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DGEN up in initial trade

Posted by bangladesh

The key index of Dhaka Stock Exchange posted a 43.11 points gain around an hour into trading on the week's fourth business day on Wednesday.

The DGEN reached 4785.04 points or 0.91 percent higher around 11:25am.

Shares and mutual funds worth around Tk 618.30 million changed hands so far with prices of 178 issues advancing, 15 declining and 14 remaining unchanged.

The index reached its peak at 4787.24 points around 45 minutes into the day's trading.

The DGEN closed at 4741.93 points or 1.41 percent up on Tuesday with a turnover of around Tk 1.96 billion which was around Tk 1.31 billion less than Monday's.

The DSE ended Monday's trading around 179 points down while it gained around 121 points at the opening of the week's trading.

The key index lost 63.59 points or 1.33 percent during last week's trading with a daily average turnover of around Tk 1.93 billion which was around Tk 1 billion less than the week before.

Ruling MPs demand removal of HC judge

Posted by bangladesh

The ruling alliance MPs have asked the Chief Justice to remove Justice A H M Shamsuddin Chowdhury in three days for his comment against the Speaker or they have threatened to revive the constitutional provision to impeach judges.

Hours after Justice Chowdhury commented during court proceedings that the Speaker has 'committed a crime similar to sedition' by criticising a verdict of the High Court, the ruling alliance MPs blasted the judge in the parliament and asked the Chief Justice to constitute judicial council for his removal.

Minister without portfolio Suranjit Sengupta, while speaking in the parliament on Tuesday, gave three days to remove Justice Chowdhury.

"Otherwise, the Section 96 of the 1972 Constitution will be revived," he said.

The Parliament had the power to impeach judges following the Section 96 of the 1972 Constitution. Military ruler Ziaur Rahman amended the provision and vested the power to the Supreme Judicial Council. The President can ask the Chief Justice to constitute the Supreme Judicial Council, according to the Constitution.
On Tuesday's session the Workers Party MP Rashed Khan Menon raised the issue of Justice Chowdhury despite reservation of the Deputy Speaker, who was on the chair.

Then Suranjit, Tofail Ahmed and Sheikh Fazlul Karim Selim of Awami League, Mayeen Uddin Khan Badal of Jatiya Samajtantrik Dal and Mujibul Haque of Jatiya Party spoke on the issue and bitterly criticized Justice Chowdhury for his comment.

Other MPs, who were present in the House, were encouraging the speakers by thumping their tables when they were criticizing Justice Chowdhury or was mentioning the word 'impeach'.

Prime Minister Sheikh Hasina was in the House when the issue was raised, but she left as soon as the MPs started speaking on the issue.
Suranjit said, "I am drawing attention of the Chief Justice and I will say that he (Justice Chowdhury) has violated the Constitution. What was discussed in the Parliament that cannot judged. He has violated the Constitution by doing that. He cannot remain a justice anymore."

He urged the President Zillur Rahman and the Chief Justice Mohammad Muzammel Hossain to form Supreme Judicial Council to remove Justice Chowdhury.

"We'll wait for three days. We'll see whether the Chief Justice forms any Supreme Judicial Council. If he doesn't, we'll revive our right to save the sovereignty of parliament," Suranjit said.

"He who violates the Constitution should not be on that chair," he said.

"We have abandoned the right to impeach. But we can bring it back in five minutes," he added.

Tofail termed Justice Chowdhury 'sadist'. "He likes to insult others."

Calling Justice Chowdhury by his nickname 'Manik' Tofail said, "He is a lucky guy. Abdul Matin Khasru made him justice when he was the law minister. BNP did not confirm him. We confirmed him as High Court judge after we came to power this time."

"There is another one...Manzill Murshid. It seems that he has no other job to do. He reads newspapers, goes to Manik and gets rules issued," he said.

"He (Justice Chowdhury) punished a traffic police personnel by ordering him to perform sit-ups for not saluting him. This judge wanted a seat in the business class though he bought a third-class ticket," he added.

Earlier on the day, lawyer Manzill Murshid drew Justice Chowdhury's attention to newspaper reports on remarks of the Speaker when the court was dealing the petition of handing over a land occupied by the Sarak Bhaban under Communications Ministry.

The Speaker last week in Parliament criticised a High Court verdict over the ownership the land. In the verdict, the court ordered the Roads and Highways Department on May 29 to hand over the land to the Supreme Court, which the court said the original owner of the land.

Speaker Abdul Hamid then urged the court to reconsider the verdict and said people would stand against the judiciary if they get agitated with court verdict.

Criticising the Speaker, Justice Chowdhury on Tuesday said Hamid has instigated people against the Supreme Court and the government, which 'is a crime similar to sedition'.

Tuesday's discussion in Parliament on the issue started when Workers' Party MP Menon drew Deputy Speaker's attention on point of order. The Deputy Speaker, however, seemed unwilling to allow any discussion. "Nothing serious happened in Parliament so that you can raise point of order. The discussion can be held tomorrow," he said.

Menon said, "The Speaker did not ask anyone to stand against the court. He spoke about coordination among the administration, judiciary and parliament. So, such attitude towards the Speaker cannot be accepted."

The MPs shouted that they wanted to have a discussion.

Awami League MP Sheikh Selim said parliament should pass a motion seeking apology from Justice Chowdhury.

The Deputy Speaker said he would prefer a discussion on Wednesday as he knew nothing about the issue.

"There are news reports in the internet. We have copies. We are sending those to you," Selim replied.

JaSad MP Badal said, "Such signs were seen during the Pakistan period. It's a bad sign...when the government is trying to make everything right, they are being obstructed."

Jatiya Party's Mujibul said Justice Chowdhury had become a judge 'at the mercy' of the Awami League government. "He is mentally ill. He has no authority to go to court," he said.

He also demanded revival of the Section 96 of the 1972 Constitution to ensure accountability of the judges.

At the end of the discussion, Deputy Speaker Shawakat Ali said, "We'll take decision after talking with the Speaker."

Muhith to place Tk 1.9 trillion budget

Posted by bangladesh

The Finance Minister A M A Muhith is expected to place Tk 1.9 trillion budget in the parliament on Thursday prioritising power, roads and physical infrastructure for the next financial year.

Insiders say that a meeting with the Prime Minister on May 11 finalised the budget framework for the next fiscal with a deficit of five percent of the GDP. Finance Minister, Finance Ministry and National Board of Revenue officials involved with the budget process were present at the meeting.

Those familiar with the details say that the 2012-13 budget will look towards 'infusing dynamism into rural development, human resource development and a stronger welfare system' on the back of a Tk 550 billion annual development plan.

Non-development expenditure will be over Tk 350 billion.

Local government, power, primary education, health and family welfare will receive most of the development funds. These are also among the top five ministries in terms of total budgetary outlay, according to sources.

However, defence ministry will get highest allocation if development and non-development outlays together taken into consideration. Defence is expected to receive Tk 120.88 billion for the next fiscal.

According to sources involved with the budget process, subsidies on petroleum, power and agriculture will rack up the total figure to Tk 345.33 billion almost 20 percent of the total outlay. Development expenditures on the other hand will be almost a third of the outlay.

Just about three-fourths of the budgetary outlay will be financed through the government's revenues. Tax collection worth Tk 1.12 trillion will account for 80 percent of the total revenues next year.

Bank borrowing amounting to Tk 201 billion will cover almost 40 percent of the half trillion taka deficit. The remainder will be made up through foreign aid and other sources.

The finance minister will be targeting an inflation of 7.5 percent although it apparently spun out of control this year.

When considering individual ministries, energy and mineral resources, and industries will see their allocation almost double. Primary and mass education funds will increase by about 40 percent, roads by 33 percent, and rail and waterways will increase by about 25 percent each.

GDP

The Finance Minister in the coming budget is targeting a 7.2 percent GDP growth for the next fiscal. Bangladesh Bureau of Statistics (BBS) based on economic indicators of nine months (July-March) predicting GDP growth for the current year at 6.32 percent.

Digital budget

A media statement of the government said on Tuesday that the finance minister will place the budget using digital tools. All the budget documents will be released on the website after it is placed in the parliament.

The budget related information will be available on www.bangladesh.gov.bd, www.nbr-bd.org, www.plancomm.gov.bd, www.imed.gov.bd, www.bdpressinform.org, www.pmo.gov.bd,