United News of Bangladesh

For most business leaders, a year marked by plunging profits, lawsuits, boycotts, and federal investigations would spell disaster. But Elon Musk is not most business leaders. Despite a string of setbacks, the world’s richest man has become even wealthier this year — and shareholders at Tesla could soon make him richer still. The electric carmaker is set to vote next month on a proposed trillion-dollar pay package for Musk, betting that his bold vision for a “robot army” and other futuristic technologies will pay off, even as some of his earlier promises remain unmet. “The genius of Elon Musk is keeping investors focused on what the company might look like in five or ten years — while ignoring very near-term challenges,” said Garrett Nelson of CFRA Research. Zacks Investment’s Brian Mulberry put it more bluntly: “Your average CEO would likely not survive this.” Musk began the year with a controversial government role as head of President Donald Trump’s Department of Government Efficiency (DOGE), pledging to slash $2 trillion in spending — a goal he later halved. DOGE ultimately claimed $240 billion in savings, though experts question whether those cuts were sustainable, with many essential roles now being refilled. “He cuts without a plan, without regard to function,” said Elaine Kamarck, a senior fellow at the Brookings Institution, noting that 17,000 government positions are now being reinstated. Musk’s cost-cutting tactics have also resurfaced in his management of X, formerly Twitter. In recent months, he quietly settled lawsuits brought by about 2,000 former employees and executives who alleged wrongful termination or unpaid severance. The settlements’ total cost remains undisclosed but could amount to hundreds of millions of dollars for a company still struggling with a collapse in advertising revenue. Adding to his woes, Tesla reported a 37% plunge in third-quarter earnings on Wednesday. While vehicle sales rose 6% as customers rushed to take advantage of an expiring tax credit, overall demand is expected to drop sharply, as consumers turned off by Musk’s polarizing political views continue to boycott the brand. A year ago, Musk had projected sales growth of up to 30%. Despite the decline, Tesla shares have rebounded in recent months, doubling since May after Musk’s much-publicized exit from DOGE. The stock is now up nearly 9% for the year, boosting his personal fortune by $62 billion to $483 billion, according to Forbes. Investors appear willing to overlook short-term turbulence, focusing instead on Musk’s next ventures — from driverless robotaxis to home and factory robots. Yet many of these projects remain in early stages. Tesla’s robotaxi service, operating in Austin and San Francisco, still requires human “safety monitors,” and regulators are scrutinizing its self-driving technology. U.S. authorities have opened four investigations this year, including one into Tesla’s failure to promptly report accidents involving its software. Musk has a history of overpromising and missing deadlines, only to rebound later. Investors who endured Tesla’s production struggles in 2018 eventually saw the stock soar as the Model 3 found success. “He frequently teeters on the edge of disaster,” said Nancy Tengler, a longtime Tesla investor. “And then he pulls back just in the nick of time.” Even so, analysts warn that expectations are sky-high. While the average S&P 500 company trades at 24 times next year’s projected earnings, Tesla’s valuation stands at a staggering 250 times — reflecting both boundless faith in Musk’s vision and the enormous risks if he falters. For Elon Musk, a year that would have broken most CEOs is shaping up to be another paradoxical triumph — a turbulent yet spectacular ride that only he could pull off. Source: AP

Wall Street opened Thursday with modest, mixed trading, while oil prices spiked more than 5% after U.S. President Donald Trump announced sweeping sanctions on Russia’s top energy companies. Futures for the S&P 500 and Nasdaq inched up less than 0.1%, while the Dow Jones industrials slipped about 0.1%. The sanctions on Rosneft and Lukoil aim to pressure Russian President Vladimir Putin into peace talks and help end Moscow’s war on Ukraine. In Europe, leaders meeting in Brussels were preparing to approve additional sanctions on Russia and move forward with plans to use Moscow’s frozen assets to fund Ukraine’s war effort and stabilize its economy for the next two years. U.S. benchmark crude jumped $3.13 to $61.63 per barrel, and Brent crude rose the same amount to $65.72. Corporate earnings weighed on markets. Tesla shares fell 3.2% after reporting a 37% year-over-year drop in quarterly profit — its fourth straight decline. CEO Elon Musk downplayed car sales, instead promoting the company’s robotaxi service, AI products, and humanoid robot line. IBM tumbled 6.8% after showing slower cloud revenue growth, despite beating forecasts. Molina Healthcare plunged more than 20% after missing earnings expectations and cutting its annual profit outlook amid high costs. Across Europe, Germany’s DAX slipped 0.3%, while London’s FTSE 100 gained 0.6% and France’s CAC 40 rose 0.4%. In Asia, markets were mixed as China wrapped up a key Communist Party meeting outlining its five-year economic strategy. Hong Kong’s Hang Seng gained 0.7% to 25,967.98, and the Shanghai Composite added 0.2% to 3,922.41, amid reports of tighter U.S. export controls on China. Japan’s Nikkei 225 fell 1.4% to 48,641.61 after reports that Prime Minister Sanae Takaichi is planning a stimulus package exceeding 14 trillion yen ($92 billion). SoftBank shares dropped over 4% after announcing bond plans to fund AI investments. The yen weakened as Takaichi signaled support for low interest rates, with the dollar rising to 152.75 yen from 151.94. South Korea’s Kospi fell 1% to 3,845.56 amid slow progress in U.S. trade talks, while Australia’s S&P/ASX 200 edged up 0.1%. Taiwan’s Taiex slipped 0.4%, and India’s Sensex rose 0.6%. Gold prices rebounded 1.6% to $4,131.80 after two days of declines from record highs.

Prime Minister Mark Carney has set a goal to double Canada’s non-U.S. exports within the next decade, saying that rising American tariffs are undermining investment and threatening Canadian jobs. Speaking ahead of his government’s budget release on November 4, Carney said Wednesday that Canada’s long-standing economic dependence on the United States has turned from a strength into a vulnerability. “The jobs of workers in our industries most affected by U.S. tariffs — autos, steel, lumber — are under threat. Our businesses are holding back investments, restrained by the pall of uncertainty that is hanging over all of us,” Carney said. U.S. President Donald Trump has imposed tariffs on several Canadian sectors and recently claimed Canada could become “the 51st state,” remarks that have further strained relations between the two neighbors. In a televised address, Carney said the decades-long process of deepening economic ties between Ottawa and Washington has effectively ended. “The U.S. has fundamentally changed its approach to trade, raising its tariffs to levels last seen during the Great Depression,” he said. “We have to take care of ourselves because we can’t rely on one foreign partner.” Japan's exports and imports grow in September despite Trump's tariffs While tensions have eased slightly as Carney pursues a new trade deal with Washington, tariffs continue to hit key industries such as steel, aluminum, autos, and lumber. More than 75% of Canada’s exports currently go to the United States. Carney said Canada is “re-engaging with the global giants India and China” in an effort to diversify its trade. Canada remains a vital supplier of energy and resources to the U.S., providing 60% of its crude oil imports, 85% of its electricity imports, and large shares of steel, aluminum, and uranium. The country also holds 34 critical minerals and metals sought by the Pentagon for national security. “Canada is an energy superpower,” Carney said, noting the country’s third-largest oil reserves and fourth-largest natural gas reserves globally. The 2026 review of the Canada-U.S. free trade agreement is expected to further test the economic relationship between the two allies. China’s economic growth slows to 4.8% in Jul–Sep amid tariffs, weak demands “I will always be straight about the challenges we have to face and the choices we must make,” Carney said. “To be clear, we won’t transform our economy easily or in a few months — it will take some sacrifices and some time.” Source: AP 

After eight consecutive price hikes, the Bangladesh Jewellers Association (BAJUS) has slashed gold prices by over Tk 8,000 per bhori, marking the steepest single-day drop of the year. According to a BAJUS press release issued Wednesday night, the price of 22-carat gold has been reduced by Tk 8,386 per bhori (11.664 grams), bringing it down to Tk 2,08,996, the sharpest decline recorded in 2025. The new rates will come into effect from Thursday. BAJUS said the latest adjustment was made considering a fall in the price of pure gold (tejabi gold) in the local market. Under the new rates, the price of 21-carat gold has been set at Tk 1,99,501 per bhori, 18-carat gold at Tk 1,70,994 per bhori, and traditional gold at Tk 1,42,219 per bhori. The association also said the government-fixed 5% VAT and BAJUS-determined minimum making charge of 6% must be added to the selling price. However, making charges may vary depending on the design and craftsmanship of jewellery. BAJUS last revised the gold price on October 19, when it raised the price by Tk 1,050 per bhori, setting a record high of Tk 2,17,382 per bhori for 22-carat gold. With the latest revision, BAJUS has adjusted gold prices a total of 67 times this year, increasing them 48 times and reducing them 19 times.

Chief Adviser’s Special Assistant Anisuzzaman Chowdhury on Wednesday stressed the need for ensuring operational autonomy of the Bangladesh Securities and Exchange Commission (BSEC) to strengthen its role as the capital market regulator as enjoyed by the central bank. “If Bangladesh Bank can enjoy autonomy, then BSEC should too,” he said while addressing the BSEC’s monthly coordination meeting with capital market stakeholders. Anisuzzaman said all stakeholders must work collectively and move beyond traditional mindsets to build a stronger and more resilient capital market. “We must act in the collective interest of all stakeholders in the market. Upholding integrity and democratic practices is essential. Every decision should be guided by market realities and proper coordination.” He also directed that the registration of Central Counterparty Bangladesh Limited (CCBL) be completed and the entity made operational within December this year. BSEC Chairman Khondoker Rashed Maqsood informed the meeting that three major regulatory frameworks — The Margin Rules 2025, The Mutual Fund Rules 2025, and The Public Offer of Equity Securities Rules 2025 — are at the final stage of completion. “These rules will be gazetted soon. There’s no reason for concern, as we have revised the new margin rules after an in-depth review and in consultation with all stakeholders,” he said, assuring participants that a transition period of six months to one year will be allowed for necessary adjustments once the new rules come into effect. During the meeting, participants discussed the progress of ongoing reform initiatives and emphasised modernising surveillance mechanisms, upgrading market infrastructure, shortening the settlement cycle, introducing transaction facilities on record dates, implementing scrip netting and expediting the launch of the commodity exchange and futures market. They also called for strengthening BSEC’s institutional independence, enhancing API connectivity among market entities, ensuring robust cybersecurity, and bringing state-owned enterprises, large local companies, and multinational firms to the stock market through accelerated IPO reforms. Other key recommendations included encouraging new company listings through joint initiatives by DSE and ICB, improving corporate governance, resolving negative equity issues, and finalising CCBL’s phased operational plan.

The Customs House, Dhaka, will remain open on 24 and 25 October (Friday and Saturday) to ensure smooth continuation of import, export, and business operations during the post-disaster transitional period. According to an office order issued on Wednesday, all customs assessment teams under the jurisdiction of Customs House, including the Air Freight Unit and the Express Service Unit, will continue their regular activities on these days. The order further instructed all officials and employees concerned to be present at their respective offices on the specified dates and times to facilitate trade-related procedures. The decision has been taken in the public interest to keep essential economic and commercial activities uninterrupted, the order added. On October 18, a major fire broke out at the cargo-village section of Dhaka’s Hazrat Shahjalal International Airport, forcing all flight operations to be suspended for several hours. Cargo congestion has built up at the airport, with many import consignments stuck pending clearance and storage space severely constrained.

The Dhaka Stock Exchange (DSE) saw the lowest turnover in four months on Wednesday, with transactions falling to Tk 355 crore, despite a marginal rise in the key index. The last time DSE saw a lower transaction was on June 23, when shares and units worth Tk 276 crore were traded. Earlier this week, on Monday, the turnover stood at Tk 394 crore — the lowest in the ongoing 2025–26 fiscal year until today’s drop. The benchmark DSEX index gained 5 points at the end of the day’s trading, recovering slightly from an early fall. Of the other indices, the Shariah-based DSES remained unchanged, while the blue-chip DS30 advanced by 5 points. Prices declined for most of the traded issues as 178 companies saw losses against 145 gainers, while 74 remained unchanged. Most of the losing stocks belonged to the ‘B’ and ‘Z’ categories — companies that offer little or no dividends to investors. In contrast, most of the fundamentally strong ‘A’ category shares advanced, with 105 gaining, 81 declining, and 35 remaining unchanged. In the block market, shares of 20 companies worth Tk 9.60 crore were traded. City Insurance PLC topped the block transactions with shares worth Tk 2.90 crore. Aramit Limited emerged as the day’s top gainer with a nearly 10% rise, while FAS Finance & Investment Limited suffered the steepest loss, shedding over 9%. Meanwhile, the Chittagong Stock Exchange (CSE) ended lower, with its all-share price index, CASPI, losing 13 points. Most of the issues declined there as well — 93 lost, 72 gained, and 18 remained unchanged. The port city’s bourse recorded a turnover of Tk 12.28 crore, slightly higher than the previous session’s Tk 12.23 crore. Similar to the DSE, Aramit Limited topped the gainers’ list on the CSE with a 10% rise, while DBH First Mutual Fund was the worst performer, losing 10%.  

Bangladesh’s stock markets opened on Wednesday with a downtrend, as indices in both Dhaka and Chattogram exchanges declined in the first hour of trading amid price fall of most companies. At the Dhaka Stock Exchange (DSE), the key index DSEX dropped by 3 points, while the Shariah-based DSES slipped by 1 point. The blue-chip index DS-30, however, gained 1 point. Most issues traded on the DSE saw a decline in prices with 190 companies losing value, 106 gaining and 94 remaining unchanged. Shares and units worth over Tk 120 crore changed hands during the first hour of trading. A similar downward trend was observed at the Chittagong Stock Exchange (CSE), where the overall index fell by 29 points. At the port city bourse, the prices dropped for 52 companies, while 27 advanced and 13 remained unchanged. The turnover at the CSE stood at around Tk 1.5 crore during the first hour of trading.

Japan’s exports and imports both rose in September, driven by stronger trade with Asian markets even as U.S.-bound shipments declined under President Donald Trump’s tariff regime, government data showed Wednesday. According to Japan’s Ministry of Finance, exports increased 4.2% year-on-year last month, supported by a 9.2% jump in shipments to Asia. Exports to China, Japan’s largest trading partner, climbed 5.8%, while exports to the U.S. plunged 13.3% — marking the sixth consecutive month of decline. Auto exports to the U.S. were hit particularly hard, tumbling 24.2% in September. Japan’s automotive sector, led by manufacturers such as Toyota Motor Corp., remains a cornerstone of the national economy. Imports also edged up 3.3% overall, including a 6% rise in imports from Asia and a 9.8% increase in goods coming from China. The trade figures were released a day after Sanae Takaichi became Japan’s first female prime minister following a parliamentary vote. Known for her conservative stance and advocacy for higher public spending, Takaichi has pledged to boost wages and maintain an accommodative monetary policy to support economic growth. Japan’s Nikkei surges 4.5% after ruling party picks ultra-conservative leader Sanae Takaichi A weaker yen under such policies would benefit Japan’s major exporters by inflating overseas earnings when converted into domestic currency. However, Takaichi faces political challenges, as her ruling Liberal Democratic Party and its coalition partners lack a majority in both houses of parliament. President Donald Trump, who is scheduled to visit Japan later this month for talks with Takaichi, announced a new trade framework in July imposing a 15% tariff on Japanese goods — down from a previously proposed 25%. In return, Japan agreed to invest $550 billion in the U.S. and open its markets further to American cars and rice. Source: AP 

The Institute of Chartered Accountants of Bangladesh (ICAB) has strongly backed the proper and comprehensive implementation of International Financial Reporting Standard (IFRS) 9 to enhance transparency, strengthen financial stability, and restore public trust in the country's banking sector. The call came from industry experts and regulators at an ICAB-organized webinar titled "Implementing IFRS 9: Global Insights and Bangladesh Perspectives" on Tuesday. They stressed that effective IFRS 9 adoption requires robust technological resilience, reinforced governance, and significant investment in data infrastructure to ensure both compliance and long-term financial sustainability. Paradigm Shift for Bangladesh's Financial Sector Dr. Md. Kabir Ahmed, Deputy Governor of Bangladesh Bank and Chief Guest at the event, highlighted the transformative nature of IFRS 9 for an emerging economy like Bangladesh. "For an emerging economy like Bangladesh—with its dynamic and expanding financial sector—the implementation of IFRS 9 represents a paradigm shift," Dr. Ahmed stated. He said that the standard enables financial institutions to be better prepared for potential future losses and more resilient to economic shocks. ICAB President N K A Mobin FCA echoed this sentiment, emphasizing that adopting IFRSs is "not merely a technical compliance exercise" but a fundamental requirement for fostering international investor confidence. "As the core and most relevant professional accountancy body in Bangladesh, ICAB considers it a sovereign duty to lead the discourse, build capacity, and facilitate a smooth transition to these global benchmarks," Mobin said. He also stressed that effective implementation demands joint efforts from key regulators, including the Bangladesh Bank, the Bangladesh Securities and Exchange Commission (BSEC), and the Financial Reporting Council (FRC), as well as the preparers of financial statements. ICAB and FRC Sign MoU to strengthen financial statement verification with DVS Data gaps and weak models despite the clear benefits, experts at the webinar highlighted several critical challenges unique to the Bangladeshi context: While default data is often accessible, recovery data remains sparse. This data gap limits the discriminatory power of models and significantly slows down the implementation of IFRS 9, which governs the accounting for financial instruments, particularly expected credit losses (ECL). Forward-Looking Information: Many banks lack sufficient historical data to differentiate future economic scenarios or make reliable probability-weighted estimates for loss predictions. Rajith Perera, Partner at Ernst & Young and Risk Management Leader of the Institute of Chartered Accountants of Sri Lanka, noted that many banks lack strong models for estimating ECL, with validation exercises often revealing models that are not robust enough to produce accurate Probability of Default (PD) and Loss Given Default (LGD) estimates. Sk. Ashik Iqbal FCA, Partner at Nurul Faruk Hasan & Co., Chartered Accountants, described the shift from the old incurred loss model to the Expected Credit Loss (ECL) framework as a "survival test" for many banks. "Unlike large international institutions with decades of credit data, most Bangladeshi banks are implementing IFRS 9 with patchy information systems, limited modelling expertise, and intense regulatory oversight," Iqbal cautioned. He warned that weak models, inconsistent default definitions, or poorly designed scenarios could add confusion instead of clarity. Recommendations for Implementation To overcome these hurdles, industry professionals recommended a multi-dimensional approach focused on: Technology Investment: Investing in robust technology platforms to support automation, data integration, and real-time reporting. Governance Frameworks: Establishing strong governance frameworks and oversight mechanisms. Portfolio Review: Revisiting portfolio segmentation strategies to better align with risk profiles and regulatory requirements. Data Infrastructure: Strengthening data infrastructure to handle the increased granularity and frequency of reporting required by the new standard. The session was presided over by Muhammad Mehedi Hasan, Vice President-ICAB & Partner, Rahman Rahman Huq, Chartered Accountants.