted -- Ayub, Russell and Rubel -- are now in custody.

Most of the convicts are accused in numerous criminal cases including murder.

The accused acquitted are Shakhawat Hossain, Killer Abbas, Zakir Hossain, Kamal Hossain, Ibrahim Khalil and Nazmul Hossain alias Benga Babu. They are now in jail.

Deputy Attorney General Bhishmadev Chakraborty told The Daily Star that the HC acquitted the six accused as the allegations brought against them were not proved beyond doubt.

The HC bench of Justice Md Fazlur Rahman and Justice Bhabani Prasad Singha yesterday delivered the verdict after holding hearing for eight working days on the death reference and appeals filed by the accused against their convictions.

Newton's widow Ferdousi Ahmed Mishty told The Daily Star that she is upset with the verdict and that life will be at stake if killers are acquitted.

Mishty, now a DCC ward commissioner, is sister of former BNP lawmaker Nasiruddin Ahmed Pintu, who is detained in jail in connection with Pilkhana headquarter carnage in 2009. She said her husband was also the assistant general secretary of BNP's youth front Jatiyatabadi Chhatra Dal.

On May 24, 2006, the Speedy Trial Tribunal-1 in Dhaka had awarded capital punishment to Khorshed, Shahadat, Kiran, Kala Jahangir, Abbas, Ibrahim, Ismail, Pial, Sagor and Zakir in connection with Newton murder case.

The tribunal had awarded Ayub, Russell, Rubel, Shawkat, Benga Babu and Kamal life term imprisonment and acquitted Ripon Khan and Raqibul Bari as the charges brought against them were not proved.

Source : The Daily Star

Norway Attacks: A 'cold, paranoid killer'

The lawyer for the gunman behind last week's attacks in Norway laid out his feelings about the case and his client yesterday, painting a picture of a cold and paranoid "warrior" who appears to be insane.

"This whole case indicates that he's insane," Geir Lippestad told journalists about Anders Behring Breivik, who has claimed responsibility for Friday's bomb attack on the Oslo government and subsequent shooting spree on a nearby island.

"He believes that he's in a war and he believes that when you're in a war you can do things like that without pleading guilty," the lawyer said of the 32-year-old Norwegian who wants to bring about an anti-Muslim revolution.

"He's in his bubble," Lippestad added.

If his client is adjudged medically insane after blowing up eight people in Oslo and shooting dead 68 mainly youth members of the Labour Party on Utoeya island, Lippestad said: "He can't be punished in a jail."

Paving the way for a defence that could see his client escape prison, after medical experts acceptable to the prosecution are found, Lippestad said Behring Breivik "has a view on reality that is very, very difficult to explain."

He said his client used unspecified drugs to make himself "strong, efficient, to keep him awake" going into Friday's rampage.

"He thought he'd be killed after the bombing, after the action on the island, and he also thought he'd be killed at trial," Lippestad said.

In fact, "he was a little bit surprised that he succeeded, that in his mind he succeeded," Lippestad added.

Asked whether Behring Breivik had shown any empathy for his mainly young victims, Lippestad said: "No."

Behring Breivik wrote and published a 1,500-page manifesto immediately before starting his bombing and shooting spree.

"He believes this war will continue for 60 years and in 60 years this war will be won," Lippestad said of the events he believes he has triggered, preparations for which are painstakingly chronicled in the tract.

Behring Breivik said he was part of an organisation that has two cells in Norway and several others abroad. "Where I don't know," Lippestad said.

"He looks on himself as a warrior and he has started this war," Lippestad said, adding that one of the reasons Behring Breivik's first court appearance on Monday was behind closed doors was for fear he would send coded signals to other cells.

His client was disappointed that the hearing was not open to the public, Lippestad said.

"In his mind he's at war and therefore he said this was necessary," and that's why while admitting responsibility he does not plead guilty.

"He says that he's sorry he had to do this but it was necessary to start the revolution... He hates anyone who believes in democracy."

"My point of view is that he's a very cold person."

Source : The Daily Star 

Lebanon Blast: Three French UN troops wounded

Three French soldiers serving with the UN peacekeeping force in Lebanon were wounded yesterday in a roadside bomb attack in the southern city of Sidon, a security official told AFP.

"The blast took place as the vehicle was travelling along the coastal road, near the southern entrance of the city," said the official, who did not wish to be identified.

An AFP correspondent at the scene said the soldiers sustained wounds to their faces and hands and that one of them was transported to hospital.

An army spokesman told AFP the bomb was placed on the side of the road and was triggered as the vehicle -- a troop carrier -- drove by.

The front of the vehicle was badly damaged and several parts were blown 20 to 30 metres (yard) by the force of the blast.

Members of the French contingent of the United Nations Interim Force in Lebanon (UNIFIL) rushed to the site along with Lebanese troops, who cordoned off the area and began gathering evidence.

In May, six Italian peacekeepers were wounded in Sidon in a similar roadside bombing.

Source : The Daily Star

Fake cosmetics factories busted

A mobile court aided by Rapid Action Battalion (Rab) yesterday busted four fake cosmetics factories in Keraniganj on the city's outskirts and fined them a total of Tk 8 lakh.

They also arrested the owners and confiscated inferior quality products including oil, shampoo and perfume wrapped in labels of reputed companies, worth around Tk 25 lakh, in the market, Rab officials claimed.

The arrestees Md Kamal Hossain, 29, Md Nasir Uddin, 45, Md Nazim Uddin, 50, Md Shahid, 35, were sentenced to two years of imprisonment and fined Tk 2 lakh each, in default of which they will have to serve three more months in prison.

A team of Rab-10 conducted the drives at Muslimabad and Borishoor area around 8:30am, he said.

The factories were located in the owners' houses, where the arrestees used to fill up old empty containers with impure elements and resell them, said Rab Executive Magistrate Anwar Pasha, who led the drive.

Shahid confessed to have made hair oil by mixing coconut's essence with palm oil while Nasir Uddin said, he made fake shampoo using coloured liquid soap and cheap frangrance, Anwar Pasha said.

They also filled empty perfume bottles with rectified spirit and fragrance, he added.

Source : The Daily Star 

Critics of microcredit chastised: Experts hail role of microcredit in poverty reduction

Experts and politicians yesterday came down heavily on the critics of microcredit for being too ruthless about the economic concept.

Microfinance has both positives and negatives and the authorities should fix the anomalies, they said.

The call came at a dialogue--Microfinance for Poverty Alleviation: What's Right and What's Wrong--at the Cirdap auditorium in Dhaka.

The Centre for Policy Dialogue (CPD), a think-tank, organised the event with Khushi Kabir, coordinator of Nijera Kori, in the chair.

Bangladesh Bank Governor Atiur Rahman said microfinance has grown globally over the years as a major financial tool to combat poverty.

The relatively higher interest rates and charges or fees have attracted criticism, albeit more from populist political authorities than from the borrowers.

"Regulators and government authorities can however encourage and support MFIs in minimising supervision costs, to the extent possible, adopting remote loan delivery and recovery mechanisms in partnership with mobile phone companies and IT platforms offering card based financial service delivery," said Rahman.

He said authorities would use anti-money laundering regulations to check anomalies in the microfinance sector.

Rahman also said the country's microfinance institutions should go beyond their financial services and adopt more human and social visions for the greater benefit of society.

Prof David Hulme, head of Institute of Development Policy and Management at the University of Manchester, UK, said MFIs need to be more honest and humble about their products to overcome the current impasse.

"They should be more transparent about their charges, terms and conditions."

He urged the MFIs to introduce low cost systems to reduce the likelihood of client abuse and improve social performance.

He also said microfinance is one small part of a national strategy for poverty reduction. "So we need to get it into perspective and keep it working effectively."

Prof Syed M Hashemi, executive director of Brac Development Institute, said the MFIs in the country have both positive and negative sides. "But we should not look at it as a financial tool only."

He said both academics and politicians have labelled MFIs as blood-suckers, without understanding the financial lives of the poor.

"It is quite difficult for banks to go and operate in the rural areas with such a low interest rate," said Hashemi.

Prof MA Baqui Khalily of Dhaka University finance department said MFIs have to be efficient and competitive to survive.

He also ruled out claims that micro-loans are only used for unintended purposes. "We have found that two-thirds of the loans are used to expand economic activities."

He urged the government to sit with the MFIs regularly to sort out differences and fix anomalies.

Former Education Minister Osman Faruque said the government should conduct a study to know whether microcredit has any impact on alleviating poverty.

He bashed the critics of microcredit. "In Bangladesh, the critics were more ruthless and were driven by personal or political reasons. But they were among politicians not the real borrowers."

"There is also no scope to brand MFIs as blood-suckers when the break even is 23 percent," said Faruque.

He called for effective regulation. "But we cannot forget that in Bangladesh, many regulatory bodies have killed the baby."

Lawmaker Hasanul Haque Inu urged political and social activists in Bangladesh not to say "no" to microcredit. "Rather, they should cheer them up to perform better."

Qazi Kholiquzzaman Ahmad, chairman of Palli Karma Sahayak Foundation, said: "We need to get answers on how do we can isolate the impacts of microcredit. What is the borrowers' employment status, although MFIs have created huge jobs within themselves? How long will the borrowers remain borrowers?"

"We need answers. Otherwise, the MFIs will not be sustainable, and we will not be able to measure the impact," he said.

The economist said there are many MFIs who are charging 40 to 60 percent as interest. "We have to address it."

CPD Executive Director Professor Mustafizur Rahman also spoke.

Source : The Daily Star

PM asks DCs to check price hike in Ramadan

Prime Minister Sheikh Hasina yesterday directed the deputy commissioners (DCs) to step up vigilance to contain price hike of commodities and maintain law and order during Ramadan beginning next week.

Addressing the inaugural session of a three-day DC conference at the Prime Minister's Office, she cautioned that vested quarters may become active during Ramadan to make extra profit by hoarding essentials or by other means.

"They want to fill their pockets by increasing the prices of essentials and fleecing people. This is very unfortunate. So you [DCs] will have to take action against such unscrupulous people," said Hasina, also president of ruling Awami League.

The PM, however, asked the DCs to be careful while dealing with the sensitive matter of market.

"If you go too tough on them [businessmen], they will become inactive and that will create another problem," said the premier, adding, "We have to keep the prices of essentials within the reach of the common people."

Hasina asked them to work as public servants, not as rulers, and be more pro-people sice the colonial ways were long gone. "We renamed the Establishment Ministry as Public Administration Ministry to ensure public service."

She said the priorities of her government are to develop the overall situation of the country and improve the living standard of people.

"As field-level top officers, you will have to implement the development programmes for the people as your salaries and allowances come from the taxpayers."

Commissioners from seven divisions and DCs from 64 districts are attending the conference to discuss their performance and receive directives from the government high-ups.

A total of 20 working sessions will be held at the cabinet division of Bangladesh Secretariat where activities of 36 ministries and their associate departments and divisions would be evaluated.

This is the second conference of the DCs since the Awami League-led grand alliance assumed office in January, 2009.

Source : The Daily Star 

DCs want judicial clout back

The deputy commissioners yesterday demanded the authority to conduct summary trial, the power they had enjoyed before separation of the judiciary from the executive in November 2007.

They made the demand at the inaugural session of a three-day DC conference at the Prime Minister's Office.

The DCs said they want the authority back because without it they cannot try anyone while operating mobile courts in their districts, said sources who were present at the session, held behind closed doors with Prime Minister Sheikh Hasina in the chair.

Those held by mobile courts do not admit to crime, and it leaves no alternative but to send them to court, which is a lengthy process, said the DCs.

The offenders later come out as innocent; and for this, the victims do not appreciate mobile-court drives, they added.

Contacted, noted jurist Shahdeen Malik said the demand is unacceptable, as the Supreme Court has revoked judicial powers of the executive magistrates.

"Such demand can only stem from misunderstanding and lack of knowledge about the rule of law, constitutionalism and separation of power. It is totally unacceptable," he added.

Calling for immediate passage of the Contempt of Court Act-2011, the DCs said they often face contempt charges while discharging duties and have to appoint lawyers to stand for them in the proceedings. They urged the government to appoint public prosecutors to move for them.

In response, the prime minister said her cabinet has already approved in principle the draft of the Contempt of Court Act-2011. Parliament will soon pass the law.

About their demand for power to hold summary trial, she said everything will be done through discussion.

Making the information service centre of union parishads more functional and devising specific policy to allocate government lands among the landless were the other demands raised in the conference.

Seventeen DCs took part in the discussion.

At the session on the education ministry, some DCs alleged that a section of teachers at the MPO-listed educational institutions and members of their governing committees are involved in various irregularities, but no action could be taken against them.

Though the government is paying full salary to the teachers of these institutions, there is no mechanism to ensure their accountability and transparency in the use of the funds, they said.

Many teachers and employees resort to irregular practices with the connivance of the governing bodies, which are headed by local lawmakers or their nominees.

Education Minister Nurul Islam Nahid assured the DCs of necessary steps to resolve the problems they face.

He sought their cooperation in implementing the projects undertaken for development of the education sector.

On the first day of the conference, discussions were held also on finance, science, information and technology, primary education, home, liberation war affairs, land, housing and public works, planning and environment and forest ministries.

Source : The Daily Star

Greece hopes for quick debt swap in August

Greece wants a voluntary swap of government bonds for longer maturity paper to start in August and be completed fast to emerge rapidly from an expected default rating, its deputy finance minister said on Tuesday.

Greece's private sector creditors will take a 21 per cent loss on their bond holdings as part of a 37 billion euro contribution to the country's latest bailout plan, agreed at a euro zone summit last week.

'In the coming days, in collaboration with (bank lobby) IIF, talks outlining the exact procedure that will be followed so that holders of Greek government bonds choose one of four options and proceed to a debt swap will be completed,' deputy finance minister Filippos Sachinidis told Mega TV.

'Yes, this procedure will start in August,' he said.

The International Institute of Finance has estimated a take-up rate of about 90 per cent for the voluntary programme, which gives banks the option to swap Greek debt with new bonds with maturities of up to 30 years.

'If the IIF will be the format that will be finally used, the 90 per cent (assumed) participation rate does look optimistic,' said Justin Knight, head of European rates strategy at UBS.

Investment bank JPMorgan also questioned whether enough investors would take up the swap offer, and challenged the estimate that investors would take a 21 per cent 'haircut' under the scheme. It said the loss of capital investment would be more like 34 per cent.

Greece's creditors in banking, insurance and fund management are looking for more clarity on the options to swap debt for 15-year or 30-year bonds, paying interest Greece can more easily afford.

'It's a complex matter and should be done sooner rather than later. The government is in talks to hire a team of banking and legal advisers,' a senior Greek banker who declined to be named told Reuters.

Credit rating agencies have said they will view the planned bond exchange as a partial default but have left the door open for the overborrowed country to emerge from the rating once the transaction is completed.

Fitch has said it will place Greece in 'restricted default' during the swap.

On Monday, Moody's warned it will almost certainly slap a default tag on Greece, after downgrading it by three notches to Ca, just one notch above default, to reflect the expected loss implied by the proposed bond swap.

The agency plans to review the rating after the swap is done, but unlike Fitch which has pledged to quickly raise Greece to a 'low speculative grade,' Moody's did not say when the rating would change or how.

Source : New Age

Ford profit tops expectations

Ford Motor Co's quarterly profit beat Wall Street expectations helped by higher prices and improved sales in North America.

In North America, Ford's pre-tax profit rose 0.5 per cent to $1.91 billion.

North America was the only global region where the company's profit improved. In Europe, where Ford's performance has been lagging in recent quarters, its pre-tax profit was trimmed nearly in half to $176 million.

Ford shares rose 2.3 per cent in early trading on Tuesday at $13.47 per share.

The company did not alter its North American production outlook or its 2011 US auto sales forecast.

Excluding one-time items, Ford's quarterly profit fell to 65 cents per share from 68 cents a year ago.

Analysts, on average, had expected earnings of 60 cents per share excluding one-time items, according to Thomson Reuters I/B/E/S.

Revenue rose 13 per cent to $35.5 billion.

Net income fell to $2.4 billion in the quarter, or 59 cents per share, from $2.6 billion, or 61 cents per share.

Source : New Age

Vietnam pockets $2b from rice export so far this year

Vietnam exported 387,186 tonnes of rice, worth $185.5 million in the first three weeks of July, pushing the total export volume to 4.3

million tonnes and a value to $2 billion so far this year, according to the Vietnam Food Association Monday.

The country's major rice importers included Asian countries, who accounted for nearly 54 per cent of the total rice exports, followed by Africa with 31 per cent and America with 12.2 per cent.

Vietnam expects to export more than seven million tons of rice in 2011, over 6.8 million tons in 2010, VFA reported.

Source : New Age

GlaxoSmithKline Bangladesh chairman due today

Duncan Learmouth, senior vice-president, developing countries and market access business unit, emerging markets, GlaxoSmithKline, UK and chairman, GSK Bangladesh Limited, arrives in Dhaka today on a three-day visit.

Duncan Learmouth joined GSK in 1991. Before taking up the current assignment of leading the operations in about 50 countries, Duncan, in his role of SVP Global Communications, was also a member of GSK's global corporate executive team. Prior to that, he worked as vice-president, global investor relations and competitive excellence, said a news release.

Duncan joined the board of GSK Bangladesh as chairman in August 2010. He is also a board member of ViiV Healthcare, a global specialist HIV company which is established by GSK and Pfizer to deliver advances in treatment and care for people living with HIV.

Source : New Age

Dollar hits four-month low in Asia trade

The dollar hit a fresh four-month low versus the yen in Asia trade Tuesday after a speech by US President Barack Obama illustrated a lack of progress in efforts to end a debt standoff.

The dollar fell to 77.89 yen, its lowest level since March 17, after US president Barack Obama addressed the nation in a prime time TV speech in which he warned that the current debt impasse could have grave consequences.

Failure to compromise, he said, 'would risk sparking a deep economic crisis — one caused almost entirely by Washington.'

The euro rose to $1.4489 by 0550 GMT in Tokyo

from $1.4382 in New York Monday.

The speech fell 'short of market expectations that the President might show progress on the ongoing standoff,' Hideki Hayashi, global economist at Mizuho Securities, told Dow Jones Newswires.

The greenback later saw volatile trade, at one point surging to 78.70 yen before falling back to 78.08 in the afternoon.

The euro was at 113.08 yen from 112.37 in New York.

Dealers said the movement was due to large yen selling orders being triggered as opposed to any Japanese market intervention.

Source : New Age

Oil mixed as traders eye US debt standoff

Oil was mixed in Asian trade Tuesday, with sentiment muted amid a budget standoff in Washington as lawmakers struggle to agree on a plan to avoid a default by the world's biggest economy.

New York's main contract, light sweet crude for September delivery, advanced 37 cents to $99.57 a barrel and Brent North Sea crude for September delivery eased 29 cents to $117.65.

'Investors (are) keeping to the sidelines as Washington debates the debt ceiling,' analysts from Phillip Futures said in a commentary.

The US Treasury says Congress must raise the government's $14.29 trillion debt limit by August 2 to prevent a default, which would have devastating repercussions on the global economy.

But Democrats and Republicans are deadlocked, with bitter disagreements over tax increases and spending cuts.

US President Barack Obama warned in a primetime televised speech to the nation on Monday that a default would risk 'a deep economic crisis'.

Washington hit its debt ceiling on May 16 but has used spending and accounting adjustments, as well as higher-than-expected tax receipts, to continue operating normally. However, it can only do so until August 2.

At that point, US leaders will have to cut an estimated 40 per cent from spending and stop paying either its debts or other obligations such as government health or retirement benefits.

Source : New Age

Vietnam pockets $2b from rice export so far this year

Vietnam exported 387,186 tonnes of rice, worth $185.5 million in the first three weeks of July, pushing the total export volume to 4.3

million tonnes and a value to $2 billion so far this year, according to the Vietnam Food Association Monday.

The country's major rice importers included Asian countries, who accounted for nearly 54 per cent of the total rice exports, followed by Africa with 31 per cent and America with 12.2 per cent.

Vietnam expects to export more than seven million tons of rice in 2011, over 6.8 million tons in 2010, VFA reported.

Source : New Age

Banks asked to set up complaint cell in zonal offices

Bangladesh Bank on Tuesday asked all banks to set up complaint cells in their zonal offices to improve client service.

BB also directed the banks to send the names and details of the appointed officers of the newly established complaint cells in the BB zonal offices within next 30 days.

Banking Regulation and Policy Department issued a circular in this regard on Tuesday and sent it to the banks.

The circular said, 'It has been observed that the complaints against bank branches under the jurisdiction of Bangladesh Bank branch offices cannot be settled quickly as there is no complaint cell in the zonal offices of the banks like the head offices.'

Source : New Age

BB announces new monetary policy today

The Bangladesh Bank will announce today the new monetary policy for the first six months of the current fiscal year aiming at continuing the existing measures to control inflation and squeeze banks' credit flow.

The new policy will also stress continuation of existing measures to control loans and discourage investment in unproductive sectors, said BB officials.

The BB announces the monetary policy every six month, and so the next policy will be effective from July to December this year.

BB's governor Atiur Rahman will announce the policy in a press briefing at BB conference room at 2.30 pm. 

'The main challenge for the new monetary policy is to take strong measures to control inflation which has crossed double digit in the last few months, and tackle the liquidity crisis,' said a senior BB official. 

Inflation is rising as credit from the domestic banking system continues increasing sharply, both in the public and private sectors, with attendant steep decline in growth of net foreign assets, he said.

Source : New Age

Body formed to review IPOs under fixed price method

The Securities and Exchange Commission on Tuesday formed a five-member committee to review offered price of shares of companies that would offload shares through initial public offering by fixed price method.

The committee include representatives of Institute of Chartered Accountants of Bangladesh, Institute of Cost and Accounting Management Bangladesh, finance department of Dhaka University and chief executive officers of the Dhaka and the Chittagong Stock Exchanges.

'The commission decided to form the committee to review IPO price of shares to facilitate the offloading of more shares in the capital market in a better way,' said Saifur Rahman, executive director of the SEC, after a meeting of the commission.

The commission also decided to form two other new committees, one for formulating a guideline to address the errors made by the authorised representatives of the brokerage houses, and another for assisting the research and analysis services of the commission.

In the meeting the commission also decided to send the draft amendments to the book building method to the stakeholders for their opinion.

Source : New Age

More transparent microfinance institutes suggested

Speakers at a dialogue on microfinance Tuesday suggested greater transparency in terms of charges, terms and conditions in microfinance institutions to help the benefits of credit penetrate target groups.

They said the MFIs could introduce low cost systems to reduce the likelihood of client abuse and improve social performance.

Leading think-tank Centre for Policy Dialogue arranged the dialogue titled 'Microfinance for poverty alleviation: what's right and what's wrong' at the CIRDAP auditorium in Dhaka.

Bangladesh Bank governor Atiur Rahman attended the dialogue as chief guest while Palli Karma Shahayak Foundation chairman Qazi Kholiquzzaman and CPD executive director Mustafizur Rahman took part in discussion, which was chaired by CPD trustee board member Khushi Kabir.

David Hulme, head of the Institute for Development Policy and Management, University of Manchester, UK and Thankom Arun made a presentation titled 'What's Wrong and Right with Microfinance: Missing an Angle on Responsible Finance' during the dialogue.

Speaking as chief guest, the central bank governor said the relatively higher interest rates and charges/fees remain a persistent, biting criticism of microfinance, albeit more from populist political authorities rather than from actual borrowers.

He said regulators and government authorities could however encourage and support MFIs in minimising supervision costs, to the extent possible adopting remote loan delivery and recovery mechanisms in partnership with mobile phone companies and IT platforms offering card-based financial service delivery.

Source : New Age

SEC approves rights offer of United Air

The Securities and Exchange Commission on Tuesday approved the rights offer of United Airways allowing the company to raise Tk 315 crore by issuing rights share to investors.

The company will issue 21 crore rights share at a ratio of one share for one existing share at an issue price of Tk15 including a premium of Tk 5.

The SEC also approved Beximco Ltd's  application to raise its capital to Tk 107,28,29,200 crore against 10,72,82,902 shares, by amalgamating shares of Bextex Limited.

The SEC approval came following the High Court order allowing the amalgamation of the Bextex Ltd with Beximco Ltd at an exchange rate of five Bextex ordinary shares for one of Beximco Ltd.

The merger of the two companies will come into affect from July 31.

The general index of Dhaka Stock Exchange, meanwhile, dipped further for the second day on Tuesday as the investors went for massive sell-offs.

DGEN, the benchmark general index, lost 54.35 points, or 0.81 per cent, to close the day at 6,642.03 points.

Turnover of the bourse was Tk 1,680.70 crore, which is Tk 202 crore lower than the previous day's turnover.

Market operators said investors on Tuesday went for heavy sell-offs because of a number of factors like poor corporate disclosers by a number of banks and non bank financial institutions and the announcement of offloading of additional shares by two state-run companies.

Of the 264 issues traded on the day, 86 advanced, 171 declined and seven remained unchanged.

Titas Gas topped the turnover leaders with shares worth Tk 81.35 crore changing hands.

The other turnover leaders included RN Spinning, Grameenphone, National Bank, United Airways, S Alam Cold Rolled Steels, One Bank, Peoples Leasing and Financial Services Ltd, MI Cements, and Keya Cosmetics.

Source : New Age

6 fishermen rescued, 6 pirates arrested

Coast Guard in a drive rescued six fishermen, who were abducted by pirates for ransom on Sunday, from Boyarchar at Barokheli of Ramgati upazila in Lakshmipur on Tuesday. They also arrested six pirates.

The arrested are - Mofizul Haque, 30, Md Hannan, 30, Md Arif,

25, Nurul Islam, 28, Bahar, 25, and Md Nurunnobi, 24. All hail from Dakkhin Tumchar village in the upazila.

The rescued fishermen, Nazim Uddin, Main Uddin, Tutul, Faruk, Faiz Uddin and Rias Uddin, hailed from Barokheli.

Pirates abducted them at gunpoint from Hatia and Char Gazaria area on Sunday, took them to Moulavir Tek and kept them hostage there since then.

Acting on secret information through mobile phone, members of

Coast Guard conducted

a drive in the area and arrested six pirates. Following their statements they rescued the abductees.

Villagers said sensing presence of Coast Guard pirates dumped their weapons in the River Meghna before their arrest.

Source : New Age

Brother kills sister over land

A man hacked to death his younger sister over land at West Hasnabad in Fatikchari on Tuesday while a witness of the murder died of heart attack on the spot.

The deceased were Nurjahan Begum, 42, wife of Mosharraf and daughter of Tofazzal of West Hasnabad village under Bhujpur police station in Fatikchari upazila and Badiul Alam, 45, Nurjahan`s neighbour and a businessman of the village.

The police said land-greedy Alam, 44, picked up a quarrel with his sister Nurjahan over a piece of paternal land at their house and at one stage he chased Nurjahan with a knife.

To protect herself from the attacker Nurjahan rushed to her father Tofazzal who was having tea at a nearby tea stall.

But Alam intercepted her on the way and stabbed her indiscriminately, leaving her critically injured.

Witnessing the grisly attack their neighbour Badiul Alam fainted and died of heart attack on the spot.

Locals rescued critically injured Nurjahan who succumbed on way to Chittagong Medical College Hospital.

Source : New Age

Three fake cosmetics-making factories unearthed

A mobile court recovered huge simulated cosmetics and sealed three fake cosmetics-making factories in Keraniganj on Tuesday.

RAB arrested four directors (owners) of fake

three cosmetics-making factories in Barishur area under Keraniganj Model thana.

The arrested are: Abu Sayeed, 35, son of Abdul Haque, Nazim Uddin, 50, son of Abdul Gafur, Nasir Uddin, 45, son of Abdul Alim and Nasir's wife Jyotsna Begum, 30.

RAB 10 sources said, a mobile court, led by executive magistrate AHM Anwar Pasha and assisted by a RAB team, headed by assistant director of RAB-10 Flight Lieutenant Imon conducted the drive in Barishur area and recovered fake hair oil, shampoo, talcum powder, lip-gloss and other forged

cosmetic items from the three factories in the afternoon.

RAB arrested four owners of the three fake factories and handed them over to the police. A case was filed.

Source : New Age

Shiranthi Rajapaksa, Ilham Hussain meet PM

Sri Lanka's first lady Shiranthi Rajapaksa and Maldives vice-president's wife Ilham Hussain on Tuesday met separately with the prime minister, Sheikh Hasina, at her Ganabhaban residence Tuesday.

Both the ladies highly appreciated autism expert Saima Wazed Hossain, daughter of Hasina, and her initiative in the field.

Shiranthi Rajapaksa and Ilham Hussain expressed identical opinion that the awareness on autism would increase widely among the participants in the two-day regional conference held in Dhaka, prime minister's press secretary Abul Kalam Azad, who was present in both the meetings, told the reporters.

He informed that the two ladies also appreciated the 'Dhaka Declaration' on autism. They also discussed issues of bilateral interest during their meeting with the prime minister.

During the meetings, Hasina apprised the two ladies of the developments in the field of women empowerment and healthcare in the country.

Hasina's discussion with Ilham Hussain also featured the Maldives students who are studying in Bangladesh.

Ambassador at-large M Ziauddin and principal secretary MA Karim were also present.

Source : New Age

Ribbon retting method for quality jute fibre stressed

Speakers at a function have stressed the need for applying ribbon ratting method to separate ribbon from jute sticks within 3 hours just after harvesting and to keep those under water for rotting aimed to ensure quality fibre.

'In this method, the farmers have no necessary big water bodies but they would get quality jute fibre and could be benefited economically by selling it to the markets or government jute purchasing centres', they said.

They made the observations while addressing a ribbon distribution function to the farmers organised by sadar upazila agriculture office at the auditorium of upazila parishad of the town in Gaibandha on Sunday.

Mahabub Ara Begum Gini, MP, addressed the function as chief guest and deputy director of Department of Agriculture Extension AH Bazlur Rashid was present as the special guest.

With UNO Ashib Ahsan in the chair, the function was also addressed, among others, by upazila agriculture officer Golam Mostafa, journalist Sircar Shahiduzzaman and Ghagoa UP chairman Aminuzzaman Rinku.

Local lawmaker urged the field-level DAE officials, sub-assistant agriculture officers to popularise the modern method to the farmers through motivating them in groups.

DD of DAE AH Bazlur Rashid elaborately briefed the jute growers about the applying system of ribbon retting method in the function.

Source : New Age

Office timing for Ramadan announced

The office timing for all government, semi-government, autonomous and semi-autonomous organisations has been fixed for the month of Ramadan.

The public administration ministry announced the timing in an order on Tuesday following its approval by the cabinet last week.

The rescheduled office timing will be from 9:00am to 3:30pm on the working days with a 15-minute prayer break from 1:15pm to 1:30pm every day.

The order says banks, insurance companies, other financial institutions, postal services, railway, hospitals, mills and factories, state-owned industries and other emergency services will re-fix their office timings as per their own rules and considering public interest.

The Supreme Court will re-fix its own and lower courts' timings for the fasting month.

Source : New Age

Day-old chick price up by 200pc

The price of day-old chicks shot up by nearly 200 per cent in last 10 days.

Profiteers laid their hands on chicks, after sugar and cooking oil to make quick bucks ahead of Ramadan, said baffled poultry market observers.

They said that the profiteers got a field day.

Poultry farmers said they were forced to buy the day-old chicks for Tk 60 each on Tuesday, up from Tk 20 or 22 only 10 days back.

They said that the profiteers were out to exploit the growing demand ahead of Eid.

Usually, they said, 10 lakh day-old chicks are sold.

But the demand now peaked at 13 lakh as the festival is approaching, said Bangladesh Poultry Shilpa Rokhkha Jatiya Parishad leaders.

The Parishad general secretary Khondokar Mohammad Mohsin said that the breeders raised the price suddenly to exploit the growing demand and without any legitimate reason.

Now the farmers have to deposit money in advance and collect the chicks paying to the breeders according to the price of the day, he said.

He demanded government intervention to check the 'illogical' increase in the price of day-old poultry birds.

Source : New Age

Teachers, students protest at torture on DU student Kadar

Dhaka University students and teachers on Tuesday protested at the arrest of and torture on Abdul Kadar in police custody.

Teachers, guardians and classmates of Abdul Kadar Sumon, a graduate student of biochemistry at Dhaka University, at a human chain on the campus in the afternoon demanded immediate release of Kadar.

They also alleged that the police had tortured the 'innocent student' brutally.

A Khilgaon police team picked Abdul Kadar, a resident student of Fazlul Haque Hall, on July 15 midnight from in front of the office of the Anti-Corruption Commission at Segun Bagicha in the capital on his way to a relative's house on Dilu Road at Moghbazar.

The police, however, claimed that they had arrested Kadar while he, along with his accomplices, was planning to committee robbery in the Khilgaon area.

The students and teachers demanded immediate release of Kadar and bring the police personnel responsible for the inhuman torture on him to book.

A day after Kadar's arrest, the police filed two cases — one for attempt to commit robbery and the other for possessing lethal weapons illegally. A Dhaka court later remanded him in custody.

Anwar Hossain, a DU biochemistry professor who had met Kadar at the gate of Dhaka Central Jail, alleged that the police had implicated his student in false cases.

Abdul Kadar's sister Jannatul Maowa alleged that the police had arrested her 'innocent' brother while he was going to her maternal aunt's house to meet her.

Abdul Kadar had undergone treatment of sharp cuts in his left calf at Dhaka Medical College Hospital from July 16 to July 19, according to the clearance certificate issued by the hospital.

Sub-inspector Sheikh Mizanur Rahman, investigation officer of both the cases, claimed that a team of police in plain clothes, led by SI Alam Badsha, arrested Abdul Kadar and one of his accomplices while they were planning to commit a robbery.

Source : New Age

Polls can’t be held without CG, says Rafiqul Huq

Eminent lawyer Barrister Rafiqul Huq has observed that future general elections without caretaker government will not be accepted by the people and the elections would not be meaningful without the BNP.

Rafiqul Huq made the remarks at a roundtable on 'People's Aspiration and Constitution' organised by Bangladesh Combined Profes-sional Council at National Press Club on Tuesday.

'The election will not be meaningful and people will not accept the election without BNP's participation,' he said.

Referring to the notion that Ershad would be the leader of the opposition if the BNP does not participate in the next elections, he said it was easy to say but reality was different.

Huq said even the Awami League would not want election without caretaker government if it did not want to make it fool.

He said the future elections would have to be free, fair and impartial under non-party caretaker government and all have to wait for full judgment of the Supreme Court that has scrapped the 13th amendment.

He said the caretaker government must be formed through democratic way.

About a provision of the15th amendment, Huq said it was against the rule of law that the rule of law could not be changed in the future. He said parliament was the supreme and sovereign to enact law which could not be curtailed.

Huq said one parliament could not restrict the function of another parliament. If one parliament makes an order the next parliament can change it, he added.

He said the constitution was not the Qur'an and it should be amended taking opinion of all. He recalled that the 4th amendment was passed by parliament with five minutes but it did not survive.

Huq said the 15th amendment was passed in 10 minutes and let see what happens to it.

Presided over by Combined Professional Council convenor Mahmudur Rahman, the roundtable was also addressed, among others, by former adviser of caretaker government MA Mazed, former Dhaka University vice-chancellor Emajuddin Ahmed, Jatiya Press Club general secretary Syed Abdal Ahmed and BNP leader Habibur Rahman Habib.

Mahmudur Rahman, also acting editor of the Daily Amar Desh, said parliamentary system had been destroyed through the 15th amendment and the people could not accept it. He demanded formation of constituent assembly through referendum for changing the constitution.

Source : New Age

Tenants hold human chain today

Bangladesh Tenants Welfare Association will hold a human chain in front of the National Press Club today to protect the interests of the tenants.

The programme is also aimed at halting the tyranny of house-owners, said a release.

All the tenants have been requested to attend the human chain to be held at 4:00pm.

Source : New Age

Police asked to report on warrants in 15 days

A Dhaka court on Tuesday gave the police 15 more days to report on the execution of the warrants it had issued for arrest of Bangladesh Nationalist Party chairperson Khaleda Zia's eldest son Tarique Rahman and 11 others in a case for the grenade attack on an Awami League rally on August 21, 2004.

Dhaka metropolitan sessions judge Mohammad Zahurul Haque on Tuesday asked the officers-in-charge of the police stations concerned to submit the reports by August 11.

The court on July 14 issued the warrants for arrest of the 12, including Tarique, also the BNP senior vice-chairman, former prime minister Khaleda Zia's political secretary Harris Chowdhury, BNP lawmaker Kazi Shah Mofazzal Hossain Kaikobad, former director general of the Directorate

General of Forces Intelligence retired major general ATM Amin, former DGFI official retired lieutenant colonel Saiful Islam Joarder, former deputy commissioners of the Dhaka Metropolitan Police, Khan Sayeed Hasan and Obaidur Rahman, who are now officers on special duty, Hanif transport owner Md Hanif, and four others allegedly having militant links — Abdur Rauf, also known as Omar Abu Humayra or Peer Saheb Baba, Hafez Moulana Yahiya, Babu, also known as Ratul Babu and Mufti Abdul Hai.

On July 3, another court issued warrants for arrest of Tarique and 17 others hours after the submission of supplementary charge sheets in a case filed on charge of killings in the grenade attack.

Three former inspectors general of police and three former investigation officers had already later surrendered to the court and landed in jail.

Thirty-one accused including former state minister for home Lutfozzaman Babar, Bangladesh Jamaat-e-Islami secretary general Ali Ahsan Mohammad Mojaheed, former BNP deputy minister Abdus Salam Pintu, the three former inspectors general of police and three former officials of Criminal Investigation Department were produced in court on Tuesday.

Another accused, Ariful Islam Arif, a Dhaka city ward councillor and now on bail, was also present in the court.

The grenade attack on the Awami League rally on Bangabandhu Avenue on August 21 killed 24 people, including Mahila Awami League president Ivy Rahman, and wounded scores, including Awami League president Sheikh Hasina, now the prime minister.

The Criminal Investigation Department on July 3 submitted the supplementary charge sheets in the two cases pressing charges against Tarique and 29 others.

Source : New Age

BNP announces nationwide rally for July 28

The main opposition Bangladesh Nationalist Party on Tuesday announced to hold nationwide protests against unusual increase in prices, shortage of gas, electricity and water, false case filed against the party's senior vice-chairman Tarique Rahman and dipping law and order.

The party's acting secretary general Mirza Fakhrul Islam Alamgir announced the programme after a joint meeting with the party's front organisations in its central office at Naya Paltan.

The party will hold a rally at Naya Paltan on the day as part of the central programme.

Fakhrul announced the programme as part of its movement to establish the rights of the people.

He also said that the BNP would also come up with programmes in Ramadan but the pattern of the programmes was yet to be decided.

'We do not go for general strike on lame excuses as the Awami League does. We will decide programme considering the interest of people and the country,' he said.

He said that the government was continuing to harass opposition activists and file false cases against them to suppress the movement.

Fakhrul said that the government was endangering democracy by triggering new issues. 'Law and order has deteriorated to the extreme level and at the same time, crimes have been encouraged at the state level as clemency has been given to convicted killers,' he said.

The government was planning to push back the country to where it was in 1972–1975 by patronising convicted criminals, he added.

Fakhrul criticised the government's failure to contain price spiral before Ramadan. He also blasted the finance minister, Abul Maal Abdul Muhith, for his asking people not to go shopping a day a week.

'Step down if you fail to meet the people's demand. Please do not mock at people's expectations and requirement,' said Fakhrul.

The party's joint secretaries general Amanullah Aman, Barkatullah Bulu and Rizvi Ahmed, organising secretary Fazlul Huq Milan, and leaders of its associate bodies were present at the meeting.

Source : New Age

Police asked to arrest Sagufta MD, director

The High Court on Tuesday directed the police to immediately arrest Sagufta Group's managing director Khaled Jewel Mollah and director Waliq Mollah in connection with the death of a student who was killed when a brick fell on his head, reportedly from the company's high-rise that is under construction on Panthapath.

The bench of Justice AHM Shamsuddin Chowdhury and Justice Gobinda Chandra Tagore also asked the building's assistant contractor, Mohammad Osman Ali, and the officers-in-charge of the Sher-e-Bangla Nagar and Pallabi thanas to appear before it on July 28 to explain their actions after the death of Habibur Rahman Munna who appeared in this year's HSC examinations from Tejgaon College.

The court, however, exempted the company's chairman, Nur Mohammad Mollah, from being presence during the next hearing.

The court passed the order for arresting Khaled and Waliq after the hearing in the afternoon which was attended by the company's chairman and Khaled in response to its earlier order, passed on July 19.

Sher-e-Bangla Nagar thana's OC, Syed Ziauzzzaman, told New Age in the afternoon, 'I am unaware of the court's order as I am now attending a training course at the police headquarters.'

Pallabi thana's OC, Mohammad Shahbuddin, said, 'I have just heard from the media that the High Court has asked me to appear before it and I will go to the court on time.'

In the morning the court kept the chairman and MD standing during the hearing and rebuked them for not taking the appropriate safety measures which should be taken by builders, especially in a busy area like the Panthapath.

Senior lawyer Anisul Huq defended the company.

The court rebuked the police in their absence, pointing out that they have yet to arrest anyone of the people who were accused in the case of the student's death.

On July 19 the court issued a rule suo moto after deputy attorney general ABM Altaf Hossain drew its attention to reports published in various newspapers of the college student who was killed by a falling brick on July 16.

The court also directed the authorities concerned to explain in two weeks why the company should not be directed to pay adequate compensation to the family of the deceased.

Onlookers and family members said that Munna was passing by the 15-storied commercial and residential building, Sagufta De' Khan, being constructed on 77, Panthapath, when the brick fell on his head.

Source : New Age

Norway killer paranoid: lawyer

The lawyer for the gunman behind last week's attacks in Norway laid out his feelings about the case and his client Tuesday, painting a picture of a cold and paranoid 'warrior' who appears to be insane.

'This whole case indicates that he's insane,' Geir Lippestad told journalists

about Anders Behring Breivik, who has claimed responsibility for Friday's bomb attack on the Oslo government and subsequent shooting spree on a nearby island.

'He believes that he's in a war and he believes that when you're in a war you can do things like that without pleading guilty,' the lawyer said of the 32-year-old Norwegian who wants to bring about an anti-Muslim revolution.

'He's in his bubble,' Lippestad added, also revealing his own personal anguish over taking the job of defending the man behind the worst massacre in Norway since WWII.

If his client is adjudged medically insane after blowing up eight people in Oslo and shooting dead 68 mainly youth members of the Labour Party on Utoeya island, Lippestad said: 'He can't be punished in a jail.'

Paving the way for a defence that could see his client escape prison, Lippestad said Behring Breivik 'has a view on reality that is very, very difficult to explain.'

He said his client used unspecified drugs to make himself 'strong, efficient, to keep him awake' going into Friday's rampage.

'He thought he'd be killed after the bombing, after the action on the island, and he also thought he'd be killed at trial,' Lippestad said.

In fact, 'he was a little bit surprised that he succeeded, that in his mind he succeeded,' Lippestad added.

Asked whether Behring Breivik had shown any empathy for his mainly young victims, Lippestad said: 'No.'

Behring Breivik wrote a 1,500-page manifesto entitled '2083 — A European Declaration of Independence' which he published just before starting his bombing and shooting spree.

'He believes this war will continue for 60 years and in 60 years this war will be won,' Lippestad said of the events his client believes he has triggered, preparations for which are painstakingly chronicled in the tract.

Despite expecting to be killed, Lippestad said his client was not surprised that it took police around an hour to arrive on the island to arrest him, something for which Norwegian police have been criticised.

Behring Breivik said he was part of an organisation that has two cells in Norway and several others abroad. 'Where I don't know,' Lippestad said.

'He looks on himself as a warrior and he has started this war,' Lippestad said, adding that one of the reasons Behring Breivik's first court appearance on Monday was behind closed doors was for fear he would send coded signals to other cells.

His client was disappointed that the hearing was not open to the public, Lippestad said.

'He says that he's sorry he had to do this but it was necessary to start the revolution,' and that's why while admitting responsibility he does not plead guilty.

'He hates anyone who believes in democracy.

'My point of view is that he's a very cold person.'

Behring Breivik's state of mind is 'very difficult to explain', the lawyer said. While in detention he is eating normally but 'I can't say that he's happy.'

The lawyer said he did not know when the trial would start, but that in Norway 'it normally takes six to 12 months.'

'It will be a long court case,' he said.

Lippestad said he did not know why Behring Breivik had chosen him as his lawyer and revealed that he himself was a member of the Labour Party that was targeted by Friday's attacks.

'My goal is to handle this case in a very professional manner,' he said, acknowledging that he felt personal pressure because of the case and that he had hesitated to take it on.

'My first reaction was that this is too difficult,' Lippestad said.

He then discussed the issue with his family and decided it was 'time to think of democracy'.

Despite the national trauma caused by the July 22 attacks, Lippestad voiced his confidence in Norway's judiciary.

'No one is not influenced by this, but he will get a fair trial.'

Source : New Age

78 killed in Moroccan military plane crash

At least 78 people were killed on Tuesday when a Moroccan military transport plane crashed into a mountain in the south of the country during bad weather, the military said in a statement carried by the state news agency.

The military said there were three injured survivors so far from the crash, which happened when a C-130 Hercules aircraft was trying to land in Guelmim, having flown north from the disputed Western Sahara territory.

A resident in the area said there was thick fog in the area at the time of the crash, which occurred at 9:00am (0800 GMT) some 730 km south of Rabat.

'The crash, due to bad weather conditions, caused 78 deaths and (left) three seriously wounded', Morocco's Royal Armed Forces said in a statement carried on the official MAP news agency.

The military said that 60 soldiers, 12 civilians and nine crew members were on board at the time of the crash.

The three survivors and 42 bodies recovered so far have been taken to the nearby military hospital, the military said.

The MAP news agency said that the plane had been travelling from the Western Saharan city of Dakhla and was due to travel on to Kenitra, 40 km north of the capital, Rabat.

Morocco keeps the majority of its soldiers in Western Sahara, a territory about the size of Britain, that Rabat annexed in 1975.

Morocco's most recent plane crash was in 1994 when all 44 passengers and crew members aboard a Royal Air Maroc aircraft died in a crash near the southwestern city of Agadir.

Source : New Age