United News of Bangladesh

Masud Jamil Khan, Honorary Consul of Ireland in Bangladesh, has been elected Treasurer of the Consular Corps in Bangladesh (CCB) for the 2026–2027 term at the organisation’s Annual General Meeting (AGM) in Dhaka. The AGM took place recently at the Lamda Hall of Gulshan Club where members elected a new Executive Committee to lead the organisation over the next year, according to a media release. The government of Ireland appointed Masud, Cosmos Group deputy managing director, as its honorary consul with jurisdiction for the People's Republic of Bangladesh in December, 2023. Masud is also a director of United News of Bangladesh (UNB), the country's largest private news agency, and Dhaka Courier, an independent news magazine.

Finance Minister Amir Khosru Mahmud Chowdhury on Thursday expressed confidence that the National Board of Revenue (NBR) will be able to achieve its revenue collection target of Tk 6,04,000 crore set for the 2026-27 fiscal year. "All the work of NBR is progressing well. Everyone here is working with enthusiasm. We hope there will be no difficulty in meeting the revenue collection target," he said while talking to reporters after separate meetings with the leaders of the Bangladesh Textile Mills Association (BTMA) and the Saudi Arabia-Bangladesh Chamber at the NBR office in Agargaon. Responding to a query from journalists, the minister said it will be up to the people of the country to judge how the new fiscal year's budget has turned out, adding that the way NBR is functioning, revenue collection this time will not be difficult. Referring to discussions with businesspeople on industrial development, he said the government will continue holding regular discussions with entrepreneurs to strengthen the country's industrial sector. "The economy cannot be strong unless industries perform well. That is why industry-related problems are being identified and resolved in phases." On the meeting with BTMA, Khosru said the association raised various problems and demands, some of which were resolved during the discussion itself, while the rest will be considered by the government. Regarding the Saudi-Bangladesh Chamber meeting, he said efforts will begin, through the chamber, to train unskilled Bangladeshi workers in Saudi Arabia, adding that discussions were also held on what financial support the Bangladesh government could extend to Bangladeshi businesses operating there. On the country's future economic outlook, the minister said future growth and employment will largely depend on the industrial sector, stressing the need for continued dialogue with businesspeople to address their concerns and work toward solutions.

The Bangladesh Securities and Exchange Commission (BSEC) will take steps to permanently halt the trading of shares belonging to companies whose production or business operations have been shut down for a long time, BSEC Chairman Masud Khan announced today (Thursday). "In no mature stock market around the world do shares of closed companies trade abnormally like they do in our country. Therefore, necessary measures will be taken to stop the trading of such companies' shares in the interest of investors," Masud Khan said. The BSEC chief made these remarks while speaking as the chief guest at the "CMJF Talk," an event organized by the Capital Market Journalists' Forum (CMJF) at its office in the capital's Bijoynagar on Thursday. CMJF President Monir Hossain and General Secretary Ahsan Habib Russell, among others, were present at the event. Highlighting regulatory updates, the BSEC Chairman noted that the Dhaka Stock Exchange (DSE) serves as the primary regulator for market monitoring.  However, previously, even if there was an abnormal fluctuation in share prices, the DSE had to wait for BSEC approval before taking any action, allowing irregularities to continue in the interim. To change this dynamic, the DSE has now been granted the authority to take immediate, real-time action against market anomalies. Furthermore, the power to determine and adjust circuit breakers has also been handed over to the stock exchanges. "Such regulations are critically important for the market's greater interest," the Chairman added. Masud Khan was appointed as the new chairman of the capital market regulator on June 4. He has stated his objective is to modernise the capital market, vowing to reduce bureaucratic hurdles and swiftly address market manipulation. Reflecting on his appointment, Masud Khan admitted his initial hesitation to take up the mantle at the regulatory body. This is an institution where almost everyone who has joined has faced criticism in one way or another, he acknowledged. “That is why I was initially reluctant to take up the responsibility. However, when I saw the government’s sincerity regarding stock market reforms and was assured of full independence, I decided to accept the role after consulting my family," he said. Drawing from his extensive experience in multinational corporations, Khan emphasized a plan-driven management approach. "We spend 80 percent of our time planning and 20 percent on implementation. Before joining BSEC, I spent three months studying and planning for the country's stock market," he disclosed. Identifying key growth areas, the BSEC Chairman stressed that the mutual fund sector will be prioritized to deepen the market. He noted that market depth cannot increase unless the mutual fund segment expands. Acknowledging that the majority of general investors lack the technical capacity to analyze and select fundamentally strong companies, Masud Khan announced that BSEC is taking steps to introduce a "Financial Advisor" certification program in Bangladesh, in alignment with international best practices.    

BRAC Enterprises has opened its Greenpak factory in the Tongi Industrial Area of Gazipur, marking a significant step towards advancing environment-friendly and sustainable packaging solutions in Bangladesh.  The facility, which was inaugurated on Tuesday, has the capacity to produce 300–350 tonnes of eco-friendly, biodegradable packaging annually. Unlike conventional plastic, the biodegradable products manufactured at the factory naturally decompose within six months. BRAC Bank celebrates silver jubilee with exclusive offers for customers The Greenpak factory was formally inaugurated by Tamara Hasan Abed, managing director of BRAC Enterprises. At the event, it was shared that the Greenpak factory is currently producing between 12 and 15 tonnes of eco-friendly packaging each month. Once operating at full capacity, the facility will be able to produce 300-350 tonnes annually.  This production capacity will replace an equivalent volume of conventional plastic packaging each year, significantly reducing the amount of plastic waste entering the environment. The event also highlighted the growing global challenge of plastic pollution. More than 400 million tonnes of plastic are produced worldwide each year, around 40 per cent of which is used for packaging. While conventional plastic can take between 200 and 500 years to decompose, Greenpak's biodegradable products naturally break down within just six months, making them an effective and sustainable alternative to conventional plastic packaging.

Asian stock markets closed lower on Tuesday, led by a sharp fall in South Korean shares, even as AI-related stocks helped lift major US indexes overnight. Oil prices edged higher, while US stock futures showed mixed performance. South Korea's Kospi briefly plunged as much as 8% before recovering some ground to end the day down 4.9% at 7,656.31. Shares of Samsung Electronics dropped 7.7%, despite the company reporting a 19-fold jump in quarterly operating profit to 89.4 trillion won (about $58.7 billion) and more than doubling its revenue. Chipmaker SK Hynix also fell 6.7%. Kim Seok-hwan, an analyst at Mirae Asset Securities, said Samsung's decline was mainly due to foreign investors taking profits after recent gains and adjusting their investment portfolios. Technology stocks linked to artificial intelligence have seen sharp swings in recent weeks as investors question whether the massive spending on AI chips and data centres will generate enough profits to justify the investments. Stephen Innes of SPI Asset Management said the market reaction to Samsung's strong earnings suggested investors were becoming more cautious about AI-related stocks. Investor sentiment will face another test this week as SK Hynix plans to raise $28 billion through a Nasdaq share offering in the United States. If successful, it would rank among the largest US stock offerings, following SpaceX's $75 billion IPO last month. Despite recent losses, SK Hynix shares have more than tripled this year on strong optimism over AI demand. Elsewhere in Asia, Japan's Nikkei 225 fell 2.1% to 68,256.96. Tokyo Electron lost 3.9%, while Kioxia Holdings dropped 11.3%. Hong Kong's Hang Seng Index slipped 0.7% to 23,444.20, while China's Shanghai Composite Index declined 1.3% to 3,990.25. Taiwan's Taiex lost 2.3%. Australia's S&P/ASX 200 edged down 0.3%, while India's Sensex gained 0.5%. On Wall Street, the S&P 500 rose 0.7% on Monday to 7,537.54, moving within 1% of its record high despite most of its listed stocks ending lower. The Nasdaq Composite climbed 1.1% to 26,121.16, driven by gains in AI-related technology companies, while the Dow Jones Industrial Average added 0.3% to close at a record 53,055.91. Broadcom was among the biggest contributors to the S&P 500's gains after rising 3.7% on news of long-term agreements to supply silicon products to Apple. SpaceX fell 1% in its final trading session before joining the Nasdaq-100 index, a move expected to trigger buying by funds that track the benchmark. AI infrastructure company TeraWulf gained 4.9% after announcing a 20-year agreement with Anthropic to use its Kentucky data centre. The company expects the deal to generate about $19 billion in revenue as it shifts its business from bitcoin mining to high-performance computing. In energy markets, Brent crude, the international benchmark, rose 84 cents to $72.83 a barrel, while US benchmark crude increased 73 cents to $69.28. Oil supply concerns resurfaced after the British military reported that a liquefied natural gas tanker caught fire off the coast of Oman in the Strait of Hormuz after being struck by a projectile early Tuesday. The latest attack highlighted continuing security risks in the strategic waterway, through which about one-fifth of the world's oil and natural gas trade once passed during peacetime. Iranian state television reported that the tanker was attacked after ignoring warnings but stopped short of claiming responsibility. In currency trading, the US dollar slipped to 162.01 Japanese yen from 162.09 yen, while the euro eased to $1.1431 from $1.1442.

Md. Anis Ur Rahman, Executive Director of Bangladesh Bank, has been appointed as the Deputy Governor of the central bank for a three-year term. The Financial Institutions Division of the Ministry of Finance issued an official gazette notification to this effect today, Monday (July 6). According to the office order, the appointment has been made by order of the President in accordance with Article 10(4) of the Bangladesh Bank Order, 1972. The notification, signed by Md. Shafi Ullah, Senior Assistant Secretary of the Financial Institutions Division, states that Md. Anisur Rahman has been appointed on a contractual basis for a period of three (3) years from the date of his joining. The appointment is subject to the condition of his voluntary retirement from his current post as Executive Director and the suspension of his Post Separation Leave (PRL). Other terms and conditions of this appointment will be determined by a contract agreement. The order, issued in the public interest, will take effect immediately, the notification added.

The Bangladesh Jewellers Association on Monday reduced the price of 22-carat gold by Tk 3,266 per bhori (11.664 grams), following a decline in the local market price of pure gold. In a statement issued on Monday, BAJUS said the new prices, inclusive of VAT, took effect from 12:15pm after reviewing the overall market situation and the fall in the price of tejabi gold (pure gold) in the domestic market. Under the revised rates, the price of 22-carat gold has been fixed at Tk 225,290 per bhori, including VAT. The price of 21-carat gold has been set at Tk 215,142 per bhori, while 18-carat gold will cost Tk 184,758 per bhori. Gold produced under the traditional method has been priced at Tk 150,932 per bhori. BAJUS said the new rates will remain effective at all jewellery outlets across the country until further notice. However, making charges will vary depending on the design of the jewellery. The association also said customers cannot be charged VAT separately, as VAT is already included in the retail price of gold and silver ornaments. Existing BAJUS rules regarding jewellery exchange and buyback, excluding specified VAT, making charges and the value of gemstones, will remain unchanged. The latest revision comes just three days after BAJUS raised gold prices on July 3, increasing the price of 22-carat gold by Tk 4,374 per bhori to Tk 228,556, including VAT. With the latest adjustment, gold prices have been revised 87 times in Bangladesh so far in 2026. Of those, prices were increased on 43 occasions, reduced 43 times, while one adjustment was made to reflect changes in VAT. Despite the reduction in gold prices, silver prices remain unchanged. Currently, 22-carat silver is selling at Tk 4,899 per bhori, while 21-carat silver is priced at Tk 4,666 per bhori. The price of 18-carat silver stands at Tk 4,024 per bhori, and traditionally manufactured silver is selling at Tk 3,033 per bhori.

The Bangladesh Jeweller’s Association (BAJUS) raised the price of gold for the second consecutive day on Friday, pushing up the rate of 22-carat gold by 4,374 per bhori. The organisation announced the new price through a notice in the morning. According to the new rate, each bhori (11.664 grams) of 22-carat gold will now cost Tk 228,556 in the domestic market, including VAT. BAJUS also fixed the price of 21-carat gold at Tk 218,292 per bhori, 18-carat gold at Tk 187,440 per bhori, and traditional gold at Tk 153,148 per bhori. The association last revised the gold price on July 2, raising it by Tk 2,216 per bhori to set the price of 22-carat gold at Tk 224,182, including VAT. It said the new price will remain effective at all jewellery outlets across the country until further notice, though making charges will apply depending on the design of the ornaments. Since VAT is included in the sale price of gold and silver ornaments, jewellers cannot charge VAT separately from customers. The association's existing rules will continue to be applicable to exchange and purchase of ornaments, excluding specified VAT, making charges and the cost of stones. So far, the price of gold has been adjusted 86 times in the domestic market this year, with 43 hikes, 42 cuts, and one VAT adjustment. Alongside gold, the price of silver has also been increased. The price of 22-carat silver has been set at Tk 4,899 per bhori, up by Tk 117. The price of 21-carat silver has been fixed at Tk 4,666 per bhori, 18-carat at Tk 4,024 per bhori, and traditional silver at Tk 3,033 per bhori. The price of silver has been adjusted 53 times so far this year, with 27 hikes and 26 cuts.

Stock markets across Europe and Asia moved higher on Friday after the Dow Jones Industrial Average closed at another record high, helped by gains in several major artificial intelligence (AI)-related companies, although some chipmakers continued to face selling pressure. Futures for the S&P 500 rose 0.4%, while Dow futures gained 0.2%. US financial markets remained closed on Friday for the Independence Day holiday. In early European trading, Germany's DAX climbed 0.7% to 52,643.30, France's CAC 40 added 0.3% to 8,497.30, and Britain's FTSE 100 advanced 0.4% to 10,689.77. Asian markets also posted solid gains. South Korea's Kospi rebounded 5.8% to 8,088.34 after falling nearly 8% a day earlier. Samsung Electronics rose 8.2%, while chipmaker SK Hynix jumped 10.9%. Japan's Nikkei 225 gained 1.5% to 69,744.07. Chip equipment maker Tokyo Electron edged up 0.4%, while memory chip producer Kioxia surged 9.2%. Hong Kong's Hang Seng index rose 1.3% to 23,345.28, while China's Shanghai Composite added 0.4% to 4,043.64. Taiwan's Taiex increased 0.1%, India's Sensex gained 0.7%, and Australia's S&P/ASX 200 advanced 1.4% to 8,844.40. Stephen Innes of SPI Asset Management said Asian markets regained some stability after two difficult sessions led by losses in technology stocks, with South Korea staging a strong rebound. On Thursday, the Dow Jones Industrial Average rose 1.1% to a record close of 52,900.07. The broader S&P 500 ended almost unchanged, adding less than 0.1% to close at 7,483.24, even though about 70% of its listed companies gained. The tech-heavy Nasdaq Composite fell 0.8% to 25,382.67, weighed down by losses in major chipmakers. Investor sentiment was supported by a US jobs report showing employers added 57,000 jobs in June, below economists' forecast of 100,000 and slower than May's hiring pace. The weaker-than-expected jobs data eased concerns that inflation could remain high. Oil prices, which had surged during the Iran conflict, have now fallen below pre-war levels, raising hopes that inflation may cool in the coming months. If inflation continues to slow, the US Federal Reserve may face less pressure to raise interest rates repeatedly this year. Lower interest rates generally support economic growth by reducing borrowing costs for households and businesses and often boost stock prices. Cryptocurrency-related shares also advanced as bitcoin recovered after recent losses. Robinhood Markets gained 3.8% and Coinbase Global rose 3.9%. Bitcoin was up 0.5% early Friday after climbing about 2% the previous day. Despite the broader market gains, several leading AI-related chip companies remained under pressure as investors questioned whether their rapid share price increases and heavy spending on AI infrastructure would generate the expected profits. Micron Technology reversed early gains to end down 5.5%, following a 10.6% drop the previous day. Nvidia fell 1.4%, while Lam Research slid 10.2%, making them among the biggest drags on the S&P 500. Nvidia remains the largest company in the index with a market value of nearly $4.7 trillion. In commodity trading, Brent crude oil rose 0.6% to $72.26 per barrel, while US benchmark crude gained 0.5% to $69.05 per barrel. In currency markets, the US dollar slipped to 160.97 Japanese yen from 161.11 yen, while the euro strengthened to $1.1450 from $1.1431.

Bangladesh Bank (BB) has approved the introduction of Forward Rate Agreements (FRAs) in import trade to protect local importers from international interest rate fluctuations, particularly involving the Secured Overnight Financing Rate (SOFR). The central bank issued a circular on Thursday allowing Authorised Dealer (AD) banks to sign these agreements with local buyers and borrowers tapping into supplier and buyer credits for usance imports. A Forward Rate Agreement is a financial contract that allows parties to lock in an interest rate for a specific future period, offering an effective shield against future interest rate uncertainty. Usance imports allow businesses to defer their payments for a specified timeframe after receiving the imported goods. Central bank regulations specify that these contracts can only be used for risk-mitigation purposes directly linked to actual import transactions. The guidelines explicitly prohibit any form of speculation or maintaining unprotected financial positions through these derivative contracts. Settlements will be executed based on the difference between the pre-agreed contract rate and the prevailing benchmark rate. To ensure systemic stability and prevent individual banks from carrying excessive market risk, the central bank has imposed strict risk-management guidelines. AD banks must fully offset any contract-related risks through parallel, same-day matching transactions, ensuring they do not hold volatile market risks on their own books. Furthermore, the central bank capped the banks' maximum pricing margin at 10 basis points. The total volume of FRAs executed by an individual bank cannot exceed 25 percent of its average monthly foreign exchange inflows recorded over the past 12 months. The circular emphasises compliance with international contract frameworks, daily mark-to-market valuations, and robust internal risk assessments. In the event of early termination, contracts must be settled based on existing market rates, with meticulous document preservation made mandatory.