United News of Bangladesh

The cost of a government project for strengthening the production, storage and distribution of quality seed potatoes has increased sharply due to repeated delays in implementation. With the latest revision, the total estimated cost has risen to Tk 1,138.74 crore from the originally approved Tk 688.21 crore, according to official documents. The project, titled “Strengthening Production, Preservation and Farmer-Level Distribution of Quality Seed Potato,” has undergone its second revision. Alongside the cost escalation, the completion deadline has been extended by another two years. The Ministry of Agriculture is the sponsoring ministry, while the Bangladesh Agricultural Development Corporation is implementing the project. The project cost was first revised to Tk 727.43 crore. Continued delays caused by extended construction schedules, additional infrastructure needs and higher operational expenses have pushed the proposed budget much higher, said officials. Most of the revised cost will be financed by government funds with a smaller share will come from the BADC’s own resources. The implementation period initially ran from September 2019 to June 2024. It was later extended to June 2025 and has now been further prolonged until June 2027. Officials involved in the project said the extended timeline has directly contributed to higher spending, particularly on cold storage construction, mechanisation, energy supply, farm-level seed production and transport-related costs. One of the main reasons for the latest revision is the decision to construct additional cold storage facilities to meet the government’s target of distributing 60,000 tonnes of seed potatoes to farmers by 2030. Existing and ongoing facilities under BADC are expected to provide storage capacity of just over 53,000 tonnes. To address the shortfall, four additional cold storages will be built. The project covers selected districts and upazilas in eight divisions. Its objectives include expanding the availability of disease-free, high-quality seed potatoes, increasing modern storage capacity and improving farmers’ skills through training and demonstrations. Despite the rising cost, the Planning Commission has viewed the revised project positively. By June 2025, financial progress had reached nearly 88 percent, while physical progress stood at around 95 percent. The commission said at successful completion of the project would help boost potato production, strengthen modern and sustainable storage systems and contribute to national food security. Officials added that the revised timeline is necessary to ensure proper completion of newly added infrastructure, including cold storages in northern and central districts, renovation of older facilities and the introduction of solar power in selected storage units. They said that without the extension, the intended benefits of the expanded investment would be difficult to achieve. The project is expected to generate broader economic and social benefits by improving seed quality, stabilising yields, creating rural employment and increasing farmers’ access to improved potato varieties. Potatoes are Bangladesh’s top vegetable crop and a key staple for food security. This year’s production reached a record 1.12 crore metric tonnes, surpassing national demand by around 22 lakh metric tonnes. Cultivated area expanded by 8 percent year on year to 4.92 lakh hectares in fiscal year 2024–25, while total output rose 9 percent from 1.06 crore tonnes a year earlier, according to Bangladesh Bureau of Statistics.

Bangladesh’s capital market failed to recover from the ongoing downturn as indices at both the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) declined for another day. At the close of trading, the DSE’s benchmark index DSEX shed 36 points. The Shariah-based DSES and the blue-chip DS30 index also fell by 7 points each. Most of the traded companies ended in the red, with prices falling for 299 companies, while 48 advanced and 43 remained unchanged. In the block market, shares worth Tk 22 crore of 24 companies were traded, with Fine Foods topping the list by trading shares worth Tk 9 crore. The turnover at the DSE declined to Tk 375 crore, down from Tk 413 crore in the previous session. Dominage Steel Building Systems Limited topped the gainers’ chart, rising more than 5 percent, while AFC Agro Biotech Ltd suffered the highest loss, shedding over 9 percent. The CSE mirrored the DSE’s performance as its overall index CASPI dropped 76 points. DSEX falls, CSE gains in Bangladesh capital market Of the traded issues, prices fell for 103 companies, rose for 41, and remained unchanged for 16. The turnover at the port city bourse edged up slightly to Tk 5.8 crore, compared to Tk 5.1 crore a day earlier. EXIM Bank 1st Mutual Fund topped the gainers at the CSE with a 10 percent rise, while Pacific Denims Limited ended at the bottom, losing 10 percent.  

Bangladesh Bank Governor Dr. Ahsan H. Mansur said on Wednesday that recovering laundered money from abroad is a lengthy process and it may four to five years. Dr. Mansur made the remarks while talking to reporters after a meeting with Finance Adviser Dr. Salehuddin Ahmed at the Secretariat. When asked about the progress in bringing back siphoned funds, he said significant advancement has been made as the government is very sincere regarding this issue. Responding to a question over potential recovery he mentioned the case of former Land Minister Saifuzzaman Chowdhury in London. “We will be very lucky if this case is resolved quickly. Since they (the accused) did not contest the case, they have lost by default.. I cannot say exactly when the money will arrive—it could be February, March, or possibly by June," Dr. Mansur added. He said other cases depend on formal applications and are subject to long legal processes abroad. "In those instances, there is little we can do to speed it up," he added. Responding to queries regarding the S. Alam Group, the Governor said the conglomerate has filed for international arbitration. "S. Alam has filed for arbitration in Washington against us. It is a case of the thief shouting the loudest.We will contest the case vigorously," the Governor said.

The Trump administration announced Tuesday an expansion of U.S. travel restrictions to include 20 additional countries and the Palestinian Authority, doubling the number of nations affected by limits introduced earlier this year. The updated policy imposes full travel bans on citizens of five new countries — Burkina Faso, Mali, Niger, South Sudan, and Syria — as well as individuals traveling on Palestinian Authority-issued documents. Fifteen other countries face partial restrictions, including Angola, Antigua and Barbuda, Benin, Ivory Coast, Dominica, Gabon, Gambia, Malawi, Mauritania, Nigeria, Senegal, Tanzania, Tonga, Zambia, and Zimbabwe. The rules apply to both visitors and prospective immigrants. The restrictions do not apply to those who already hold U.S. visas, lawful permanent residents, diplomats, athletes, or individuals whose entry is deemed in the U.S. national interest. The measures are set to take effect on Jan. 1. The administration cited concerns over corruption, unreliable civil documentation, high rates of visa overstays, refusal of some countries to accept deportees, and instability as reasons for expanding the restrictions. Officials also pointed to immigration enforcement, foreign policy, and national security considerations. Trump sues BBC for $10 Billion over edited Jan. 6 speech The move follows the arrest of an Afghan national suspected of shooting two National Guard members over Thanksgiving weekend. Critics argue the expanded ban unfairly targets people based on nationality rather than actual security risks. Advocacy groups also warned that the update removes protections for Afghans eligible for the Special Immigrant Visa, a program for those who assisted U.S. forces. Some affected nations, including Dominica and Antigua and Barbuda, said they are urgently seeking clarification from U.S. officials regarding the new restrictions. Meanwhile, the administration eased certain restrictions for Turkmenistan, while tightening rules for Laos and Sierra Leone. The ban on Palestinians builds on earlier measures, now prohibiting Palestinian Authority passport holders from traveling to or emigrating to the United States, citing terrorist activity in the West Bank and Gaza and compromised vetting capabilities due to ongoing conflict. Source: AP

The Global Labor Market Conference (GLMC) has announced a dynamic partnership with King’s Trust International (KTI), which will join the third edition of GLMC as a Knowledge Partner. Set to take place in Riyadh on January 26 and 27, the conference will draw on King’s Trust International’s global expertise and insights on youth employment to strengthen its evidence-based agenda and deepen dialogue on the future of work. As part of the collaboration, King’s Trust International has contributed to the scientific committee shaping GLMC’s program and will host a dedicated Youth Track panel discussion. Moderated by Will Straw, CEO of King’s Trust International, the session will spotlight the priorities, challenges, and lived experiences of young people, ensuring their voices are central to the global labor market conversations. Will Straw, Chief Executive Officer of King’s Trust International, said, “We are proud to be a knowledge partner at the Global Labour Market Conference. Addressing the challenges young people face in today’s labour market requires collaboration and shared insight. Platforms like the GLMC play a vital role in fostering these partnerships, and we are honoured to host a panel on an issue that matters deeply to young people around the world.” Building on the success of last year’s edition and on GLMC’s year-round efforts to drive research, collaboration, and policy innovation, the conference continues to expand its network of global knowledge partners. Under the theme “Future in Progress”, GLMC 2026 will bring together more than 200 speakers, including policymakers, business leaders, labor market experts, and representatives from international organizations, to address emerging trends and the most pressing challenges shaping today’s labor markets. The event aims to foster forward-looking dialogue, collaborative action, and solutions that support inclusive and resilient labor markets worldwide.

Bangladesh’s capital markets extended their downtrend for a second consecutive day on Monday, with key indices falling, most shares losing value and overall turnover declining at both bourses. At the Dhaka Stock Exchange (DSE), the benchmark DSEX index shed 42 points by the close of trading. The Shariah-based DSES fell 11 points, while the blue-chip DS30 index lost 14 points. Most listed companies ended in the red, as 292 issues declined against gains by a limited number of stocks, while 48 issues remained unchanged. In the block market, shares of 27 companies worth Tk 20 crore were traded, with Fine Foods alone accounting for Tk 10 crore. The turnover at the DSE also dropped, with shares and units worth Tk 413 crore changing hands during the session, down from Tk 457 crore in the previous trading day. Union Insurance Company Limited topped the gainers’ list with its share price rising more than 9 percent, while AFC Agro Biotech Limited emerged as the top loser, shedding over 8 percent. The Chittagong Stock Exchange (CSE) also witnessed a decline, with its overall CASPI index falling 76 points. On the port city bourse, prices of most companies declined as 98 issues fell, while 47 advanced and 17 remained unchanged. The turnover at the CSE dropped sharply to Tk 5 crore on Monday from Tk 12 crore on Sunday. Queen South Textile Mills Limited topped the gainers’ chart at the CSE with a rise of more than 9 percent, while Maksons Spinning Mills Limited hit the bottom of the list after losing over 16 percent.  

Bangladesh Bank (BB) continues its intervention in the foreign exchange market, purchasing additional US dollars from commercial banks to stabilise the forex market and support remittance inflows and export earnings. The central bank bought around $141.5 million (Tk 14 crore 15 lakh) from 13 banks through auctions on Monday. The exchange rate on the day ranged between Tk 122.29 and Tk 122.30 per US dollar, with the cut-off rate fixed at Tk 122.30. This follows a similar transaction earlier this month. On December 11, Bangladesh Bank purchased about $149 million (Tk 14 crore 90 lakh) from 16 banks, with exchange rates ranging from Tk 122.25 to Tk 122.29 and a cut-off rate of Tk 122.29. The central bank launched its dollar-buying programme through auctions on July 13. So far, in the current FY 2025–26, Bangladesh Bank has purchased approximately $2.80 billion through this mechanism. Confirming Monday’s transaction, Arif Hossain Khan, Executive Director and spokesperson for Bangladesh Bank, said, “A total of about $141.5 million was purchased from 13 banks on Monday. The exchange rate ranged from Tk 122.29 to Tk 122.30, with the cut-off rate set at Tk 122.30.” Bangladesh Bank’s continued intervention aims to ensure adequate liquidity in the foreign exchange market and maintain exchange rate stability to facilitate international trade and investment, experts said.

Kevin Hassett, a top contender for President Donald Trump’s pick for Federal Reserve chair, said Sunday that while he would share the president’s views with Fed officials, the central bank could reject them when setting interest rates. In an interview on CBS News’ “Face the Nation,” Hassett said he would continue consulting with Trump if appointed, but when asked whether the president’s opinions would carry “equal weighting” with the Fed’s interest-rate committee, he replied, “No, he would have no weight.” “His opinion matters if it’s good, if it’s based on data,” Hassett said. “If you go to the committee and say, ‘the president made this argument and it’s sound,’ but they reject it, then they’ll vote differently.” Trump is reportedly finalizing interviews with candidates to replace current Fed Chair Jerome Powell, whose term ends next May. The president has emphasized that he wants a nominee who will sharply reduce the Fed’s key rate from around 3.6% to 1% or lower, a position few economists share. Trump’s public commentary has renewed concerns about the Fed’s political independence, traditionally respected by presidents of both parties. Luxury car sales slide in China as economic slowdown hurts European automakers Hassett stressed that the Fed’s independence would remain intact under his leadership. “In the end, it’s a committee that votes,” he said. “I’d be happy to talk to the president every day until both of us are dead because it’s so much fun.” Trump has also expressed interest in Kevin Warsh, former Fed governor, as a potential replacement for Powell, calling both Warsh and Hassett “great.” Source: AP 

The Bangladesh Private Cable System (BPCS) Consortium has signed an agreement with Nokia for the supply of Submarine Line Terminal Equipment (SLTE), marking a significant milestone in the country’s first private-sector submarine cable project linking Cox’s Bazar and Singapore. The agreement was signed on Sunday night at a ceremony held at a city hotel. On behalf of the BPCS Consortium, the agreement was signed by Aminul Hakim, Chief Executive Officer of Metacore Subcom Ltd; Arif Al Islam, Managing Director and CEO of Summit Communications Ltd; and Md Mashirur Rahman, CEO of CDNnet Communications Ltd. Representing Nokia were Prashant Malkani, Head of Sales Unit, Nokia India, and Suman Prasad, Senior Sales Account Director of Nokia. Also present at the event were EU Ambassador Michael Miller, Finnish diplomat in India Annti Herlevi, Japanese Embassy representatives Daisuke Sugawa and Mami Kobayashi, along with senior officials from Nokia. Consortium members said Bangladesh’s current bandwidth usage stands at around 9,000 Gbps, which is expected to rise to approximately 20,000 Gbps by mid-2027 and nearly 50,000 Gbps by 2030. To meet this growing demand, the three private submarine cables are becoming essential. Entrepreneurs have already invested around Tk 600 crore, with plans to spend an additional Tk 1,200–1,300 crore to launch a three-pair cable after June 2026. They noted that more than 60 percent of Bangladesh’s bandwidth currently comes via international terrestrial cables from India, resulting in a significant outflow of foreign currency. Once the Singapore–Cox’s Bazar three-pair cable becomes operational, dependence on India will be reduced, moving the country toward bandwidth self-sufficiency. Nokia’s SLTE technology will enable lower power consumption, reduced space requirements, improved network management, and enhanced cybersecurity at both cable landing stations, potentially lowering bandwidth costs and internet prices for consumers in the future.

Bangladesh's Readymade Garment (RMG) exports saw near-stagnant growth in the first five months of the current fiscal year, clocking in at US$ 16.13 billion for the July–November period of FY 2025–26, an increase of only 0.09 percent over the corresponding period last year. Data released by the Export Promotion Bureau (EPB) highlights mixed fortunes across key global markets, with a challenging environment in the largest export destination, the European Union (EU), and a notable decline in non-traditional markets. The slowdown in overall export growth is primarily attributed to a contraction in demand from the EU, which remains the single largest market for Bangladesh's apparel. European Union (EU): Exports to the EU, which holds a 48.57 percent share of total RMG earnings, reached US$ 7.83 billion. However, this figure represents a year-on-year negative growth of -1.03 percent, signaling softening demand from the major bloc. United States (USA): Maintaining its position as the second-largest market, the USA provided a crucial source of growth. Exports amounted to US$ 3.22 billion (19.98 percent share), registering a 3.06 percent year-on-year increase. UK and Canada: Both markets showed positive momentum, with the United Kingdom reporting US$ 1.85 billion (11.46 percent share) with a 3.00 percent growth, and Canada achieving US$ 554.47 million (3.44 percent share) with a robust 6.51 percent year-on-year rise. Concerns are rising over the performance in emerging destinations. Exports to non-traditional markets, critical for strategic diversification, collectively saw a decline of -3.19 percent over the five-month period. "The struggle in traditional markets, coupled with a decline in non-traditional territories, underscores the urgent need for a renewed focus on market diversification and enhancing value-addition in our products," a sector analyst noted. The Woven vs. Knit Divide: Even within the factories, the experience is varied. The Woven segment, which produces higher-value items like shirts and trousers, managed a slight growth of 1.44 percent. This means the tailors and cutting masters specializing in these products are relatively safer. The Knitwear segment (T-shirts, sweaters), however, saw a contraction of -1.00 percent. Since Knitwear often relies on high-volume, quick-turnaround orders, this decline suggests that casual consumer spending is tightening, leaving factory workers here facing greater instability. The marginal overall growth of 0.09 percent indicates a period of stagnation for the RMG sector, the country's economic backbone, as manufacturers navigate global headwinds and challenging price negotiations.