United News of Bangladesh

Global stock markets traded unevenly on Friday as growing concerns about artificial intelligence (AI) unsettled investors, following a decline in Alphabet shares that weighed on US markets. In early European trading, France's CAC 40 rose 0.2% to 7,988.84, while Germany's DAX slipped 0.1% to 26,008.99. Britain's FTSE 100 gained nearly 0.4% to 10,759.33. US stock futures indicated a mixed opening, with Dow futures rising 0.2% to 52,613.00, while S&P 500 futures fell 0.8% to 7,689.00. In Asia, Japan's Nikkei 225 dropped 2.1% to close at 63,290.11. The Bank of Japan kept its benchmark interest rate unchanged at 1.25% after concluding its two-day monetary policy meeting, as widely expected following a rate increase last month. The United States has been urging Japan to raise interest rates amid concerns over the weakening yen. The dollar fell to 157.28 yen from 157.65 yen, while the euro edged up to $1.1196 from $1.1181. Australia's S&P/ASX 200 gained 0.2% to 8,908.10, while South Korea's Kospi plunged 3.5% to 5,730.74, with shares of major chipmakers SK Hynix and Samsung Electronics declining. AI-related stocks have experienced significant fluctuations as enthusiasm for the technology has driven share prices higher, while concerns over supply constraints have triggered sell-offs. Hong Kong's Hang Seng Index advanced 1.5% to 23,294.42, while the Shanghai Composite Index fell 1.4% to 3,599.02. In energy markets, US benchmark crude oil rose 1.53% to $103.56 per barrel. Brent crude, the international benchmark, gained 1.65% to $116.77 per barrel.

Bangladesh and Malaysia have concluded the first round of negotiations on a proposed free trade agreement (FTA), with both sides tentatively setting January 2027 for the next round, the Ministry of Commerce said Thursday. The three-day talks, which began on October 27, formally ended at the Pan Pacific Sonargaon Hotel in Dhaka, according to a press release issued by the ministry. The negotiations took place in a "positive atmosphere" and focused on expanding bilateral trade, increasing mutual investment and opening new areas of cooperation in technology and the digital economy, the ministry said. During the talks, 13 working groups reviewed draft texts and structural issues of the relevant FTA chapters. The discussions covered trade in goods, trade in services, rules of origin, customs facilitation, digital trade, sanitary and phytosanitary (SPS) measures, technical barriers to trade (TBT) and issues concerning small and medium enterprises (SMEs), among others. Investment and intellectual property were also on the agenda. Both delegations placed emphasis on identifying each country's positions, potential and areas of cooperation, the ministry said. Speaking at the closing session, Khadiza Nazneen, additional secretary at the Commerce Ministry and Bangladesh's chief negotiator, said the proposed FTA would create an opportunity to take the existing friendly relations between the two countries to a new economic level. Citing Malaysia's progress in electronics, semiconductors and digital technology, she said the agreement, once in effect, could open up new possibilities for technology transfer, investment attraction and industrial cooperation. She thanked Malaysia's chief negotiator, Rashidi Said, and his delegation. Both sides expressed their resolve to finalise an effective "win-win" agreement within the stipulated timeframe, while maintaining a balance of mutual interests and benefits. The ministry said the FTA holds particular significance for Bangladesh. After graduation from the least developed country (LDC) category, new trade partnerships will be crucial for sustaining competitiveness in global markets, expanding export destinations and attracting foreign investment. It expressed hope that an effective FTA with Malaysia, a key ASEAN economy, would widen market access for Bangladeshi goods and services, strengthen industrial technological capacity and create opportunities to join regional supply chains. However, the ministry cautioned that the actual benefits would depend on the final terms of the agreement, the extent of tariff concessions, the protection of domestic industries and the implementation framework. Crafting a sustainable and mutually beneficial deal that balances the commercial interests of both countries is therefore seen as vital, it added. With the conclusion of the first round, the process of drawing up the Bangladesh-Malaysia FTA has moved one step forward, the ministry said, expressing hope that the second round in January would pave the way for shaping the final contours of the agreement.

The Bangladesh Securities and Exchange Commission (BSEC) has sought stakeholders’ opinions and recommendations to review the Mutual Fund Rules, 2025, aiming to strengthen the country’s mutual fund sector and make the regulatory framework more effective and market-oriented. The securities regulator held a consultation meeting with stakeholders on Wednesday at its Agargaon office to review the rules and identify areas requiring amendments and improvements. BSEC Chairman Masud Khan presided over the meeting, which was attended by the commission’s commissioners, officials from relevant departments, representatives of the Department of Financial Institutions, the Bangladesh Securities and Exchange Commission (BSEC), the CDBL and other concerned organisations, as well as representatives of mutual fund trustees, asset management companies, custodians and other capital market institutions. At the beginning of the meeting, BSEC Executive Director Md Mahmudul Haque presented a paper titled “Review on the Bangladesh Securities and Exchange Commission (Mutual Fund) Rules, 2025.” The presentation highlighted various aspects of the existing rules and possible areas for amendments. During the subsequent discussion, participants shared their views, suggestions and recommendations on different provisions of the rules. The discussions focused on making the mutual fund regulatory framework more effective, practical and conducive to institutional investment. In his remarks, BSEC Chairman Masud Khan thanked the participants for their constructive opinions and suggestions, stressing that their feedback was important to the commission. He said the commission would review the rules and consider necessary amendments in line with international best practices and stakeholders’ recommendations. He also assured participants that no arbitrary or unilateral decisions would be taken in the process. The chairman emphasised the importance of increasing institutional investors’ participation in the country’s capital market to make it more dynamic, sustainable and investment-friendly. He said greater participation by institutional investors was essential for developing a balanced capital market, adding that greater reliance on retail investors alone would not be sufficient to ensure sustainable market growth. Masud also highlighted the role mutual funds could play in expanding the capital market and contributing to the country’s economic development. Emphasising financial literacy and investment education, he said improving investors’ financial knowledge, awareness and ability to make informed investment decisions was crucial for the sustainable development of the capital market. He called on BSEC, capital market-related institutions and other stakeholders to work together to strengthen financial literacy and promote informed investment practices.

Different banks on Wednesday distributed sanction letters and cheques worth Tk 2.70 crore to 27 agriculture and SME entrepreneurs at a town hall meeting in Pabna under Bangladesh Bank's refinancing schemes. The initiatives include a Tk 10,000 crore scheme to ensure national food security and create employment, along with a Tk 3,000 crore scheme to establish an agriculture-based regional hub in Northern Bangladesh. Dr. Md. Habibur Rahman, Deputy Governor of Bangladesh Bank, attended the event as the chief guest. Special guests included Arief Hossain Khan, Executive Director and Spokesperson of Bangladesh Bank; Muhommad Badiuzzaman Dider, Executive Director of Bangladesh Bank (Rajshahi Office); Liton Dhali, Additional District Magistrate of Pabna; Mohammad Fazlul Karim, Deputy Managing Director of Agrani Bank PLC; and Md. Harun-Ur-Rashid, Director of the Pabna Chamber of Commerce and Industry. Abu Sayed Md. Idris, Deputy Managing Director of Islami Bank Bangladesh PLC, presided over the meeting. The Pabna branches of Islami Bank Bangladesh PLC and the regional office of Agrani Bank PLC served as the lead banks for coordinating the program. The meeting drew officials and branch managers from scheduled banks in Pabna, over 300 agriculture and SME entrepreneurs, and representatives from the Pabna Chamber of Commerce and Industry, the Department of Agricultural Extension, the Department of Livestock Services, the Department of Fisheries, BADC, the Bangladesh Rural Development Board, and the Department of Youth Development, according to a press release.

The government has approved a proposal to negotiate with two authorised US Wheat Associates entities that offered the lowest prices for importing wheat from the United States under a government-to-government (G2G) arrangement. The approval was given at the 36th meeting of the Cabinet Committee on Economic Affairs held on Wednesday. The Food Ministry placed the proposal seeking policy approval to initiate negotiations with the two authorised entities for the import of wheat from the United States. The committee recommended the proposal for policy approval, paving the way for negotiations with the lowest bidders. The press briefing did not disclose the proposed quantity of wheat, the names of the two entities or the prices they quoted. The import initiative is aimed at procuring wheat from the United States through the G2G mechanism.

The three-day Global Sourcing Expo Dhaka 2026 will begin on November 15, aiming to expand Bangladesh’s export trade, explore new international markets and strengthen links between local manufacturers and exporters and foreign buyers. According to a message from the Ministry of Commerce on Wednesday, this year’s expo will feature 12 sectors, up from eight last year, with the Export Promotion Bureau (EPB), the organiser, expecting participation from around 200 companies. The exhibition will be held at the Bangladesh-China Friendship Exhibition Centre (Big Wave) from November 15 to 17. Commerce Minister Khandakar Abdul Muktadir will inaugurate the event. According to the EPB, the expo was first held last year, and its scope has been expanded for the second edition. The 12 sectors include readymade garments and textiles, leather and leather goods, handicrafts and jute products, agriculture and agro-processed products, plastics and kitchenware, furniture and home decor, pharmaceuticals, information and communication technology (ICT), paper and packaging, automobiles, light engineering, and ceramics and tableware. The EPB has taken several initiatives to increase international buyers’ participation and showcase Bangladesh’s products and manufacturing capabilities in overseas markets. Letters have been sent to ambassadors and high commissioners of different countries stationed in Bangladesh, seeking their cooperation. Commercial counsellors at Bangladesh’s embassies and high commissions abroad have also been actively involved in the initiative. An exchange meeting is scheduled for Wednesday afternoon with foreign ambassadors and high commissioners in Bangladesh, joint chambers, buyers’ forums and representatives of trade promotion organisations from different countries to make the expo more effective and strengthen international business networking. Earlier, the EPB held a meeting with representatives of relevant chambers and associations, chaired by its vice-chairman and chief executive, to discuss preparations for the event. The organisers expect the expo to inject fresh momentum into Bangladesh’s export trade through coordinated participation by local and international stakeholders. The event is also expected to help build business partnerships between international buyers and suppliers, create new market opportunities and enhance Bangladesh’s position as a global sourcing destination. The EPB hopes that the expo’s continued success will further strengthen Bangladesh’s position in global sourcing activities in the coming years.

One of the country's most renowned economists, Wahiduddin Mahmud,  who was also an adviser to the interim government,  has said that Bangladesh's banking sector was initially crippled by a culture of default loans, which later evolved into a destructive "bank looting culture" following 2010, ultimately plunging the financial sector into its current crisis. He made the remarks on Wednesday while speaking as the chief guest at the inaugural session of the two-day annual banking conference organized by the Bangladesh Institute of Bank Management (BIBM) at its Mirpur campus in the capital. Reflecting on his past experiences with banking sector reforms, Mahmud noted that restoring discipline previously required stringent regulations and hard work, which successfully elevated several private banks to international standards. However, the subsequent era of "bank looting" bypassed all rules and regulations, allowing individuals to siphon money straight out of banks unchecked. Urging stakeholders to learn from past mistakes, Mahmud pointed out that inadequate regulatory frameworks during the initial authorization of private banks in the past allowed entrepreneur-directors to siphon off nearly one-third (equivalent to 35 percent) of total deposits as loans. He further emphasized the need for "antitrust" or anti-monopoly legislation to regulate whether a single group or family should be permitted to control multiple banks, noting that Bangladesh still lacks such a legal framework. Criticizing political patronage, Mahmud observed that politically influential figures have consistently used state-owned banks to distribute undue favors. He stated that if political administrations wish to dispense political favors, they should choose sectors that do not inflict major damage on the national economy, stressing that utilizing the financial sector for political patronage is entirely inappropriate and a reality political leaders must recognize, as central bankers alone cannot stop it. Attributing the collapse of several banks to the indiscriminate approval of new banks without proper scrutiny after 2010, Mahmud highlighted the plight of vulnerable depositors. He noted that bankrupt banks had accepted deposits from government entities—including teachers' salaries, welfare, and pension funds—resulting in millions of takas belonging to impoverished MPO-registered teachers remaining trapped. Describing the extreme relaxation of banking regulations over the past 15 years as a primary driver of the current distress, Mahmud cautioned that while regulations may temporarily need to be eased to rescue weak banks, there is currently no guarantee against repeating past mistakes. Outlining a path forward, Mahmud stressed that banks must be given the opportunity to stand on their own feet while maintaining adequate safeguards. He called for thorough vetting to ensure that funds reach honest, genuine entrepreneurs and business operators, warning that failure to secure this mechanism will cause the sector to regress into past pitfalls. The event was also addressed by Bangladesh Bank Deputy Governor Md. Kabir Ahmed, Bangladesh Association of Banks (BAB) Chairman and Dhaka Bank Chairman Abdul Hai Sarker, World Bank Country Director for Bangladesh and Bhutan Abdoulaye Seck, and Association of Bankers, Bangladesh (ABB) Chairman and City Bank Managing Director and CEO Mashrur Arefin. The keynote paper was presented by Policy Research Institute (PRI) Chairman Dr. Zaidi Sattar.

Commerce Minister Khandakar Abdul Muktadir on Wednesday said the government has no immediate plan to raise edible oil prices, expressing hope that the market will remain stable around and during Ramadan. The government is working to ensure adequate supplies of import-dependent essential commodities, he said while talking to reporters at the Secretariat. Muktadir said the government has assessed supply conditions for such goods in consultation with importers, taking into account the upcoming Ramadan. Adequate supplies of edible oil, chickpeas, lentils and sugar are in the import pipeline, which he said will be sufficient to keep the market stable. Asked about a proposal to increase edible oil prices and the possibility of a hike before Ramadan, the minister said, “No, there is no such plan at the moment.” He said prices of oil imported from Brazil, Indonesia and Malaysia depend on prices in the countries of origin and transportation costs. “Any increase in either could push up import prices, while a decline could bring prices down.” The government cannot predict the international situation before Ramadan, Muktadir said, adding that war or other unforeseen circumstances could lead to freight costs, affecting commodity prices. The government is monitoring the situation to prevent sudden supply shortages and is working to maintain a stable supply chain through adequate bookings and stocks in the import pipeline, he said. However, the government cannot force private-sector traders to book goods in advance, Muktadir said, noting that international prices fluctuate. He questioned who will bear the losses if traders are forced to book at a fixed price but international prices fall before letters of credit (LCs) are opened. Freight charges are also determined when goods are loaded onto ships, making it difficult to fix all costs in advance, the minister added. Asked whether the government will offer additional facilities for opening LCs ahead of Ramadan, he said there is no need for such measures at present. “The government will intervene if traders report any obstacles,” he added. On chickpeas selling at Tk 115-120 per kg, Muktadir said international prices have risen somewhat, and the government is discussing the matter with importers to explore ways to address it. Regarding seasonal price fluctuations, he said Bangladesh has yet to develop a supply system capable of keeping the prices of all commodities stable throughout the year. Although onion production exceeds domestic demand, seasonal gaps can still drive prices up, the minister said, adding that vegetables are also subject to seasonal variations. The government can consider expanding cold storage facilities and encouraging off-season production to ensure year-round supply stability, he said, adding that vegetable prices have already started falling as winter produce enters the market.

Asian stock markets largely rose on Wednesday, tracking a rally on Wall Street led by artificial intelligence-related shares, while US stock futures posted modest gains and oil prices increased by more than 1%. South Korea's Kospi jumped 6.8% to finish at 6,023.73, buoyed by strong performances from semiconductor companies. SK Hynix shares surged 11.4% to their highest level in two weeks after the memory chipmaker reported a record operating profit of 83.3 trillion won ($62.8 billion) for the previous quarter. The profit was almost seven times its level a year earlier and surpassed analysts' forecasts. Samsung Electronics advanced 9.1% ahead of its third-quarter earnings report due Thursday. Japan's Nikkei 225 climbed 1.1% to 63,954.19, while Kioxia Holdings gained 9.6% ahead of its quarterly results scheduled for Friday. Investors are also awaiting the Bank of Japan's two-day policy meeting beginning Thursday, with interest rates widely expected to remain unchanged. Hong Kong's Hang Seng Index recovered 0.2% to 23,089.22 after slipping earlier, while the Shanghai Composite Index rose 0.5% to 3,666.50. Taiwan's Taiex added 2%. India's Sensex, however, dropped 0.8%. The decline came despite Jio Platforms gaining 21% on its stock market debut following India's largest-ever initial public offering. Australia's S&P/ASX 200 advanced 0.3% to 8,847.30. In New Zealand, the Reserve Bank surprised markets by maintaining its benchmark interest rate at 2.75%. The S&P/NZX 50 Index edged up 0.1%. On Wall Street, the S&P 500 gained 0.6% on Tuesday, moving to within 1.2% of its record high reached earlier this month. The Nasdaq Composite rose 1.2%, while the Dow Jones Industrial Average added less than 0.1%. Despite declines in most S&P 500 companies, gains in major AI-related stocks lifted the index. Investors have been concerned about the growing expense of borrowing money to construct data centres and acquire AI chips. Broadcom shares rose 4% after the company announced a $63 billion financing deal involving several Wall Street firms to help artificial intelligence company Anthropic obtain Broadcom's XPU accelerators and networking solutions. Nvidia gained 0.9%, while CoreWeave, which finances purchases of AI chips and rents computing capacity through cloud services, climbed 7.9%. Companies are under increasing pressure to deliver substantial profit growth as investors maintain high expectations. Those expectations have helped drive share prices to record levels despite persistent inflation, high interest rates and other market concerns. Boeing shares fell 10.7% after the aircraft manufacturer reported a quarterly loss greater than analysts had expected. Meanwhile, US consumer confidence improved in October, according to a report released Tuesday, reversing expectations among economists that it would deteriorate further amid continuing inflationary pressures. In bond markets, US Treasury yields remained broadly stable ahead of the Federal Reserve's latest interest rate announcement. The Fed raised its benchmark rate for the first time in three years last month to combat inflation, but markets largely expect it to keep rates unchanged this time. The yield on the 10-year US Treasury note slipped to 4.99% from 5.00% late Monday. Oil prices also advanced on Wednesday. Brent crude, the international benchmark, rose 1.5% to $111.10 a barrel, while US benchmark crude increased 1.6% to $101.46. In currency markets, the US dollar weakened to 157.85 Japanese yen from 157.91 yen. The euro traded at $1.1118, down from $1.1127.

Consumers Association of Bangladesh (CAB) has demanded strict action including cancellation of the licences of LPG operators, distributors and retailers found involved in overcharging consumers, alongside measures to ensure the sale of liquefied petroleum gas at government-fixed prices. The consumer rights body urged authorities to investigate allegations of artificial shortages, hoarding and overcharging, and to take effective action against those responsible, according to a press release issued on Wednesday. The demand comes ahead of a public hearing on revising LPG prices, scheduled for Thursday by the Bangladesh Energy Regulatory Commission (BERC) for both state-run and private LPG operators. In a letter sent to the BERC chairman on October 26, CAB President AHM Safiquzzaman said any fresh rise in prices or charges without ensuring supply at the fixed price would add to the financial strain on low- and middle-income families. The letter noted that the price of a 12-kg LPG cylinder was raised by Tk 252 to Tk 1,837 on October 4. However, according to media reports, consumers are having to pay Tk 500-600 more than the fixed price to buy a cylinder. For households without piped gas, LPG is an essential cooking fuel, CAB said. With spending on food, housing, healthcare, education and transport already high, any additional cost of cooking fuel is hard to bear for low- and middle-income families. It stressed that enforcing the existing price should be the first priority. The letter also said importers' claims of higher costs must be verified against genuine transaction documents and audited accounts. When international LPG prices rise, local transport, storage and distribution costs do not increase in the same proportion, CAB said, so there is no justification for raising charges and commissions at every stage on the grounds of higher import costs. Consumers cannot be made to bear the same expenses counted more than once, or the burden of inefficient management, it added. CAB said no proposal to increase charges or commissions should be approved until the need is proven through audited accounts and independent technical cost assessment, and that unjustified expenses and excess profit must be excluded from the price formula. It also demanded that the commission publish separate accounts of import costs, storage, bottling and distribution charges, and pass on to consumers in due time any benefit from lower costs in the international market. The consumer body further called for a separate cost assessment of state-run LPG, with transparent allocation and distribution to ensure affordable access for ordinary consumers.= CAB also demanded that every sales outlet display an updated price list and issue receipts, and that clear instructions be issued on home-delivery charges to stop unauthorised collection of money. It also called for an easy system to lodge complaints about overcharging, non-availability of cylinders, underweight cylinders and safety issues, with redress within a specified time. CAB urged the BERC to consider the practical experiences of consumers, alongside the proposals of petitioners and the commission's technical assessment, at the hearing. It also sought a clear explanation of what expenses were accepted or rejected in the final decision and how objections raised were resolved.