United News of Bangladesh

Consumers Association of Bangladesh (CAB) on Tuesday urged the government to take strict action against the Soybean oil syndicate as ‘edible oil is going beyond the reach of consumers due to the manipulation of syndicates’ in the domestic market. This demand was made in a statement. In the statement, the organisation said an old syndicate—active again since August 5—is now dominating the soybean oil market. The group is creating an artificial crisis by raising prices, thereby putting pressure on the government while securing hefty profits, it said. Asian shares trade mixed amid investor worries after Wall Street tumble The statement said that despite government policy support—such as duty waivers and VAT reductions—several powerful companies have deliberately reduced oil supply, destabilising the market. Although the government approved a price hike of Tk 14 per litre from April 14, the syndicate is now reportedly trying to push for an additional Tk 7 increase. Citing global trends, CAB noted that the international price of soybean oil dropped from USD 1,667 per ton in 2022 to USD 1,022 in 2024 but the domestic prices have continued to climb. Currently, loose soybean oil is being sold in the retail market for Tk 180 per litre—Tk 11 more than the official rate. CAB blamed four to five major companies for controlling the market saying they used similar tactics during the previous government to exploit consumers. “They are still creating instability in the same way,” the statement said. “If the syndicate is not dismantled and market transparency and competition are not ensured, the crisis will only deepen.” CAB urged the government to take immediate, strict action against the syndicate, strengthen market monitoring, and ensure proper implementation of policy support measures. The organisation also criticised traders for failing to boost supply after the National Board of Revenue removed a 5 percent import duty following the Commerce Ministry’s price hike decision.    

Maintaining the ongoing downward trend, both the Dhaka and Chattogram stock exchanges began trading on Tuesday) with losses, as indices in both markets declined. At the Dhaka Stock Exchange (DSE), the benchmark DSEX index fell by 20 points within the first two hours of trading. The other two indices — the Shariah-based DSES and the blue-chip DS30 — also dropped by 4 points each. During the first half of the trading session, the DSE recorded a turnover of Tk 180 crore, with the majority of listed companies experiencing a fall in share prices. Out of the traded securities, prices rose for 203 companies, declined for 133, while 58 remained unchanged. Downward spiral continues in stock market A similar scenario was observed at the Chattogram Stock Exchange (CSE), where the overall index dropped by 70 points shortly after trading began. Among the 163 companies that participated in trading at the CSE, share prices increased for 41 companies, declined for 104, and remained unchanged for 18. The total turnover during the first half of the session stood at over Tk 2.75 crore.  

Asian shares were trading mixed amid global skepticism about U.S. investments and President Donald Trump’s trade war. Trading was cautious in Asia, where the benchmark Nikkei 225 lost 0.3% to 34,174.38. Australia's S&P/ASX 200 was virtually unchanged, inching up less than 0.1% to 7,820.20. South Korea's Kospi gained 0.2% to 2,493.19. Hong Kong's Hang Seng slipped less than 0.1% to 21,387.51, while the Shanghai Composite added 0.3% to 3,301.59. On Wall Street the previous day, the S&P 500 sank 2.4% in another wipeout. That yanked the index that’s at the center of many 401(k) accounts 16% below a record set two months ago. Asian shares sink, with Japan's Nikkei down 5.6% as China-US trade war escalates The Dow Jones Industrial Average dropped 971 points, or 2.5%, while losses for Tesla and Nvidia helped drag the Nasdaq composite down 2.6%. U.S. government bonds and the value of the U.S. dollar also sank as prices retreated across U.S. markets. That's an unusual and worrying move because Treasurys and the dollar have historically strengthened during episodes of nervousness. This time around, though, it’s policies directly from Washington that are causing the fear and potentially weakening their reputations as some of the world’s safest investments.

Even though Bangladesh witnessed record-breaking remittance inflows in recent times, eight banks failed to attract a single penny from expatriates. The banks with zero remittance receipts include two state-owned institutions – Bangladesh Development Bank (BDBL) and Rajshahi Krishi Unnayan Bank (RAKUB); three private banks – Citizen Bank, ICB Islamic Bank, and Padma Bank; and four foreign banks – Habib Bank, National Bank of Pakistan, State Bank of India, and Woori Bank, accoridng to Bangladesh Bank sources. Expatriates sent $1.78 billion in remittances in first 19 days of April Bangladesh received a historic US$3.29 billion in remittances ahead of Eid, and the momentum has continued even after the festival.  In the first 19 days of April alone, expatriates sent US$1.78 billion, with an average daily inflow exceeding US$90 million (approximately Tk 1,104 crore). But, none of these eight banks received any portion of this remittance during the period.      

Gold has become even more expensive in Bangladesh, as the Bangladesh Jewellers’ Association (Bajus) has increased its prices for the 18th time this year. On Monday, Bajus set the price of 22-carat gold at Tk172,545 per bhori (11.664 grams), effective from Tuesday. Just a day earlier, on Sunday, the price of 22-carat gold stood at Tk167,833 per bhori, following a decision made on Saturday. The latest hike marks an increase of Tk4,712 per bhori. So far this year, Bajus has raised gold prices 18 times while reducing them on six occasions. Despite gold prices in Bangladesh already being higher than those on the global market, Bajus has continued to justify the hikes, citing a global upward trend. But, the association’s pricing often outpaces international forecasts. Bajus also reminded traders that the selling price of gold and silver must include 5 percent VAT, as per government regulations, along with a 6 percent minimum wage for workers, as set by the association. This means that a 22-carat gold ornament weighing one bhori would now cost around Tk191,545 – the highest price ever recorded in the country. The rising cost has led many consumers, particularly from middle-income households, to turn to alternative metals as gold becomes increasingly unaffordable. According to the revised pricing effective from Tuesday: Hallmarked 22-carat gold will be sold at Tk172,545 per bhori21-carat at Tk164,695 per bhori18-carat at Tk141,169 per bhori Traditional method gold at Tk116,779 per bhori Previously, on Monday: 22-carat gold was sold at Tk167,833 per bhori21-carat at Tk160,205 per bhori18-carat at Tk137,309 per bhoriTraditional method gold at Tk113,491 per bhoriMeanwhile, the price of silver remains unchanged.

After a week of persistent decline, the new trading week began on a similarly grim note for Bangladesh’s stock markets. On Monday, the second trading day of the week, both the Dhaka and Chattogram stock exchanges witnessed significant losses, extending the ongoing downward trend. DSE faced decline throughout week in all indices, CSE no exception The benchmark index of the Dhaka Stock Exchange (DSE), the DSEX, dropped by 29 points, while other two indices followed suit — the Shariah-based DSES shed 8 points and the blue-chip DS30 index lost 9 points. In addition to the falling indices, overall turnover at the DSE also declined. At the beginning of this week, the total transaction value fell to around Tk 350 crore. Monday’s total turnover at the DSE stood at Tk 359 crore. Alongside the index and turnover drops, share prices of most listed companies also fell. Of the 397 companies that participated in trading, prices rose for 103, while 234 saw declines. Share prices remained unchanged for 60 companies. Looking at category-wise performance, share prices in the A, B and Z categories also reflected the downtrend. Notably, within the A category, out of 219 companies, 49 saw gains while 141 experienced price drops. Prices remained unchanged for 29 companies. DSE, 2 other South Asian stock markets unite to drive regional growth Among the 36 listed mutual funds, most registered a fall in unit prices. While unit prices rose for 4 funds, 22 witnessed price declines, and 10 remained unchanged. In the DSE’s block market, 27 companies collectively traded shares worth Tk 18.88 crore. Of these, Midland Bank led with share transactions worth Tk 4.58 crore. Shahjibazar Power Company Limited topped the DSE gainers’ list, posting a 9.87% increase in share price. In contrast, Beach Hatchery suffered the sharpest fall, losing 9.98%. Chattogram Sees Similar Slump Mirroring the downturn in Dhaka, the Chattogram Stock Exchange (CSE) also recorded a steep fall. The CSE’s overall index dropped by 62 points at the end of Monday’s trading session. Other key indices, including the benchmark CSE-50 and the Shariah-compliant CSI, each declined by 6 points. Among the 198 companies that traded on the CSE, prices fell for 114, rose for 47, and remained unchanged for 37 companies. Shahjibazar Power Company Limited also led the trading volume in Chattogram. Meanwhile, the ICB AMCL Sonali Bank Limited First Mutual Fund hit the bottom, losing 10% in share value.  

Bangladesh lost an estimated Tk 226,236 crore in tax revenue in 2023 due to evasion and avoidance, driven by the lack of a fully digitalised tax system. This finding was revealed in a study report of the think tank the Centre for Policy Dialogue (CPD) unveiled on Monday. On the occasion, the research organisation a briefing on corporate income tax reform for graduating Bangladesh at the CPD office in Dhanmondi, Dhaka. Now US could collect over $1 billion in tariffs from Bangladeshi goods: CPD study The CPD study estimated that around 50 percent has been lost to corporate tax evasion. The estimated corporate tax evasion in 2023 would be roughly Tk 113,118 crore. The global trend in corporate income tax (CIT) has declined in recent years, dropping from 27.5 percent in 2006 to about 23.6 percent in 2016. Many developing countries maintain standard CIT rates of 25%, 30%, or higher; for instance, China has a CIT rate of 25 percent, Malaysia 24 percent, Indonesia 22 percent, Pakistan 29 percent and Myanmar 22 percent. Some developing countries offer significantly lower CIT rates, such as Oman and Uzbekistan at 15 percent, and Paraguay and Kyrgyzstan at 10 percent. Tax Structure of Developing Countries and LDCs Country Group CIT Rate Global Trend (2006-2016) 27.5% (2006) to 23.6% (2016) Developing Countries 22%-29% Least Developed Countries (LDCs) 10%-35% Graduated LDCs 21%-35%.

Asian stock markets opened the week with mixed performances on Monday, as investors kept a close watch on upcoming U.S. tech earnings and ongoing concerns over President Donald Trump’s trade policies. Several markets remained closed following the Easter weekend. U.S. futures were in the red as major tech companies prepared to report earnings in a tense economic climate shaped by rising tariffs and global uncertainty. “The damage to the U.S. brand is now undeniable,” said Stephen Innes of SPI Asset Management. “This isn’t something that will be quickly forgotten in the news cycle.” Unconfirmed reports said China has stopped its imports of some U.S. farm products and liquefied natural gas to avoid paying steep tariffs it imposed in retaliation for Trump’s tariffs of up to 145% on imports of Chinese products. U.S. President Donald Trump’s trade war remains a source of deep uncertainty. Economists worry his use of sharp tariff hikes could cause a recession if fully implemented and left in place for a while. Tokyo’s Nikkei 225 index lost 1% to 34,368.42 in the absence of signs of significant progress toward a trade deal with Trump. Japanese automakers, in particular, are facing 25% tariffs on exports to the U.S. of autos and auto parts.   The Shanghai Composite index gained 0.3% to 3,244.44, while the Kospi in South Korea was nearly unchanged at 2,484.23. Taiwan’s Taiex lost 1.2%. Markets were closed in Hong Kong and Australia. U.S. markets were shut on Friday and were mixed at Thursday’s close. The Dow industrials sank 1.3%, while the S&P 500 edged up 0.1%. The Nasdaq composite shed 0.1%. Weekly Market Review: All indices, turnover, share prices drop sharply Treasury yields rose early Monday. Big Tech’s “Magnificent Seven” companies, a group consisting of Apple, Microsoft, Nvidia, Amazon, Tesla, Google parent Alphabet and Facebook parent Meta Platforms kick off earnings season this week. Since Trump’s inauguration, their combined market value had plunged by $3.8 trillion, or 22%, as of April 20. Trump’s tariffs are wreaking havoc with supply chains in China and other key markets around the world. Tesla, which makes its electric vehicles in Shanghai, is scheduled to release its full financial report Tuesday after already revealing that its first-quarter car sales dropped by 13% from the same time last year. Also early Monday, U.S. benchmark crude oil sank $1.20 to $62.81 per barrel. Brent crude, the international standard, gave up $1.20 to $66.76 per barrel. The U.S. dollar bought 141.08 Japanese yen, its weakest level since September, down from 141.80 yen. The euro rose to $1.1473 from $1.1404. A recent drop in the dollar has economists worried that it might reflect something more ominous than the usual ups and downs as Trump tries to reshape global trade: a loss of confidence in the U.S. as a safe haven for investments. In the bond market, the yield on the 10-year Treasury rose to 4.35% from 4.32% late Thursday.      

Bangladesh Bank has instructed all scheduled banks to adhere to best practices in processing payments against Letters of Credit (LCs). In a recent notification, the central bank also allowed banks to consider defective import bills as eligible for payment, provided importers can present logical justification for accepting the errors. It, however, emphasised that banks must ensure the acceptance of such bills does not lead to any change in the nature of the imported goods. The directive comes amid reports that several local banks are declining to settle import bills with foreign banks, citing defects in documentation. This trend has been affecting the commercial relations between Bangladeshi and foreign banks, the notification noted. Expatriates sent $1.78 billion in remittances in first 19 days of April To address this, Bangladesh Bank has urged domestic banks to align their practices with international standards in settling import payments. The central bank further instructed banks to exercise caution when issuing delivery orders against import bills received through importers. Previously, banks were allowed to make payments against defective bills or bills received directly by importers, but only after submission of the bill of entry following customs clearance. Business leaders have long complained that despite receiving defective import bills, banks often refused payment, forcing foreign suppliers to wait until the goods were released, exposing them to financial risks. The new directive is expected to reduce confirmation charges and interest rates on import loans, ultimately helping to lower overall import costs.

Standard Chartered Bangladesh has launched the Freelancer Account, a tailored banking solution designed to meet the unique needs of the country’s vibrant freelance community. The Freelancer Account makes it easier for freelancers to receive overseas payments swiftly and securely. It offers end to end digital account opening process from anywhere — whether working from a home office, university dorm, or startup hub. This account offers zero account maintenance fees, free inward remittance, foreign currency remittance certificate, a complimentary international debit card along with processing fee and annual fee waiver on personal loan and selected credit card, said a press release. It provides freelancers with a simple, cost-effective, and globally accessible banking solution. Account holders can submit Form C via Standard Chartered’s Internet Banking app, enabling faster crediting of remittances. Bangladesh’s gold price exceeds global market prediction Lutful Habib, Head of Wealth and Retail Banking, Standard Chartered Bangladesh, said that Freelancer Account designed specifically for the bold and brave Freelancers of our country. “This is more than a bank account, it is an entire banking experience built so that freelancers can easily receive payments from global platforms like Upwork, Fiverr, and more.” Dr. Tanjiba Rahman, Chairman, Bangladesh Freelancers Development Society (BFDS), said that Freelancing is a powerful pathway to transform the unemployed into skilled contributors to the knowledge-based digital economy. “We are delighted that Standard Chartered has introduced a user-friendly account that meets the financial needs of freelancers and supports the flow of foreign remittances into Bangladeshi.”