BANGLADESH

The government has decided to review Detailed Area Plan (DAP) for Dhaka in order to safeguard around 200,000 small and medium enterprises grown in the capital city.

"The government will take firm steps to implement the corrected DAP after review," State Minister for Housing and Public Works Abdul Mannan Khan said in an interview with bdnews24.com and a TV station.

The committee to review DAP would sit within a month, he said and added that the next step would be taken following proposals by the panel led by Local Government and Rural Development Minister Syed Ashraful Islam.

"The government created DAP to make Dhaka metropolis fit to live. It has some inconsistencies. The government has moved to correct these considering the reality," he added.

The then government made Dhaka Metropolitan Development Plan (DMDP) in 1995 following the master plan adopted in 1992. Later, the step to make DAP was taken in 1996. Eventually, the government gazetted DAP in July 2010.

Khan said DAP was made to protect and develop Dhaka, a city that gets water-logged and lives with the risk of disasters, following a proposal by a panel headed by Dr Jamilur Reza Chowdhury.

"DAP could not be implemented because of our tendency to violate laws. As a result, Dhaka gets water-logged even after a little bit of rain. We've taken steps to resolve the situation by removing inconsistencies in DAP," he said.

He dismissed the suggestion that the decision to review DAP meant that the government had budged on its firm stance. "The step has been taken in light of reality."

"Many people have raised important constructions by filling up water bodies to make quick money. Many industries have also been built. Many other structures have been raised centring the industries.

"We've taken the step to check how profitable it will be to bulldoze these structures," he said.

"Decisions will be made, if needed, after discussions on an alternative proposal to protect Dhaka City," he added.

"Those who have filled up water bodies are human beings. Aren't they?" the minister asked.

"They will help, too, to meet the need of their next generations," he said.

In the biggest-ever foreign direct investment in Bangladesh, Chevron Corp on Monday announced to invest about $ 500 million more in the over $ 1 billion project to raise output from Bibiyana gas field amid growing demand.

Chevron Bangladesh President Geoff Strong made the announcement on his company pumping in more money at Ruposhi Bangla Hotel in the afternoon.

Chevron-maintained gas field contributes half (1.1 billion CF) of the total daily gas production of Bangladesh. The contribution will raise by 300 million CF once the expansion project in implemented by 2014.

The American multinational said the fresh investment was to raise its natural gas production in Bangladesh by more than a quarter in 2014.

The investment means Chevron remains the largest natural gas producer in Bangladesh that faces gas shortages up to 500 million cubic feet a day (mmcfd).

"This project will provide more affordable energy that will not only increase Chevron's business in Bangladesh but also help drive economic growth and alleviate poverty for many millions of people," said Strong.

The expansion project will see drilling up of additional wells, building of an enhanced gas liquids recovery unit with a view to increase its capacity to process more natural gas, according to a statement issued by the multinational company.

The project will boost Chevron's total natural gas production capacity in Bangladesh by more than 300 mmcfd to 1.4 billion cubic feet per day while its condensate output will rise by 4,000 barrels per day, the company said.

"Production of this condensate will save the import of liquid fuels with a current market value of about $200 million per year," Strong added.

"It is a combined effort to make a significant difference to help solve the energy crisis in Bangladesh," said Tawfiq-e-Elahi Chowdhury, the Prime Minister's Energy Adviser, at the briefing.

Bangladesh now produces up to 55 percent of its electricity using natural gas to generate about 6000 megawatts of power.

Chevron also urged the government to upgrade its national pipeline network to allow it to deliver more gas.

Remittance inflow continue to rise with Bangladeshi expatriates sending $1.02 billion in the first 27 days of the 2012-2013 fiscal.

Latest Bangladesh Bank data suggest remittances for the month of July will reach $1.17 billion if the inflow maintains its pace.

Officials of the central bank, however, expect July remittances may cross $1.2-billion mark as the expatriates are expected to send in more money with the Eid-ul-Fitr only weeks away.

In the last month of the 2011-2012 fiscal, the expatriates had remitted $1.07 billion.

With the increase in remittance inflow, the central bank's foreign exchange reserve is also going up. It stood at $10.45 billion on Monday.

The reserves had slipped below $10 billion in the first week of the new fiscal year after import dues were paid to the Asian Clearing Union.

Central bank Governor Atiur Rahman is satisfied with the increase in remittance inflow.

"The central bank took various steps to encourage remittances through banking channel, and now Bangladeshi expatriates can send money to their families through cell phone as well," Atiur told bdnews24.com.

"The remittances are increasing, thanks to the steps. The reserves are also increasing," he said.

A Bangladesh Bank official preferring not to be named said the month of July was seeing increased remittance inflow as expatriates were sending money for Eid shopping.

He hoped the remittance inflow in July would cross $1.2 billion.

Of the money remitted, $230 million came through government-owned banks, over $710 million through 30 private banks, about $6 million through nine foreign banks and over $10 million through specialised banks.

In the last financial year, expatriates had remitted $12.85 billion, which was 10.26 percent higher than in the previous year. In 2010-11, the remittances grew at the rate of 6 percent.

Prime Minister Sheikh Hasina has underscored the need for stronger cooperation of all to contain terrorism and militancy.

The Prime Minister came up with the call when British Secretary of State William Hague called on her on Saturday at Hotel St. Pancras Renaissance where she is staying during her five-day official visit to London.

Briefing reporters after the meeting, her Press Secretary Abul Kalam Azad said that during the meeting, the Prime Minister reiterated her government's tough stance against terrorism and militancy and vowed that government would never compromise on this issue.

Talking of the series of bomb blasts across the country in 2005, and grenade attack on then British High Commissioner to Dhaka Anwar Chowdhury in Sylhet city in 2004 during the rule (2001-2006) of BNP-Jamaat alliance, Hasina said that the situation has much changed now in Bangladesh.

She said the present government was handling terrorism and militancy in the country with an iron hand.

The Prime Minister also expressed her government's firm commitment to protect human rights, democracy, strengthen Election Commission, and establish good governance and rule of law, and sought stronger cooperation of the UK in counter-terrorism efforts.

She also apprised William Hague of her government's steps taken for strengthening parliamentary democracy, saying opposition members despite their constant boycott of the sessions of parliament, were taking part in the meetings of parliamentary standing committees.

Leader of the Opposition Khaleda Zia was present only on eight days in the ninth parliament in the last three-and-a-half years. But she spoke in the House on six days, and on the last day, she took floor for one hour and 57 minutes, she said.

During the meeting, William Hague praised the role of Sheikh Hasina in the global fora on climate change issue.

Hasina said the UK government's proposal for support to develop new port facilities and proposed redevelopment of Bangladesh's second-largest Mongla sea port under joint venture with the Mongla Port Authorities was under serious consideration of her government.

She invited British entrepreneurs to invest in pharmaceuticals, power generation, renewable energy and higher education sectors.

Foreign Minister Dipu Moni, Ambassador-at-Large M Ziauddin and Bangladesh High Commissioner in London Dr M Sayeedur Rahman Khan were also present at the meeting.

Later, All European Awami League and All Europe Bangabandhu Parishad members called on the Prime Minister at the hotel.

Trading remained incomplete in the country's capital markets due to problems in Central Depository Bangladesh Limited server.

Until the writing of this report at 11pm Sunday, the trading had not been cleared, several merchant bank and brokerage house officials told
Dhaka Stock Exchange Senior Vice President Ahmed Rashid Lali said CDBL was trying to fix the problem but it might take as long as Monday morning.

CDBL CEO M H Samad said the company's technical team was working to fix the issue, with help from Singapore and Mumbai.

The Securities and Exchange Commission had been informed of the problem, he said.

"Some problems may continue tomorrow [Monday]," he said, adding that in that case SEC would decide whether to continue trading.

Trading on Dhaka and Chittagong stock exchanges was halted for Tuesday due to persisting problems in the Central Depository Bangladesh Limited server.

The board of directors of Dhaka Stock Exchange decided to suspend trade as trading could not be settled on the bourses on Monday due to the server problem, DSE Public Relations Officer Shafikur Rahman told bdnews24.com.

Chittagong Stock Exchange President Al Maruf Khan told bdnews24.com its board also decided to halt trading for Tuesday.

Officials of several brokerage houses and merchant banks said trading had not been cleared until Monday midnight though CDBL was trying to fix the problem.

DSE Senior Vice President Ahmed Rashid Lali said Monday's trade could not be completed due to software issues at the CDBL and added that the company was trying to fix the problem.

He said trading would be settled once the problem is solved.

CDBL CEO M H Samad said on Monday night that the company's technical team was working to fix the issue with help from Singapore and Mumbai.

He added the Securities and Exchange Commission had been informed of the problem, he said.