Shrimp export resume from Bangladesh

Exports of freshwater shrimp, the country's second-biggest foreign-currency earner, to the European Union (EU) resumes tomorrow after six months' suspension since last June following a perceived act of disservice. On detection of health-hazardous antibiotic Nitrofuran in the exported shrimps in January 2009 , the importers cancelled over 50 consignments of lobsters bound for Europe. As a result, exports of the frozen shrimps had remained suspended, creating a crisis in the sector. The government decided on resumption of the exports of this important item of frozen foods after receiving the "green light" from the EU. Bangladesh Frozen Foods Exporters' Association sources said some consignments of shrimp were sent back from the EU after the detection of Nitrofuran in them. In this situation, the government had suspended the shrimp export to the EU for six months on request from the association to tackle the exigencies. "The move on halting exports came as a pre- emptive measure to avoid any sanctions by the EU," said an official of the association. Meanwhile, the government informed the EU that Bangladesh would resume the shrimp exports as it has taken all measures to make it Nitrofuran-free. Now, freshwater shrimps worth Tk 300 crore have been prepared here for export. Bangladesh earned Tk 414.34 crore in shrimp exports last fiscal year, with Tk 300 crore from the EU domain.

Commodities market good start

Commodities enjoyed a bright start to 2010 , with oil bouncing above 83 dollars and sugar striking a 29- year high as traders eyed recovery hopes despite poor US jobs data. "We have been highlighting for some time that there is still considerable upside risk to commodity prices in early 2010 ," said Barclays Capital analyst Kevin Norrish in a research note to clients. OIL: Oil begun 2010 with a bang on Monday, soaring by more than two dollars as freezing temperatures spread. Reports that Russia had cut supplies to Belarus also helped push prices higher but officials in Belarus later denied the reports. Oil jumped by around 80 percent in 2009 as traders were heartened by evidence that the battered global economy was on the mend, with the eurozone, Japan and the United States escaping a fierce recession. By late Friday, New York's main futures contract, light sweet crude for delivery in February, rallied to 82.22 dollars a barrel from 79.36 dollars on Thursday of the previous week. PRECIOUS METALS: Platinum and palladium prices soared to equal recent highs after the US launch of exchange traded funds (ETFs) for both metals. Platinum rallied as high as 1 ,578 dollars per ounce, the best level since August 2008 while palladium hit 434.25 dollars an ounce, the best since July that year. By Friday on the London Bullion Market, gold rose to 1 , 126.75 dollars an ounce, from 1 ,104 dollars the previous Thursday before the New Year holiday break. Silver soared to 18.12 dollars an ounce from 16. 99 dollars. SUGAR: Sugar prices scaled 29- year highs, lifted by predictions of lower output in emerging economic giant India. On Thursday, unrefined sugar hit 28.95 US cents a pound, the highest level since January 1981. "Downgrades to forecasts of Indian production after a weak first three months of the 2009-10 season are buoying prices, signalling the need for higher imports," said Barclays Capital analysts. The commodity more than doubled in value last year owing to tight supplies and keen demand. By Friday on the New York Board of Trade ( NYBOT), the price of unrefined sugar for March rose to 28.14 US cents a pound from 27.24 cents on Thursday of the previous week. GRAINS AND SOYA: Grains and soya prices diverged in subdued trade. "The funds have been buying but not as aggressively as expected," noted US Commodities analyst Jason Roose. By Friday on the Chicago Board of Trade, maize for delivery in March firmed to 4.18 dollars a bushel from 4.14 dollars on Thursday of the previous week. March-dated soyabean meal -- used in animal feed -- fell to 10.21 dollars from 10.48 dollars. Wheat for March rose to 5.58 dollars a bushel from 5.41 dollars.

Samsung makes 35 million LCD TV

Samsung Electronics, the world's top TV maker, has said it aims to boost its LCD TV sales to 35 million units this year, which it said would be driven by LCD TVs backlit by light-emitting diodes. Samsung earlier said it targets 10 million units of LED LCD TVs. The company also said Thursday it will seek to sell 4 million units of PDP TVs to narrow the gap with Panasonic. Samsung plans to roll out a variety of LED LCD TV models to cement its dominance in the fast- growing market segment. Samsung's planned LED TV models include ones that feature 3- D functions which is expected to be the hottest TV trend this year, along with LED backlights. Samsung Electronics also said it agreed to partner with Dreamworks to deliver the Hollywood studio's 3- D movies on Samsung Tvs.

Nokia ask to mobile developer to see poor people

Nokia chief executive Olli-Pekka Kallasvuo praised the mobile phone on Friday as a history- changing tool and challenged developers to create programs for poor countries. "These little devices have done more to improve people's lives than perhaps any technology in history," the head of the Finnish mobile phone giant said in a keynote address at the Consumer Electronics Show (CES) here. The Nokia CEO said relatively cheap mobile phones had done much to improve the lives of people in developing nations. "Here is the Nokia 1616 , nothing to get too excited about," he said. "(But) it includes a built- in flashlight, a dust resistant keypad, an FM radio, a speaking alarm clock. "Farmers in India and Indonesia can use it to get the latest information on crops," Kallasvuo said. " The mobile device has become a necessity for upward mobility. "For the majority of the world's people, their first and only access to the Internet will be through a mobile device -- not a PC," he said. " And this access is spreading very, very fast."

Asian share market rise

Asian shares were higher Friday, lifted by gains on Wall Street as Japanese exporters were boosted by a lower yen in the wake of remarks by Japan's new finance minister. In Tokyo the Nikkei was up 0.67 percent by the break after hitting an intra-day high of 10 ,816. 45 , the strongest since October 6 , 2008. Sydney gained 0.60 percent with the S&P/ ASX200 hitting 4 ,928.9 at noon, the highest for 15 months. Hong Kong was up 0.18 percent in morning trade while Singapore lifted 0.22 percent. In Japan, exporters such as Toyota and Sony were boosted by a weaker yen after Kan said he would like to see the currency decline further. Bucking the trend in Tokyo, Japan Airlines plunged more than 10 percent as fears grew that it will be forced to file for bankruptcy. Elsewhere, Chinese shares fell 0.52 percent on a selloff in metal companies after a drop in metal prices overnight. Seoul was 0.31 percent lower after the central bank held interest rates steady for the 11 th consecutive month. The dollar moved higher overnight following Kan's comments. The euro fell to 1.4318 dollars from 1.4406 in New York late on Wednesday. The dollar jumped to 93.25 yen from 92.27 yen. Crude oil prices were lower in Asian trade after overnight falls. New York's main futures contract, light sweet crude for February delivery, shed 30 cents to 82.36 dollars a barrel. Brent North Sea crude for February dropped 45 cents to 81.06 dollars. Hong Kong gold opened lower on Friday at 1 ,124. 50-1 , 125.50 US dollars an ounce, down from Thursday's close of 1 , 133.00-1 , 134.00 dollars.