United News of Bangladesh

Noted businessman Abdul Awal Mintoo has been awarded the Top Agri-Food Pioneer (TAP) 2025 by the World Food Prize Foundation for his outstanding contribution to agriculture, food technology and innovation in Bangladesh. The award was handed over to Mintoo on Wednesday at the Borlaug Dialogue conference held in Des Moines, Iowa, in the United States, said a press release on Friday. The event was jointly organised by the World Food Prize Foundation (WFPF) and the US Department of State. This prestigious recognition, coinciding with the Foundation's 39th anniversary, celebrates Mintoo's outstanding contributions to transforming food systems and strengthening global food security. Lal Teer Seed Ltd and Lal Teer Livestock Development (BD) Ltd are concerns of Multimode Group. The Foundation gives this award every year to honour individuals who play a leading role in transforming the global agriculture and food system through innovation, sustainability and improvement of farmers’ livelihoods. Taufiq Uddin Ahmed awarded for contributions to aviation and tourism sectors The organisers said Mintoo has made remarkable contributions in three areas – improving the quality of Bangladesh’s agriculture and food sector, expanding technology-based farming, and building a market for local agricultural products. Mintoo is the founder of Lal Teer Seed Ltd and Lal Teer Livestock Development (BD) Ltd, two leading concerns of the Multimode Group. Founded in 1995, Lal Teer Seed Ltd is now one of the country’s top seed suppliers, meeting around 20 percent of the total national demand. The company works with about 14,000 contract growers, benefiting around 15 million farmersacross Bangladesh. In 2011, Mintoo set up Lal Teer Livestock Development (BD) Ltd to boost milk and meat production. The company produces quality semen from improved breeds of bulls and runs sustainable artificial insemination programmes. Its farmer training and knowledge-sharing initiatives have also helped increase livestock productivity. Speaking after receiving the award, Mintoo said the honour was the result of the joint efforts of Bangladesh’s farmers, researchers and young entrepreneurs. Agri-visionary Abdul Awal Mintoo named ‘Global Agri-Food Pioneer’ “This achievement belongs to all who work for our country’s agriculture. We want Bangladesh’s farming to be innovative, sustainable and globally competitive,” he said. Mashal Husain, President of the World Food Prize Foundation, said the 2025 TAP award highlights individuals who show extraordinary leadership and creativity in building a fair and sustainable global food system. A law and agricultural economics graduate, Mintoo has long been recognised for his contribution to promoting food and nutrition security in Bangladesh.

Chief Adviser’s Special Assistant Anisuzzaman Chowdhury on Wednesday stressed the need for ensuring operational autonomy of the Bangladesh Securities and Exchange Commission (BSEC) to strengthen its role as the capital market regulator as enjoyed by the central bank. “If Bangladesh Bank can enjoy autonomy, then BSEC should too,” he said while addressing the BSEC’s monthly coordination meeting with capital market stakeholders. Anisuzzaman said all stakeholders must work collectively and move beyond traditional mindsets to build a stronger and more resilient capital market. “We must act in the collective interest of all stakeholders in the market. Upholding integrity and democratic practices is essential. Every decision should be guided by market realities and proper coordination.” He also directed that the registration of Central Counterparty Bangladesh Limited (CCBL) be completed and the entity made operational within December this year. BSEC Chairman Khondoker Rashed Maqsood informed the meeting that three major regulatory frameworks — The Margin Rules 2025, The Mutual Fund Rules 2025, and The Public Offer of Equity Securities Rules 2025 — are at the final stage of completion. “These rules will be gazetted soon. There’s no reason for concern, as we have revised the new margin rules after an in-depth review and in consultation with all stakeholders,” he said, assuring participants that a transition period of six months to one year will be allowed for necessary adjustments once the new rules come into effect. During the meeting, participants discussed the progress of ongoing reform initiatives and emphasised modernising surveillance mechanisms, upgrading market infrastructure, shortening the settlement cycle, introducing transaction facilities on record dates, implementing scrip netting and expediting the launch of the commodity exchange and futures market. They also called for strengthening BSEC’s institutional independence, enhancing API connectivity among market entities, ensuring robust cybersecurity, and bringing state-owned enterprises, large local companies, and multinational firms to the stock market through accelerated IPO reforms. Other key recommendations included encouraging new company listings through joint initiatives by DSE and ICB, improving corporate governance, resolving negative equity issues, and finalising CCBL’s phased operational plan.

The Customs House, Dhaka, will remain open on 24 and 25 October (Friday and Saturday) to ensure smooth continuation of import, export, and business operations during the post-disaster transitional period. According to an office order issued on Wednesday, all customs assessment teams under the jurisdiction of Customs House, including the Air Freight Unit and the Express Service Unit, will continue their regular activities on these days. The order further instructed all officials and employees concerned to be present at their respective offices on the specified dates and times to facilitate trade-related procedures. The decision has been taken in the public interest to keep essential economic and commercial activities uninterrupted, the order added. On October 18, a major fire broke out at the cargo-village section of Dhaka’s Hazrat Shahjalal International Airport, forcing all flight operations to be suspended for several hours. Cargo congestion has built up at the airport, with many import consignments stuck pending clearance and storage space severely constrained.

The Dhaka Stock Exchange (DSE) saw the lowest turnover in four months on Wednesday, with transactions falling to Tk 355 crore, despite a marginal rise in the key index. The last time DSE saw a lower transaction was on June 23, when shares and units worth Tk 276 crore were traded. Earlier this week, on Monday, the turnover stood at Tk 394 crore — the lowest in the ongoing 2025–26 fiscal year until today’s drop. The benchmark DSEX index gained 5 points at the end of the day’s trading, recovering slightly from an early fall. Of the other indices, the Shariah-based DSES remained unchanged, while the blue-chip DS30 advanced by 5 points. Prices declined for most of the traded issues as 178 companies saw losses against 145 gainers, while 74 remained unchanged. Most of the losing stocks belonged to the ‘B’ and ‘Z’ categories — companies that offer little or no dividends to investors. In contrast, most of the fundamentally strong ‘A’ category shares advanced, with 105 gaining, 81 declining, and 35 remaining unchanged. In the block market, shares of 20 companies worth Tk 9.60 crore were traded. City Insurance PLC topped the block transactions with shares worth Tk 2.90 crore. Aramit Limited emerged as the day’s top gainer with a nearly 10% rise, while FAS Finance & Investment Limited suffered the steepest loss, shedding over 9%. Meanwhile, the Chittagong Stock Exchange (CSE) ended lower, with its all-share price index, CASPI, losing 13 points. Most of the issues declined there as well — 93 lost, 72 gained, and 18 remained unchanged. The port city’s bourse recorded a turnover of Tk 12.28 crore, slightly higher than the previous session’s Tk 12.23 crore. Similar to the DSE, Aramit Limited topped the gainers’ list on the CSE with a 10% rise, while DBH First Mutual Fund was the worst performer, losing 10%.  

The Institute of Chartered Accountants of Bangladesh (ICAB) has strongly backed the proper and comprehensive implementation of International Financial Reporting Standard (IFRS) 9 to enhance transparency, strengthen financial stability, and restore public trust in the country's banking sector. The call came from industry experts and regulators at an ICAB-organized webinar titled "Implementing IFRS 9: Global Insights and Bangladesh Perspectives" on Tuesday. They stressed that effective IFRS 9 adoption requires robust technological resilience, reinforced governance, and significant investment in data infrastructure to ensure both compliance and long-term financial sustainability. Paradigm Shift for Bangladesh's Financial Sector Dr. Md. Kabir Ahmed, Deputy Governor of Bangladesh Bank and Chief Guest at the event, highlighted the transformative nature of IFRS 9 for an emerging economy like Bangladesh. "For an emerging economy like Bangladesh—with its dynamic and expanding financial sector—the implementation of IFRS 9 represents a paradigm shift," Dr. Ahmed stated. He said that the standard enables financial institutions to be better prepared for potential future losses and more resilient to economic shocks. ICAB President N K A Mobin FCA echoed this sentiment, emphasizing that adopting IFRSs is "not merely a technical compliance exercise" but a fundamental requirement for fostering international investor confidence. "As the core and most relevant professional accountancy body in Bangladesh, ICAB considers it a sovereign duty to lead the discourse, build capacity, and facilitate a smooth transition to these global benchmarks," Mobin said. He also stressed that effective implementation demands joint efforts from key regulators, including the Bangladesh Bank, the Bangladesh Securities and Exchange Commission (BSEC), and the Financial Reporting Council (FRC), as well as the preparers of financial statements. ICAB and FRC Sign MoU to strengthen financial statement verification with DVS Data gaps and weak models despite the clear benefits, experts at the webinar highlighted several critical challenges unique to the Bangladeshi context: While default data is often accessible, recovery data remains sparse. This data gap limits the discriminatory power of models and significantly slows down the implementation of IFRS 9, which governs the accounting for financial instruments, particularly expected credit losses (ECL). Forward-Looking Information: Many banks lack sufficient historical data to differentiate future economic scenarios or make reliable probability-weighted estimates for loss predictions. Rajith Perera, Partner at Ernst & Young and Risk Management Leader of the Institute of Chartered Accountants of Sri Lanka, noted that many banks lack strong models for estimating ECL, with validation exercises often revealing models that are not robust enough to produce accurate Probability of Default (PD) and Loss Given Default (LGD) estimates. Sk. Ashik Iqbal FCA, Partner at Nurul Faruk Hasan & Co., Chartered Accountants, described the shift from the old incurred loss model to the Expected Credit Loss (ECL) framework as a "survival test" for many banks. "Unlike large international institutions with decades of credit data, most Bangladeshi banks are implementing IFRS 9 with patchy information systems, limited modelling expertise, and intense regulatory oversight," Iqbal cautioned. He warned that weak models, inconsistent default definitions, or poorly designed scenarios could add confusion instead of clarity. Recommendations for Implementation To overcome these hurdles, industry professionals recommended a multi-dimensional approach focused on: Technology Investment: Investing in robust technology platforms to support automation, data integration, and real-time reporting. Governance Frameworks: Establishing strong governance frameworks and oversight mechanisms. Portfolio Review: Revisiting portfolio segmentation strategies to better align with risk profiles and regulatory requirements. Data Infrastructure: Strengthening data infrastructure to handle the increased granularity and frequency of reporting required by the new standard. The session was presided over by Muhammad Mehedi Hasan, Vice President-ICAB & Partner, Rahman Rahman Huq, Chartered Accountants.

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.

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.

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.