United News of Bangladesh

A delegation from China Exim Bank, led by its President Wang Chunying, met with Minister for Power, Energy and Mineral Resources Iqbal Hassan Mahmood at the Bangladesh Secretariat on Thursday to discuss financing for key power sector projects and transmission network upgrades. The meeting was attended by Invest Bangladesh Chairman Ashik Chowdhury, Power Division Secretary Mirana Mahrukh, Bangladesh Power Development Board (BPDB) Chairman Engr. Md. Rezaul Karim, alongside senior officials of the Power Division, according to ministry sources. Discussions focused on advancing bilateral economic cooperation and expediting financing for critical infrastructure, including the Payra Thermal Power Plant expansion, the Power Grid Network Strengthening Project (G2G), and the Expansion and Strengthening of Power Network under DPDC Area (G2G) Project. Future financing mechanisms for upcoming energy projects were also emphasized. Highlighting stable power and energy as the cornerstone of national development, Minister Iqbal Hassan Mahmood requested China Exim Bank to fast-track funding approvals for the Payra expansion, the modernization of DPDC transmission lines, and the construction of smart grids and advanced control systems. Pointing to Bangladesh's clean energy transition under the Renewable Energy Policy 2026, the Power Minister urged the Bank to accelerate future financing for modernizing national grid control systems to support smart grid capabilities. He also extended an invitation to President Wang to visit Bank-financed project sites across Bangladesh. Reaffirming the Bank's commitment to Bangladesh's infrastructure development, Ms. Wang praised recent investment-friendly tariff and duty reductions enacted by the National Board of Revenue (NBR) for green energy. She expressed China Exim Bank's strong interest in providing both financing and technical expertise for ground-mounted solar, floating solar, wind, and waste-to-energy projects. Both sides agreed to streamline institutional responses to expedite financing clearances for G2G grid strengthening and DPDC network expansion initiatives, pledging close collaboration to stabilize and modernize Bangladesh's power sector.

The Trading Corporation of Bangladesh (TCB) is saving around Tk 80 crore in operating costs every year through digitalisation, while its bank interest expenses are projected to fall sharply from Tk 533 crore in FY2023-24 to about Tk 106 crore in FY2026-27. The information came from a keynote paper presented Thursday at a programme titled "Trade with TCB" at the Golf Garden of the Army Golf Club in Dhaka. Badrun Nessa Ahmed, senior research fellow at the Bangladesh Institute of Development Studies (BIDS) and a professor at the BIDS Graduate School of Economics, presented the paper. According to the paper, the state-run marketing agency under the Ministry of Commerce has improved transparency, reduced the influence of middlemen and brought discipline to its operations through direct bank API transactions and the rollout of smart family cards. Of the Tk 80 crore in annual savings, Tk 60 crore comes from collecting payments directly from dealers through bank APIs and Tk 20 crore from managing its own warehouses. Modern digital treasury management and direct warehouse-to-dealer supply have also contributed. The keynote said TCB aims to deliver essential goods at subsidised prices every month to one crore low-income families across the country. So far, 79.90 lakh genuine beneficiaries have been verified and entered into a digital database, and around 73.07 lakh smart family cards have been activated. Through digital verification, including e-KYC and national ID matching, nearly 59 lakh fake and ineligible applications were scrapped. The paper said this has completely stopped wastage and black-marketing of public goods. For FY2026-27, TCB has set a large procurement plan worth Tk 8,000 crore. It aims to reduce purchase costs and raise total sales revenue by 83 percent. This will allow the per-beneficiary subsidy to be cut by 17 percent, the paper said. TCB is also adding profitable items such as soap, detergent, salt, tea, flour and spices to its product list for open market sales, which it said would help offset subsidy costs. To simplify customer service, TCB has launched a smart app called "Upokari". Beneficiaries can use it to find the nearest sales points and receive notifications on product availability. They can also collect goods, paying online or in cash, by scanning encrypted QR codes. The app ensures uninterrupted service even if a card is lost. For round-the-clock service and grievance redress, TCB runs a hotline (09638 111 888) and a WhatsApp service that is active 24 hours a day. In tendering and procurement, TCB has ensured 100 percent e-GP use and open bid opening. Security deposits and bills are processed digitally and paid quickly, making business easier and more transparent for suppliers. Looking ahead, the programme was told that TCB plans to integrate other social safety net benefits into the smart card and use artificial intelligence (AI) for round-the-clock market price monitoring. It also plans to expand its own warehouse capacity, with the goal of becoming a fully self-reliant, subsidy-free organisation.

Remittance inflows to Bangladesh have crossed the US$ 10 billion mark in the current fiscal year (FY 2026-27), marking a year-on-year growth of 13.1 percent between July 1 and October 14, according to Bangladesh Bank data. The country received $10.11 billion in remittances during the period, compared with $8.94 billion in the corresponding period of the previous fiscal year. During the first 14 days of October, Bangladeshi expatriates sent home $1.516 billion, up around 12.2 percent from $1.351 billion received during the same period in October 2025. Bangladesh received $111 million in remittances on October 14 alone, according to the central bank data. Financial analysts and central bank officials attribute the steady growth in remittance to increased foreign employment, stable exchange rate mechanisms, and growing preference among expatriates for legal banking channels over informal routes. The consistent inflow of foreign currency provides crucial support to the country's foreign exchange reserves and overall macroeconomic stability.

The National Board of Revenue (NBR) has extended the deadline for online submission of VAT returns for the July-September 2026 tax periods until October 25, allowing taxpayers to file their returns without interest or penalties. The extension was announced following amendments to VAT return filing provisions under the Value Added Tax and Supplementary Duty (Amendment) Ordinance, 2026, issued as part of the national budget for the 2026-27 fiscal year,according to an office order. The amendments require administrative changes to the NBR’s Electronic VAT (eVAT) system to accommodate the revised return filing provisions. In the public interest, the NBR extended the deadline by exercising its powers under Section 64(2) of the Value Added Tax and Supplementary Duty Act, 2012.

Asian stocks fell sharply on Thursday, led by steep losses in South Korea and Japan, as a sell-off in technology shares intensified following a decline on Wall Street over higher-than-expected US inflation. US stock futures also moved lower. South Korea's benchmark Kospi index plunged 8% to 5,527.12. It has fallen more than 16% over the past month and remains well below the record high of 9,000 it crossed in June amid optimism surrounding the global artificial intelligence boom. Samsung Electronics shares dropped 9.7%, while SK Hynix, a South Korean memory chipmaker, plunged 11.1%. Japan's Nikkei 225 index tumbled 5% to 64,334.68. SoftBank Group, an investor in OpenAI, fell 9.6%. Shares of chip equipment maker Tokyo Electron declined 7.5%, while memory chipmaker Kioxia Holdings lost 11.2%. Taiwan's Taiex index, another beneficiary of the AI boom, dropped 3.4%. Taiwan Semiconductor Manufacturing Co. (TSMC), the island's leading chipmaker, fell 1.8% ahead of its earnings report. Hong Kong's Hang Seng index declined 1.3% to 24,009.28, while the Shanghai Composite index fell 2% to 3,692.65. Australia's S&P/ASX 200 edged down 0.2% to 8,710.20. The losses followed a decline on Wall Street on Wednesday. The S&P 500 fell 1.1%, the Dow Jones Industrial Average slipped 0.1% and the technology-heavy Nasdaq Composite dropped 1.9% as AI-related shares came under pressure. Nvidia shares lost 3.2%, Broadcom fell 3.1% and Advanced Micro Devices (AMD) declined 5.7%. The US reported on Wednesday that its consumer price index rose 3.7% year-on-year in September, up from 3.4% in August and above economists' expectations. Stock markets have also been pressured by rising bond yields and volatility in the bond market. Yields on longer-term US Treasury bonds have climbed amid inflation concerns fuelled by the global energy shock linked to the Iran war and the continued increase in US government debt. The yield on the 10-year US Treasury eased to 5.10% after briefly rising above 5.32% on Wednesday. Earlier this month, it reached 5.35%, its highest level since 2002. Oil prices also declined as uncertainty over global supplies and continuing tensions in the Middle East weighed on the market. Brent crude, the international benchmark, fell 1.5% to $104.47 per barrel. However, the price remains significantly higher than the approximately $72 per barrel recorded before the Iran war began in late February. US benchmark crude dropped 1% to $94.17 per barrel.

Bangladesh Bank Governor Md. Mostaqur Rahman has stressed the need for strengthening the activities of the SAARCFINANCE Working Group and boosting bilateral trade and financial cooperation between Bangladesh and Bhutan. He made the observations during a courtesy meeting with Yangchen Chhophel, Governor of the Royal Monetary Authority of Bhutan (RMA), held on Wednesday on the sidelines of the IMF-World Bank Group Annual Meetings 2026 in Bangkok, Thailand. During the meeting, Governor Rahman highlighted the critical role of regional financial coordination and underscored how expanding trade ties between Bangladesh and Bhutan could foster mutual economic resilience across South Asia. Both central bank chiefs discussed various aspects of SAARCFINANCE operations, bilateral trade mechanisms, and avenues for mutual cooperation, describing the high-level dialogue as constructive and highly fruitful. According to a press release issued by Bangladesh Bank, the meeting was also attended by Bangladesh Bank Deputy Governor Dr. Md. Habibur Rahman and Royal Monetary Authority of Bhutan Deputy Governor Ugyen Choden.

Dr. Rüdiger Lotz, Ambassador of Germany to Bangladesh, has recently visited the factories of Akij Cement Company Limited and Akij Essentials Limited, two entities under country’s leading business conglomerate AKIJ Resource, in Narayanganj. He visited the two entities on Tuesday to explore opportunities for strengthening bilateral trade relations and expanding industrial cooperation between Bangladesh and Germany, said a release from Akij group. During the visit, the ambassador and his delegation toured the two manufacturing facilities and gained insights into their production processes, quality control systems and industrial operations. Chief Business Development Officer of AKIJ Resource Mohammad Towfique Hasan welcomed the Ambassador and his delegation to their manufacturing facilities.

Chinese investor KPST will invest US$7.01 million to set up its second manufacturing facility at the BEPZA Economic Zone-1 in Mirsharai, Chattogram, creating employment for 200 Bangladeshis. The company signed a land lease agreement with the Bangladesh Export Processing Zones Authority (BEPZA) at the BEPZA Complex in Dhaka on Wednesday to establish the new factory, KPST New Material (BD) Co., Ltd. Md Tanvir Hossain, Member (Investment Promotion) of BEPZA, and Zhang Youguo, Director of KPST New Material (BD) Co., Ltd., signed the agreement on behalf of their respective organisations. BEPZA Executive Chairman Major General Mohammad Moazzem Hossain and senior officials witnessed the signing ceremony. The company will establish the factory on 7,200 square metres of land in the economic zone. It will manufacture footwear accessories, bag and luggage components, paper products, printed materials and other related items. The facility will have an annual production capacity of 11 million pairs of footwear accessories, 24,000 cubic metres of foam, 200,000 cutting boards and 250,000 cutting dies and moulds, alongside other products.  

Bangladesh's exports to the United Kingdom could rise to USD 10 billion if its share of the UK import market increases from the current 0.49 percent to 1 percent, speakers said at a workshop today, urging exporters to diversify beyond ready-made garments (RMG), meet international standards and make better use of tariff preferences. The Export Promotion Bureau (EPB) organised the workshop, titled "Exporting to the UK: Opportunities Beyond RMG," in association with the Dhaka Chamber of Commerce & Industry (DCCI) and the British High Commission in Bangladesh at the DCCI Auditorium. Speakers said non-RMG products account for only about 6 percent of Bangladesh's merchandise exports to the UK, despite strong demand there for processed food, pharmaceuticals, footwear and furniture. DCCI President Taskeen Ahmed stressed improving product quality, standards compliance, certification, traceability, branding and market intelligence. He also highlighted the importance of utilising benefits under the UK's Developing Countries Trading Scheme (DCTS) and addressing tariff and non-tariff barriers to strengthen bilateral trade and investment. Acting British High Commissioner James Goldman noted the longstanding UK-Bangladesh partnership and said continued UK market access after Bangladesh's graduation from the LDC category would give businesses the certainty to plan, grow and invest. He encouraged more Bangladeshi firms to tap these opportunities. EPB Vice Chairman and Chief Executive (Additional Secretary) Mohammad Hasan Arif presented the keynote paper on export proliferation, diversification and higher-value, non-RMG exports. He called for addressing non-tariff barriers, meeting UK regulatory and product standards, and strengthening testing, certification and production capacity to boost competitiveness. Ellie Parker, Regional Trade for Development Adviser for South Asia, Central Asia and the South Caucasus at the British High Commission, led a technical session on the DCTS. It covered market access before and after LDC graduation, practical guidance on claiming preferential tariffs, and key considerations for exporters. An industry-government panel featuring representatives from customs, footwear and leather goods, seafood, agro-processing, packaging and other sectors discussed market opportunities, export preparation, use of DCTS preferences, export procedures, and common regulatory, technical and operational challenges. An interactive Q&A session followed. Participants underscored the need for stronger collaboration among government agencies, the private sector and development partners to diversify the export basket, improve compliance with international standards and maximise preferential market access, especially as Bangladesh prepares to graduate from the LDC category. DCCI Vice President Md. Salem Sulaiman, members of the DCCI Board of Directors, EPB officials, and representatives from the public and private sectors also attended the workshop.

Biman Bangladesh Airlines will consider increasing the number of flights between Bangladesh and Italy after adding new aircraft to its fleet, said Civil Aviation and Tourism Minister M Rashiduzzaman Millat on Wednesday. “Biman Bangladesh Airlines currently operates six flights a week between Bangladesh and Italy. Considering the convenience of the large number of expatriates living in Europe, plans will be made to increase the number of flights after new aircraft are added to the fleet,” he said. The minister made the remarks responding to a proposal made by Italian Ambassador to Bangladesh Antonio Alessandro during a meeting at Secretariat. During the meeting, they discussed strengthening bilateral cooperation in air connectivity, investment in the aviation sector, the development of maintenance, repair and overhaul (MRO) facilities, and tourism. They also emphasised expanding air connectivity between the two countries. Deputy Head of Mission at the Italian Embassy Federico Zamparelli was also present at the meeting, according to a PID handout. The meeting also discussed attracting Italian investment in Bangladesh’s aviation sector. Focusing on the potential for investment in establishing an aircraft maintenance, repair and overhaul (MRO) hub, the minister expressed Bangladesh’s interest in utilising the expertise and capabilities of Italian companies Edge, Atitech S.p.A. and Gilardoni. Besides, the possibility of establishing a special “red zone” for foreign tourists in Cox’s Bazar also came up for discussion, with the aim of ensuring their safety, comfort and an improved tourism experience. The growing number of Italian tourists visiting Bangladesh was another important issue discussed at the meeting. Both sides expressed interest in signing a memorandum of understanding (MoU) between the two countries to further strengthen cooperation by improving tourist attractions, connectivity and facilities for visitors.