United News of Bangladesh

China’s ruling Communist Party begins one of its most significant political meetings on Monday, as President Xi Jinping and top party leaders gather in Beijing to chart the nation’s development goals for the next five years. The closed-door session, known as the fourth plenum, will run for four days to finalize China’s five-year blueprint for 2026–2030. The discussions come amid rising trade tensions with Washington and ahead of a possible meeting between Xi and U.S. President Donald Trump at a regional summit later this month. About 370 members of the party’s central committee are expected to attend the meeting, which may also involve key personnel reshuffles. Details of the discussions will likely emerge only after the session ends. Taiwan’s TSMC reports nearly 40% jump in net profit on AI boom Economists say the new plan is expected to maintain continuity with previous ones, focusing on technological self-reliance, domestic consumption, and sustainable growth, as China grapples with property sector woes, slowing growth, and an aging population. Xi is also likely to emphasize innovation and national stability as central to China’s long-term strategy. Source: AP 

Exporter associations have begun the process of assessing damages caused by the fire at the cargo village of Hazrat Shahjalal International Airport (HSIA). The organisations have directed their member companies to prepare detailed lists of their damaged goods in a prescribed format. According to association officials, a clearer estimate of the total volume of affected goods and the extent of financial losses is expected within the next one to two days. A delegation from the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) will visit the airport’s cargo village today (Sunday) to identify and evaluate the damages. Masud Karim, Chairman of the BGMEA Public Relations Committee, told UNB that a BGMEA team will visit the site at noon. Gusty weather hinders firefighting efforts: Fire Service DG Meanwhile, exporters are expressing increasing concerns over the uncertainty surrounding the resumption of operations at the cargo village. Business leaders have said that any prolonged suspension of airport activities will have a serious impact not only on passenger transport but also on the country’s crucial export sector. Key export items transported by air from Bangladesh include ready-made garments (RMG), perishable goods such as vegetables, fruits and betel leaves, along with various other products and important documents handled by international courier services. Businesses in these sectors are considered most at risk. BGMEA President Mahmud Hasan Khan said, “We do not have any specific information at this moment about the quantity of goods damaged. If it reopens quickly, the losses will be less. If it remains closed for a longer period, the losses will be greater." S M Jahangir Hossain, President of the Bangladesh Fruits, Vegetables and Allied Products Exporters’ Association (BFVAPEA), said, “Our shipments to various destinations depend on the availability of space on the aircraft. Fire at Shahjalal Airport's cargo village brought under control after 7 hours “So, on days when we get more space, we can send more goods. We are currently investigating how much products our members had there today,” he added.    

Effective banking sector reform cannot be achieved without holding accountable those who looted banks during the past Awami League government, particularly after 2017, speakers said at a seminar on Saturday. The effort to recapitalise failing banks repeats the shameful history in which ordinary people paid for the failure of banks, the salvation of which, after being looted under political protection, required large sums of taxpayers’ money, they said. The banking sector crisis is owed to systemic problems sustained by years of banking data manipulation by the past AL government, political lending, widespread corruption in the banking sector and bankers’ failure to uphold professional ethics, the speakers said. “Holding the bank looters accountable is undoubtedly central to the banking sector reform,” said Nurun Nahar, deputy governor, Bangladesh Bank, during her speech as the chief guest at the seminar. Titled ‘Bangladesh’s Banking Crisis: The Way Forward,’ the seminar was organised by the Cosmos Foundation, the philanthropic arm of the Cosmos Group, with the United News of Bangladesh (UNB) serving as the event’s media partner. The situation of the banking sector was not so bad before 2017, Nahar said, recalling that the fall started taking place after certain Islamic banks were taken over. The decision to merge several banks and their recapitalisation came to protect the depositors and prevent a systemic crash, she said. In response to scathing criticisms over the central bank’s failure to regulate the sector and surrender to political pressure, Nahar wondered what steps could withstand such an assault on the central bank’s independence. “Yes, one could have resigned under political pressure—but could anyone guarantee that their successor would take the right decision? I don’t know,” he said. Banks regularly suppressed non-performing loan data, giving a false impression of their financial strength so that they could enjoy dividends, the Deputy Governor said. “The central bank alone cannot be blamed. Everyone was involved in the process, including directors and those in the management of commercial banks,” she said. But the situation is improving with a strong accountability mechanism being enforced. The banking sector is regaining strength, enjoying independence and rejecting any biased and unethical practices, she said. Towfiqul Islam Khan, additional director of the Centre for Policy Dialogue (CPD), said that the banking crisis is “less technical and more political.” “The central bank is supposed to be an independent entity. Unless it is allowed to act freely and bank looters are punished, crises will keep returning to the banking sector in the future,” he said. Towfiq offered the alternative to recapitalise failing banks with profits made by the central bank over the last few years. In the last financial year, he said, the BB posted a profit of Tk 22,000 crore, which is far higher than the most profitable commercial bank, which logged a profit of Tk 700 crore in the same year. The Bangladesh Bank made similar profits in the two years preceding the last financial year. If the central bank was responsible for the sector-wide damage, Towfiq said, why should it not use a portion of the profit made to rebuild banks being merged? The bank merger decision drew strong criticism from the speakers, who likened it to sparing looters and making the victims pay for the crime. Nehal Ahmed, a professor at the Bangladesh Institute of Bank Management, and MGK Jewel, a consultant at the Asian Development Bank, jointly delivered the keynote paper at the seminar. Citing examples from other countries, Prof Nehal Ahmed emphasised freeing the central bank from finance ministry influence to establish best practice in the financial sector. Abdul Mannan, a former executive director of the Bangladesh Bank, said that banks’ defaulted loans rose from T k22,000 crore in 2008 to about Tk 5 lakh crore in 2024. He blamed the lack of good governance for the bank’s mounting non-performing loans, exacerbated by state agencies’ intervention. Speakers said that there, however, were instances of failing banks making recoveries with time when they chose to uphold professionalism. Shahidul Islam Zahid, chairman of the Department of Banking and Insurance at Dhaka University, said that Bangladesh’s banks do not care about ordinary depositors and often serve the interests of oligarchs. He questioned the validity of the government’s plan to merge five troubled banks by injecting Tk 20,000 crore from the national budget.“Banks have been looted before and recapitalised. What guarantee do we have that it won’t happen again?” he asked. Muhammad Mahboob Ali, professor of economics at the Bangladesh University of Business and Technology, criticised Bangladesh’s Islamic banking system, calling it one of the worst in the world. He called for protecting depositors’ interest with an effective insurance policy. Karmasangsthan Bank director Salahuddin Bablu questioned the practice of adopting monetary policy in light of the national budget, whereas the ideal case should be the opposite. Past bank mergers were not as successful as expected, he said. He said that the central bank utterly failed to contain inflation, with some of its steps to do so increasing the burden on ordinary people. Dr M Kamal Uddin Jasim, additional managing director of the Islami Bank Bangladesh, Sheikh Md. Riyaz Uddin, first assistant vice president of the Islami Bank Bangladesh, and business journalist Farhad Hossain Talukder also attended the seminar. Assuring depositors with five banks due for merger, Deputy Governor Nahar said about 90% of them with deposits below Tk 2 lakh would soon get a refund.

The American Chamber of Commerce in Bangladesh (AmCham) hosted an engagement session on “AmCham Insights: Economic & Investment Outlook”, on Thursday at the Sheraton in Dhaka. Dr. Fahmida Khatun, Executive Director, Centre for Policy Dialogue (CPD), and Shah Mohammad Mahboob, Executive Member, Bangladesh Investment Development Authority (BIDA) graced the program as guest speakers. The event was supported by Philip Morris Bangladesh Ltd. Syed Ershad Ahmed, President of AmCham Bangladesh, said that the country is undergoing a transitional phase marked by key reforms, including logistics infrastructure management, the separation of the NBR into two distinct functions, and strengthened banking governance. These efforts, he noted, reflect a strong intent to build a more resilient and investment-friendly economy. However, to attract greater investment, he emphasized the need to ensure energy security, curb corruption, and maintain long-term policy consistency to reinforce investor confidence. Dr. Fahmida Khatun, Executive Director of the Centre for Policy Dialogue (CPD), shared her insightful analysis on “Economic Outlook of Bangladesh: Current Trends and Future Prospects,” noting the nation’s critical transition ahead of LDC graduation in 2026. She observed that GDP growth has slowed to around 4% in fiscal year 2025 though rising remittances and exports are providing some relief amid persistent inflation and stagnant wage growth. Fahmida Khatun emphasized export diversification, climate resilience, and inclusive employment generation as critical long-term priorities to sustain growth and competitiveness beyond LDC graduation. Shah Mohammad Mahboob, Executive Member of BIDA, shared enlightening insights on Bangladesh’s investment outlook, highlighting its macroeconomic resilience and reform-driven climate. He noted inflation’s fall from double to single digits, a 12.5% stock market rally, rising foreign reserves, and FDI more than doubling year-on-year—boosted by successful U.S. tariff talks and growing interest from China and South Korea. Mustafizur Rahman, Joint Secretary (WTO), Ministry of Commerce, highlighted Bangladesh’s proactive trade diplomacy, including CEPA/FTA negotiations with key Asian partners, including Japan, Korea, and a successful tariff reduction deal with the USTR to safeguard exports post-LDC graduation. Sultana Yasmin, Joint Secretary, noted that the Ministry of Industries implements the National Industrial Policy 2022, focusing on private-sector growth, exports, and SMEs. Key initiatives include digitization through OSS and online approvals, revision of key sectoral policies, and formulation of the Electric Vehicle and updated Logistics Policies. She stressed strong inter-ministerial coordination to boost investment and trade. Md Bodruzzaman Munshi, Second Secretary, NBR, shared recent trade facilitation measures such as reduced Advance Tax, policy formation for Free Zone facility, Bank Guarantee Facility, Digital Record-Keeping, Import-Export Hub, and the launch of the Bangladesh Single Window for streamlined cross-border trade and enhanced global competitiveness. AmCham Treasurer, Al Mamun M Rashel & Managing Director of NATco Bangladesh, and AmCham Executive Committee Member,  Rashed Mujib Noman, Managing Director of Augmedix BD Limited, were also present at the event.

The week at the country’s capital market ended on a sluggish note on Thursday, with Dhaka stocks inching up slightly while Chattogram stocks continued to decline amid thin participation and low turnover. At the Dhaka Stock Exchange (DSE), the benchmark index DSEX gained just 2 points to close marginally higher, snapping a four-day losing streak. The Shariah-based DSES, however, fell by 5 points, while the blue-chip index DS30 remained unchanged. Market breadth remained negative as share prices of 179 companies declined, compared to 154 gainers, while 65 issues closed unchanged. Among category-wise performers, most A-category (fundamentally strong) stocks advanced, whereas B and Z-category issues ended lower. In the A-category, prices of 105 companies rose, 92 declined, and 24 remained unchanged. The turnover also fell sharply, hitting the lowest level of the month. DSE posted a daily turnover of Tk 444 crore, down from Tk 487 crore in the previous session. In the block market, 15 companies traded shares worth Tk 11 crore, with Asiatic Laboratories Ltd leading the segment with transactions worth Tk 3.9 crore. People’s Insurance Company Ltd emerged as the day’s top gainer, soaring by nearly 8%, while Bangladesh Industrial Finance Company Ltd fell the most, sliding by 10%. The Chittagong Stock Exchange (CSE), however, extended losses, with its overall index declining by 36 points. At the port city bourse, 106 issues lost value against 53 gainers, while 23 remained unchanged. The turnover dropped to Tk 9 crore, compared to Tk 14 crore in the previous session. People’s Insurance Company Ltd also topped the gainers’ list at the CSE, rising by about 9%, while Exim Bank First Mutual Fund was the worst performer, plunging by 10%.

Wall Street was poised to open higher on Thursday as investors turned their focus to corporate earnings in the absence of key economic data delayed by the ongoing U.S. government shutdown. Futures for the S&P 500 rose 0.4%, Dow Jones industrials 0.3%, and Nasdaq 0.6% ahead of the opening bell. Gold prices continued to soar beyond record levels. J.B. Hunt Transport Services jumped more than 12% after reporting stronger-than-expected quarterly profits, while Salesforce gained about 6% after raising its 2030 revenue target to $60 billion. Chipmaker TSMC reported a 40% surge in quarterly profit to $15 billion, driven by strong AI demand, pushing its shares up 2% in New York trading. Asian markets mostly advanced, led by Japan’s Nikkei 225, which climbed 1.3%, and South Korea’s Kospi, up 2.5% to a record high. Gold prices rose 1.4% to $4,262 per ounce, boosting Australian mining stocks.

Taiwan Semiconductor Manufacturing Company (TSMC), the world’s largest computer chip maker, on Thursday reported a nearly 40% rise in net profit for the July-September quarter, driven by soaring demand for artificial intelligence applications. TSMC posted a record net profit of 452.3 billion New Taiwan dollars ($15 billion), surpassing analysts’ expectations, while revenue rose 30% year-on-year. The company supplies major tech firms, including Apple and Nvidia. To mitigate risks from China-U.S. trade tensions, TSMC is expanding its chip fabrication capacity in the United States and Japan. The company has pledged $100 billion in U.S. investments, including new factories in Arizona, in addition to a prior commitment of $65 billion. US seizes $14 billion in bitcoin, charges Cambodian executive in massive crypto scam “Demand for TSMC’s products remains robust,” analysts at Morningstar said. “Given the company’s market dominance, it is unlikely to be significantly affected by potential tariffs on shipments to U.S. customers. AI demand is expected to remain strong.” Last month, U.S. Commerce Secretary Howard Lutnick suggested splitting global chip production equally between Taiwan and the United States — a proposal Taiwan rejected, as the island continues to host the bulk of global semiconductor manufacturing. Source: AP 

The country’s stock markets witnessed mixed trading in the first half of Thursday, with Dhaka’s main index edging slightly higher while Chattogram’s declined, as most company shares saw a drop in prices. At the Dhaka Stock Exchange (DSE), the key index DSEX rose by 3 points during the first hour of trading on the week’s final working day. However, the Shariah-based DSES index fell by 3 points, while the blue-chip DS-30 index remained almost flat. Dhaka stocks tumble as DSEX plunges 80 points Out of the traded issues, the prices of 148 companies advanced, 175 declined, and 68 remained unchanged. The total turnover at the DSE stood at over Tk 190 crore in the first half of the session. In contrast, the Chittagong Stock Exchange (CSE) saw a downward trend, with its overall index losing 43 points. Among the 102 companies traded, the prices of 27 gained, 65 fell, and 10 remained unchanged. The total turnover at the CSE exceeded Tk 3 crore in the first half of the session.  

The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has issued a statement expressing deep concern over recent media reports linking the organization and the formal apparel sector to the tragic fire incident in Mirpur. The association clarified that the affected facilities were not part of the export-oriented ready-made garment (RMG) industry and were operating outside regulatory oversight. BGMEA Acting President Inamul Haq Khan offered condolences, stating, "BGMEA expresses its condolences over the tragic loss of lives, prays for the eternal peace of the departed souls and for the swift recovery of those injured." The statement confirmed information from the Fire Service and law enforcement agencies, noting that the fire originated in a chemical warehouse. The toxic fumes and smoke resulting from the explosion tragically spread to nearby establishments, claiming several lives. BGMEA was quick to distance its member facilities from the tragedy, emphasizing the compliance status of the formal RMG sector. The affected units are not members of BGMEA. The association stressed that these units are not part of the formal, export-oriented readymade garment (RMG) industry in Bangladesh. These factories are not affiliated with any recognized industry association.

Major General Mohammad Moazzem Hossain joined the Bangladesh Export Processing Zones Authority (BEPZA) as its 18th Executive Chairman. He has joined the Chief Adviser's Office as Executive Chairman of BEPZA, according to a press release. He succeeds Major General Abul Kalam Mohammad Ziaur Rahman. Prior to joining BEPZA, Major General Moazzem Hossain served as the General Officer Commanding (GOC) of the 7th Infantry Division and Area Commander, Barishal Area. He was commissioned in the Corps of Artillery of the Bangladesh Army on 20 December 1992.Throughout his long and illustrious career, he has held various command, staff, and instructional appointments, demonstrating exceptional leadership and professionalism. He has commanded two artillery brigades and two artillery regiments, and served as Platoon Commander at the Bangladesh Military Academy (BMA), Colonel Staff of a division and Director, Budget in Army Headquarters. Major General Mohammad Moazzem Hossain is a graduate of the Defence Services Command and Staff College (DSCSC), Mirpur, and has completed both the National Defence Course (ndc) and the Armed Forces War Course (afwc) from the National Defence College (NDC), Mirpur, Dhaka. He also attended advanced military training and exercises abroad, including at the Nanjing Artillery Academy in China and the School of Artillery in Pakistan. He has completed MPhil from Bangladesh University of Professionals and pursuing PhD from Dhaka University.