United News of Bangladesh

Consumers in Bangladesh may face another rise in edible oil prices, as the Bangladesh Trade and Tariff Commission (BTTC) has recommended an increase of Tk 9.27 per litre for soybean oil. In a notification on Monday, the BTTC said the proposed hike is driven by higher average Letter of Credit (LC) values, increased in-bond and ex-bond costs and a rising US dollar exchange rate. The commission said the last price adjustment meeting on July 27 had set the price of bottled soybean oil at Tk 189 per litre, effective from August 3. However, subsequent volatility in international markets and a stronger dollar have significantly raised import costs. International Market Influence In the beginning of November, the international price of soybean oil reached $1,062 per ton, while palm oil hit $1,037 per ton, prompting the need for a fresh domestic price adjustment. Proposed New Price Based on the BTTC’s proposal, which uses a dollar exchange rate of Tk 122.60, the maximum retail price (MRP) for bottled soybean oil is recommended to rise from Tk 189 to Tk 198.27 per litre. The commission also suggested increasing the price of open (non-bottled) soybean oil by Tk 8.85, bringing it to Tk 177.85 per litre. According to data from the Trading Corporation of Bangladesh (TCB), bottled soybean oil prices in the country have already risen around 14 percent over the past year.

The government may consider compensating small investors affected by the proposed merger of five troubled Islamic banks, Bangladesh Bank said on Monday. Arif Hossain Khan, Executive Director and Spokesperson of the central bank, acknowledged the concerns of retail investors and indicated that a humanitarian approach could be taken to address their losses. “If small, affected investors approach the government with an application, there is an expectation that the government may address their situation according to its capacity,” Arif told reporters at the Central Bank headquarters in Motijheel. He said the anxieties relate to investors holding shares in the affected banks through the stock market and suggested decision-makers involved in the consolidation might consider a solution beyond conventional accounting procedures. The proposed merger aims to consolidate five struggling banks into a single Islamic banking entity. Arif outlined the multi-stage regulatory process underway, clarifying that it formally began in March when the government submitted a letter of interest to Bangladesh Bank, which has since granted its consent. He stressed that the establishment of the new entity will depend on strict adherence to legal procedures, including company formation and banking authorisation.

Bangladesh Capital Market Investors Association (BCMIA) has called off its planned demonstration outside Bangladesh Bank, scheduled for Tuesday, demanding compensation for investors impacted by the merger of five Shariah-based banks. The decision comes after ongoing discussions with relevant authorities. In a press release issued on Monday, the association said it decided to withdraw the programme considering the overall situation in the country and following positive remarks from Finance Adviser Dr Salehuddin Ahmed regarding the shares of the merged banks. BCMIA also mentioned that it took into account the request from law enforcement agencies and the prevailing security concerns before cancelling the protest programme. The association further stated that it will not announce any programme until Wednesday, after which its next course of action will be declared. Last Thursday, BCMIA President Mizanur Rashid had announced the central bank siege programme during a press conference in front of the former Dhaka Stock Exchange (DSE) building in Motijheel. They also warned of intensified protests, including demands for the resignation of Bangladesh Bank Governor Dr Ahsan H Mansur and the Finance Adviser if their compensation demands were not met. Later that night, the central bank issued a circular stating that under the Bank Resolution Ordinance 2025, major shareholders of the merged banks would not be eligible for compensation. However, the government could consider compensating small investors if deemed appropriate. On November 5, Governor Mansur said no compensation would be given to investors of the merged entities—First Security Islami Bank, Social Islami Bank (SIBL), EXIM Bank, Global Islami Bank and Union Bank—since their shares were in negative equity. On Sunday, Economic Adviser Dr Salehuddin Ahmed, however, said the Finance Ministry would review the matter, noting that the governor’s remarks should not be considered final. Citing the adviser’s assurance, BCMIA decided to withdraw its protest programme.  

Trading at the country’s two major bourses — the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) — began on Monday with a sharp decline, as most company shares slipped during the first hour of trading. The DSE’s key index, DSEX, dropped by 19 points, while the Shariah-based DSES and the blue-chip DS30 indices fell by 3 points and 6 points, respectively. Out of the traded companies on the DSE, prices fell for 241, rose for 93, and remained unchanged for 52. DSEX falls 68 points at week’s start as CSE also declines The total transaction value during the first half stood at over Tk 170 crore. The bearish trend was also reflected on the CSE, where the overall index declined by 56 points. On that bourse, 70 companies lost value, 23 gained, and 3 remained unchanged, with transactions worth around Tk 8.2 crore in the first half of trading.  

South Korean solar manufacturer Qcells has announced temporary pay and hour reductions for around 1,000 of its 3,000 employees in Georgia, as U.S. customs authorities continue detaining imported components critical to its solar panel production. Qcells, a subsidiary of South Korea’s Hanwha Solutions, said Friday it will also lay off 300 temporary workers employed through staffing agencies at its plants in Dalton and Cartersville, northwest of Atlanta. According to the company, U.S. Customs and Border Protection (CBP) has been holding shipments of imported materials at ports over suspicions that they may contain components produced with forced labor in China. The detentions have slowed Qcells’ assembly lines and limited production capacity. The move follows an announcement by Homeland Security Secretary Kristi Noem in August, stating that enforcement of the 2021 Uyghur Forced Labor Prevention Act would be intensified. The law restricts goods linked to forced labor in China’s Xinjiang region. Reports indicate that CBP began detaining Qcells’ solar cells as early as June. Qcells, however, has denied any link to forced labor or Chinese supply chains. Company spokesperson Marta Stoepker said, “Our latest supply chain is sourced completely outside of China, and our legacy supply chains contain no material from Xinjiang province based on third-party audits and supplier guarantees.” She added that Qcells maintains “robust supply chain due diligence measures” and detailed documentation, which has helped secure the release of some shipments. “Although our supply chain operations are beginning to normalize, HR actions must be taken to improve operational efficiency until production capacity returns to normal levels,” Stoepker said in a statement. The company confirmed that affected workers will retain their full benefits during the temporary furloughs. Qcells is currently completing a $2.3 billion plant in Cartersville to produce ingots, wafers, and solar cells — key components of solar modules. Despite the rollback of most federal tax credits for solar panel purchases under the Trump administration earlier this year, Qcells said construction of the facility will continue. “Our commitment to building the entire solar supply chain in the United States remains strong,” Stoepker said. “We will soon be back on track, with our Georgia team delivering American-made clean energy to communities nationwide.”   Source: AP

The Bangladesh Energy Regulatory Commission (BERC) on Sunday increased the price of jet fuel used in aircraft by 95 cent per litre for domestic flights and by USD 59 per litre for international flights. A BERC notification signed by Secretary Md Nazrul Islam Government stated that the new prices will take effect from 12:00 midnight on Sunday and remain in force until further notice. Under the revised rates, the price for domestic flights in November has been raised from Tk 99.29 per litre to Tk 100.24 per litre. For international flights, the price per litre has been increased from USD 6545 to USD 6604. In October, the domestic jet fuel price was revised from Tk 96.09 to Tk 99.29 per litre, while the international rate was adjusted from USD 6333 to USD 6545 per litre. The jet fuel buyers for domestic and international flights include Hazrat Shah Amanat International Airport in Chattogram, Hazrat Shahjalal International Airport in Dhaka, Jashore Airport, Osmani International Airport in Sylhet and Cox’s Bazar Airport.

The week started on a weak note as the Dhaka Stock Exchange’s DSEX fell 68 points to 4,899, while the Chittagong Stock Exchange’s all-share index dropped 35 points. The DSE’s Shariah-based DSES index declined by 16 points and the blue-chip DS30 index lost 11 points. Most stocks ended lower, with 329 companies’ share prices falling, 34 gaining and 27 remaining unchanged. In the A, B, and Z categories, the A-category — considered the top dividend-paying companies — saw 169 stocks decline, 25 rise and 20 remain unchanged. In the block market, shares worth Tk 9 crore were traded across 35 companies, with Dominage Steel Building Systems Limited leading with Tk 2 crore in block deals. Among individual stocks, IFAD Autos PLC topped the DSE gainers list with over a 6 per cent rise, while Fareast Finance & Investment Limited lost more than 10 per cent to lead the losers. At the CSE, 109 companies saw price declines, 42 recorded gains, and four remained unchanged. The total turnover rose to Tk 22 crore from Tk 13 crore in the previous session. ADN Telecom Ltd gained over 10 per cent to top the CSE gainers list, while SBAC Bank PLC fell more than 10 per cent to lead the losers.

The government may permit onion imports if prices in the local market fail to ease within this week, Commerce Adviser Sk Bashir Uddin said on Sunday, citing concerns over a possible supply shortage. “If prices don’t come down, we’ll allow imports — the ministry has already received 2,800 applications,” he told reporters at a briefing at the Commerce Ministry. Responding to a question about possible market manipulation or syndication behind the sudden spike, the adviser said, “Show us where the syndicate is …we’ll take action with full authority.” He said market monitoring is ongoing, with the Directorate of National Consumers’ Right Protection and the Bangladesh Trade and Tariff Commission continuing their surveillance. “It’s not that anything has happened to justify a Tk 40–50 per kg increase within a week,” Bashir Uddin said, adding that allowing imports now could adversely affect the overall market economy. “New onions are expected to arrive in the market within two weeks.” Commenting on recent soybean purchase deals by several companies with the United States, the adviser said private importers found the US market more competitive than Brazil, prompting them to buy from there. When asked whether the US soybean purchases would impact edible oil prices, he clarified that the contracts mainly involve soybean seeds, which yield about 25% oil, with the rest used for animal feed. “The focus here is more on feed than oil,” he added. Meanwhile, onion prices have nearly doubled in the past two weeks, surging from Tk 60–70 per kg to Tk 110–120 in retail markets.

Both the Dhaka and Chattogram stock exchanges started Sunday’s trading on a downward trend, with most company shares losing value in the first hour. At the Dhaka Stock Exchange (DSE), the key index DSEX fell by 10 points, while the Shariah-based DSES dropped 7 points. The blue-chip DS30 index, however, remained unchanged. Of the issues traded, the prices of 171 companies declined, 145 advanced and 62 remained unchanged. Stock Market Slump: DSE, CSE end week in red The turnover at DSE exceeded Tk 150 crore during the first half of the session. The downtrend was also observed at the Chittagong Stock Exchange (CSE), where the overall index dropped by 4 points. At CSE, the prices of 28 companies decreased, 24 gained and 3 remained unchanged, with a total transaction value of around Tk 4 crore in the first half.  

U.S. airlines canceled more than 2,500 flights over the weekend as the Federal Aviation Administration (FAA) continued to scale back air traffic operations amid the ongoing government shutdown, officials said Saturday. The agency’s reduced capacity order — aimed at coping with unpaid and overworked air traffic controllers — has begun to disrupt some of the country’s busiest airports, deepening the fallout from what has become the nation’s longest federal shutdown. “We all travel. We all have somewhere to be,” said Emmy Holguin, 36, waiting for a Miami-to-Dominican Republic flight. “I’m hoping the government can take care of this.” Analysts warn that if cancellations keep growing into Thanksgiving week, the disruptions could ripple far beyond air travel, squeezing tourism, supply chains, and holiday shipping. Cancellations surge as staffing thins Flight-tracking site FlightAware reported more than 1,500 cancellations Saturday, following over 1,000 on Friday, with another 1,000-plus flights already canceled for Sunday. Major airports in Atlanta, Chicago, Charlotte, and Newark were hit hardest, with delays spreading along the East Coast due to radar and tower staffing shortages. Drone sighting briefly halts flights at Berlin airport The FAA said the current flight reductions affect about 4% of commercial operations across 40 airports — a figure expected to rise to 10% by Friday if the shutdown drags on. Transportation Secretary Sean Duffy warned that deeper cuts could follow. Controllers working without pay Many controllers have gone without pay for nearly a month, forcing some to call in sick or take second jobs. Others are working mandatory six-day weeks with no pay, according to the National Air Traffic Controllers Association (NATCA). On Saturday, the union said it delivered 1,600 handwritten letters to Congress urging lawmakers to end the shutdown. Travelers stranded and frustrated Although most passengers have been able to rebook, uncertainty remains about future cancellations. “Travel is stressful enough. Then you put these disruptions in place, and it really makes everything more challenging,” said Heather Xu, 46, flying home to Puerto Rico after a cruise. Some travelers canceled plans altogether. Diana Alvear of New Jersey said her family scrapped their trip to California over safety and disruption concerns. While United Airlines refunded the airfare, she said they lost a $700 Airbnb deposit. “This has been costly and disappointing,” Alvear said. “It’s really weighing on our hearts.” Economic ripple effects Experts warned that disruptions could soon hit consumers’ wallets. Nearly half of U.S. air freight travels in passenger plane cargo holds, meaning flight cuts could push up shipping costs and retail prices. Pakistan’s PIA resumes UK flights after five-year ban “This shutdown will impact everything — from business travel to tourism to local tax revenue,” said Greg Raiff, CEO of Elevate Aviation Group. “It’s a cascading effect.” Patrick Penfield, a supply chain professor at Syracuse University, said the longer the shutdown lasts, “the more likely we are to see the economic pain extend beyond airports and into everyday life.” Source: AP