United News of Bangladesh

The Dhaka Chamber of Commerce & Industry (DCCI) has raised serious concerns over proposed hikes in industrial gas prices and VAT, warning they could disrupt business, deter investment and undermine export competitiveness. Petrobangla recently submitted a proposal to the Bangladesh Energy Regulatory Commission (BERC) to more than double the per-unit price of gas for industrial and captive consumers—from Tk 30 and Tk 31.50 to Tk 75.72. The move aims to alleviate the government’s subsidy burden on gas production costs. Simultaneously, the National Board of Revenue (NBR) has raised income tax for motorcycle, refrigerator, air-conditioner, and compressor manufacturers from 10% to 20%, reversing a prior commitment to maintain reduced rates until 2032. In a statement, the DCCI highlighted that such measures, if implemented, would significantly increase production costs, placing inflationary pressure on both industries and consumers. This, the DCCI cautioned, could deter local and foreign investment, jeopardise Bangladesh’s competitive standing in the global market, and hinder the establishment of new industries. “The proposal to increase gas prices without ensuring uninterrupted supply presents a formidable challenge for businesses,” the DCCI said. “The cost of doing business will skyrocket, impacting both domestic and export-oriented industries. This would not only reduce profitability but also erode Bangladesh’s competitiveness in international markets.” Read: Private sector facing various challenges: DCCI The chamber said that the negative implications of inconsistent policies. The abrupt withdrawal of promised tax incentives, it argued, could tarnish Bangladesh’s reputation as an investment-friendly destination. “Such a reversal sends a detrimental message to both local and foreign investors, undermining confidence and casting doubt on policy reliability,” the statement added. A Call for Collaboration The DCCI urged the government, BERC, and Petrobangla to reconsider the proposed gas price hike. It also called for a review of the VAT and tax rate increases, suggesting that these measures could exacerbate inflationary pressures and operational costs for businesses at a time of global economic uncertainty. “To foster sustainable economic growth, it is imperative to maintain a stable, business-friendly environment,” the DCCI noted. “This requires long-term policy commitments, tax benefits, and active collaboration between the government, private sector, and other stakeholders.” Broader Implications The proposed tax hike on manufacturing industries such as motorcycles, refrigerators, and air-conditioners comes at a time when businesses are already grappling with an unstable economic climate. The DCCI warned that these measures could dampen local industrial activity, reduce foreign investment, and ultimately curtail economic recovery. Read more: Businesses agree with central bank's steps against bank robbers: DCCI With Bangladesh striving to recover amid global economic challenges, the DCCI reiterated the need for “cost-effective policies that ensure continuity and stability.” It argued that policy reversals and steep cost increases could undermine the country’s efforts to attract investors and sustain economic momentum.

The Bangladesh Jewellers Association (Bajus) has suspended the membership of Gold Kinen Technologies following allegations of irregularities in the trading of gold. In a press release issued on Thursday, Bajus said that Gold Kinen Technologies was granted provisional membership on December 26, 2022 after fulfilling all conditions required during the application process. But the association decided to suspend the membership due to non-compliance with its regulations. Read: BAJUS decides to lower gold price by Tk 1,773 per bhori Bajus alleged that the company was involved in unauthorised practices, including selling gold bars and coins instead of jewellery, which is against the association's rules. It mentioned that such activities violate Section 4(a) of the Bajus constitution.

The Dhaka Stock Exchange (DSE), the country’s main capital market, showed an uptrend in trading during the first 1 hour and 30 minutes on Thursday. All three indices of the Dhaka stock market—DSEX, DSES, and DS30—recorded changes in the initial session of the fifth working day of the week. The benchmark index DSEX rose by 4.70 points, reaching 5,189.7 points. The DSES Shariah index gained 2.5 points, climbing to 1,160.86 points, while the DS30 blue-chip index slightly dipped by 0.07 points to 1,920.92. During this period, the DSE reported that 4.37 crore shares and units were exchanged through 35,192 transactions. Read: DSEX index down by 5.77 points, prices of 214 stocks drop  Despite high selling pressure in the first hour, shares and mutual funds worth Tk 99.7 crore were traded. In total, 383 companies participated in trading. Among them, the prices of 210 companies increased, 81 decreased and 92 remained unchanged.

The Dhaka Stock Exchange (DSE), the country's main capital market, saw an upward trend of trading in the first hour on Wednesday. The 3 indexes of the Dhaka stock market DSEX, DSES and DS30 increased in the first session of the 4th working day of the week. The main index DSEX increased by 5.98 points to 5,196.75 points, the DSES Shariah index up by 1.13 points to 1160.03 points, and the DS30 special blue-chip index increased by 0.99 points to 1923.74 points during the first hour on Wednesday. Read: DSEX index drops by 8.06 points, TK 427.5 crore traded on Tuesday On the day, the trading record in the DSE shows that shares and units of 4.79 crore were exchanged through 33539 transactions. In the first hour, the market witnessed huge selling pressure, and shares and mutual funds worth Tk 95.5 crore were traded. During this time, a total of 365 companies participated in trading. Among these, prices of 184 companies increased, 106 companies decreased and 75 companies remained unchanged at the DSE.

Ahsan Ullah, former executive director of the regulator has joined as an advisor to the governor of Bangladesh Bank. He will assist Governor Dr. Ahsan H. Mansur with the central reform activities. Ahsan Ullah joined the advisory post after this appointment was issued on Monday. In this regard, the internal order of the central bank said that Ahsan Ullah had been appointed as the advisor to the governor on the Bangladesh Bank (BB) reform activities on a contractual basis for one year. The central bank has formed a task force to reform the financial sector in which banks play a leading role. Now Ahsan Ullah has been appointed as advisor to the governor for the reform and strengthening of Bangladesh Bank. Read: Financial sector danger removed but full stability to take time: BB After regular retirement, Ahsan worked as an advisor to the central bank and was associated with the central bank strengthening project. Later, he joined the teaching staff at the Bangladesh Institute of Bank Management (BIBM).

The bank account details of former Prime Minister Sheikh Hasina and all her closest family members, including her sister Sheikh Rehana, have been summoned. The Bangladesh Financial Intelligence Unit (BFIU) of the Bangladesh Bank has sent instructions to banks and financial institutions this week to get details of their financial transactions. The BFIU's letter states that the Prevention of Money Laundering Rules provisions will apply in this order to summon transactions. The letter provides the name of the person summoned, and national identity card information. Read: BFIU freezes bank accounts of 11, including 10 journos Ousted as prime minister by a student-led uprising, the account details of Sheikh Hasina, her daughter Saima Wazed (Putul) and son Sajeeb Ahmed Wazed (Joy) have been sought. In addition, the account information of Sheikh Rehana's son Radwan Mujib Siddiq (Bobby), and two daughters Tulip Rizwana Siddiq and Azmina Siddique have been sought.

The Dhaka Stock Exchange (DSE) ended Tuesday’s trading with a downtrend. Trading started in the morning with an upward trend, but indexes started to drop after 12 pm. According to the trade record, the DSEX (broad index) decreased by 8.06 points to settle at 5,190.77 points, compared to 33.67 points up in the previous session (Monday). The Shariah-based DSES index fell by 2.69 points to settle at 1158.89 points, and the DS30 blue-chip index increased by 10.87 points to settle at 1922.74 points on Tuesday. A total of 17.14 crore shares and units changed hands through 127188 transactions, while 12.87 crore shares were traded in the previous session. A total of Tk 427.5 crore worth of shares and bonds were traded in the DSE on Tuesday which saw an increase from the previous session of Tk 362.6 crore. Out of the 399 companies that participated in trading, 162 advanced, 164 declined and 73 remained unchanged at the DSE. Read: DSEX index gains 33.67 points, prices of 223 companies up The port city bourse, CSE, also settled on an upward trend of trading. The All-Share Price Index (CASPI) increased by 36.6 points and settled at 14502.88 points. On the CSE, 206 companies participated in trading. Of them, 115 companies recorded price gains, 61 companies saw decline, and 30 companies remained unchanged. At the CSE, shares and units of 27.26 lakh changed hands through 1966 transactions. The value of trading shares and units was Tk 6.73 crore, which was Tk 8.49 crore in the previous session.

Bhomra land port in Satkhira has posted impressive revenue of Tk 16.24 crore from the export of various products to India in the first half of fiscal year 2024-25, according to the National Board of Revenue (NBR). The increasing exports through this land port have significantly contributed to the country's foreign exchange earnings, as revealed by an analysis of comparative data collected from the port's entry section. Sources said a total of 23 types of local products are currently being exported to India through the port. The products include yarn, waste, cleaning cloth, caps, jute yarn, polyester staple fiber, mustard oil, furniture, mosquito nets, polyester thread, fish nets, plastic bathroom fittings, handloom saris, lungis, clay products, unrefined sesame oil, cotton waste, travel bags, soy acid oil, readymade garments, toasts, juices, chips and lychees. In July 2024, the port earned Tk 2.34 crore, Tk 2.63 crore in August, Tk 2.77 crore in September, Tk 2.43 crore in October, Tk 3.15 crore in November and Tk 2.96 crore in December, totalling Tk 16.24 crore. Read: Sheola land port fails to meet revenue target Abu Musa, general secretary of the land port C&F Agents Association, said Bangladesh is benefiting from export opportunities, similar to other developing countries. He also said traders are increasingly opting for this port, resulting in a rise in both imports and exports, thereby boosting government revenue due to the proximity of the land port to Kolkata. Abul Kalam Azad, deputy commissioner of the land port, confirmed that the export trade with India has increased recently through the land port, resulting in bagging Tk 16.24 crore from the first half of the current fiscal year. Read more: Trade with India through 3 land ports suspended, uninterrupted at Benapole He said that the port has witnessed an export growth rate of 18.95% compared to other land ports in the country.

Bangladesh's inflation slightly eased in December, with overall inflation dropping by 0.49 percentage points and food inflation by 0.88 percentage points, providing some relief to consumers. According to the latest data released by the Bangladesh Bureau of Statistics (BBS) on Monday (January 6), overall inflation in December stood at 10.89%, down from 11.38% in November. Food inflation, a significant contributor to the country's rising cost of living throughout the past year, dropped to 12.92% in December, compared to 13.80% in November. Read: Inflation in Bangladesh climbs to 11.38% in Nov Non-food inflation also saw a marginal decline, decreasing from 9.39% in November to 9.26% in December. Rural and Urban Trends Inflation trends varied slightly between rural and urban areas. In rural regions, overall inflation dropped by 0.44 percentage points to 11.09% in December. Read: Inflation overshadows Bangladesh’s economic stride in 2024 Among this, food inflation stood at 12.63%, while non-food inflation reached 9.65%. In urban areas, overall inflation declined by 0.53 percentage points, settling at 10.84% in December. Food inflation in cities was reported at 13.56%, with non-food inflation at 9.17%. This fall in inflation offers some relief to households across the country, although rates remain high, particularly for food items, said economists, urging policymakers to focus on stabilising prices further to ensure economic resilience in the months ahead.

Sheola Land Port in Beanibazar has missed its revenue target for the first half of the 2024-25 fiscal year, collecting only Tk 20 crore out of the Tk 30.86 crore target that left a significant shortfall of Tk 10 crore. Customs officials attribute the missed target to political instability earlier in the fiscal year, which disrupted the assessment and clearance of goods for several days. They claim the activities of the Audit, Investigation, and Research (AIR) unit have curbed false declarations and minimised opportunities for revenue evasion, affecting overall import volumes. Workers at the port have a different perspective as they argue that irregularities, particularly weight manipulation during the assessment of goods, have discouraged trade through the port. Allegations of Corruption Recent allegations of corruption against Customs officials have also triggered labour unrest at the port. Workers claim that weight manipulation is a major issue. For example, stones imported from India are often mixed with soil and sand during loading at the mines. Previously, port authorities at Tamabil and Sheola deducted the weight of soil and sand before calculating duties. But current Sheola officials are reportedly unwilling to exclude this weight, leading to dissatisfaction among importers. Import Decline Over the past six months, Sheola Customs processed imports worth Tk 11 crore, including coal, ginger, oranges, apples, Shatkora, limestone, and rice. Customs sources highlighted that January’s revenue appears inflated due to the clearance of outstanding dues from the previous month. Read: Trade with India through 3 land ports suspended, uninterrupted at Benapole They cautioned that a more accurate picture of revenue trends will emerge from August onwards. Coal importer Iqbal Hossain noted that the rising value of the US dollar has hindered many traders from opening letters of credit (LCs). Those who managed to do so had to purchase dollars at higher rates in the open market and show 100% margin deposits in banks, leading to reduced import activity. Official Statement Sheola Customs Assistant Revenue Officer Shimul Sen remarked, “Revenue targets are increased each year, and we have also seen a corresponding rise in collections. However, meeting targets remains challenging. While this year’s target was somewhat achievable, political unrest and reduced imports due to high duties have impacted revenue collection in the first six months of the fiscal year.” Read more: 131MT rice imported from India through Hili Land Port Port users said that the challenges at Sheola Land Port reflect broader issues within Bangladesh’s customs and trade infrastructure, where balancing enforcement with facilitation remains a critical challenge.