United News of Bangladesh

The Bangladesh Securities and Exchange Commission (BSEC), the stock market regulator, has sent a letter to Bangladesh Bank (BB) regarding the planned merger of five commercial banks, urging the central bank to ensure the protection of the interests of general investors. The letter was sent to the governor of the central bank recently. While the decision to merge five private banks suffering from weakness and liquidity crises ensures the full protection of depositors, no clear decision has been made regarding the interests of general or small shareholders of these banks. Later, BSEC sent the letter to secure investor rights. Sources at Bangladesh Bank indicate that, according to the Bank Resolution Ordinance, 2025, general shareholders may not receive any compensation during the merger process. The new, merged bank will be listed on the stock market, but the investors of the five existing banks will not have any shares in the new entity, as their shares will be cancelled and new ones issued. But, market stakeholders argue that the general investors are not responsible for the current state of the five Islamic-focused banks. They believe the banks' sponsors and directors are the identified culprits, and their assets should be confiscated. They emphasise that since general investors are not at fault, their shares should not be confiscated, making the protection of their interests crucial during the merger process. They demand that the government should give the same level of importance to shareholders as it does to depositors. In its letter to the governor, BSEC stated that general investors are in no way responsible for the current state of the five banks slated for merger-First Security Islami Bank PLC, Global Islami Bank PLC, Union Bank PLC, Social Islami Bank PLC and Exim Bank PLC. The BSEC asserts that the individuals identified as liable under Section 77 of the Bank Resolution Ordinance-2025 are entirely responsible for the banks' condition, a fact acknowledged in the Ordinance itself. BSEC highlighted the following points for consideration to protect the interests of general investors during the merger: Valuation Beyond Balance Sheet: Determining the interest of general investors by valuing the banks' licenses, branch networks, client base, human resource base, service delivery mechanism, and brand value, etc., in addition to the assets displayed on the balance sheets, to arrive at a fair sale price. Considering Collateral and Confiscated Assets: Determining the general investor's interest by considering the value of collateral against the loans provided by the banks and the collectible funds through the confiscation of movable and immovable properties of the liable persons. Determining Merger Ratio: Fixing the merger ratio by considering the investment amount made by general shareholders (excluding shares held by the liable persons mentioned in Section 77) as the minimum value of their interest. No Delisting Before Valuation: BSEC urged the Governor that the five banks should not be delisted from the stock exchange without first determining and announcing the value/ratio of general investors’ interests based on the above evaluations, or without determining and announcing the acquisition price of the shares held by general investors.  

Dhaka University Treasurer Professor M. Jahangir Alam Chowdhury on Saturday said Islamic banking and finance continue to play an increasingly vital role in the global economy — not merely for being interest-free, but also for their ethical and socially responsible principles. He made the remarks while addressing the closing ceremony of the week-long Professional Certificate in Islamic Banking (PCIB) training course, jointly organised by the Bangladesh Institute of Islamic Finance (BIIF) and National Credit and Commerce Bank PLC (NCC Bank PLC), held at the BIIF Training Hall in Motijheel. Dr. Jahangir Alam Chowdhury said that from the perspective of sustainable development, both responsible borrowers and lenders are essential for ensuring the long-term benefits of Islamic banking. “Interest-free banking is not only for Muslims or a purely religious matter — it plays an important role in poverty alleviation, job creation, and fostering financial inclusion,” he added. He noted that operating an Islamic bank requires more than just seeking profit — it demands commitment, dedication, and a sound understanding of Islamic economics. “The time is now to give greater attention to the Islamic banking sector. I believe BIIF is playing a pioneering role in this regard and will continue to do so in the future,” he said. The event was presided over by Prof. M. Abdul Aziz, Founder Director of BIIF and Director General of the Bangladesh Institute of Islamic Thought (BIIT). A.Q.M. Safiullah Arif, Executive Vice President and Head of Islamic Banking Division of NCC Bank PLC, attended the programme as special guest, while Mohammad Ali Kaiyum, Director General of the Institute of Islamic Banking and Insurance (IIBI), London, joined virtually as guest of honour. Aftab Uddin, Deputy Director of Bangladesh Bank, was also present. Dr. Abdul Aziz said that BIIF, as an independent institution, has been working relentlessly to enhance the professional skills of banking, finance, and business professionals through policy research, publications, training, and consultancy. “By combining knowledge, skill, and values, BIIF aims to develop world-class human resources equipped to meet future challenges,” he said. He added that improved collaboration between academia and the financial industry could enable the Islamic banking sector to contribute even more significantly to the country’s economic development. “Given that over 92 percent of the population in Bangladesh are Muslims, there is immense potential for the further growth of Islamic banking and finance,” Dr. Aziz said. NCC Bank’s A.Q.M. Safiullah Arif noted that there is strong demand in Bangladesh for fully Shariah-compliant banking. “Since interest-based banking contradicts religious values, the profit-and-loss-sharing system of Islamic banking has gained wide acceptance,” he said. “NCC Bank is committed to developing its human resources in this area. This training, conducted through BIIF, marks the beginning of that journey for our first batch of 35 officials.” Participants Nasrin Afrin Juma and Md. Sohel Parvez praised BIIF’s efforts in research, publication, and training, saying the course was highly beneficial in clarifying misconceptions about Islamic banking and reinforcing its importance for individuals, families, and institutions alike. The course covered 24 sessions on Islamic economics, Shariah-based banking structures, Islamic contracts, Islamic money markets, risk management, and regulatory frameworks. Leading bankers, economists, and current and former officials of Bangladesh Bank served as trainers. The Professional Certificate in Islamic Banking (PCIB) is internationally recognised by the Institute of Islamic Banking and Insurance (IIBI), UK, and is regarded as a globally standard professional programme for Islamic banking practitioners.

The Self-Employed Women’s Association (SEWA), in collaboration with the High Commission of Bangladesh in New Delhi, inaugurated the annual SEWA Bazaar on Friday at the Maitree Hall on the High Commission premises. The three-day event, open to the public from October 10–12, showcases a vibrant collection of regional crafts created by women artisans from across India, said a media release on Friday. Visitors will have the opportunity to explore and purchase handcrafted products that reflect the diversity and creativity of India’s rich artisan traditions. This marks the first-ever partnership between the High Commission of Bangladesh and SEWA—an Indian trade union founded in 1972 by Ela Bhatt to empower self-employed women in the informal sector through collective organization, access to finance, social security, and cooperative enterprise development. Originating from India’s Textile Labour Association, SEWA has grown into a nationwide movement with over 3.2 million members across 18 states, committed to promoting women’s economic independence through its core principles of voice, visibility, and viability. Speaking at the inauguration, M Riaz Hamidullah, High Commissioner of Bangladesh to India, commended SEWA’s efforts, saying, “The women artisans of SEWA are not just selling products—they are sharing stories of resilience and inspiration. The Bangladesh High Commission is proud to partner in such a remarkable initiative.” Anuradha Kumra, chief adviser of The Kunj—an initiative of India’s Ministry of Textiles that celebrates craftsmanship—praised SEWA’s work in sustaining traditional creativity among women. “SEWA keeps alive the spirit of craftsmanship while celebrating the diversity of the Indian subcontinent during this festive season,” she noted.  

China has announced new restrictions on exports of rare earth elements and related technologies, extending its control over materials vital to global high-tech and defense industries. The move comes just weeks before a planned meeting between US President Donald Trump and Chinese leader Xi Jinping. The Ministry of Commerce said Thursday that foreign companies will now require special approval to export products containing even trace amounts of rare earths sourced from China. The new rules also include licensing requirements for technologies related to mining, smelting, recycling, and magnet production — with military-related applications expected to be denied outright. China produces nearly 70% of the world’s rare earths and handles about 90% of global processing, giving Beijing significant leverage in global supply chains. Analysts say the tighter controls underscore China’s strategic use of critical minerals amid ongoing trade tensions with Washington. “Beijing’s rare earth policy has become a powerful tool of economic and geopolitical influence,” said Gracelin Baskaran of the Center for Strategic and International Studies. Tesla launches cheaper Model Y and Model 3, but investors remain unimpressed US-based analysts warned the new measures could accelerate investments to build independent “mine-to-magnet” supply chains outside China. American companies, including MP Materials and Noveon, are already working to reduce reliance on Chinese suppliers, supported by over $500 million in recent US government investments. The European Commission also voiced concern, urging China to remain a “reliable partner” and ensure predictable access to critical raw materials. Global markets steady as AI surge lifts tech shares; IBM jumps on Anthropic partnership Experts view Beijing’s decision as both a strategic move and an escalation in the ongoing trade war. “This should be a wake-up call for Washington to rebuild its rare earths industrial base,” said former US Commerce Department official Nazak Nikakhtar. Source: AP 

Bangladesh’s stock market extended its losing streak on Thursday, with indices of both Dhaka and Chattogram bourses falling for the fourth time in five sessions amid widespread declines in share prices. At the end of the day’s trading, the key index of the Dhaka Stock Exchange (DSE), DSEX, dropped by 54 points. The Shariah-based DSES index fell by 14 points, while the blue-chip index DS30 lost 18 points. Out of 398 issues traded, prices declined for 292 companies, advanced for 72, and remained unchanged for 34. Share prices fell across all three categories — A, B, and Z. In the A-category, which includes the most fundamentally sound companies offering the highest dividends, prices fell for 154 issues, while only 49 advanced. In the block market, shares worth Tk 12 crore were traded across 21 companies, with Fine Foods Limited topping the list with Tk 4 crore in block trades. The turnover on the DSE also dropped, with shares and units worth Tk 530 crore changing hands, down from Tk 611 crore in the previous session. Rahima Food Corporation Limited topped the gainers’ list with a rise of over 9 percent, while GSP Finance Company Limited suffered the biggest loss, falling by more than 10 percent. The downward momentum also persisted on the Chittagong Stock Exchange (CSE), where the overall index declined by 98 points. Of the 214 issues traded on the CSE, prices rose for 57, fell for 137, and remained unchanged for 20. The turnover at the CSE, however, rose to Tk 22 crore from Tk 8 crore in the previous session. Market insiders said that when indices continue to fall, investors tend to sell off shares, leading to higher turnover but negative outcomes. DBH First Mutual Fund topped the gainers’ chart on the CSE with a 10 percent rise, while Apex Spinning and Knitting Mills Limited hit the bottom, dropping by over 11 percent.  

Bangladesh’s stock indices witnessed mixed trading in early hours of transactions on Wednesday, with a slight rise in Dhaka and a marginal fall in Chattogram, as most companies saw their share prices edge up. During the first hour of trading on the last working day of the week, the key index of the Dhaka Stock Exchange (DSEX) gained 2 points. Of the other two indices, the Shariah-based DSES dropped by 3 points, while the blue-chip DS30 index remained almost flat. Bangladesh stocks extend losses for third day amid low turnover Out of 384 issues traded on the DSE, prices rose for 198, declined for 101, and remained unchanged for 85. The turnover stood at over Tk 120 crore in the first hour. Meanwhile, the overall index at the Chittagong Stock Exchange (CSE) slipped by 2 points. Of the 51 issues traded, prices advanced for 25, declined for 24, and remained unchanged for 2. The turnover at the CSE stood at over Tk 5 crore during the first hour of trading.

Bangladesh’s stock market continued its losing streak for the third consecutive session on Tuesday, as most issues on both the Dhaka and Chattogram bourses ended lower amid reduced turnover. At the Dhaka Stock Exchange (DSE), the benchmark index DSEX lost 39 points to close lower, while the Shariah-based DSES dropped 12 points and the blue-chip DS30 shed 13 points. Out of the 399 issues traded, prices advanced for 105, declined for 221, and remained unchanged for 73 securities. Across all three categories — A, B, and Z — the majority of companies saw losses. In the A-category, which comprises fundamentally strong and highest dividend-paying firms, 64 advanced against 123 losers. The block market witnessed trades worth Tk 6 crore across 22 companies, with Asiatic Laboratories Ltd topping the list by selling shares worth Tk 1.2 crore. The turnover at the DSE also declined to Tk 611 crore, down from Tk 787 crore in the previous session. Pioneer Insurance Company Ltd emerged as the top gainer of the day, soaring over 9 percent, while Union Bank PLC slumped more than 9 percent to become the day’s worst performer. The bearish sentiment extended to the Chittagong Stock Exchange (CSE) as well, where the broad index fell by 36 points. Most issues at the port city bourse ended lower, with 64 advancing against 135 declining. The turnover at the CSE stood at Tk 8 crore, compared to Tk 12 crore in the previous session. Reliance One, the first scheme of Reliance Insurance Mutual Fund, topped the gainers’ list with a rise of over 23 percent, while Dhaka Electric Supply Company Ltd (DESCO) dropped 10 percent to become the day’s worst performer.

Tesla has unveiled lower-priced versions of its Model Y and Model 3 electric vehicles in an effort to boost slowing sales, but the move failed to impress investors, sending its stock down on Tuesday. The new Model Y, priced just under $40,000, features a simplified interior and reduced specifications. The release comes during a challenging year for the company, which faces a maturing product lineup, growing competition from foreign EV makers, and boycotts linked to CEO Elon Musk. Market analysts said the new versions are unlikely to provide the spark investors were hoping for. “Investors were looking for something truly different, not an iteration of an old product,” said Edmunds analyst Ivan Drury, as Tesla shares dropped sharply near the close of trading. Tesla also introduced a cheaper Model 3 starting below $37,000, which falls under $35,000 in New York after state rebates. However, both models remain above the $25,000 price point Tesla once promised for a mass-market vehicle. The rollout coincides with declining EV demand in the U.S. following the expiration of a $7,500 federal tax credit, prompting many customers to delay purchases. Tesla stock slid 4.5% to $443.09 on Tuesday, erasing gains from the previous day when anticipation of the new models had pushed shares up over 5%. The new Model Y offers a shorter 321-mile range, fewer speakers, and a fabric interior instead of microsuede. It also lacks features like a panoramic glass roof and rear touchscreen, placing it in competition with EVs such as Ford’s Mustang Mach-E, Chevrolet’s Equinox EV, and Hyundai’s Ioniq 5. Similarly, the new Model 3 reduces driving range, ambient lighting, and other premium features.

Indices at the Dhaka and Chittagong stock exchanges edged higher in the first hour of trading on Wednesday, with most companies seeing gains in share prices. During the first hour of the session, the key index of the Dhaka Stock Exchange (DSE), DSEX, advanced by 5 points. However, the other two indices — the Shariah-based DSES and the blue-chip DS-30 — remained unchanged. Out of the 377 issues traded, prices of 190 advanced, 107 declined and 80 remained unchanged. Shares and units worth over Tk 170 crore changed hands on the DSE during the first hour. Indices fall at DSE, rise at CSE The Chittagong Stock Exchange (CSE) also saw a positive trend, as its overall index gained 11 points in early trading. Of the 54 issues traded on the CSE, the prices of 32 advanced, 16 declined, and 6 remained unchanged. Shares and units worth over Tk 60 lakh were traded on the bourse during the first hour.

Global markets hovered near record highs on Tuesday, driven by continued enthusiasm for artificial intelligence (AI) developments that are fueling gains in major technology stocks. Futures for the S&P 500, Dow Jones Industrial Average, and Nasdaq remained largely unchanged in early trading ahead of Wall Street’s opening. IBM emerged as a major gainer in premarket activity, with its shares rising 4.5% after announcing a strategic partnership with Anthropic, the developer of the Claude AI chatbot. The collaboration will integrate Claude into select IBM software products to help clients enhance productivity while safeguarding code security. Meanwhile, shares of Canada’s Trilogy Metals surged more than threefold overnight after the White House said it would take a 10% equity stake in the company and allow the Ambler Road mining project in Alaska to proceed. President Donald Trump on Monday approved the construction of a 211-mile road through Alaska’s wilderness to access copper, cobalt, gold, and other critical minerals essential for manufacturing cars, electronics, and advanced technologies. Trilogy is developing the Ambler site in partnership with an Australian mining firm. While AI-driven optimism continues to push Wall Street to record levels, analysts warn that stock valuations may be rising too quickly. In Europe, France’s CAC 40 rose 0.3% at midday as investors bought into bargains following Monday’s market drop after Prime Minister Gabriel Attal’s abrupt resignation. The move marked the fourth major leadership change in President Emmanuel Macron’s government in just over a year. Germany’s DAX gained 0.2%, while the UK’s FTSE 100 added 0.3%. Across Asia, most markets were closed for holidays, including mainland China and Hong Kong. Japan’s Nikkei 225 added only 6 points to close at 47,950.88, nearly erasing Monday’s nearly 5% surge that set a record high. Investors initially reacted positively after Japan’s ruling Liberal Democratic Party elected conservative Sanae Takaichi as its new leader, positioning her to become Japan’s first female prime minister. Takaichi, a close ally of the late Prime Minister Shinzo Abe, is expected to promote pro-market policies similar to his. However, analysts note she could face resistance both within her party and from opposition groups. Elsewhere in the region, Australia’s S&P/ASX 200 slipped 0.3% to 8,956.80. Taiwan’s benchmark index jumped 1.7% on strong demand for AI stocks, while India’s Sensex rose 0.3%. Most Southeast Asian markets also traded higher.