United News of Bangladesh

The government has appointed Helal Ahmed Chowdhury as chairman of BASIC Bank Limited for the next three years. A notification, signed by Afsana Bilkis, deputy secretary of the Financial Institutions Division (FID), a wing of the Ministry of Finance, issued an office order in this regard on October 31, which the ministry disclosed today. According to the notification, Helal Ahmed Chowdhury has been asked to take necessary actions including obtaining the approval of Bangladesh Bank as per the provisions of the Bank Companies Act 1991. His appointment as a director and chairman of the board of directors of BASIC Bank will be effective from the date of his joining. Earlier on October 9, through the notification of the FID, BASIC Bank Chairman Professor Dr. Abul Hashem was removed by the government. Helal, an independent director of Bank Asia Limited, is a veteran banker with more than four and a half decades of banking experience.

The Dhaka Stock Exchange (DSE) saw Tk 565 crore in transactions on Monday, marking a significant increase from the previous day’s Tk 431 crore. According to DSE records, a total of 22.18 crore shares and units were exchanged through 186,940 transactions, totaling Tk 565 crore in value. This rise reflects growing investor activity, with 396 companies participating in the day’s trading. Among them, 257 companies saw their stock prices increase, while 107 declined and 32 remained unchanged. NBR lowers capital gains tax on share sales to boost stock market investment The DSE’s main index, DSEX, climbed by 61.63 points to reach 5,252.49 points. The DSES Shariah index rose by 15.25 points to 1,162.39 points, and the DS30 blue-chip index gained 22.25 points, ending at 11,937.59 points. Meanwhile, the Chittagong Stock Exchange (CSE) also experienced a positive day, with its CASPI index increasing by 0.84 points to 14,584.93 points. A total of 214 companies were traded at the CSE, with share prices for 142 companies rising, 56 declining, and 16 remaining steady. The volume of transactions at the CSE totaled Tk 6.55 crore, down from over Tk 12 crore the previous day. Dhaka Stock Exchange sees upward trend in early trading today

The Dhaka Stock Exchange (DSE) observed a positive trend in the first hour of trading on Monday morning, despite heightened selling pressure. Trading data shows that in the opening hour, shares and units totaling 6.06 crore were exchanged through 60,154 transactions, amounting to Tk 174 crore in trades. During this period, a total of 380 companies participated, with the prices of 228 companies rising, 99 declining, and 53 remaining unchanged. The DSE’s key index, DSEX, rose by 37.48 points, reaching 5,218 points. The DSES Shariah index increased by 7.22 points to 1,154.37 points, and the DS30 blue-chip index climbed by 6.24 points to 1,921.68 points within the first hour of trading.

In a clarification regarding its deadline on payment of outstanding bills by Bangladesh, Adani Group has said it has not demanded full payment in 7 days. Rather it has said that it has been cooperating fully and collaborating with the Bangladesh Power Development Board (BPDB) to resolve any issue, the group said in a press release issued by its PR firm on Sunday following an Indian newspaper report on the deadline to Bangladesh over clearing dues. “Adani has not demanded full payment $800-$850 million in 7-day time. Cooperating fully and collaborating with BPDB to resolve any issue," it said. Earlier, the Indian newspapers Times of India reported that Adani Power of India has said it will suspend electricity supply to Bangladesh if the government does not resolve its payment issues by November 7. We’re dismayed, very shocked if it’s true, says CA’s press secretary on Adani’s deadline   Following a reduction in power supply due to outstanding dues, Adani Power has set the deadline for the Bangladesh government to clarify the situation regarding the dues, which total nearly $850 million. Earlier, Adani Power had set an October 31 deadline for the Bangladesh Power Development Board (BPDB) to settle the outstanding amount and provide a letter of credit (LC) of $170 million to ensure secure payment. Although the BPDB attempted to issue an LC for the overdue amount through Krishi Bank, the effort did not align with the terms of the power purchase agreement, as reported by a TOI source. A shortage of dollars was mentioned as one of the reasons. Adani Power Jharkhand reduced its supply from October 31, worsening the existing power shortages in Bangladesh. Adani sets November 7 deadline for Bangladesh to settle dues As per the latest update on the Power Grid Bangladesh (PGB) website, on November 1, Adani’s plant in Godda (Jharkhand) supplied 724 megawatts against an installed capacity of 1,496 MW. Preferring anonymity, a top official of BPDB told UNB that Adani Power requested Bangladesh to pay dues through a letter few days back.

Foreign investors in Bangladesh called for an uninterrupted supply chain and quicker cargo clearance processes, emphasizing these as crucial for smoother business operations. At a seminar organized by the Foreign Investors' Chamber of Commerce and Industry (FICCI) in partnership with the Embassy of the Republic of Korea, investors also highlighted the need for asset security against financial risks and protection from factory-related violence. Held in a Gulshan hotel, the seminar titled "Korea-Bangladesh Economic Cooperation" brought together leaders and officials to discuss a forward-looking economic collaboration model between South Korea and Bangladesh. BSEC to form committee for reducing time of maturating transaction in stock market Adilur Rahman Khan, Adviser to the Ministries of Industries and Housing & Public Works, attended as the Chief Guest, underscoring the government’s commitment to fostering international business relations. Chowdhury Ashik Mahmud Bin Harun, Executive Chairman of the Bangladesh Investment Development Authority (BIDA) and the Bangladesh Export Processing Zones Authority (BEZA), served as the Special Guest. “Strengthening economic ties with Korea is vital for Bangladesh's development,” Khan said. “This seminar lays the groundwork for a collaboration that will benefit both nations and enhance investment opportunities.” Chowdhury Ashik Mahmud Bin Harun echoed the sentiment, expressing optimism about South Korean investments. “We are excited about the prospects of Korean investment in our industries, particularly in sectors like manufacturing and technology. Together, we can create a robust framework for economic growth,” he said. DSE sees early gains with Tk 192 crore traded in first 1.5 hours The event featured key figures from the Korean Embassy, Korea Trade-Investment Promotion Agency (KOTRA), KBCCI, KExim Bank, KIND, and representatives from various Korean and Bangladeshi businesses. They collectively explored avenues to deepen economic cooperation and foster investment opportunities. FICCI President Zaved Akhtar acknowledged the Embassy of the Republic of Korea and the Korea-Bangladesh Chamber of Commerce & Industry (KBCCI) for their partnership in organizing the event. Akhtar emphasized that a collaborative approach between FICCI and international stakeholders is essential to drive innovation and development, thus unlocking new investment avenues in Bangladesh. Shahab Uddin Khan, President of KBCCI, expressed gratitude to FICCI for its dedication to promoting international economic ties, which, he noted, are essential in attracting more foreign direct investment (FDI) into Bangladesh. “Seminars and dialogue like these serve as vital platforms for driving economic cooperation,” he remarked. “Looking ahead, the KBCCI is eager to continue partnering with FICCI to champion the interests of businesses and promote economic growth in the region.” Keynote speaker Samsoo Kim, Director General of KOTRA, presented on "Increasing FDI in Bangladesh through Korea's Success Factors," offering insights based on Korea’s own successful FDI strategies. He highlighted the importance of strengthening trade and investment ties, emphasizing that Bangladesh could benefit significantly by adopting similar policies.

Islami Bank Bangladesh PLC has promoted its 6 officials as deputy managing directors to bring back dynamism to the operation of the bank. A top executive of the bank told UNB that after the political changeover, the bank's board of directors are working to regain the image of Islami Bank by restoring the trust of customers. For this, honest and hardworking officials remained outcast earlier by S Alam Group. But the new board of directors is working to choose hardworking officials to bring in front-line operations.   He said Islami Bank has created a large number of honest and trusted manpower to operate the bank, who were deprived and faced mental torture by S Alam Group. Now the authorities decided to reward them in their jobs. Newly promoted six deputy managing directors of the bank-Mahmudur Rahman, Md Rafiqul Islam, Muhammad Sayeed Ullah, K.M Munirul Alam Al-Mamoon, Dr M. Kamaluddin Jasim and Md Maksudur Rahman. have been promoted as Deputy Managing Directors of Islami Bank Bangladesh PLC. Earlier they were serving as Senior Executive Vice Presidents of the bank. Mahmudur Rahman is working as the head of Dhaka Central Zone. He joined the bank as a probationary officer in 1995. He had qualified for the Certified Documentary Credit Specialist (CDCS) degree from the London Institute of Banking & Finance (LIBF) in 2010. He obtained his Master's Degree in Political Science from Dhaka University and later MBA degree in finance and banking. Md Rafiqul Islam is working as the head of International Trade Wing. He joined the bank as a senior officer in 1998 and served as CAMLCO as well as the head of Investment Administration Division. He obtained his MBA degree from the Institute of Business Administration (IBA) of Dhaka University. Muhammad Sayeed Ullah is working as the Head of the Special Investment Wing. He joined the bank as a probationary officer in 1992 and served as the head of various divisions of head office, zones, and branches including the Human Resources Wing, Investment Management Wing, and Retail Investment Wing. He obtained an Honors and Master’s Degree from Islamic University, Kushtia, and later an MBA degree in Human Resource Management (HRM). KM Munirul Alam Al-Mamoon has been working as the Principal of Islami Bank Training and Research Academy. He joined the Bank as a Probationary Officer in 1992 and held important positions in various divisions of head office and branches. He qualified the Certified Documentary Credit Specialist (CDCS) degree from the London Institute of Banking & Finance (LIBF) in 2009.  He obtained his MBA degree in Finance from North South University in 2006.  Dr. M Kamal Uddin Jasim is working as CAMLCO and Head of the Operations Wing of the bank.  He joined the bank as a probationary officer in 1992 and served as head of various divisions of head office and branches. He completed honors and a Master Degree from Dhaka University in Mass Communication and Journalism.  He obtained his PhD degree in Economics from Rajshahi University in 2005. Md Maksudur Rahman is working as the head of the Internal Control and Compliance Wing of the bank.  He joined the bank as a Probationary Officer in 1995 and served as Head of the Development Wing, Financial Literacy Wing, and Foreign Remittance Division. He obtained BSS (Hons) and MSS degrees in Political Science from Rajshahi University.

Bangladesh Bank Governor Dr. Ahsan H. Mansur has officially taken charge as Chairperson of the SAARCFINANCE Network, marking a significant leadership role for Bangladesh within the regional economic collaboration. Dr. Mansur assumed this position at the 46th SAARCFINANCE Governors’ Group Meeting held on October 24 in Washington, D.C., where he formally accepted the role from the previous Chair, the Central Bank of Sri Lanka. Bangladesh will now serve as the SAARCFINANCE Chair Country for the next year, from November 2024 to October 2025. Weak banks’ deposits returning to positive trend, none should panic: Governor Ahsan Mansur This chairmanship follows a decision from the 45th SAARCFINANCE Governors' Group Meeting in Sri Lanka in June 2024, where Bangladesh agreed to lead in response to a request by the SAARC central banks’ governors. According to SAARCFINANCE terms, two Governors' Group meetings are held annually, involving central bank governors and finance secretaries from SAARC member nations. Traditionally, the first meeting is hosted by the Chair Country, with the second coinciding with the annual IMF-World Bank meetings in October or November. Central bank won't provide 'illegal liquidity support' to banks: Governor Ahsan Mansur SAARCFINANCE, which originated from the 10th SAARC Summit in Colombo on July 29, 1998, was created to strengthen regional cooperation in economic and financial matters. The network aims to facilitate collaborative macroeconomic policies and provide a platform for sharing insights and strategies tailored to regional needs, as outlined in a press release.

The 117th draw of Tk 100 prize bonds took place on Thursday. The first prize of Tk 6 lakh was awarded to the number 0806964, while the second prize of Tk 3.25 lakh went to the number 0144370. The event was held in the conference room of the Dhaka Divisional Commissioner's office, chaired by Divisional Commissioner Sharaf Uddin Chowdhury. The third prize of Tk 1 lakh was won by two numbers: 0307973 and 0922432. Additionally, the fourth prize of Tk 50,000 was awarded to the numbers 0578366 and 0989676.

Commerce Adviser Dr. Salehuddin Ahmed said on Thursday that the government's measures to breathe life into the domestic industry are proving effective. “This is leading to increased confidence among businessmen, and as a result, our reserves are growing and the country's economy is on the rebound,” he said. The adviser made the remarks during a special review meeting held on Thursday afternoon in the conference room of the Ministry of Commerce. The meeting was attended by leading business figures from across the country, along with senior officials from the Ministry. Dr. Salehuddin noted that while it’s not feasible to achieve everything in just three months, the government is actively working towards progress. He emphasized, “Regardless of the political landscape, we will continue to serve the country for as long as we can.” He highlighted the government’s commitment to prioritizing the food, energy, fertilizer, and pesticide sectors, assuring that there will be support for the private sector in these areas as part of ongoing efforts to foster its development. Business leaders expressed their appreciation for the government’s initiatives to rejuvenate domestic industry. They also called for the establishment of a one-stop service center to facilitate private sector growth, called for a reduction in import duties on medicines, leather, garments, and other industries, and emphasized the need for a reliable supply of gas and electricity. The attendees included Commerce Ministry Secretary Mohang Salim Uddin, Square Group Managing Director Tapan Chowdhury, Incepta Pharmaceutical Chairman Abdul Muktadir, Apex Group Managing Director Syed Nasim Manzur, and Pran Group Director Uzma Chowdhury.

Dr. Debapriya Bhattacharya, head of the committee tasked with preparing a white paper on Bangladesh’s economy, has attributed the country’s ongoing economic fragility to "arbitrary politics and an illegal economy." He emphasized that attempts to institutionalize a lawless economic system during the previous regime have deepened today’s economic challenges. Speaking at a meeting with the Economic Reporters Forum (ERF) held at the Planning Commission on Thursday, Dr. Debapriya said that a significant amount of capital has been smuggled out of the country, creating a “development narrative” that masks the impact of unregulated financial practices. In institutionalizing this lawless economy, authoritarian politics was also cemented, setting up a vicious cycle of lawlessness, he noted. Dr. Debapriya highlighted the urgent need for judicial and political reforms to tackle issues of transparency, accountability, and governance. “Without reforms, transparency and accountability will remain hindered. Our future economic stability depends on how the political landscape unfolds,” he said. The pace of necessary reforms, he added, will depend on the government’s confidence in the current economic framework and the level of public satisfaction. He said that sustained economic instability could impact political governance, urging that reform efforts be made a priority. Also present at the meeting were committee members Dr. Zahid Hussain, former World Bank economist; Professor Mustafizur Rahman of the Centre for Policy Dialogue (CPD); Professor Selim Raihan of the South Asian Network on Economic Modeling (SANEM); and leaders from the ERF.