Ahmed Akbar Sobhan urged the government to reduce the rates of interest on savings instruments to help banks

Bashundhara Group Chairman Ahmed Akbar Sobhan on Thursday urged the government to reduce the rates of interest on savings instruments to help banks and other financial institutions offer loans at single-digit interest rates.

“Bankers and businesses want single-digit interest rates. I request the government to reduce the interest rates on savings tools. Otherwise, banks will not be able to provide loans at single-digit interest rates,” he said.

The chairman of country’s largest business and industrial conglomerate made the call at a ceremony arranged to sign the agreement of a syndicated loan facility at a city hotel.
Under the agreement, Bank Asia, lead arranger of the syndicated loan, and four other lenders sanctioned a term loan facility of Tk 2.85 billion (285 crore) in favour of Bashundhara Industrial Complex Ltd for expansion of its cement plant at Madanganj in Narayanganj.

The total cost of the project has been estimated at Tk 4.47 billion.

Bank Asia, one of the fastest growing banks in private sector, is the lead arranger and agent of the loan. The other lenders are state-owned Janata Bank Ltd, Pubali Bank Ltd, NRB Bank Ltd and Uttara Finance and Investment Ltd.

Bashundhara Group Chairman Ahmed Akbar Sobhan, Bank Asia President and Managing Director Md Arfan Ali, representatives from the participating lenders signed the agreement on behalf of their respective organisations.

Janata Bank CEO and Managing Director Md Abdus Salam Azad, Pubali Bank Managing Director Md Abdul Halim Chowdhury, NRB Bank Deputy Managing Director Md Khurshed Alam and Uttara Finance Managing Director SM Shamsul Arefin were the other signatories.

Bashundhara Group Vice-Chairman Safwan Sobhan and high officials of different banks were also present on the occasion.
Speaking at the ceremony, the Bashundhara Group chairman said around 60 banks have been operating and contributing to the national economy. “Private banks are extending loans aggressively and it seems that they will continue their efforts in the coming days,” he said.

Ahmed Akbar Sobhan urged the banks and other lending agencies to examine details of the loan seekers before lending so that the lenders do not need to run before them after extending loans.

“We always talk about classified and defaulted loans. If any loan gets classified or defaulted, it puts pressure on the entire business community,” he said.

He said Bashundhara Group has been doing business for the last 30 years, but never defaulted on any loan.

Thanking the banks for their wholehearted support during Bashundhara Group’s business journey, Ahmed Akbar Sobhan said banks have contributed the most for the today’s position of Bashundhara Group.

“Bashundhara Cement ensures quality and strength. Bashundhara Cement has been used in major projects of the country and we hope the cement brand will contribute to upcoming projects too, he added.

Talking about the tourism sector, the Bashundhara Group chairman said they are planning to contribute to the tourism sector as there is huge prospect of the industry in the country.

“We’re planning to establish a couple of theme parks in tourism city Cox’s Bazar,” he said.

Bank Asia Managing Director Arfan Ali said the expansion of Bashundhara Cement factory will increase its annual production up to 3 million tonnes from existing 2.1 million tonnes.

Shedding light on the present scenario of country’s cement sector, he said average yearly per capita cement consumption is average 500 kgs in the world while it is around 120 kgs in Bangladesh.

“Currently the total estimated annual sale of cement in Bangladesh is around 32 million tonnes. Therefore, there is a huge potential of growth of the sector,” he added.

Arfan Ali also said Bank Asia has long been closely associated with Bashundhara Group and arranged three syndicate loan facilities for the group.

Top officials of different units of Bashundhara Group were also present at the signing ceremony.

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Bashundhara Group Chairman Ahmed Akbar Sobhan felicitates LOAB president

Bashundhara Group Chairman Ahmed Akbar Sobhan on Sunday extended felicitation to noted businessman Azam J Chowdhury for being elected President of LPG Operators’ Association of Bangladesh (LOAB).

LOAB is a body representing companies which deal in liquefied petroleum gas (LPG) in the country.

East Coast Group Chairman Azam J Chowdhury has long been in the business of petroleum gas. He is also the managing director of Mobil Jamuna Lubricant.

Assuming the office, Azam J Chowdhury said the association will continue its efforts to reach LPG cylinders to end users at affordable prices.

The association bade farewell to outgoing LOAB President Salman F Rahman, who is a renowned industrialist and founder of Beximco Group.

Salman F Rahman has recently been elected as Member of Parliament (MP) and made the private sector advisor to Prime Minister Sheikh Hasina.

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Focus more on people’s sufferings: Ahmed Akbar Sobhan Urges Newsmen

Bashundhara Group Chairman Ahmed Akbar Sobhan has urged newsmen

Bashundhara Group Chairman Ahmed Akbar Sobhan has urged newsmen to focus more on the sufferings of people as he believes people are facing challenges everywhere while exercising their rights to get services.

He made the call while addressing a conference of local correspondents of Bangladesh Protidin at the conference room of East West Media Group Ltd (EWMGL) in Bashundhara residential area of the capital on Wednesday.

“Even being the owner of one of the leading industrial conglomerates of Bangladesh, I face a lot of troubles. So, I can easily understand the condition of common men,” Ahmed Akbar Sobhan said.

Noting that one of the main duties of the government is to ensure people’s rights to education and healthcare, he said: “However, these sectors have been found to be the most corrupt ones. Despite repeated warnings from the government, doctors in rural areas are not giving service to patients at government hospitals. Rather they continue practice at private clinics.”

“Failing to get proper treatment, rural people come to Dhaka for treatment purpose and often fall prey to touts who offer them better treatment,” he added.

Ahmed Akbar Sobhan said traditional print media are now facing huge challenges.

“People now get all news of the day from various platforms like televisions, mobile phones and online portals. But print media are still a tradition and it will last forever. The tradition must be retained by any means.”

He urged the media to focus on how Bangladesh achieved the independence and attained successes in different fields.

“The spirit that led the nation to the Liberation War must be upheld among the young generation of the country. The media should make them know how the country achieved the independence and how Bangladesh reached the today’s position,” he added.

Ahmed Akbar Sobhan urged all to remain alert to conspiracies hatched by the anti-liberation forces.

“We never want the anti-liberation force come to power. There were conspiracies earlier, there are still conspiracies and there will be. We should be careful. We will always be vocal against drug menace, corruption and anti-liberation forces,” he said.

Bangladesh Pratidin Executive Editor Peer Habibur Rahman, Joint Editor Abu Taher, Deputy Editor Mahmud Hasan, Chief News Editor Mashuk Chowdhury, Joint Editor Kamal Mahmud, among others, attended the conference chaired by the daily’s Editor Naem Nizam.

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China Harbour chosen for earth filling in SBG economic zone, Ahmed Akbar Sobhan present on the occasion

China Harbour and Engineering Co Ltd has been contacted for the earth-filling of SBG Economic Zone Limited located at Mirsharai Economic Zone in Chattogram.

A deal was signed between SBG Economic Zone Ltd and China Harbour in this regard on Wednesday. The SBG Economic Zone Ltd is a consortium of three Bangladeshi companies—Bashundhara Group, Sikder Group and Gasmin Ltd.

The deal was signed at a function at Bashundhara Group Chairman’s residence in Bashundhara Residential Area in the capital on Wednesday.

SBG Economic Zone Ltd Managing Director Mahboob Rahman (Ruhel) and China Harbour Engineering Company Ltd (CHEC) Managing Director Fu Xiuquan signed the deal on behalf of their respective organisations.

Bashundhara Group Chairman Ahmed Akbar Sobhan, R & R Holdings Limited (a concern of Sikder Group) Chairman Rick Haque Sikder and China Harbour General Manager (Marketing) Luo Tao and Business Manager (Marketing) Liu Yuhang (Charis) were also present on the occasion.

Speaking on the occasion, SBG Economic Zone Managing Director Mahboob Rahman said the government has a plan to establish 100 economic zones across the country to boost economic development. Of the zones, Mirsarai Economic zone is the largest one, which is very close to the seaport.

The government allocated 550 acres of land for the consortium to establish the economic zone under a public-private partnership initiative, he said, adding that after having the zone developed, they will lease out plots to various industrial entities for a tenure of 50 years, he added.

“We have to complete the earth filling, construct road network, establish effluent treatment plants (ETP) and ensure others facilities at this zone.”

Terming Wednesday’s agreement a great step forward, he said China Harbour Engineering Company Ltd will start the earth-filling work very soon.
Mahboob Rahman expressed hope that the total work will be complete within the next ‘5 to 10 months.’

SBG will be a high-quality economic zone having better facilities than other zones do, he said.

On March 20, 2017, Bangladesh Economic Zones Authority (BEZA) handed over the letter of award to Powerpac-East West-Gasmin Consortium for developing and operating the Mirsarai Economic Zone-1.

The consortium of three local companies got the award through competitive bidding for development of the zone on design, build, finance, operate and transfer (DBFOT) basis.

SBG EZ will be one of the 25 blocks or zones to be developed under the Mirsarai Economic Zone area which covers 15,000 acres of land.

BEZA and BPDB-RPCL Powergen Ltd, a joint venture of Bangladesh Power Development Board and Rural Power Company Limited, signed a memorandum of understanding to set up a 150MW power plant at Mirsarai economic zone.

BEZA officials said industries, including garment and garment accessories, integrated textiles, automobiles and shipbuilding could be set up in the SBG EZ.

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Bashundhara Group Chairman Joins farewell Reception for Shringla

Outgoing Indian High Commissioner to Bangladesh Harsh Vardhan Shringla on Sunday said Bangladesh is one of the most successful countries of the world.

He specifically mentioned the progress that Bangladesh made over the last 10 years.

Shringla, who is set to leave Dhaka on Monday, made the remarks while delivering his speech at a farewell reception in the city.

The High Commissioner said India, as its best friend and neighbour, wants to see a prosperous, stable and peaceful Bangladesh.

Shringla visited most districts of Bangladesh during his tenure in Bangladesh as the Indian High Commissioner for the last three years.

“I’ve found the people of Bangladesh very generous, hardworking and helpful,” he added.

Awami League General Secretary and Road, Transport Bridges Minister Obaidul Quader, State Minister for Foreign Affairs M Shahriar Alam, outgoing Information Minister Hasanul Haq Inu, Bashundhara Group Chairman Ahmed Akbar Sobhan and others business leaders, among others, attended the event.

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Bangladesh people freely exercised franchise in Dec 30 polls: Shringla

Bangladesh people freely exercised franchise in Dec 30 polls

Outgoing Indian High Commissioner Harsh Vardhan Shringla on Friday said people of Bangladesh exercised their franchise in the December 30 national elections in a free and fair manner.

“People of Bangladesh voted for continuity of development,” he told reporters after a reception accorded to him by Bashundhara Group Chairman Ahmed Akbar Sobhan.

The event was held at The Westin Dhaka in the capital in the evening.
The outgoing Indian envoy said the election was a major event during his three-year tenure in Dhaka.

There were also more important events like the prime minister-level visits of the countries during the period, he mentioned.

Shringla said India and Bangladesh have signed 99 agreements on various aspects of bilateral relations, cooperation and partnership during the last three years.

He added

“Our relations have improved significantly and we’re not only neighbours but also friends and partners,”

Shringla said

What the two neighbours have achieved in their relations during the period is really remarkable.

He said Indian Prime Minister Narendra Modi congratulated his Bangladeshi counterpart Sheikh Hasina for her polls victory.
Calling the victory a landmark happening, Modi said people of Bangladesh voted for development.

Shringla quoted Modi as saying that people have voted for continuation of the incumbent government’s policy and visions of Bangabandhu Sheikh Mujibur Rahman.

About the creditability of the polls, he said: It’s not his country’s concern; rather it’s the concern of the Election Commission of Bangladesh.”

To a question if BNP lawmakers should join parliament, Shringla said: “It’s up to a party what it will do, but as a friend of Bangladesh, I think all those who have won elections should join parliament for the sake of democracy.”

Shringla said Bangladesh and India have seen unprecedented bilateral relations as they have resolved many longstanding issues like land and maritime boundary disputes.

Citing that Bangladesh has granted full market access to India, he said, “We’re happy with the progress the two countries have made and hope for sustainable and people-to-people contact in future.”

Bashundhara Group Chairman Ahmed Akbar Sobhan welcomed the dignitaries, including ministers, politicians, lawmakers, diplomats, jurists and journalists at the event.

Commerce Minister Tofail Ahmed, LGRD Minister Engineer Mosharraf Hossain, Railway Minister Mujibul Haque, Prime Minister’s Information Adviser Iqbal Sobhan Chowdhury, former ministers Dr Dipu Moni and Dr Hasan Mahmud, former state minister AB Tajul Islam, former justice Shamsuddin Choudhury Manik, and Prime Minister’s former press secretary Abul Kalam Azad were present on the occasion.

Bashundhara Group Managing Director Sayem Sobhan Anvir, his son Ahmed Walid Sobhan, Vice-Chairman Safwan Sobhan Tasvir, Co-chairman Sadat Sobhan Tanvir’s son Ahmed Ibrahim Sobhan, Bangladesh Pratidin Editor Naem Nizam, Daily Sun Editor Enamul Haque Chowdhury, Kaler Kantho Editor Imdadul Haque Milon, Banglanews24.com Editor Jewel Mazhar, News24 Executive Director Hasnain Khorshed, Kaler Kantho Executive Editor Mostofa Kamal, Foreign Secretary Kamrul Ahsan, Daily Sun Publisher Maynal Hossain Chowdhury, GTV Editor-in-Chief Syed Ishtiaque Reza, Ekushey TV CEO Monjurul Ahsan Bulbul, Janakantha Editor Atiqullah Khan Masud, Ekattor TV CEO Mozammel Babu, Jatiya Press Club President Saiful Alam and General Secretary Fardia Yasmin, BFUJ Secretary General Shaban Mahmud, noted journalists Sohrab Hasan, and Ashoke Chowdhury also attended the reception, among others.

Jatiya Party leader ABM Ruhul Amin Howlader and Ziauddin Bablu, lawmakers Shirin Akhter, Abdus Salam Murshedy, Mirza Azam and Enamul Haque Shamim, former FBCCI President Kazi Akramuddin Ahmed, Dhaka South City Corporation Mayor Sayeed Khokon, Nepalese Ambassador to Bangladesh Prof Dr Choplal Bhusal, RAB DG Benazir Ahmed, DMP Commissioner Asaduzzaman Mia, and Prime Minister’s Deputy Press Secretary Ashraful Alam Khokon were also present.

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Check clients’ backgrounds thoroughly before lending

Check clients’ backgrounds thoroughly before lending

Bashundhara Group Chairman Ahmed Akbar Sobhan on Wednesday said the bank authorities need to conduct a thorough scrutiny of the backgrounds of loan seekers before granting them any credit.

A careful screening of loan applications and documents submitted therewith will keep the bad loan culture at bay, said the business tycoon.

Ahmed Akbar Sobhan came up with his observations while inaugurating a women’s branch of South Bangla Agriculture and Commerce (SBAC) Bank in the city’s Bashundhara Residential Area on Wednesday.
The chairman of the country’s largest business conglomerate said the liability of classified loans puts pressure on good customers, and ultimately dents businesses as a whole.

If it is possible to prevent classified loans or bad loans from the banking sector, businessmen will reap the benefit, and ultimately the country will keep moving forward.

A couple of years ago, the bank loan interest rate was hovering around 15 to 16 percent, which came down to 9 to 11 percent, he said, adding that if bad loan comes to an end, bank loan rate will remain in single digit.

About the newly opened women’s branch of SBAC, the business tycoon said it a great delight to see the opening of such a bank branch, as this kind of effort would help create new entrepreneurs among women.

“Half of our total population is women. I hope this fourth generation bank will play a pivotal role in generating new women entrepreneurs in the country.”

Narrating the women’s progress in all strata of life, Sobhan said women have showed their potential in every sector that is ultimately helping the country become economically more vibrant.

Bangladesh has made remarkable progress in all indices of economy, and the banking sector is contributing the most towards the growth of the country’s economy, said the seasoned businessman.

In his address, SBAC Chairman SM Amzad Hossain said banking activities are being conducted considering the welfare of the customers which is the motto of establishing the bank.

He also urged the customers and business people to bank with SBAC.

Speaking on the occasion, SBAC Managing Director Md Golam Faruque described the bank as one of the best ones among the fourth generation banks in terms of banking services.

In a bid to create new women entrepreneurs and their empowerment, SBAC established this dedicated women’s branch, he mentioned.

Kaler Kantho Editor Imdadul Haq Milon said the country’s banking sector is going through an unstable situation over the past couple of years.

“We hope that SBAC will not have to face this kind of situation,” he said.

South Bangla Agriculture and Commerce Bank Limited started its operation in 2013 and have 74 branches across the country.

SBAC Chairman SM Amzad Hossain, Bangladesh Pratidin Editor Naeem Nizam, additional Managing Director of the bank Mostafa Jalal Uddin Ahmed and Deputy Managing director Tariqul Islam Chowdhury were, among others, present on the occasion.

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Al-Aqsa Grand Mufti calls on Bashundhara Chairman

Al-Aqsa Grand Mufti calls on Bashundhara Chairman

The visiting Grand Mufti of Al-Aqsa Mosque, Sheikh Mohammed Ahmed Hossain, paid a courtesy call on Bashundhara Group Chairman Ahmed Akbar Sobhan at the latter’s house in the city on Saturday night.

During the meeting, the Grand Mufti was accompanied by Palestinian Ambassador Yousef SY Ramadan and diplomats and officials of Palestine embassy in Dhaka.The Bashundhara Group Chairman was accompanied by Managing Director of the group Sayem Sobhan Anvir, Bangladesh Pratidin Editor Naem Nizam and the Daily Sun Editor Enamul Haque Chowdhury.

France Ambassador to Bangladesh Marie-Annick Bourdin and Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Md Shafiul Islam Mohiuddin attended the event.

United Muslim Ummah Foundation Secretary General and Daily Vorer Pata Editor Dr Kazi Ertaza Hassan, Sholakia Eidgah Imam Allama Fariduddin Masud, Bangladesh Press Holdings Ltd Chairman Mustafa Kamal Mohiuddin, Chormunai Peer’s son Syed Rezwan Bin Ishaq, and Maulana Arif Uddin Maruf, among others, were also present.

During the meeting, the Grand Mufti presented a crest to Bashundhara Group Managing Director Sayem Sobhan Anvir.

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Businesses want continuation of AL govt

Businesses want continuation of AL govt

Top industrialists and business leaders on Wednesday stressed the need for continuation of the Awami League-led government for sustainability of the existing business policy to accelerate private sector growth and make the country’s economic base stronger.

Referring to the growth and progress achieved in every sector over the last ten years under the leadership of Sheikh Hasina, they vowed to continue their support by making new investments and creating new jobs.

The business leaders and eminent business personalities were speaking at a business conference organised by Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) at Bangabandhu International Conference Centre in the city.
Prime Minister Sheikh Hasina was present at the conference as the chief guest.

Bashundhara Group Chairman Ahmed Akbar Sobhan said

Today’s Bangladesh has become a role model before the world for its surprising GDP growth.

Praising the tremendous economic progress made possible by the Awami League government in last ten years, he said Prime Minister Sheikh Hasina is building a Sonar Bangladesh [Golden Bangladesh] with her visionary leadership.

“Before 2008, businesspeople could not get sufficient power supply due to electricity shortage. But today, businesses are getting as much electricity as they need,” Ahmed Akbar Sobhan said.

“We sought around 400MW of electricity for establishing heavy industries in Mirsharai and the government is ready to provide us with the electricity,” he said to cite an example of the Awami League-led government’s commitment to industrialisation and growth.

Talking about the upcoming national election slated for December 30, the Bashundhara Group chairman urged the business community to extend their all-out support to Awami League for the sake of the country’s development.
Referring to the sheltering of Rohingyas, he praised the humanitarian role of Prime Minister Sheikh Hasina. “She offered shelter to lakhs of Rohingyas showing the greatest gesture of generosity and humanity,” he said.

Salman F Rahman, private sector development affairs adviser to Awami League president, said the business community is grateful to Sheikh Hasina as she extended cooperation to every business person, irrespective of their political affiliation, to do business freely over the last 10 years.

“The Awami League government has done everything for the people of Bangladesh. Everyone has to admit that businessmen irrespective of their political belief or party can now run their business smoothly,” Salman F Rahman said.

“Many big deals were signed in the country in the last ten years. But businesses never faced any interference as they faced from Hawa Bhaban during the BNP regime,” he said, adding that Digital Bangladesh has become a reality now.

FBCCI president Shafiul Islam Mohiuddin said the Federation is a non-political organisation and its role is to facilitate business for the private sector and strengthen the country’s economy.

“But the motto of today’s business conference is to seek the continuation of the current [Awami League] government, and the continuation of policy and consistency of growth in every sector,” he said.

DCCI president Abul Kasem Khan urged the politicians to put more focus on the country’s human resource development in the coming days.

BKMEA president Salim Osman said Bangladesh needs the continuation of Awami League-led government one more time for the sake of its future.

Prior to the last national election, Sheikh Hasina pledged to eradicate poverty and Monga (famine-like situation) from the country, said BGMEA former president Tipu Munshi. “And she did it.”

Former BGMEA president Atiqul Islam said Sheikh Hasina has been the guardian of readymade garment sector, country’s largest exporting earner. “She played the key role in improving the wage structure for the RMG sector workers.”

Former FBCCI president AK Azad, who is the chairman and managing director of Hameem Group, FBCCI Senior Vice-President Sheikh Fazle Fahim, Mohammadi Group Managing Director Rubana Huq, BASIS President Syed Almas Kabir, Microsoft Bangladesh Managing Director Sonia Bashir, Envoy Group Chairman Kutubuddin Ahmed, Anwar Group Managing Director Manwar Hossain, BSRM Group Chairman Alihussain Akberali, former BGMEA president Anwarul Alam Parvez, Dokan Malik Samity President Helal Uddin, noted entrepreneur Rokeya Afzal Rahman and many other industrialists also spoke on the occasion.

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We’ll set up mega cultural centre: Akbar Sobhan

Bashundhara Group Chairman Ahmed Abkar Sobhan said on Friday that he has a plan to set up a mega cultural centre with a capacity of 30,000 seats in Bashundhara for the sake of cultural progress in Bangladesh.

The business tycoon expressed his eagerness while addressing the inaugural ceremony of the Diwali Concert in Bashundhara residential area of the capital in the evening.

The Indian High Commission in Dhaka in association with Bashundhara Group and Bengal Group arranged the concert to mark the Diwali in Bangladesh.

He said:

India is the greatest friend of Bangladesh. I’m really proud of joining such a gracious programme on my own land and glad to see the gathering.

The Bashundhara Group chairman asked for cooperation from the ministries concerned and the Indian High Commission in this regard.

Speaking on the occasion, Indian High Commissioner in Dhaka Harsh Vardhan Shringla said Diwali represents triumph of good over evils and lights over darkness.

He said it is the festival of lights celebrated by the Indian communities around the world.

It’s been a tradition to celebrate Diwali in Dhaka by the Indian communities and the Indian High Commission for last few years.

“As we would like to involve our Bangladeshi friends in the celebrations, we arrange the Diwali here every year,” he added.

The Indian high commissioner thanked Bashundhara Group and Bengal Group for their cooperation in arranging the concert.

Shringla also announced that Bangladeshi singer Mehreen and Indian singers Shankar, Ehsan, and Loy will launch a music album in the upcoming Pahela Boishakh and that would be an India-Bangladesh joint venture.

In his speech, Bengal Group Chairman Abul Khair Litu said this concert has been arranged to create communal harmony in society.

In the concert, Indian musical trio Shankar Mahadevan, Ehsaan Noorani and Loy Mendonsa performed to delight the audience.

The award-winning Mahadevan, Noorani and Mendonsa rendered their chart-topping hits at the event.

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