United News of Bangladesh

Consumers in Bangladesh may face another rise in edible oil prices, as the Bangladesh Trade and Tariff Commission (BTTC) has recommended an increase of Tk 9.27 per litre for soybean oil. In a notification on Monday, the BTTC said the proposed hike is driven by higher average Letter of Credit (LC) values, increased in-bond and ex-bond costs and a rising US dollar exchange rate. The commission said the last price adjustment meeting on July 27 had set the price of bottled soybean oil at Tk 189 per litre, effective from August 3. However, subsequent volatility in international markets and a stronger dollar have significantly raised import costs. International Market Influence In the beginning of November, the international price of soybean oil reached $1,062 per ton, while palm oil hit $1,037 per ton, prompting the need for a fresh domestic price adjustment. Proposed New Price Based on the BTTC’s proposal, which uses a dollar exchange rate of Tk 122.60, the maximum retail price (MRP) for bottled soybean oil is recommended to rise from Tk 189 to Tk 198.27 per litre. The commission also suggested increasing the price of open (non-bottled) soybean oil by Tk 8.85, bringing it to Tk 177.85 per litre. According to data from the Trading Corporation of Bangladesh (TCB), bottled soybean oil prices in the country have already risen around 14 percent over the past year.

The government may consider compensating small investors affected by the proposed merger of five troubled Islamic banks, Bangladesh Bank said on Monday. Arif Hossain Khan, Executive Director and Spokesperson of the central bank, acknowledged the concerns of retail investors and indicated that a humanitarian approach could be taken to address their losses. “If small, affected investors approach the government with an application, there is an expectation that the government may address their situation according to its capacity,” Arif told reporters at the Central Bank headquarters in Motijheel. He said the anxieties relate to investors holding shares in the affected banks through the stock market and suggested decision-makers involved in the consolidation might consider a solution beyond conventional accounting procedures. The proposed merger aims to consolidate five struggling banks into a single Islamic banking entity. Arif outlined the multi-stage regulatory process underway, clarifying that it formally began in March when the government submitted a letter of interest to Bangladesh Bank, which has since granted its consent. He stressed that the establishment of the new entity will depend on strict adherence to legal procedures, including company formation and banking authorisation.

The government may permit onion imports if prices in the local market fail to ease within this week, Commerce Adviser Sk Bashir Uddin said on Sunday, citing concerns over a possible supply shortage. “If prices don’t come down, we’ll allow imports — the ministry has already received 2,800 applications,” he told reporters at a briefing at the Commerce Ministry. Responding to a question about possible market manipulation or syndication behind the sudden spike, the adviser said, “Show us where the syndicate is …we’ll take action with full authority.” He said market monitoring is ongoing, with the Directorate of National Consumers’ Right Protection and the Bangladesh Trade and Tariff Commission continuing their surveillance. “It’s not that anything has happened to justify a Tk 40–50 per kg increase within a week,” Bashir Uddin said, adding that allowing imports now could adversely affect the overall market economy. “New onions are expected to arrive in the market within two weeks.” Commenting on recent soybean purchase deals by several companies with the United States, the adviser said private importers found the US market more competitive than Brazil, prompting them to buy from there. When asked whether the US soybean purchases would impact edible oil prices, he clarified that the contracts mainly involve soybean seeds, which yield about 25% oil, with the rest used for animal feed. “The focus here is more on feed than oil,” he added. Meanwhile, onion prices have nearly doubled in the past two weeks, surging from Tk 60–70 per kg to Tk 110–120 in retail markets.

Attorney General (AG) Md Asaduzzaman on Saturday urged Bangladesh’s political parties to make a firm public commitment to enact a strong and effective anti-discrimination act, saying such a commitment should be a prerequisite to gaining public confidence and votes. Speaking as chief guest at a civic dialogue on the necessity of the law, the country’s top legal officer cautioned that a weak or ambiguous legal framework would fail to ensure genuine justice and redress. “Political parties will not get our votes unless they commit to formulating this Act,” Asaduzzaman declared. “We need a strong Act, as a vague one cannot provide remedy. We must compel the Law Commission and the Law Ministry to act accordingly.” The Attorney General made the remarks during a high-level civic dialogue held at the Bangladesh-China Friendship Exhibition Centre. The event, titled ‘Towards a Comprehensive Anti-Discrimination Act’, was organised by the Citizen’s Platform for SDGs, Bangladesh, in collaboration with the Bangladesh Legal Aid and Services Trust (BLAST) and Citizen’s Initiative (Nagorik Uddyog), with support from the UNDP and the Swiss Embassy. The discussion brought together a diverse group of political leaders, legal experts and rights advocates, including Supreme Court Bar Association President Barrister AM Mahbub Uddin Khokon, BLAST Executive Director Barrister Sara Hossain, who presented the keynote paper, and economist Dr SR Osmani. Echoing the Attorney General’s call, Dr Debapriya Bhattacharya, Convener of the Citizen’s Platform, warned that delaying an effective law would weaken the very foundations of democracy. He stressed that an anti-discrimination law is a ‘pressing necessity’ in three critical areas: ensuring fair justice by protecting citizens’ right to seek redress; fostering free and inclusive elections and enabling meaningful reforms grounded in universal human rights. Debapriya also cautioned against ‘selective advocacy’, urging that the movement must address all forms of discrimination to restore universality in rights protection. Speakers noted that despite constitutional guarantees against discrimination on the grounds of religion, race, caste, sex or place of birth (Article 28[1]), many marginalised communities, including Dalits, Hijra (gender-diverse) people, Indigenous groups, persons with disabilities, and Urdu-speaking communities,  continue to face systemic exclusion and social barriers.

United Group has brought global recognition to Bangladesh by winning the “Bangladesh Operational Innovation of the Year – Energy” award at the Asian Innovation Excellence Awards 2025, held at the Marina Bay Sands Expo & Convention Centre in Singapore. The award honors United Power Generation & Distribution Company Ltd. (UPGDCL), a concern of United Group, for its groundbreaking approach to operational innovation in power generation and distribution. This achievement highlights Bangladesh’s growing ability to deliver sustainable, efficient, and technology-driven energy solutions. BAJUS announces new executive committee; Enamul Haque president Organized by the Asian Business Review, the Asian Innovation Excellence Awards celebrate leading organizations across Asia that are transforming industries through innovation and leadership. Representing United Power, Shish Swapnik, Head of Group Brand & Communications, received the award at the ceremony in Singapore. Reflecting on the accomplishment, Swapnik said the achievement belongs to the entire United Power family, whose relentless commitment to innovation and efficiency continues to strengthen Bangladesh’s energy landscape. “It is truly inspiring to see our local efforts being recognized on a global stage,” he added. Abdur Rahim Khan appointed FBCCI administrator This milestone reflects United Group’s ongoing commitment to driving Bangladesh’s progress through innovation, sustainability, and operational excellence. As one of the country’s most diversified business groups, United Group continues to shape industries that contribute to national growth and global competitiveness.

Bangladesh Bank has laid out a clear two-phase mechanism for depositors of five merging Shariah-based banks to recover their funds, prioritising small savers and ensuring the security of all deposits as the banks are consolidated into a single new entity. Governor Dr Ahsan H Mansur provided the assurance while to UNB on Thursday, urging depositors to have ‘nothing to worry about’ as the central bank is committed to safeguarding their money. No Compensation for Shareholders Dr Mansur said the shares held by sponsor shareholders and general investors in the five banks undergoing merger will be valued at zero. No compensation will be provided to any shareholder. “The net asset value (equity) of the five banks has now reached a negative state,” the Governor explained, adding that the maximum deficit, against the Tk 10 face value per share, stands at Tk 450, effectively rendering the shares worthless. “Neither the sponsor shareholders nor the general investors will receive any compensation. Their investment equity has been wiped out due to the substantial deficit,” Dr. Mansur added. However, while the shares currently hold zero face value, profits generated by the merged entity in the future will be distributed, according to central bank officials involved in the merger policy. The five Shariah banks -- the five banks declared 'non-viable' and placed under the merger plan are First Security Islami Bank PLC, Global Islami Bank PLC, Union Bank PLC, EXIM Bank PLC and Social Islami Bank PLC (SIBL) -- are being merged into a single institution under a central bank decision aimed at stabilising the sector. While depositors’ funds are fully protected, shareholders will bear the full impact of the banks’ negative equity, officials said.  

Bangladesh Export Processing Zones Authority (BEPZA) has signed agreements with four companies to set up industries at the BEPZA Economic Zone in Mirsarai, Chattogram, involving a total investment of US$111.26 million and creating employment for 7,607 Bangladeshis. The agreements were signed on Thursday at the BEPZA Complex in Dhaka. Among the four investors, three are fully foreign-owned enterprises from China, Singapore and a China-Singapore joint venture, while one is a Bangladeshi firm. The new industries will produce footwear, processed leather, testing and quality assurance services, and garments accessories. China’s Tai Ma Shoes (BD) Company Limited is making the largest investment, committing US$55.05 million to establish a footwear manufacturing plant. The factory will have an annual capacity of 7 million pairs of formal and casual shoes and is expected to employ 5,900 local workers. Singapore-based Bangladesh Singsin Leather Company Limited will invest US$25.03 million to set up a leather processing facility. The plant will produce 36 million square feet of finished leather annually from crust leather and create 480 jobs. Anre Holding (BD) Company Limited, a China-Singapore joint venture, will invest US$20.03 million in establishing a testing laboratory. The facility will provide quality testing services for raw materials and finished products, mainly supporting industries operating in the BEPZA Economic Zone. The project will employ 770 local workers. Bangladeshi company Raptox Industries Limited will invest US$11.15 million to manufacture labels, tags, tapes, printing and packaging materials, and other garments accessories. The project, with a production capacity of 20,000 metric tonnes per year, will generate employment for 457 people. BEPZA Member (Investment Development) Md Ashraful Kabir signed the agreements on behalf of BEPZA, while representatives of the respective companies signed on their behalf. BEPZA Executive Chairman Major General Mohammad Moazzem Hossain witnessed the signing ceremony as chief guest. Welcoming the new investors, the BEPZA Executive Chairman expressed gratitude for choosing the BEPZA Economic Zone as their investment destination. Moazzem Hossain reaffirmed BEPZA’s commitment to providing continuous support to ensure smooth business operations. He said BEPZA is modernising its service delivery system to further enhance investor satisfaction. Moazzem Hossain encouraged the new companies to begin construction quickly and commence export operations, while also calling on them to promote investment opportunities in the electronics sector. During the event, BEPZA Member (Investment Development) Ashraful Kabir invited Chinese investors to explore opportunities in the upcoming Jashore and Patuakhali EPZs, which are being developed as future industrial hubs. JC, Chairman of Singsin Group PTE Ltd, said, “We are highly satisfied with BEPZA’s services. Choosing the BEPZA Economic Zone has been a good decision for us. We look forward to progressing together.”

Social Islami Bank PLC (SIBL) has incurred a record net loss of over Tk 1,704 crore in nine months (January-September) of 2025. This marks the largest loss ever reported by the bank since its listing on the stock market in 2000, standing in stark contrast to the net profit of over Tk51 crore recorded in the same period of 2024. According to the bank's unaudited financial report for the third quarter (July-September), the net loss after tax for the nine-month period (Jan-Sep 2025) was Tk704.48 crore, sharply down from the net profit of Tk51.16 crore in the corresponding period of last year. The bulk of the losses accumulated during the third quarter (July-September), which alone saw a net loss of Tk 1,235 crore. This is a drastic increase compared to the Tk28.98 crore loss reported in the third quarter of 2024. The massive loss is primarily attributed to a sharp increase in interest expenses and the requirement for substantial provisioning against loans. Interest Payouts: During the January-September period, the bank paid Tk2,444 crore in interest, representing a 32 percent increase year-on-year. This included Tk 1,552 crore paid to depositors and Tk891 crore to cover borrowing costs. The bank had to set aside Tk401 crore as provisioning against loans and advances. Bangladesh’s banking crisis deepens; audit uncovers Tk 1.55 lakh crore shortfall SIBL also registered an operating loss of Tk 648 crore against its income from shares, brokerage commissions, and other sources. An SIBL official, speaking anonymously, confirmed that the primary driver of the damage was the "intense increase in the cost of funds," mainly due to high interest rates offered on deposits and the higher interest paid on borrowed funds. Provisioning against loans at risk of becoming non-performing also played a negative role.

Bangladesh Bank has issued an urgent directive to all Mobile Financial Service (MFS) providers to immediately stop financial transactions linked to online gambling. The central bank sent letters to 13 MFS operators following instructions from the Information and Communication Technology (ICT) Division, instructing them to take strict measures against this illegal activity. According to the directive, MFS operators are required to:Prepare a list of suspicious accounts involved in gambling transactions.Form a dedicated task force to monitor and prevent illicit financial flows.Implement AI-based monitoring systems to detect and flag gambling-related transactions in real-time. Nagad to be privatised to boost MFS competition: BB GovernorEstablish a public reporting mechanism, including a portal and helpline, for registering complaints related to gambling. Bangladesh Bank has also scheduled a review meeting with seven MFS operators on November 6. The discussion will focus on the effectiveness of current control and monitoring systems, the capacity of MFS providers to implement new measures, and the support needed to curb online gambling transactions.

The Bangladesh Jewellers Association (BAJUS) on Monday announced its 35-member executive committee for the 2025–26 and 2026–27 terms. The new committee was unveiled at the association’s head office by Election Board Chairperson Nasrin Fatema Auwal, who expressed optimism, saying, “The current BAJUS committee will be even more successful than the previous one.” Enamul Haque Khan, owner of Diamond & Divas Jewellery, has been elected as the new President of BAJUS. Sananda Jewellers Limited owner Ranjit Ghosh was elected Senior Vice President, while Azad Ahmed, Abhi Roy, and Iqbal Hossain Chowdhury were chosen as Vice Presidents. Amit Ghosh will serve as Treasurer. In his first remarks as President, Enamul Haque said gold traders are often wrongly associated with smugglers. Swinging gold price: BAJUS hikes rates just days after a cut “No genuine gold trader is a smuggler,” he said, pledging to work towards reducing VAT on gold to 1.5 percent. “In India, VAT on gold is 2 percent, while in Bangladesh it is higher. Until the import issues are resolved, we’ll continue pushing for the reinstatement of baggage rules,” he added. The newly elected BAJUS committee is expected to officially assume office by December 15.