Dhaka, Apr 10 (UNB) - Investcorp, a global manager of alternative investment products for private and institutional clients, wants to invest in Bangladesh’s several sectors, particularly technology, consumer products and infrastructure.
Its Executive Chairman Mohammed Alardhi expressed the interest at a press conference at a city hotel on Wednesday.
Alardhi came to Dhaka as part their annual Asia Roadshow which allows them to visit countries and economies that support their expansion into Asian markets.
He said the annual Asia Roadshow is focused on strengthening existing connections and fostering new ones. “We work particularly with private equity, real estate, absolute returns investment, credit management and infrastructure.”
“Bangladesh has experienced impressive economic growth over the past five years and offers an array of opportunities across multiple sectors….we’re looking forward to exploring and evaluating opportunities in this country, which has hosted us so warmly,” he Alardhi said.
Mentioning that they work in Bahrain, New York, London, Abu Dhabi, Riyadh, Doha, Mumbai and Singapore, Investcorp executive chairman said they are reinforcing their commitment to their Asian friends and will continue to offer more global opportunities to diversify investments and grow businesses.
Since its inception in 1982, Investcorp has made over 185 Private Equity deals in the US, Europe, the Middle East and North Africa region and Asia, across a range of sectors including retail and consumer products, technology, business services and industrials, and more than 600 commercial and residential real estate investments in the US and Europe, for in excess of US $59 billion in transaction value.
Dhaka, Apr 10 (UNB) – Citibank, NA, Bangladesh recently hosted the “China Day Event” underlining its commitment to support Chinese clients operating in Bangladesh.
Chinese embassy’s Economic Counsellor Li Guangjun, clients and regional and cluster seniors from Citi, attended the event.
Delivering the opening remarks, James Morrow, Citi Sub-Cluster Head, for Bangladesh and Sri Lanka, outlined Citi's focus on serving Chinese clients and connectivity with the Belt and Road (BRI) initiative.
“The Belt and Road is a very ambitious plan that holds the potential to support the development of many countries. It is a truly transnational in scope covering over 120 countries, home to 65% of the world’s population and 41 % of GDP,” he said.
“Citi, with its worldwide network, is in over half of these markets and is perfectly positioned to act as a partner,” he added.
N Rajashekaran, Managing Director and Citi Country Officer, Bangladesh, said: “We’re banking many of Asia’s corporate champions and major MNCs. With a global network and in-depth local market knowledge, we’re uniquely positioned to advise our clients as they think through this evolutionary process and the potential future optimisation of their operations and supply chains.”
Shams Zaman, Bangladesh Head of Corporate and Investment Banking, said, “With our local expertise and long-standing relationships with clients and regulators along the Belt and Road, it places Citi in an excellent position to be the partner of choice for clients as they move forward on the BRI”.
An overview of Citi’s capabilities across the Belt and Road, from areas such as Corporate and Investment Banking, Treasury and Trade, Securities Services and FX Solutions were covered during the event.
The event was also attended by Beibei Li, Citi Global Head of BRI; April Zhou, representative , Citi South Asia China Desk; Jamie Wang, representative Citi Greater China Desk and Wang Huan, representative, Citi Asia Pacific Product Sales China Desk.
Tokyo, Apr 10 (AP/UNB) — Asian shares fell Wednesday following a slide on Wall Street amid growing tensions between the U.S. and the European Union and a dim forecast on global economic growth.
Japan's benchmark Nikkei 225 dropped nearly 0.8% in morning trading to 21,635.16. Australia's S&P/ASX 200 slipped nearly 0.1% to 6,217.30. South Korea's Kospi lost 0.2 % at 2,209.21. Hong Kong's Hang Seng shed 0.8% to 29,925.15, while the Shanghai Composite was down nearly 0.9 percent at 3,211.36.
On Wall Street, the S&P 500 index fell 17.57 points, or 0.6%, to 2,878.20. The Dow Jones Industrial Average dropped 190.44 points, or 0.7%, to 26,150.58. The Nasdaq composite slid 44.61 points, or 0.6%, to 7,909.28. The Russell 2000 index of small-cap stocks gave up 19.32 points, or 1.2%, or 1,559.68.
European indexes also finished broadly lower, giving up early gains, after the U.S. threatened to impose $11.2 billion in tariffs on European products, including cheese, wine and helicopters.
The threat from President Donald Trump could make investors even more concerned about trade disputes hurting an already slowing global economy at a time when the U.S. is trying to resolve a trade conflict with China.
That spat has already made a list of goods more expensive for consumers and is weighing on an already slowing Chinese economy. Negotiators met again last week and both sides have said they are making progress.
Traders also were disappointed to see that the International Monetary Fund lowered its forecast for global growth this year. The IMF now projects 3.3% global growth in 2019, matching the weakest year since 2009. The U.S. fared particularly poorly in the report, with growth now expected at 2.3%, down from 2.9% in 2018.
Investors will get more clues about the Fed's intentions Wednesday, when the central bank releases minutes from its latest policy meeting. The European Central Bank will also meet Wednesday.
"Amid the sporing of growth and trade tension concerns once again, sentiments in Asia markets have once again been undermined," said Jingyi Pan, market strategist at IG in Singapore.
Benchmark U.S. crude rose 11 cents to $64.09. It fell 0.7% to settle at $63.98 a barrel Tuesday. Brent crude added 4 cents to $70.65 a barrel.
CURRENCIES: The dollar fell to 111.14 yen from 111.28 yen Tuesday. The euro inched down to $1.1257 from $1.1277.
Dhaka, Apr 9 (UNB)- United Commercial Bank Limited (UCB) Cardholders will enjoy special benefits on room charge, laboratory, x-ray, medicine, dental treatment etc at Bangkok Hospital.
UCB has signed an agreement with Life and Health Limited, Bangladesh liaison office of Bangkok Hospital at the premises of the bank recently, said a press release on Tuesday.
Mohammed Shawkat Jamil, Managing Director and Chief Executive Officer of United Commercial Bank Limited and Dr Nilanjon Sen, Managing Director of Life and Health Limited have signed the agreement on behalf of their respective organizations.
Nabil Mustafizur Rahman, Deputy Managing Director, Nehal A Huda, FVP & Head of Cards, Dr Enamul Haque, Deputy Managing Director, Kazi Sharhan Saif, Executive Director along with other senior officials of both the organizations were present at the event.
Jakarta, Apr 8 (AP/UNB) — More families of victims of the Lion Air crash in Indonesia are suing Boeing Co. after its chief executive apologized and said a software update for the MAX 8 jet would prevent further disasters.
Family members and lawyers said Monday that CEO Dennis Muilenburg's comment related to an automated flight system in a video statement last week was an admission that helps their cases.
The anti-stall system is suspected as a cause of the Lion Air crash in October and an Ethiopian Airlines crash in March that also involved a MAX 8 jet. The two crashes killed a total of 346 people.
Preliminary reports into both crashes found that faulty sensor readings erroneously triggered the anti-stall system that pushed the plane's nose down. Pilots of each plane struggled in vain to regain control.
Families of 11 Lion Air victims said at a news conference organized by Jakarta law firm Kailimang & Ponto that they are joining dozens of other Indonesian families in filing lawsuits against Boeing.
"Boeing's CEO explicitly apologized to 346 passenger families," said Merdian Agustin, whose husband died in the crash. "We hope this is good momentum to have compensation rights."
Agustin, the mother of three children, said that she and dozens of other families have not received 1.2 billion rupiah ($85,000) compensation they are entitled to in Indonesia because they refused to sign a "release and discharge" document that extinguishes their right to sue Lion Air, Boeing or their subsidiaries.
"We refused to sign such a document containing statements that are treating our loved ones like lost baggage," Agustin said. "It's ridiculous and hurts us."
Lawyer Michael Indrajana said that since the crash, families in Indonesia have faced a complicated and painful process against Boeing and Lion Air in their battle to get compensation.
He said the Boeing CEO's statement shows the airline is now acknowledging responsibility.
"No amount of money can bring their loved ones back," he said. "We want to fight for the orphans, so they have the opportunity to get a better future."