United News of Bangladesh

Chief Adviser Professor Muhammad Yunus on Sunday gave five specific directives to address the issues related to the country's capital market and keep it vibrant through necessary quick reforms.  After the meeting, Chief Adviser's Press Secretary Shafiqul Alam told reporters that Prof Yunus gave five major directives.  Finance Adviser Dr Salehuddin Ahmed and stakeholders of the country’s capital market were present at the meeting, held at the State Guesthouse Jamuna.  "The Chief Adviser listened to them and gave necessary directives. We hope to see real and meaningful reforms in the stock market very soon," Press Secretary Alam said.  CA Prof Yunus seeks quick, coordinated actions for LDC graduation Bangladesh Securities and Exchange Commission Chairman Khondoker Rashed Maqsood gave a broader picture of the capital market and highlighted the efforts that are underway. The Chief Adviser said people's trust will not be restored unless those involved in the past few decades of destabilising the stock market through looting are brought to justice. He said the state of the stock market that has been brought to is unimaginable. "We must overcome this situation. The necessary reforms in the stock market must be carried out to restore it to a state where people regain trust and it does not become a den of looters." Five Directives Take necessary steps to reduce the government's shareholding in government-owned multinational companies and include them in the capital market; Take necessary steps, including incentives, to encourage large domestic companies in the private sector to list in the capital market; Bring in foreign experts to reform the capital market within three months to prevent manipulation by vested interests; China emerges as a favourite destination for Bangladeshi students seeking higher education  Take strict action against everyone involved in irregularities in the capital market; And taking measures to encourage business organizations that require large loans to reduce their dependence on bank loans and raise funds from the capital market through bonds and equities.  

Standard Chartered Bangladesh has appointed Enamul Huque as its Country Chief Risk Officer (CRO). In his new role, Enam will also concurrently serve as Senior Credit Officer for the Corporate and Institutional Banking (CIB) portfolio. Enam brings with him over 26 years of extensive leadership experience in the banking industry, according to a press release. Standard Chartered Bank clinches “Best International Bank in Bangladesh” award Following professional engagements with globally reputed organisations like HSBC and KPMG, he joined Standard Chartered in 2001. Since then, Enam has served across multiple key positions within Standard Chartered, encompassing Local Corporates, Commodity Traders and Agribusiness, Global Subsidiaries, and Financial Institutions. Most recently, Enam successfully led Coverage for Corporate Clients. Standard Chartered Bangladesh launches Freelancer Account Prior to this, he was instrumental in providing strong leadership to the whole Corporate, Commercial & Institutional Banking segment. Enam significantly contributed to delivering record performances while maintaining low impairment in a dynamic economic environment. Naser Ezaz Bijoy, Chief Executive Officer, Standard Chartered Bangladesh, said, " His extensive experience in client coverage has provided him with unique insights into client-specific risks and opportunities, making him ideally suited to strengthen our risk management framework.”  

Shams Mahmud has been re-elected president of the Bangladesh-Thai Chamber of Commerce & Industry (BTCCI) for 2025-2027. He was elected through the 19th Annual General Meeting (AGM) of the organization held at Gulshan Club Ltd on Saturday, said a statement. Md. Munir Hossain and Hossain A Sikder have been elected as senior vice president and vice president respectively along with Tanvir Ahmed of Sheltech Group, director (administration) and Md. Ahsanuz-zaman of Spectra Hexa, director (finance) for the same period. The other newly elected directors are Md. Salem Sulaiman of Massons Group, Razzak Sattar of Utha Group, Md. Ashikur Rahman of TAD Sourcing, Anowar Hossain Manik of Textown Group, Chin Phuengsab-chaikul of SCG International, MK Karim Antu of Pentagon Group, Ameer Chowdhury of ABC Group, Mahmud Hasan of Siam City Cement, Sumaiya Noor Chowdhury of KN-Harbour and Hafiz U Biplob of United HVAC Ltd. Shahjahan Khan re-elected BTCCI President Shams Mahmud is a leading entrepreneur in the textile and readymade garments sector in Bangladesh. He is the managing director of Shasha Denims Ltd, Shasha Garments and Shasha Textiles and director of EOS Textiles Ltd, Track Innovative Technologies Ltd. and Fly Dhaka Airlines Ltd. He also holds the post of the secretary general of the Consular Corps Bangladesh (CCB).   The businessman was a former president of the Dhaka Chamber of Commerce & Industry (DCCI), a former Director of BGMEA and Former Vice President of the Bangladesh-Philippines Chamber of Commerce & Industry (BPCCI).    

Export and import activities between Bangladesh and India through the Hili land port in Dinajpur remained suspended on Sunday on the occasion of Buddha Purnima. But, the movement of travellers with valid documents, including passports, continued as usual. Md Ferdous Rahman, President of the Hili Customs C&F Agents Association, said traders from both countries decided to halt import and export operations from morning till evening in observance of Buddha Purnima, a public holiday. Trade through Hili port resumes after Eid holiday Besides, loading and unloading inside the land port were suspended, he said, adding that business activities would resume on Monday. Hili Immigration Checkpost officer-in-charge Ariful Islam said the movement of travellers with valid documents remained unaffected.

President Donald Trump said “great progress” was being made in ongoing U.S.-China talks over tariffs menacing the global economy, and even suggested a “total reset" was on the table as tariff negotiations are set to continue Sunday in Switzerland. No major breakthrough was announced in discussions that lasted over 10 hours between U.S. officials, including Treasury Secretary Scott Bessent, U.S. Trade Representative Jamieson Greer, and a delegation led by Chinese Vice Premier He Lifeng. Still, Trump struck an upbeat tone. “A very good meeting today with China, in Switzerland. Many things discussed, much agreed to. A total reset negotiated in a friendly, but constructive, manner,” the president wrote on his Truth Social platform. “We want to see, for the good of both China and the U.S., an opening up of China to American business. GREAT PROGRESS MADE!!!” He gave no further details, and officials at the White House also offered little information during and after the opening day of discussions. Trump's post followed an official telling The Associated Press that talks would continue Sunday. The official requested anonymity because of the sensitivity of the discussions, which could help stabilize world markets roiled by the U.S.-China standoff. They've been shrouded in secrecy, and neither side made comments to reporters as they left. In an editorial late Saturday, China's official Xinhua News Agency said the talks had come about “at the request of the U.S. side” — noting an earlier point of contention — and said China agreed to them “after taking full account of global expectations, national interests and appeals from U.S. businesses and consumers.” “Whether the road ahead involves negotiation or confrontation, one thing is clear: China’s determination to safeguard its development interests is unshakable, and its stance on maintaining the global economic and trade order remains unwavering,” Xinhua said. “Talks should never be a pretext for continued coercion or extortion, and China will firmly reject any proposal that compromises core principles or undermines the broader cause of global equity,” it added. China's exports rose a higher than expected 8% in April as new US tariffs took effect Several convoys of black vehicles left the residence of the Swiss ambassador to the U.N. in Geneva, which hosted the talks aimed at de-escalating trade tensions between the world’s two biggest economies. Diplomats from both sides also confirmed that the talks took place. The opening day of negotiations were held in the sumptuous 18th-century “Villa Saladin” overlooking Lake Geneva. The former estate was bequeathed to the Swiss state in 1973, according to the Geneva government. Trump's assessment aside, prospects for a major breakthrough appeared dim when the talks opened. Still, there is hope that the two countries will scale back the massive taxes — tariffs — they have slapped on each other’s goods, a move that would relieve world financial markets and companies on both sides of the Pacific Ocean that depend on U.S.-China trade. Trump last month raised U.S. tariffs on China to a combined 145%, and China retaliated by hitting American imports with a 125% levy. Tariffs that high essentially amount to the countries’ boycotting each other’s products, disrupting trade that last year topped $660 billion. And even before talks got underway, Trump suggested Friday that the U.S. could lower its tariffs on China, saying in a Truth Social post that “ 80% Tariff seems right! Up to Scott.″ Sun Yun, director of the China program at the Stimson Center, noted it will be the first time He and Bessent have talked. She doubts the Geneva meeting will produce any substantive results. “The best scenario is for the two sides to agree to de-escalate on the ... tariffs at the same time,” she said, adding even a small reduction would send a positive signal. “It cannot just be words.” Since returning to the White House in January, Trump has aggressively used tariffs as his favorite economic weapon. He has, for example, imposed a 10% tax on imports from almost every country in the world. But the fight with China has been the most intense. His tariffs on China include a 20% charge meant to pressure Beijing into doing more to stop the flow of the synthetic opioid fentanyl into the United States. The remaining 125% involve a dispute that dates back to Trump’s first term and comes atop tariffs he levied on China back then, which means the total tariffs on some Chinese goods can exceed 145%. During Trump's first term, the U.S. alleged that China uses unfair tactics to give itself an edge in advanced technologies such as quantum computing and driverless cars. These include forcing U.S. and other foreign companies to hand over trade secrets in exchange for access to the Chinese market; using government money to subsidize domestic tech firms; and outright theft of sensitive technologies. Those issues were never fully resolved. After nearly two years of negotiation, the United States and China reached a so-called Phase One agreement in January 2020. The U.S. agreed then not to go ahead with even higher tariffs on China, and Beijing agreed to buy more American products. The tough issues — such as China’s subsidies — were left for future negotiations. But China didn’t come through with the promised purchases, partly because COVID-19 disrupted global commerce just after the Phase One truce was announced. The fight over China's tech policy now resumes. Trump is also agitated by America's massive trade deficit with China, which came to $263 billion last year. Trump slaps hefty tariffs on Switzerland Tariffs, oil prices and other uncertainties weighing down Mideast economies, IMF says In Switzerland Friday, Bessent and Greer also met with Swiss President Karin Keller-Sutter. Trump last month suspended plans to slap hefty 31% tariffs on Swiss goods -- more than the 20% levies he plastered on exports from European Union. For now, he has reduced those taxes to 10% but could raise them again. The government in Bern is taking a cautious approach. But it has warned of the impact on crucial Swiss industries like watches, coffee capsules, cheese and chocolate. “An increase in trade tensions is not in Switzerland’s interests. Countermeasures against U.S. tariff increases would entail costs for the Swiss economy, in particular by making imports from the USA more expensive,” the government said last week, adding that the executive branch “is therefore not planning to impose any countermeasures at the present time.” The government said Swiss exports to the United States on Saturday were subject to an additional 10% tariff, and another 21% beginning Wednesday. The United States is Switzerland’s second-biggest trading partner after the EU – the 27-member-country bloc that nearly surrounds the wealthy Alpine country of more than 9 million. U.S.-Swiss trade in goods and services has quadrupled over the last two decades, the government said. The Swiss government said Switzerland abolished all industrial tariffs on Jan. 1 last year, meaning that 99% of all goods from the United States can be imported into Switzerland duty-free.

Bangladesh Jewelers Association (Bajus) has reduced the price of gold by Tk1050 per bhori, to be effective from Sunday. According to the new price, the price of a bhori of the good quality 22-carat gold will be Tk 1,70,761.  On Saturday, good quality gold was sold for Tk 1,71,811 per bhori. The Bajus notification stated that the price of pure gold (acid gold) has decreased in the local market. As a result, the new price of gold has been determined considering the overall situation. According to the new prices, the price of the best quality or 22-carat gold per bhori (11.664 grams) has been fixed at Tk170,761, 21-carat gold per bhori at Tk1,63004 , 18-carat gold per bhori at Tk1 39711 and the price of traditional gold per bhori at Tk115532. Although the price of gold has increased, the price of silver has remained unchanged. 

Mohammad Hatem-led panel was elected in all 35 directors post in the election of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA).  He led Progressive Knit Alliance in BKMEA election for 2025-27. BGMEA election to be held May 28 The Election Committee Chairman Shafiullah Chowdhury announced the result tonight. The vote was held at three centres in Narayanganj, Dhaka, and Chattogram. Newly elected director Fakir Kamruzzaman Nahid, managing director of Fakir Fashions Limited, said, "Tomorrow [11 May], the new board will elect office bearers, including the chairman. As the panel leader, Mohammad Hatem is set to become the chairman.” Bangladesh's RMG exports show moderate growth, EU remains key market Among the 38 candidates in total, three independent candidates failed to secure any posts, according to the election results.

The vote for the board of directors elections of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) for 2025-27 was completed in a peaceful manner in Dhaka and Narayanganj today. Over a decade, the election of BKMEA was held in a free and fair environment as the Osman Family remained hidden after political change in the country. Voting for the election began in a festive atmosphere at 9 am today, Saturday. Continuous voting until 5pm. Voting for this election is underway at two centers in BKMEA's own building at Bangla Motor in the capital Dhaka and Chashara in Narayanganj city. Earlier, such formal voting was organized for the board of directors election of the organization in 2012. Young doctors urge to cut cigarette price tiers from four to three to curb consumption Out of 572 voters in this year's BKMEA election, 272 are in Narayanganj, 224 in Dhaka and 76 in Chittagong. Voters can vote at any center in Dhaka and Narayanganj as per their convenience. Although there are 38 candidates for 35 director posts in this election, 35 of them are in the same panel. The Progressive Knit Alliance panel is headed by the current president of BKMEA, Mohammad Hatem. Under his leadership, the Progressive Knit Alliance officially announced a 15-point election manifesto two days ago. Three candidates are contesting the election independently outside this panel. They are former director of BGMEA and managing director of Young For Ever Textile Limited, Rajib Chowdhury, managing director of Zahin Knitwear Limited, Md. Jamal Uddin Mia, and managing director of JS Style BD Limited, Mohammad Nazrul Islam. Out of the 35 board members elected in the vote, 9 directors including the president, executive president, and seven vice presidents of BKMEA will be elected later. Progressive Knit Alliance panel leader Mohammad Hatem said that if he wins the election, the new board of directors will do whatever it takes to remove obstacles to the country's knit export sector.

Stock market investors on Saturday called for the immediate removal of the Chairman of the Bangladesh Securities and Exchange Commission (BSEC), accusing him of failing to manage the market effectively. Leaders of the Bangladesh Capital Market Investors Association (BCMIA) made the demand at a press conference they held at the Capital Market Journalists Forum (CMJF) auditorium. Their statement comes ahead of a high-level meeting scheduled for Sunday, to be chaired by Chief Adviser Professor Muhammad Yunus, aimed at reviewing the current condition and developments in the capital market. The investors asserted that without representation from genuine investor groups, the meeting would be ineffective. “If there is no investor representation among the stakeholders, the meeting will not yield meaningful outcomes,” they warned. According to the investors, the participants selected for the meeting do not truly understand the stock market’s challenges. Only those who have failed to play any effective role in solving the crisis have been included, they alleged. They claimed that the market’s consistent decline began after Rashed Maqsood took over as BSEC Chairman, blaming what they described as his flawed leadership. BCMIA leaders also alleged that the financial advisor to the government has not taken steps to remove Maqsood due to familial ties, while a special assistant to the Chief Advisor is also backing him. Weekly Stock Market: Investors question when will the downtrend end? In such circumstances, they believe this meeting on the capital market’s development will not produce the desired results. Speaking at the press conference, BCMIA President SM Iqbal Hossain and General Secretary Nurul Islam Manik reiterated their position, saying, Rashed Maqsood lacks sufficient knowledge about the stock market. This is not just our view but also that of other stakeholders, including a former BSEC chairman. His removal is urgently needed.

Bangladesh’s capital market wrapped up the week with modest gains, but not without a rollercoaster of volatility that left investors on edge and reignited concerns about the market’s underlying stability. A prolonged downtrend has led to growing discontent, with many questioning when the market will recover from its current state. Last Wednesday, the Dhaka Stock Exchange (DSE) witnessed a steep fall of 150 points in a single day, marking the largest drop of the year so far. Although the key index rose by nearly 100 points on the final trading day of the week, total turnover declined significantly—from the Tk 500 crore mark to the Tk 300-crore range -- indicating waning investor participation. Tarek Hasan, a decade-long investor in the stock market, said, “Every investor is frustrated. Fluctuations happen in markets around the world, but nowhere do we see such unrestrained plunges as in ours.” Mixed trends in stock markets: DSE gains, CSE declines in early trading Another investor, Kawsar Habib, added, “People once invested in the market with great enthusiasm. Even after the major manipulation in 2010, the market did not dip this low. Now, brokerage houses are nearly deserted, with few investors in sight.” Frustrated by the relentless fall, many investors are blaming the regulatory body—the Bangladesh Securities and Exchange Commission (BSEC). According to them, the Commission is taking a series of baffling decisions and is embroiled in internal conflicts, rather than implementing meaningful reforms that could revive the market. Throughout the week, the DSE’s key index dropped by 15 points. The Shariah-based DSES index declined by 19 points, while the blue-chip DS30 index fell by 2 points. The CSE index (CME) also saw a 7-point drop. DSE announces new trading hours for Ramadan Similar trends were observed in the Chittagong Stock Exchange (CSE), where the overall index fell by 102 points over the week. Out of 307 companies traded, prices of 111 increased while 168 declined. The prices of 28 companies remained unchanged. Saiful Islam, President of the DSE Brokers Association of Bangladesh (DBA), commented on the deteriorating situation: “Panic is being created in the market regularly. A separate group is destabilising the market through rumours. A small trigger leads to a massive fall, which highlights the underlying weaknesses of the market structure.” Speaking on condition of anonymity, the Managing Director of a leading brokerage firm said, “The Commission is delaying reforms under the guise of restructuring. They are using the market as a testing ground for their experiments. Under such conditions, insiders see little hope of a recovery any time soon.” But, the Investment Corporation of Bangladesh (ICB), a key institutional player, remains cautiously optimistic. Abu Ahmed, Chairman of ICB, said, “We will soon sit for discussions with the Commission’s chief adviser. The government, at the highest level, is pushing for market stabilisation. We hope the situation will normalise within this year.” END/UNB/MM/SAM