Harper’s India Visit Starts; Courts Indian Business Investors
AHN Staff New Delhi, India (AHN) – Canadian Prime Minister Stephen Harper started Monday his three-day visit to India by addressing the country’s business leaders and potential investors. He said the two nations must work toward strengthening further their trade, investment and educational links. Harper said in a statement, “Canada stands beside India as a steadfast and faithful friend. These bonds are a solid foundation upon which we can build an even stronger, more productive friendship.” Two-way commerce between Ottawa and Delhi is worth about $5 billion yearly. Aside from promoting business, Harper participated in the Canadian Tourism Commission’s launch of a marketing campaign to promote Canada to Indian tourists. He gave a sample of the Olympic torch to Bollywood actor Akshay Kumar, who will be one of 14 international flame bearers at the opening of the Vancouver 2010 Winter Olympic’s torch relay. Harper and wife Lauren also visited the Chabad House, a Jewish outreach center in Mumbai where terrorist attacks took place in November when 190 people were killed. The couple also visited the set of the reality Indian TV show “Dance Premier League” where he watched contestants perform Bollywood dance numbers. Article © AHN – All Rights Reserved
Citi Arranges Syndicated Agricultural Term Loan For MFI In Bangladesh
Siddique Islam – AHN Correspondent Dhaka, Bangladesh (AHN) – Citibank, N.A. Bangladesh has arranged the country’s first ever syndicated agricultural term financing facility of $21.7 million (BDT 1.50 billion) for BURO Bangladesh, a leading microfinance institution (MFI). Bangladesh Bank, the country’s central bank, Governor Atiur Rahman attended as the Chief Guest at the formal closing ceremony of this fund raising program held in the capital, Dhaka on Tuesday. The 5-year local currency facility has been provided to the MFI to facilitate its expansion of micro-lending to the agriculture sector, a joint press statement said in Dhaka. The central bank chief mentioned that the linkage, between commercial banking and SMEs small and medium enterprises in the agricultural sector, is very important to sustain the development of economy and ensuring food security of the large population of the country. Commenting on this project, Executive Director of BURO Zakir Hossain said: “Buro Bangladesh is focused on ensuring food security through microfinance institutions and we appreciate Citibank and the participating banks for their contribution.” Managing Director and Citi Country Officer – Bangladesh Mamun Rashid further added, “At Citi, we are much honored to arrange this syndicated agricultural loan which will provide assistance to a million, and this is yet another milestone in our partnership with the country’s microfinance sector.” Besides Citi being the arranger, other participating lenders include Agrani Bank Limited, Citibank, N.A., Dutch-Bangla Bank Limited, Eastern Bank Limited, Janata Bank Limited, Mutual Trust Bank Limited, Prime Bank Limited, Pubali Bank Limited, Sonali Bank Limited, Southeast Bank Limited, Standard Bank Limited, The City Bank Limited and United Commercial Bank Limited, according to the statement. Article © AHN – All Rights Reserved
Eight Eastern Europeans Charged In "Sophisticated" $9 Million ATM Thefts
Melvin Baker – AHN Reporter Atlanta, GA (AHN) – Eight eastern Europeans have been charged in a 16-count indictment in what federal prosecutors here say was a highly sophisticated computer hacking operation that stole more than $9 million from thousands of ATMs around the world in less than a day. The nearly year-old crime focused on the computer system at Atlanta-based RBS WorldPay Inc., the payment processing division of Royal Bank of Scotland Group. The indictment charges that thieves electronically broke into the RBS WorldPay system on Nov. 4, 2008, cloned 44 prepaid ATM cards and raised the pay limits of the cards. The cards were distributed to “cashers” around the U.S. and the rest of the world who withdrew cash from 2,100 ATMs from 280 cities around the world on Nov. 8. The cashers then sent up to 50 percent of the cash back to the ringleaders. The suspects then allegedly tried to erase evidence of the crime. The operation took no more than 12 hours, according to the indictment. RBS WorldPay detected the breach on Nov. 10 and reported it on Dec. 23. Those indicted were from Estonia, Russia and Moldova. One man, Sergei Tsurikov, 25, of Tallinn, Estonia, has been arrested and is awaiting extradition. Estonian police arrested three others earlier this year on related charges. Charges against four of the conspirators include wire fraud and aggravated identify theft. Lanny Breuer, assistant attorney general of the criminal division, said in a statement that the ring was “highly sophisticated,” and that law enforcement agencies around the world provided “unprecedented” cooperation. “This investigation has broken the back of one of the most sophisticated computer hacking rings in the world,” said Sally Quillian Yates, acting U.S. attorney for the northern district of Georgia. RBS WorldPay said the hackers also stole personal and financial data for 1.5 million customers, as well as Social Security numbers for 1.1 million customers. The company has reimbursed customers for money stolen during the operation. Article © AHN – All Rights Reserved
British Businessmen Invited To Invest In Emerging Sectors Of Bangladesh
Siddique Islam – AHN Correspondent Dhaka, Bangladesh (AHN) – The country’s apex trade body on Monday invited a visiting British business delegation to invest in emerging sectors of the Bangladesh economy, particularly in energy, gas and infrastructure development. Leaders of th Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) also urged the delegation of the British Bangladesh Chamber of Commerce (BBCC) to establish modern catering businesses, packaging firms and air cargo service for Bangladeshi products exported to the United Kingdom. The visiting delegation and FBCCI leaders were exchanging views at the FBCCI office in the capital. FBCCI President Annisul Huq said the global recession would not affect the Bangladesh economy and if delegation members invested in the country Bangladesh could achieve its targeted growth rate. Huq also invited the non-resident British entrepreneurs to work with local partners utilizing the country’s vast natural resources and highly motivated skilled and semi-skilled workforce. BBCC President Shahagir Bakth Faruk said in a speech that Bangladesh is moving forward with a group of people attaining the capacity to spend on up-market goods. Bakth also assured the Bangladeshis that members of the delegation would consider proposals to set up a catering industry and establish a cargo service between Dhaka and London. Article © AHN – All Rights Reserved
Cuomo Charges Intel With Anti-Trust Violations
Melvin Baker – AHN Reporter New York, NY (AHN) – New York Attorney General Andrew Cuomo sued computer chip maker Intel on Wednesday, accusing the computer chip maker of using payoffs and bullying tactics to keep business away from rival Advanced Micro Devices. The suit, filed in federal court, charges that Intel violated state and federal anti-monopoly laws “by engaging in a worldwide, systematic campaign of illegal conduct.” In a statement, Cuomo said Intel “used bribery and coercion to maintain a stranglehold on the market.” Cuomo accused the company of paying “rebates” amounting up to billions of dollars to computer makers so they would not use AMD chips in their products. The suit follows a $1.45 billion fine assessed against Intel by the European Commission in May for anti-trust violations. Intel has appealed the ruling. Intel chips are in about 80 percent of PCs and servers. Cuomo said the investigation was begun in January 2008 and involved millions of pages of documents and e-mails. Several dozen witnesses were interviewed. A spokesman for Intel said the company would contest the charges. Intel (NASDAQ: INTC) was up 1.7 percent at 2:41 p.m. Article © AHN – All Rights Reserved
Ohio Voters OK Casinos In Major Cities
Melvin Baker – AHN Reporter Columbus, OH (AHN) – The fifth time was a charm for gambling interests here after voters on Tuesday approved a measure to allow casinos in four cities. The measure was passed with 53 percent of the votes on promises by backers that 34,000 temporary and permanent jobs would be created in this state that has an unemployment rate of 10.8 percent. All four casinos will be built in about two years, predicted David Wilmott, president of Penn National Gaming Inc., which was a major backer of the measure. Even before the first bet is placed, casinos have already put millions of dollars into the state’s economy. Penn spent about $35 million pushing what was called the Ohio Jobs and Growth Plan. TruthPac, which was supported by Jeffrey Jacobs, the chairman of a rival gaming corporation, spent $6 million opposing it. Four previous attempts to introduce casinos dating back to 1990 were rejected by voters. The latest measure allows casinos to be built in Columbus, Cleveland, Cincinnati and Toledo. It was promoted as generating $643 million in annual tax revenue and $4 billion in economic impact. Penn (PENN) shares were up 7.6 percent to $28.19 at closing on the Nasdaq. Article © AHN – All Rights Reserved
Worlds Tallest Hotel to Open In DubaiÂ… Without Drinks
The Media Line Staff There will be no champagne at the grand opening of the world’s tallest hotel in Dubai next month. The Saudi Arabian Rotana Hotels Group plans to open the world’s tallest hotel by mid-December under its “Rayhaan” alcohol free brand in Dubai. The Rose Rayhaan hotel, set to stand 1092 feet and with 481 rooms, will be one of the world’s first major to be completely free of alcohol. Robert O’Hanlon, a Tourism, Hospitality and Leisure Partner at Deloitte in the Middle East, said the decision to make the hotel alcohol free was designed to attract more regional clients. “Given the region and the increasing extent to which people from Saudi Arabia and other non-alcoholic jurisdictions are tending to travel it is likely that the need for such hotels will continue to grow,” he told The Media Line. “It is expected that as global demand for quality conference and hotel accommodation returns to the global agenda, Dubai, with its large inventory of quality properties, will be well positioned.” O’Hanlon said. “The Middle East region continues to perform well on the global scale. Some [hotel] markets, such as Dubai, have more supply scheduled to come on stream than others, where there is currently a shortage.” Once opened the hotel will overtake the Burj al Arab as Dubai’s tallest hotel. The Burj al Arab, which boasts seven stars as compared to Rose Rayhaan’s four, is located on a small man-made island outside Dubai and has won numerous design awards. Since its establishment in 1992 Rotana has steadily grown from its first property opening in Abu Dhabi. Today, the company operates 68 hotels across the Middle East and North Africa, ranging from traditional establishments in the United Arab Emirates and Lebanon to a five star hotel in Khartoum, Sudan. Selim El Zyr, the President & CEO of Rotana, was named the most powerful hotelier in a recent regional business magazine survey. Article © AHN – All Rights Reserved
Abu Dhabi to spend $1 Trillion On Infrastructure
The Media Line Staff Abu Dhabi, the capital of the United Arab Emirates, is set to invest $1 trillion on various infrastructure projects in the city. The emirate, the world’s forth largest oil producer with some 10 percent of the worlds proven oil reserves, announced plans Monday to boost its infrastructure by building new power plants, a light rail network, new roads and housing. The $1 trillion sum represents approximately 17 percent of the national budget and, as a small comparison, could buy 833 of the newly commissioned USS New York warships or run the New York Metropolitan Transportation Authority for 90 years. “Its huge,” Yadullah Ijtehadi, Managing Editor of ABQ Zawya business news site, told The Media Line. “Abu Dhabi is now one of the few oasis’s of opportunity in a world where opportunities are hard to come by at the moment.” “I think they have been lacking behind in their infrastructure,” Ijtehadi said. “If you look at Abu Dhabi’s real estate market, there is a desperate shortage of housing, which is not the case in Dubai.” “Obviously they [Abu Dhabi] want to show that they are a powerhouse,” Ijtehadi added, “which is why they have gotten into such high profile assets such as buying [English soccer club] Manchester City and hosting Formula 1.” Over the weekend Abu Dhabi hosted the final race in this year’s Formula 1 season in the newly built Yas Marina circuit, built over three years at an estimated cost of $40 billion. “Its part of a package announcing to the world yes we are here, we are far more sound than Dubai and we are ready to spend some money,” Ijtehadi said. The two Emirates, Abu Dhabi and Dubai, are often seen as competitors for a place in the global spotlight. Both regions started out as nothing more than villages. Since oil was discovered by the British in the 1960, the path that each emirate has taken has been very different. While Dubai, with its smaller oil reserve, was the first emirate in the region to diversify its economy away from oil by investing in tourism, finance and real estate, Abu Dhabi, with its much larger oil reserves and a more religious population, did not set off until more recently. One example was the establishment of an airline. Emirates Airlines, based in Dubai, was founded in 1985 while Ethiad Airways, based in Abu Dhabi, only was setup in 2004. Article © AHN – All Rights Reserved
Bangladesh Urges D-8 Members To Implement Preferential Trade Agreement Fully
Siddique Islam – AHN Correspondent Dhaka, Bangladesh (AHN) – Bangladesh has urged the member-states of the Developing 8 Countries to take steps for full implementation of the Preferential Trade Agreement (PTA) to strengthen trade relations among the member countries. Foreign Minister of Bangladesh Dipu Moni made the call while delivering her statement at the 12th session of the D-8 Council of Ministers’ Meeting in Kuala Lumpur on Monday, according to a message received in the capital, Dhaka from the Malaysian capital. The minister urged the member states of the forum to authorize full implementation of the PTA to make best use of the complementary elements of the D-8 economies while recognizing the special needs of the least developed countries within the grouping. The foreign minister went to Kuala Lumpur on Sunday to attend the 12th Session of the D-8 Council of Ministers. The D-8 bloc decided on five priority areas of cooperation. Those were trade, agriculture and food security, industrial cooperation and small and medium entrepreneurs (SMEs), transportation, and energy and mineral resources. The Council of Ministers endorsed the identification of these priority areas of cooperation for D8. This prioritization is expected to provide focused impetus for the advancement of the D-8 process. While briefing the meeting on the severe negative impacts of climate change on Bangladesh and its development efforts, Moni urged the D-8 forum to take a common stand at the upcoming Copenhagen Conference. That includes calling for a predictable and easily accessible adaptation fund and upholding the principle of common but differentiated responsibility. Article © AHN – All Rights Reserved
Bangladesh’s Apex Trade Body Inks Deal With Meghalaya For Nursing College
Siddique Islam – AHN Correspondent Dhaka, Bangladesh (AHN) – The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), the country’s apex trade body, has signed a memorandum of understanding (MoU) with Meghalaya, a northeastern India state. A nursing training college with international standards will be established in Bangladesh under the MoU, according to a press release issued. Detailed reports outline how a seven-member delegation led by FBCCI President Annisul Huq visited Meghalaya, Guwahati and Kolkata on October 26-30. President of India-Bangladesh Chamber of Commerce and Industry Abdul Matlub Ahmad was also part of the delegation. During the visit, organized by the Indian Chamber of Commerce the delegation had meetings with the top officials from Meghalaya and Guwahati. They discussed infrastructure difficulties, banking problems and connectivity issues. The business leaders from both sides also discussed the possibility of forming of a task-force, consisting of FBCCI and other trade organizations to carry forward the issues of the region’s initiatives. During their visit the FBCCI delegation also met with the leaders of the Bengal National Chamber of Commerce and Industry (BNCCI) in Kolkata. FBCCI President Annisul Huq at the meeting with the BNCCI leaders emphasized the need for larger export from Bangladesh to India to reduce the huge trade gap between the two countries. Article © AHN – All Rights Reserved
