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Jamuna Oil sold off its 1.58.200 shares on debut

Bangladesh state-owned oil marketing company Jamuna Oil increased about 95 times from its face value on debut Wednesday.

Bangladesh state-owned oil marketing company Jamuna Oil increased about 95 times from its face value on debut Wednesday. "It is the reflection of over-enthusiastic investors for the SoE's shares," said Yawer Sayeed, managing director and chief executive officer of the Aims of Bangladesh. The price level was irrational, he said adding that "We, however, welcome the entry of the SoE in the capital market."

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Cheap Rice for Bangladesh Workers

The government in Bangladesh has decided to cut the price of rice by as much as 15 percent for millions of garment workers in the country.

The government in Bangladesh has decided to cut the price of rice by as much as 15 percent for millions of garment workers in the country. The global economic crisis has dwindled the demand for the country's number one export, creating a surplus in the supply of the good. Selling it at a lower cost will not only ensure that inventories don't accumulate and eventually go to waste, but it also helps the financial situation of millions of workers who make less than $1 a day.

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DSE Index Back Above 2600-mark as Stocks Rally

The Dhaka Stock Exchange (DSE) rallied passed the 2600-mark as stocks continued to rally for the second-straight day.

The Dhaka Stock Exchange (DSE) rallied passed the 2600-mark as stocks continued to rally for the second-straight day. The DSE closed at 2604.72 with a gain of 30.24 points. The rally has been accredited to various measures led by the government - in particular state-owned financial institutions- in order to boost the confidence of investors. This news comes despite eight of the top ten gainers coming from the Z-category. Despite majority of the top-gainers coming from the Z-category overall the DSE General Index saw 179 out of 268 traded companies gain, whilst 83 declined and six remained unchanged.

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Bangladesh: Govt to Take Steps For Improving Communication System

Bangladesh's Communication minister has announced plans to improve the country's communication system in an effort to further expand trace and commerce within the country.

Bangladesh's Communication minister has announced plans to improve the country's communication system in an effort to further expand trace and commerce within the country. The minister further stated that while seeking to improve economic relations with India, Bangladesh realized the need for development of road and rail communications between the two countries. Projects to ameliorate transportation infrastructure between the two countries will also be included in the Ministry's future plans.

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US Fund Invests $67m in Bangladesh

Bangladesh's second biggest drug maker, Beximco Pharmaceutical, has received a $67 million investment from a US equity fund to boost production and exports.

Bangladesh's second biggest drug maker, Beximco Pharmaceutical, has received a $67 million investment from a US equity fund to boost production and exports. The investment marks the largest investment ever for Bangladesh's booming pharmaceutical sector. Beximco Pharmaceutical vice-chairman said, "The investment by a US fund reflects the tremendous confidence shown by foreign investors in the Bangladesh market."

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Asia Pharma Expo-2009 kicks off in Bangladesh's capital

The 2009 Asia Pharma Expo has begun in the capital of Bangladesh, Dhaka.

The 2009 Asia Pharma Expo has begun in the capital of Bangladesh, Dhaka. The annual event is held for world class pharmaceutical companies to display their products on a global stage. Nazmul Hassan, Secretary general of Bangladesh Association of Pharmaceutical Industry, has said "it is an event where all pharma sector insiders from across the world are invited to participate to share knowledge to further promote their position in global market." The event is a three day function attracting more than 400 pharmaceutical companies from 32 different countries. It is expected that over 8000 pharmaceutical professionals from around the globe will attend the event which will wrap up on Saturday.

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Bangladesh Hires Company to Design US$ 1.8 Billion Padma Bridge Project

Bangladesh's newly appointed cabinet has approved a firm to begin designing the Padma Bridge.

Bangladesh's newly appointed cabinet has approved a firm to begin designing the Padma Bridge. The design process is to start as the cabinet met in its first meeting on Monday. The estimated cost of the bridge is upwards of US$1.8 billion. This comes as another move to improve infrastructure within the nation. The firm that has won the designing project says designing alone will cost nearly US$ 20.3 million. The bridge is to be 6.01Km spanning from Mawa to Jaira across the massive Padma River. International lenders are to fund to project including Asian Development Bank, World Bank, Islamic Development Bank and the Japan Bank for International Cooperation.

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Bangladesh on Track to Hit Growth Target- Central Bank Chief

Bangladesh is back on track to reach a 6.5 percent economic growth rate as rising confidence has arisen from greater political stability and a promising crop forecast.

Bangladesh is back on track to reach a 6.5 percent economic growth rate as rising confidence has arisen from greater political stability and a promising crop forecast. The government initially stated that the economy could grow as little as 4.8 percent, however immediately revoked such statements. "The country is now poised to achieve 6.5 percent annual growth as envisaged in the current year's budget announced in June 2008," central bank governor Salehuddin Ahmed told reporters at his office on Wednesday. Later this was also revised and a growth rate of 6.2 percent was announced to be more likely taken into account the likely impact of the global financial crisis. Bangladesh, with a population of over 150 million people and the most densely populated country on the planet, produced similar growth rates during the previous fiscal year. This current year has begun with optimism as the country's "fairest elections in history" have allowed for what should be a relatively stable government after a long period of being guided by the caretaker government. Furthermore, the nation's agricultural crops will provied for a tremendous harvest, putting to rest issues of food security, in the short term at least.

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Swedish Hedge Fund to Invest in Bangladesh

Brummer & Partners, a Swedish hedge fund manager, has announced its plans to invest in Bangladesh stocks and private-equity investments.

Brummer & Partners, a Swedish hedge fund manager, has announced its plans to invest in Bangladesh stocks and private-equity investments. The company plans to grow the fund from $53 million to $500 million in the next five years. Brummer & Partners believe that Bangladesh might become one of the fastest growing economies in the region due to its large labor force and proximity to India and China.

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Bangladesh and Burma in Oil Row

Bangladesh sent diplomats to Myanmar in order to resolve a territorial dispute between both countries over the Bay of Bengal.

Bangladesh sent diplomats to Myanmar in order to resolve a territorial dispute between both countries over the Bay of Bengal. The bay is rich with natural resources including oil and natural gas, making it hard for either of these poor nations to back down easily.

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WB to Provide Bangladesh with $130m to Help Food Price-Hit Poor

The world bank has announced that it will provide a Us$130 million credit to Bangladesh in order to alleviate the pressure on the country's current budget.

The World Bank has announced that it will provide a Us$130 million credit to Bangladesh in order to alleviate the pressure on the country's current budget. Bangladesh's economy has been suffering from high food prices which has resulted in a 3% increase on the country's poverty rate. With the help of the World Bank, Bangladesh will be able to assist poor families and continue its social protection programs.

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