In BANGLADESH Western Union adds two agents

Western Union announced the signup of two new Principal Agents -
Dhaka Bank and Mercantile Bank--to offer the Western Union Money
Transfer service in Bangladesh recently. "We are proud to welcome
Dhaka Bank and Mercantile Bank to the Western Union Agent network.
These new additions will help us better serve more than 6.5 million
Bangladeshis staying outside the country," said Anil Kapur, senior
vice president for South and South East Asia of Western Union. With
its two new sub agents, Padakkhep and PAGE--the two non-governmental
organisations-- Dhaka Bank now adds 200 new agent locations, in
addition to its own 41 branches, to the Western Union network.
Mercantile Bank along with its sub agents will add a total of 125
new Western Union agent locations across Bangladesh, with an own
branch network of 42 branches and three service centres.

British joblessness hits 14- year high

Britain's recession-hit economy took another beating on Wednesday as
official data showed that the labour market was in its worst state
for 14 years, with companies slashing jobs to save cash. The number
of unemployed climbed by 210 ,000 to 2.47 million people in the
three months to July -- the highest level since May 1995 -- despite
tentative signs of economic recovery. And the unemployment rate rose
to 7.9 percent in the three months to July, hitting the highest
level since November 1996 , according to data released by the Office
for National Statistics ( ONS). News of worsening labour market data
comes despite growing expectations that Britain could soon follow
France, Germany and Japan out of a deep recession that was sparked by
the global financial crisis. "While the UK economy may now be growing
again, the latest labour market figures showed little sign of
improvement," said Vicky Redwood, economist at Capital Economics.
"Even if the recession is over, it will continue to feel like one for
many people for a long time yet." However, other analysts sought
solace from the fact that the pace of losses was receding.

KL manufacturing down 22.4 pc

Malaysia's manufacturing sales, a key driver of the economy, sank
22.4 percent year-on-year in July, official data showed Thursday.
The government's statistic department attributed the sharp fall to
the poor performance of the iron and steel sector as well as the
computer industry, amid lower demand due to the global economic
slowdown. The number of people employed in the manufacturing sector,
which accounts for about a third of Malaysia's gross domestic
product, dropped 7.4 percent from the same period a year ago, the
department said. Revised June manufacturing figures showed sales
plunged 25.3 percent year-on-year. The government has said the
export-dependent economy is likely to contract by 4.0-5.0 percent
this year due to the drop-off in exports and manufacturing.

Foregin direct investment sets new record in BANGLADESH

Bangladesh ranks third among the Sough Asian countries in foreign
direct investment (FDI) inflow list for 2008. The country received
$1.09 billion in the year. This is for the first time the country
crossed the billion-dollar-mark in terms of FDI inflow, according to
the World Investment Report (WIR) 2009 , released globally yesterday.
The WIR 2009 shows that Bangladesh received 63 percent more FDI in
2008 than that of 2007. FDI inflow was $666.3 million in 2007.
Prepared by United Nations Conference on Trade and Development
(UNCTAD), the report subtitled "Trans-national Cooperation,
Agricultural Production and Development" was released by the Board of
Investment (BoI) in Bangladesh yesterday. In 2008 India received
$41.56 billion FDI and Pakistan $5.4 billion, making them top two
FDI receiving countries in the area. India ranked 13 th globally,
while the global ranking for Bangladesh was not available. Despite a
worldwide financial crisis, India, Bangladesh, Sri Lanka and
Afghanistan have made significant progress in receiving FDI. But FDI
inflow in Pakistan, Nepal and Bhutan declined during the time, while
it remained static in the Maldives at $15 million both in 2007 and
2008 , the report says. "The rise in FDI shows that investors prefer
Bangladesh for their business," SA Samad, executive chairman of BoI,
told journalists at the report launching programme. Samad however
termed the FDI inflow in the country 'very low' compared to the
position of other countries. He said small countries like Taiwan and
Singapore received a huge amount of FDI for congenial business
environment and adequate infrastructure facilities. "We are among the
worst performers in the global ranking," said the BoI executive
chairman. He said gas, power and infrastructure are some of the
lucrative areas that interest the foreign investors. He also stressed
infrastructure development, and branding Bangladesh positively to
attract more FDI. According to the report, telecommunication sector
performed the best in 2008 receiving $ 641.39 million, which was $
201.90 million in the previous year. Textiles and weaving pulled in
$ 126.36 in 2008 , while the amount was $ 102.35 million in 2007.
Banking, the third largest FDI recipient, attracted $ 141.76
million, which was $79.96 million in 2007. Food industry received
$22.89 million in 2008 , agriculture and fisheries $14.43 million
and others $139.5 million, while the figures were $9. 84 million,
$7.33 million and $ 264.99 million respectively in 2007. Egypt
emerged as the top investor in 2008 with $373.4 million as its
telecom company Orascom invested heavily in Bangladesh's mobile phone
operator Banglalink. The second largest investor was UK with $ 130.57
million. Bangladesh received $ 102.19 million from the United Arab
Emirates, $70.72 million from Malaysia, $57.15 million from Japan
and $44.64 million from South Korea in the period. The United
States, Hong Kong, Norway and the Netherlands were the other major
investors in 2008. BoI officials at the function said a total of 89
foreign companies registered themselves with the BoI in the first
eight months of 2008 till August to invest Tk 4 ,161 crore, while
registration in the same period of 2007 was worth Tk 4 ,668 crore.
Dr M Ismail Hossain, professor of economics at Jahangirnagar
University, presented the report, while Abu Reza Khan, executive
member of BoI, also spoke among others.

Japan maintains stimulative policy

Japan's central bank said Thursday the world's number two economy was
showing signs of a recovery, as it maintained its stimulative
measures aimed at battling the worst slump in decades. The Bank of
Japan left its key interest rate unchanged at 0.1 percent in a
unanimous decision by the eight-member policy board, it said in a
statement. The Bank has been fighting a severe recession with
super-low interest rates and a policy of buying up corporate debt to
keep credit flowing to firms during the financial crisis. "Japan's
economic conditions are showing signs of recovery," the BoJ statement
said. "Public investment is increasing, and exports and production
are also increasing." "On the other hand, business fixed investment is
declining mainly reflecting weak corporate profits," it added.
Private consumption "remains generally weak amid the worsening
employment and income situation." The comments were slightly more
upbeat than the BoJ's statement last month that economic conditions
had "stopped worsening." Japan's economy returned to positive growth
in April-June, limping out of a year-long recession, but exports and
factory output remain much lower than before the economic crisis and
unemployment is at a post-war high. Deflation has also deepened with
core consumer prices dropping 2.2 percent in July from a year
earlier.