United News of Bangladesh

The Bangladesh Securities and Exchange Commission (BSEC) on Tuesday took action against individuals and entities involved in irregular investments in the loss-making company formerly known as Padma Printers and Color Limited, now renamed Quest BDC Limited, resulting in huge investor losses. Presided over by BSEC Chairman Khondoker Rashed Maqsood, the 978th Commission meeting approved a series of punitive measures against former directors of Quest BDC Limited, LR Global Bangladesh Asset Management Company Limited and associated mutual funds for violations of securities laws, unethical collusion and mismanagement. The decisions followed an investigation into the acquisition of 51 percent of the company’s shares by six mutual funds managed by LR Global Bangladesh Asset Management Company Limited — NCCBL Mutual Fund-1, LR Global Bangladesh Mutual Fund One, AIBL First Islamic Mutual Fund, MBL First Mutual Fund, DBH First Mutual Fund and Green Delta Mutual Fund. The funds invested a total of Tk 68.64 crore in a company that had no ongoing business operations at the time, a negative net asset value (NAV) of Tk 2.74 per share, and retained losses of Tk 2.35 crore as of June 30, 2022. The BSEC noted multiple violations, including failure to disclose price-sensitive information, not holding an Extraordinary General Meeting (EGM), and issuing shares through private placement without proper lock-in. The company’s paid-up capital was also irregularly increased from Tk 1.60 crore to Tk 50 crore without prior shareholder approval. As a result, BSEC imposed Tk 1 crore fines each on six former directors of Quest BDC Limited representing the mutual funds. It also ordered the funds to recover the illegally invested money with interest within 30 days; failure to comply would result in additional fines of Tk 98 crore for LR Global Bangladesh CEO Reaz Islam, and Tk 1 crore each for directors George M. Stock III and Rezaur Rahman Sohag. Besides, the commission initiated the process to terminate LR Global Bangladesh Asset Management Company Limited as the asset manager of the six mutual funds to protect unit-holders’ interests. Bangladesh General Insurance Company Limited, serving as trustee of the funds, was fined Tk 3 crore for failing to oversee the investments. BSEC also imposed fines on Quest BDC Limited’s former chairman Rezaur Rahman Sohag (Tk 10 lakh) and Brigadier General Sharif Ahsan (Rtd) (Tk 1 lakh) for conflicts of interest and providing false information. Besides, the former BSEC chairman, Prof Shibli Rubaiyat-ul-Islam, and LR Global Bangladesh CEO Reaz Islam were permanently banned from participating in capital market activities due to unethical collusion in approving the irregular investments. The commission also referred the case to the Anti-Corruption Commission (ACC) for alleged money laundering involving Tk 24.95 crore invested by Quest BDC Limited in Thyrocare Bangladesh Limited following a manipulated share valuation conducted in collusion with City Bank Capital Resources Limited.

The upward momentum observed in the early trading hours at both the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) did not last, as the DSE ended the day in the red while the CSE managed to sustain its gains. At the end of Tuesday’s trading session, DSEX, the key index of the DSE, dropped by 22 points. Among other indices, the Shariah-based DSES declined by 3 points, while the blue-chip DS30 inched up by 3 points. Most issues traded on the DSE ended lower, with prices falling for 241 companies against 80 gainers, while 72 remained unchanged. Prices dropped across all three categories — A, B, and Z — with the decline most prominent among the top-performing A-category companies. Of these, prices fell for 153 firms, while 33 advanced. DSEX nears 5,000-point mark amid continuous market fall In the block market, the shares of 31 companies worth Tk 9 crore changed hands, with Simtex Industries PLC leading the board by trading shares worth Tk 3 crore. The day’s total turnover at the DSE stood at Tk 478 crore, up from Tk 394 crore in the previous session. Meanwhile, the CSE’s overall index gained 20 points by the end of trading. Despite the rise in the index, most companies there also saw price declines, with 92 issues losing value against 84 gainers, while 29 remained unchanged. The turnover at the CSE fell to Tk 12 crore from Tk 16 crore the previous day. The Dacca Dyeing & Mfg. Co. Ltd. topped the gainers’ chart on the CSE with a 10 percent rise, while Apex Footwear Limited hit the bottom, losing over 21 percent.

Indices at both the Dhaka and Chattogram stock exchanges witnessed an upward trend in the first hour of trading on Tuesday, with most companies seeing price gains. During the first hour of trading, the key index of the Dhaka Stock Exchange (DSE), DSEX, rose by 40 points. The Shariah-based index, DSES, gained 13 points, while the blue-chip index, DS-30, advanced 19 points. Out of 272 issues traded so far, prices increased for 152, fell for 51, and remained unchanged for 69. DSEX nears 5,000-point mark amid continuous market fall The turnover on the DSE exceeded Tk 190 crore in the first hour. The Chittagong Stock Exchange (CSE) also saw an upward movement, as its overall index gained 60 points. Among 95 issues traded, prices rose for 57, declined for 25, and remained unchanged for 13. The CSE recorded a turnover of over Tk 2 crore in the first hour of trading.  

The Exporters Association of Bangladesh (EAB) on Monday said that the fire at the cargo village of Hazrat Shahjalal International Airport (HSIA) has caused an initial estimated loss of $1 billion to the country's export sector. EAB President Mohammad Hatem disclosed this estimate at a press conference on Monday (October 20) at a city hotel. He sought great security in key areas like cargo villages and export import ports to ensure the global buyers for shipment of goods in time. Shawkat Aziz Russell, president of Bangladesh Textile Mills Association, Dr Mohammad Zakir Hossain, vice president of Pharmaceutical and Medicine Industry Association and representatives of all sectors involved in export were present at the press conference. Fire at Shahjalal Airport destroys garment raw materials, business samples: BGMEA Hatem strongly criticised the authorities, stating that the incident points to a ‘total failure’ to ensure an effective fire detection and protection system in an infrastructure as vital as the cargo village. The EAB President emphasised that the total financial impact goes far beyond the value of the goods physically destroyed by the flames. "It is difficult to determine the total extent of the losses for exporters right now," Hatem said. “There was direct damage as products were burnt, but this is not the only loss. A much greater loss has occurred because finished goods, which were supposed to be produced from the burnt raw materials, cannot be exported," he added. BTMA President Russel said there is a deep conspiracy of destroying Bangladesh’s goodwill on the international level after settling a tariff deal with the USA. “Political and geopolitical players are working behind to destabilize the manufacturing and export sector of Bangladesh, because of their failure in international trade.” CAAB designates GSE Maintenance area for storing goods after cargo village fire He warned that the disruption will severely hamper import-export activities in the coming days, creating a risk of losing market position, erosion of buyer confidence and damaging international trade agreements. EPB President Hatem stressed that a full and transparent investigation is necessary to ascertain the accurate figure, but based on preliminary reports from members, the association believes the overall loss will be around $1 billion.   Hatem, also the president of BKMEA, highlighted the wide array of essential goods handled at the cargo village, making its security crucial for the entire national economy. Exporters of the readymade garment (RMG) industry use the village for urgent air shipments of light machinery, spare parts, raw materials, accessories and critical product samples. The pharmaceutical sector relies on the facility for importing raw materials and exporting highly sensitive medicines. Exporters of frozen food, agricultural produce, vegetables and fruits are also dependent on the village. DCCI voices deep concern over HSIA cargo village fire Hatem said the products could be completely ruined if not shipped on time, as they are highly sensitive. “International courier services also use the facility for handling vital documents and parcels.” Expressing deep concern over the recurring fire incidents across Bangladesh, Hatem said the recent blaze in an ultra-sensitive area like the airport's cargo section could have a major negative impact on the country's reputation. "It is a serious concern that foreign buyers may become anxious about the security of Bangladesh's export products upon hearing news of this fire, which could negatively affect the country's economy," he cautioned. Hatem questioned whether there would be accountability for the negligence, stating, "We believe it is urgent for the government to launch an immediate, transparent, and effective investigation to find the answers to these questions." Exporters scramble to assess losses after airport fire He pointed to a recent series of fires in just a few days, including incidents in Ashulia, Mirpur, Chattogram EPZ, and Incepta Pharmaceuticals, as a cause of ‘deep concern and insecurity’ among business entrepreneurs. Representatives from various member organizations of the EAB and importing firms were present at the press conference.  

The week’s second trading session began with a mixed performance on the country’s two stock exchanges as the Dhaka market opened higher while the Chattogram bourse witnessed a decline. In the first hour of trading on Monday, the key index of the Dhaka Stock Exchange (DSE), DSEX, advanced by 20 points. Among other indices, the Shariah-based DSES rose by 5 points and the blue-chip DS-30 gained 6 points. Most companies saw price increases, with 226 advancing, 90 declining, and 77 remaining unchanged. The turnover in the first half of the session stood at Tk 140 crore. DSEX nears 5,000-point mark amid continuous market fall Meanwhile, the Chittagong Stock Exchange (CSE) opened lower, with its overall index dropping by 78 points. The prices of most companies on the CSE were down, as 71 issues declined against 27 gainers, while 13 remained unchanged. The total turnover on the bourse exceeded Tk 4 crore.

China’s economy grew 4.8% year-on-year in the July–September quarter, marking its slowest pace in a year as trade tensions with the United States and subdued domestic demand weighed on activity. The latest figures, released Monday, represent a decline from the 5.2% growth recorded in the previous quarter and the weakest performance since the third quarter of 2024. Over the first nine months of 2025, the world’s second-largest economy expanded at an average annual rate of 5.2%. Despite higher U.S. tariffs imposed by President Donald Trump, Chinese exports remained resilient, buoyed by increased sales to other global markets. Exports to the U.S., however, plunged 27% in September compared to a year earlier, even as overall exports rose 8.3% — the strongest growth in six months. Exports of electric vehicles doubled year-on-year in September, while domestic passenger car sales climbed 11.2%, slower than August’s 15% rise. China’s slowdown has also been driven by government efforts to rein in price wars in industries such as autos, alongside a prolonged property market slump that continues to drag on consumer spending and investment. Residential property sales by value fell 7.6% in the January–September period, while industrial output rose 6.5% in September — the fastest pace since June. Retail sales growth, however, eased to 3%. Taiwan’s TSMC reports nearly 40% jump in net profit on AI boom S&P forecasts that new home sales will drop 8% in 2025 and another 6–7% in 2026. The World Bank expects China’s economy to grow 4.8% this year, slightly below the government’s target of “around 5%.” China’s stock markets rose Monday, with Hong Kong’s Hang Seng Index gaining 2.3% and the Shanghai Composite up 0.5%. Economists said Beijing may introduce more policy support to boost consumption and stabilize the property sector, with some anticipating an interest rate cut by year-end. Source: AP 

The Bangladesh Bank (BB) has introduced key amendments to its loan write-off policy, making it mandatory for banks to notify defaulting borrowers before removing bad loans from their balance sheets. Under the amended rules, banks must ensure that the borrower is notified about the loan write-off decision at least 30 working days before the action is taken. The Banking Regulation and Policy Department (BRPD) issued a circular in this regard on Sunday. The circular is aimed at aligning the national banking regulations with international best practices. The central bank's circular revises existing guidelines on loan write-offs and the creation of dedicated recovery units, effective immediately. This notification is deemed necessary because a borrower whose loan is written off remains classified as a defaulter until the entire outstanding liability is completely settled. Loan write-offs are an internationally accepted accounting practice used to prevent the long-standing, non-performing accounts from unnecessarily inflating the bank's balance sheet size.

Bangladesh received US$1.57 billion in remittances during the first 18 days of October, according to the latest data from Bangladesh Bank. The figure marks a 3 percent rise compared to the same period last year, reflecting a steady growth in the country’s remittance inflow. From July to October 18 of the ongoing fiscal year (FY2025-26), expatriate Bangladeshis have sent a total of $9.15 billion, up from $8.05 billion during the corresponding period of the previous fiscal year, an increase of 13.6 percent. Remittance inflow has remained strong in recent months, with a record $2.48 billion received in July, followed by $2.42 billion in August and $2.68 billion in September. Bangladesh achieved an all-time high of $30.33 billion in remittance earnings in FY2024-25, registering a 27 percent increase from $23.74 billion in FY2023-24.

The key index of the Dhaka Stock Exchange (DSE) has fallen close to the 5,000-point level amid persistent losses, raising concerns among investors that the DSEX could slip below the threshold if the downturn continues. On Sunday, the first trading day of the week, indices at both the DSE and the Chittagong Stock Exchange (CSE) began to decline from the opening hour. At the end of the day’s trading, the DSEX dropped by 75 points to close at 5,044. Investors fear that another day of similar losses could push the benchmark index below 5,000 points — a level last seen in July. “As the index fell below 5,000 points in July, the market gradually started recovering. But after two consecutive weeks of decline, it’s once again heading back toward that level,” said investor Asadur Rahman. Another investor, Sabbir Hossain, said continuous price drops have eroded investor confidence. “Many are losing trust in the market and are reluctant to make new investments,” he said. Market insiders noted that many fundamentally strong stocks remain undervalued, discouraging fresh buying while some investors are selling at losses, further worsening sentiment. Apart from the key index, other major indicators also suffered sharp declines. The Shariah-based DSES lost 23 points (2.20%), while the blue-chip DS30 index shed 29 points (1.51%). Out of 396 issues traded on the DSE, prices declined for 314, advanced for 44, and remained unchanged for 38. Across all three categories — A, B, and Z — most companies saw price declines. In the A-category, considered the segment of fundamentally strong firms, 175 issues lost value against 28 gainers. The DSE’s daily turnover stood at Tk 442 crore, slightly down from Tk 444 crore in the previous session. In the block market, 21 companies traded shares worth Tk 11 crore, with Lovello Ice Cream topping the list at Tk 2.41 crore. National Housing Finance PLC emerged as the day’s top gainer with a price increase of over 9%, while Monno Agro & General Machinery Ltd saw the steepest fall, losing more than 14%. The CSE also witnessed a steep decline, with its overall index dropping 194 points. Among the traded issues, prices advanced for 31 companies, declined for 134, and remained unchanged for 13. The turnover at the port city bourse crossed Tk 10 crore, up slightly from Tk 9.94 crore in the previous session. AFC Agro Biotech Ltd gained 10% to lead the CSE, while Delta Spinners Ltd fell by the same margin to end at the bottom.

Trading on the country’s two major stock exchanges began the week with losses on Sunday, as key indices and most share prices declined. At the Dhaka Stock Exchange (DSE), the benchmark index DSEX dropped by 12 points, while the Shariah-based DSES and the blue-chip DS30 indices each fell by 7 points. The share prices of most companies saw a fall, with 225 issues declining, 97 advancing and 71 remaining unchanged. The DSE recorded a turnover of over Tk 170 crore in the first half of the session. A similar downward trend was also seen at the Chittagong Stock Exchange (CSE), where the overall index fell by 69 points. At the CSE, the prices of 56 companies declined, 23 gained, and 9 remained unchanged, with a total turnover of around Tk 1.7 crore in the first half of trading.