Save tea industry in Bangladesh

Eminent economist Wahiduddin Mahmood on Thursday observed that the tea industry, which was once a booming sector, had become sick due to lack of research, modernisation, good management and lack of financial assistance. He urged the government to take necessary steps to save the country's moribund tea industry. Addressing a function on the occasion of launching a book, titled Cha Sramiker Katha [The Story of Tea Workers], edited by Philip Gain, Mahmood recalled that the tea industry had got a momentum in 1980s but later it started to become a sick sector. He stressed on using modern technology to revive the sick industry. The economist lamented that Bangladeshi workers were getting lower wages compared to that in other tea growing countries. He pointed out the maximum daily wage of a tea worker is only Tk 48 which is a pittance considering the price-hike of essentials. The minimum daily wage of tea worker is Tk 45. The rights of the tea workers were not ensured because of their exclusion from society which has a legacy of slavery and colonialism, Mahmood said. 'Trade union rights of the tea workers should be ensured to stop unethical exploitation by the owners of tea the estates,' he said.\ Society for Environment and Human Development organised the book launching programme at the National Press Club in the city. Chaired by SEHD Chairman Shakhawat Ali Khan, the function was addressed by, among others, coordinator of Nijera Kori Khushi Kabir, former chairman of international relations department of Dhaka University Amena Mohsin, Chairman of Minimum Wage Board Ikteder Ahmed, member of Bangladesh Tea Association M Shah Alam, tea worker leaders Tapon Dutta and Ranbhajan Koiri. Speaking on the occasion, Khushi Kabir said the respective garden owners and the government should come forward with initiatives to ensure fair wages for the tea workers.

Toyota Motor has recalled more car

Toyota Motor has recalled around 2.3 million vehicles in the United States to fix a problem with their accelerator pedals, the company's US division announced on Thursday. The company said the recall was to correct accelerator pedals on specific Toyota models that could "in rare instances, mechanically stick in a partially depressed position or return slowly to the idle position." The action was separate to an ongoing recall of approximately 4.2 million Toyota and Lexus vehicles that was begun last year due to a risk that loose driver-side floor mats could slip forward and jam the pedals, it said. "In recent months, Toyota has investigated isolated reports of sticking accelerator pedal mechanisms in certain vehicles without the presence of floor mats," Irv Miller, vice president of Toyota Motor Sales USA, said in a statement. "Our investigation indicates that there is a possibility that certain accelerator pedal mechanisms may, in rare instances, mechanically stick in a partially depressed position or return slowly to the idle position," he added.

Gold price fall

Gold prices on Thursday fell towards $1 ,100 ( Dh4 ,040) an ounce in Europe on Thursday as the dollar's rise to a five-month high versus the euro curbed buying of the precious metal as an alternative asset. Spot gold was bid at $1 , 103.65 an ounce at 1031 GMT, against $1 , 111.10 late in New York on Wednesday. US gold futures for February delivery on the Comex division of the New York Mercantile Exchange fell $8.60 to $1 , 104.00. The dollar yesterday hit a five-month high versus the euro as investors spooked by concerns over Greece's rising debt sold the single currency. Tobias Merath, head of commodities research at Credit Suisse, said while the strong dollar was negative, falling bond yields in the United States, which made gold a more attractive alternative asset, were supporting the metal. "Bond yields in US have been coming down, and this is a positive factor for gold because gold is a non-yielding asset," he said. "We have had two diverging factors at work - the dollar strengthening, but yields falling because of the risk aversion/bond rally." The euro extended losses after a reading of the euro zone purchasing managers' index missed consensus. Strength in the dollar versus the euro curbs gold's appeal as an alternative asset and makes dollar-priced commodities more expensive for holders of other currencies. "Bullion should continue trading against the US currency, tracking the broader market," VTB Capital said in a note. "We see our key support holding at $1 ,090 in case we lose more ground." On the wider markets, oil prices were steady, supported by strong Chinese growth data. Asian stocks fell as investors worried China would take more measures to temper growth after its fastest quarterly growth in two years, and European shares were flat. In India, historically the world's largest consumer of gold, traders continued to buy as prices hit new two-week lows.

Iran gas deal with Azerbaijan

An Iranian official said that Tehran is planning to finalize the contract of long-term gas imports from Azerbaijan, the local English language Press TV reported on Thursday. Iran and Azerbaijan will finalize a long-term contract for Azerbaijani gas supplies within the next three months, Head of National Iranian Gas Export Company (NIGEC) Seyed Reza Kasayeezadeh was quoted as saying. Currently, Iran has a short-term gas supply deal with its northern neighbor which will run out in April this year. On January 13 , Iran struck a short-term agreement to import some 500 million cubic meters of gas per day from neighboring Azerbaijan. The import is aimed to meet the needs of its northern regions which are a long way from the country's own gas fields in the south. "Iran expects to ink another contract to increase the amount of imported gas from Azerbaijan to 2 billion cubic meters per day," Kasayeezadeh said on Wednesday. Azerbaijan and Iran are connected by the Kazi Magomed - Astara gas pipeline, 1 ,474.5 km long. Its capacity is about 10 billion cubic meters per year.

Google profit rise

Google on Thursday posted a five-fold rise in quarterly net profit to 1.97 billion dollars as the Internet giant turned its back on the fiscal crisis and faced off with Chinese censors. Google said fourth-quarter revenue climbed 17 percent to 6.67 billion dollars and that it finished 2009 with its net profit up 54 percent to 6.52 billion dollars. "Given that the global economy is still in the early days of recovery, this was an extraordinary end to the year," Google chief executive Eric Schmidt said. Schmidt credited Google's management team, innovative talent, and business model as building blocks for the stellar final months of 2009. "As we enter 2010 , we remain hugely optimistic about the Internet and are continuing to invest heavily in technological innovation for the benefit not only of our users and customers, but also the wider Web," Schmidt said. In what could be good news for the economy and bode well for other Internet companies, Google saw a 13- percent increase in "paid clicks" on ads posted at its online properties. While Google tightly managed its budget through the economic meltdown, it feels the time is ripe to acquire promising new companies or technologies, according to executives.