Six factories, including power plant, and sugar mills, of Chattogram-based industrial giant ‘S Alam Group’, were shut indefinitely without citing any ground. The factories were S Alam Refined Sugar Industries, S Alam Power Plant Ltd, S Alam Cold Rolled Steels Ltd, S Alam Cold Rolled Steels Ltd (SALAMCRST), S Alam Power Generation Ltd, and Infinity CR Strips Industries Ltd. Of them, edible oil and sugar mills factories were shut by issuing notices and the four others verbally. The notices, signed by Mohammad Borhan Uddin, head of human resources and administration department of the group, were issued in these regards on Tuesday. However, security, delivery and emergency departments of the factories will remain functional as per the decision of the company. Soon after the announcement of the closure, workers staged demonstrations in front of the factories demanding to keep open. The factories are located in Kalapool, Ichhanagar areas on the banks of the Karnaphuli River and Gandamara area under Banshkhali upazila. Read: S. Alam & Co. joins hands with govt. to revive state-owned sugar mills Wishing not to be named, an official of the group said the interim government has given a six month timeframe to the S Alam Group to settle the issues of assets and investments. If the issues are not settled by the stipulated time, the government will move to the International arbitration. Officials of the industrial group expressed reluctance to talk to the media about the matter.

Mohammed Monirul Moula, Managing Director (MD) of Islami Bank Bangladesh PLC, was reportedly forced to vacate his office on December 19 under contentious circumstances. Moula, who was appointed in January 2021 during the tenure of S Alam Group’s dominance over the bank’s board, reportedly faced resistance from within the organisation. A group of officials allegedly blocked his entry into the office and demanded he leave. Read: IBBL launches ‘Smart Bangladesh Smart Banking’ campaign Since the incident, sources said, Moula has been absent from his duties, and an additional managing director has assumed interim responsibilities. Islami Bank is working with Bangladesh Bank to finalise the appointment of a new MD, according to a high-ranking official at the bank. Despite being removed from his office, sources indicate that Moula has not yet submitted his resignation.

The Dhaka Stock Exchange (DSE) closed Tuesday's trading session with a narrowly upward trend, reflecting mixed performance across indices and trading metrics. The DSEX, the DSE's benchmark index, declined slightly by 1.47 points, closing at 5,169.32 points, compared to Monday's drop of 25.61 points to 5,196.41 points. However, the Shariah-based DSES index gained 2.78 points to reach 1,158.68 points, and the DS30, representing blue-chip stocks, also rose by 2.78 points, settling at 1,923.02 points. The total trading volume on the DSE saw a slight increase, with 10.83 crore shares and units exchanged through 98,406 transactions, up from the previous session's 10.62 crore shares traded in 106,885 transactions. However, the total trading value dropped to Tk 275.7 crore, compared to Monday’s Tk 303.2 crore. Among the 397 issues traded, 149 advanced, 159 declined, and 89 remained unchanged. The Chittagong Stock Exchange (CSE) mirrored the DSE's mixed trends, closing with an upward movement. The All Share Price Index (CASPI) gained 34.59 points, finishing at 14,489.23 points. On the CSE, 197 companies were involved in trading, with 85 gaining, 76 declining, and 36 remaining unchanged. A total of 3.09 crore shares and units changed hands through 1,855 transactions, amounting to a trading value of Tk 139 crore.

The National Board of Revenue (NBR) on Tuesday extended the deadline for submitting income tax returns by one month till January 31. The last date of submitting income tax returns of all categories of taxpayers except companies for the tax year 2024-2025 was December 31. Read: NBR extends deadline for submitting income tax returns The revenue authority issued an order extending the time for submission of income tax returns by one month for both online e-return and offline filing of paper returns for all taxpayers except companies for the convenience of taxpayers. It also extended the deadline for company tax return by one month from January 15 to February 15.

The Dhaka Stock Exchange (DSE), the country's main capital market, saw a mixed trend in the first two hours on Tuesday. Two indexes—DSEX and DSES—increased in the morning while DS30 decreased slightly. The main index DSEX increased by 3.92 points to 5,174.71  points; the DSES Shariah index was up by 4.40 points to 1160.31 points and the DS30 special blue chip index fell slightly by 1.06 points to 1921.04 points during the first two hours. Shares and units of 4.09 crore were exchanged through 41650 transactions. In this time, the market witnessed huge selling pressure, and shares and mutual funds worth Tk 110.8 crore were traded. DSEX trading ends with a 25.61 point drop A total of 385 companies participated in trading. Among these, prices of 186 companies increased, 104 companies decreased, and 95 companies remained unchanged at the DSE.

The Dhaka Stock Exchange (DSE) ended Monday's trading on a downtrend. The DSEX (broad index) decreased by 25.61 points to 5,170.79 points, compared to 5,196.41 points in the previous (Sunday) trading session. The Shariah-based DSES index decreased by 6.25 points to 1155.9 points, and the DS30 blue-chip index fell by 13.07 points to settle at 1922.1 points. A total of 10.62 crore shares and units changed hands through 106865 transactions, seeing a slight decrease from the previous session of 10.98 crore shares through 106414 transactions. A total of Tk 303.2 crore worth of shares and bonds were traded in the DSE on Monday, which saw a decrease from the previous session of Tk 312.9 crore. Out of the 396 issues (companies) traded, 99 advanced, 216 declined and 81 remained unchanged at the DSE. The port city bourse, CSE, also settled on a downtrend of trading. The All Share Price Index (CASPI) increased by 13.41 points and settled at 14454.63 points. On the CSE, 202 companies participated in trading. Of them, 54 companies recorded price gains, 111 companies saw declines, and 37 companies remained unchanged. At the CSE shares and units of 33.96 lakh changed hands through 1563 transactions on Monday. The value of trading shares and units was Tk 124 crore.

Bangladesh's foreign exchange reserves have surged to $20 billion, driven by an increase in remittances from overseas workers. According to Bangladesh Bank’s spokesperson and Executive Director, Husne Ara Shikha, the current reserve, as of December 22, stands at $24.84 billion (or 2,484 million USD) based on the bank's latest data. But the reserves are officially recorded at $20 billion in line with the International Monetary Fund's (IMF) BPM-6 accounting methodology. Bangladesh had to accept huge Rohingyas under certain circumstances: Touhid Hossain The reserves had reached the $20 billion mark earlier on November 6, but there was a gradual decline following that, with the reserves dipping below $19 billion during the first week of December. Despite this dip, the inflow of remittances has provided a crucial boost to the national reserves. During the first 21 days of December, Bangladesh received $2.07 billion in remittances, a significant rise compared to $1.575 billion and $1.572 billion received in October and November, respectively. DSEX drops by 5.56 points; prices of 130 companies falls during early trading The growing flow of remittances indicates improved financial support from Bangladesh's diaspora, contributing positively to the country's foreign exchange reserves. This positive trend in remittances, along with other financial factors, is expected to continue strengthening Bangladesh's foreign exchange position, offering a buffer against global economic challenges.

The Dhaka Stock Exchange (DSE), the country's main capital market, saw a downtrend in the first two hours on Monday. Shares and units of 3.9 crore were exchanged through 43675 transactions. During this time, the market witnessed huge selling pressure, and shares and mutual funds worth Tk 118.2 crore were traded. A total of 388 companies participated in trading. Among these, prices of 154 companies increased,130 companies decreased and 104 companies remained unchanged at the DSE. Read: DSE index drops by 25.16 points as week begins The main index DSEX decreased by 5.56 points to 5,190.84 points, the DSES Shariah index fell by 1.63 points to 1160.52 points, and the DS30 special blue chip fell by 3.50 points to 1931.61 points during the first two hours on Monday.

The International Finance Corporation (IFC), a member of the World Bank Group, has partnered with Meghna Re-Rolling & Steel Mills Limited (MRSL), a sister concern of Meghna Group of Industries (MGI) to establish Bangladesh’s first climate-smart steel plant. This state-of-the-art facility will produce 1.5 million metric tons of steel annually—which represents around 20% of Bangladesh’s current annual demand—using 100% recycled scrap, supporting the country’s economic growth while tackling climate challenges, according to a press release on Monday. Supported by a financing package of $100 million, this transformative project is set to deliver significant economic, environmental, and social benefits, said the release. By leveraging advanced technology, it will reduce carbon emissions compared to traditional steel production, while creating over 20,000 direct and indirect jobs across the value chain, driving growth and sustainability. Stock markets return to positive territory as economy is getting sustainability: Analysts IFC’s Country Manager for Bangladesh, Bhutan and Nepal Martin Holtmann said that Bangladesh’s steel industry is critical for building infrastructure that drives sustainable growth. “This project represents a major leap forward, not only in climate-smart manufacturing but also in job creation and industrial advancement. We are excited to contribute to the transformation of Bangladesh’s industrial landscape, supporting the nation’s journey towards a greener, more resilient future.” This project marks a major milestone for Bangladesh’s steel industry, aligning with the Paris Agreement and meeting the criteria for 100% climate finance under global climate tracking principles. Additionally, IFC and MRSL are collaborating to develop a comprehensive decarbonization roadmap, setting a new benchmark for sustainability in the country’s industrial sector. World Bank approves $1.16 billion for Bangladesh The Chairman and Managing Director of MGI Mostafa Kamal said this investment not only strengthens their capacity to produce high-quality, climate-smart steel but also represents a significant milestone for country’s economic and industrial growth. The investment also aligns with the World Bank Group’s vision for Green, Resilient, and Inclusive Development (GRID), promoting climate-smart infrastructure, economic diversification, and industrial competitiveness.

The managing directors and CEOs of 13 banks submitted their explanations for dollar purchases beyond the amount they were allowed, and at rates higher than the official rate, to Bangladesh Bank today (Sunday). The banks are- BRAC Bank, Islami Bank Bangladesh, Shahjalal Islami Bank, Jamuna Bank, Trust Bank, Rupali Bank, Eastern Bank, Janata Bank, United Commercial Bank, NCC Bank, Mercantile Bank, City Bank and Al-Arafah Islami Bank. Earlier, the BB sought an explanation from the same 13 banks for raising the US dollar rate aggressively to increase earning remittance. The central bank in a letter asked these banks to explain the issue satisfactorily by December 22 or face legal action. The Executive Director and Spokesperson of Bangladesh Bank Husnera Shikha in this regard told UNB that she is unaware of any bank having submitted an explanation yet. However, the Managing Director and CEO of one of the 13 private banks told UNB that they submitted their explanation to the central bank today (Sunday). The reasons they have submitted are mostly related to business and meeting the needs of their clients. He said, “We have purchased dollars at higher rates due to the demand of clients for opening LCs for a big volume of import.” Wishing anonymity, he said that banks have liabilities of clearing deferred LC payments and at the same time new LC opening pressure also for importing goods ahead of Ramadan. In such a situation banks have to purchase dollars from remittance at a higher rate.