United News of Bangladesh

The Dhaka Stock Exchange (DSE), the country's main capital market, saw a mixed trend of trading in the first hour on Monday. The 3 indexes of the Dhaka stock market DSEX, DSES went up, and DS30 decreased in the first session of the second day of the week. The main index DSEX increased by 6.91 points to 5,172.08 points, the DSES Shariah index up by 2.73 points to 1150.85 points, and the DS30 special blue-chip index down by 0.34 points to 1919.27 points during the first hour on Monday. DSEX index drops by 34.44 points, prices of 270 companies decrease On the day, the trading record in the DSE shows that shares and units of 3.31 crore were exchanged through 27171 transactions. In the first hour, the market witnessed huge selling pressure, and shares and mutual funds worth Tk 81.5 crore were traded. During this time, a total of 357 companies participated in trading. Among these, prices of 174 companies increased, 90 companies decreased and 93 companies remained unchanged at the DSE.

The International Chamber of Commerce-Bangladesh (ICCB) has said adopting a circular economy model is both a necessity and an opportunity, stressing that Bangladesh is highly vulnerable to climate change and is considered one of the most climate-vulnerable countries in the world. As a rapidly developing nation, Bangladesh faces significant environmental challenges, including waste management issues, pollution, and resource depletion, said the ICCB. The transition to a circular economy could provide solutions to these problems while unlocking new avenues for economic growth, according to the editorial of the current news bulletin of the ICCB released on Wednesday. Asia was the world's most disaster-hit region from climate and weather hazards in 2023 with floods and storms the chief cause of casualties and economic losses. The latest World Meteorological Organization report said the impact of heat waves in Asia was becoming more severe, with melting glaciers threatening the region's future water security. To fight against climate hazards, the just concluded COP29 in Baku has adopted to raise at least $300 billion core goal per year by 2035, with developed countries taking the lead, in the context of the broader mobilisation of $1.3 trillion per year from all actors to support climate action in developing countries. In order to fight against plastic pollution, the 5th Session of the Intergovernmental Negotiating Committee (INC-5), concluded in Busan, Republic of Korea on 1 December 2024 could not decide on development of an “international legally binding instrument (ILBI) on plastic pollution, including in the marine environment”.  Delegates from 179 Member States concluded that time had run out to resolve all outstanding issues and that a resumed session of the Committee was necessary to afford additional time for further negotiations to develop a legally binding instrument to address plastic pollution. In an era where environmental degradation and resource scarcity dominate global conversations, the circular economy emerges as a beacon of hope. Unlike the traditional linear economy—defined by a "take-make-dispose" model—the circular economy emphasizes sustainability, efficiency, and resourcefulness. By redefining how we produce, consume, and dispose of goods, the circular economy offers a transformative solution that turns waste into wealth, fostering economic growth while protecting the environment. The circular economy is based on three key principles: designing out waste and pollution, keeping products and materials in use, and regenerating natural systems. These principles focus on extending the lifecycle of products, promoting the reuse and recycling of materials, and minimizing waste. The approach not only conserves resources but also reduces greenhouse gas emissions, addresses pollution, and creates new economic opportunities. However, some developed countries have taken the initiative to showcase the circular economy's potential. The Netherlands aims to halve raw material use by 2030 through recycling and repairable goods. Sweden converts 99% of household waste into energy. Patagonia, an outdoor clothing brand, fosters sustainability by encouraging clothing repair and recycling, reducing waste and exemplifying circular practices. As one of the world's largest textile exporters, Bangladesh has the potential to lead in sustainable fashion. By adopting circular practices, such as recycling fabric waste and promoting second-hand clothing markets, the industry can reduce its environmental footprint while enhancing profitability. In agricultural waste, including rice husks and jute byproducts, can be converted into bioenergy and organic fertilizers, supporting sustainable farming practices. Circular models can complement renewable energy goals by integrating waste-to-energy solutions, reducing dependency on fossil fuels. Bangladesh generates approximately 3,000 tons of plastic waste daily, of which only 30% is recycled. Additionally, improper disposal of electronic waste and agricultural byproducts further exacerbates environmental degradation. By investing in recycling infrastructure and waste-to-energy projects, Bangladesh can mitigate these issues while generating economic value. It may be mentioned here that Bangladesh’s position in having the largest and highest number of green factories in RMG sector is commendable, with numerous factories recognized for sustainable practices. These achievements highlight the country’s commitment to eco-friendly manufacturing, setting an example for the global textile and apparel industry.

Price of liquefied petroleum gas (LPG)  will remain unchanged for the month of January. This is second consecutive month the price of LPG remains the same. According to Bangladesh Energy Regulatory Commission (BERC), the price of per kg LPG will remain at Tk 121.25 for the month of January as it was in November and December. The decision will be effective from 6 pm today (December 3, 2024). BERC announced the decision saying that a 12 kg LPG cylinder’s price will remain unchanged. Prices of other sizes of LPG cylinders – from 5.5 kg to 45 kg – will be the same, BERC said at a press briefing on Thursday at its Dhaka office. BERC officials said LPG price remains unaffected in the local market as Bangladeshi LPG operators normally import their products from the Middle-Eastern market on the basis of Saudi CP which did not change. Read: LPG prices remain unchanged for December: BERC As per the BERC decision, the price of “auto gas” (LPG used for motor vehicles) also remained at Tk 66.78 per litre (including VAT). The price of LPG, marketed by state-owned LP Gas Company, will also remain the same as it is locally produced with a market share of less than 5 percent. LPG witnessed the highest price at Tk 1,498 (per 12 kg cylinder) in the local market in February last year.

The Dhaka Stock Exchange (DSE), the country's main capital market, saw a downtrend in the first hour on Thursday. The 3 indexes of the Dhaka stock market DSEX, DSES, and DS30 decreased in the first session of the second day of the New Year. The main index DSEX decreased by 3.22 points to 5,214.93 points, the DSES Shariah index fell by 3.59 points to 1161.48 points, and the DS30 special blue-chip index down by 3.36 points to 1938.57 points during the first hour on Thursday. Read: DSEX index drops 2.38 points, Tk 209.2cr traded in 3 hours on first day of 2025 On the day, the trading record in the DSE shows that shares and units of 4.38 crore were exchanged through 25160 transactions. In the first hour, the market witnessed huge selling pressure, and shares and mutual funds worth Tk 86.5 crore were traded. During this time, a total of 347 companies participated in trading. Among these, prices of 114 companies increased, 141 companies decreased and 92 companies remained unchanged at the DSE.

Maj General (Retd) Dr Monirul Islam Akhand has been appointed as the Managing Director of Summit Power Limited (SPL). General Akhand was commissioned in the Corps of Infantry of the Bangladesh Army in December, 1987. He has had a unique blend of command, staff and instructional assignments in Bangladesh Armed Forces. Dr. Akhand has been honored with numerous awards for his service, including the prestigious ‘Sword of Honour’ for best all-around cadet from Bangladesh Military Academy, Joint Service Commendation Medal for meritorious service for the Armed Forces of the USA, UN Peacekeeping, disaster management and counter-insurgency operations medals etc. Engr Md Mozammel Hossain had been the previous Managing Director of Summit Power Limited and remains as the Advisor. In 2011, after his voluntary retirement from the Power Grid Company of Bangladesh Ltd (PGCB), he joined Summit Group.  

Chief Adviser Prof Muhammad Yunus on Wednesday urged the country’s business community and entrepreneurs to come forward to strengthen its export base with more investment in the services sector to boost overall exports to the competitive global market. “We need to enhance our exports. I urge all businesspeople to come forward to invest more in the services sector in addition to products to boost our exports,” he said while inaugurating the 29th Dhaka International Trade Fair (DITF)-2025 at the Bangladesh-China Friendship Exhibition Centre at Purbachal. Highlighting the importance of entrepreneurs’ role, Dr Yunus said developing an exportable product is important but it is more important to know who developed the product. The Chief Adviser said every year there is an initiative to announce a “Product of the Year” and this year furniture product is the product of the year. In addition to this process, Dr Yunus said, he wants to introduce “Entrepreneur of the Year” to let everyone know who is behind the product. The Chief Adviser highlighted the government’s initiative to promote Bangladesh’s products in the global market with its diversified presence. He said Bangladesh’s readymade garment (RMG) has already secured a leading position in the global apparel market. Read: Month-long Dhaka International Trade Fair to open Wednesday Dr Yunus said the export trade is playing a significant role in cutting poverty and unemployment in addition to earning foreign currencies. “It’s playing an important role in strengthening Bangladesh’s economy.” He formally inaugurated the month-long fair.  Commerce Adviser Sk Bashir Uddin was, among others, present. Like the previous years, the Ministry of Commerce and the Export Promotion Bureau (EPB) have jointly organised the fair. The spaces for stalls or pavilions of various categories have been allocated online for the first time in this trade fair. The e-ticketing system has also been arranged for the first time in the fair. Apart from this, BRTC's dedicated bus service would be available alongside Uber service at a special discount to facilitate the travel of buyers and visitors to and from the fair venue. Besides, "July Chattar" and "Chhatrish Chattar" were created at the fair venue in honor of the sacrifices of students in the anti-discrimination students' movement. A Youth Pavilion has also been set up to encourage the youth folk of the country in export trade. Initiatives have been taken this year to organize potential sector/product wise seminars at the fair. There will be separate sourcing corners, electronics and furniture zones for the convenience of foreign entrepreneurs and participants. Technology corner has been installed for the convenience of the age-based visitors while seating corner will be there for senior citizens. Read more: Dhaka Int’l trade fair begins Sunday There is also a children's park in the fair for ensuring pure entertainment. The trade fair is being held for the fourth time in a row at the Bangladesh-China Friendship Exhibition Center in Purbachal. According to the layout plan of the fair, some 361 pavilions/stalls/restaurants of different categories have been allocated in favor of local producing and exporters firms, general business establishments and foreign business entities in a cent percent transparent manner.

The Bangladesh Financial Intelligence Unit (BFIU) of the central bank has identified 202 bank accounts associated with the International Society for Krishna Consciousness (ISKCON). A total of approximately Tk 236.42 crore was deposited into these bank accounts. By November 29, Tk 223.73 crore had been withdrawn, leaving a balance of Tk 12.94 crore, officials said. Besides, they said, Tk 39.2 crore was deposited in the name of controversial ISKCON leader Chandan Kumar Dhar, also known as Chinmoy Kumar Das. Almost the entire amount has since been withdrawn. Read: HC wants to know govt’s stance over ISKCON The Bangladesh Financial Intelligence Unit (BFIU) is currently investigating the source of the funds and identifying the individuals or entities responsible for the deposits. On November 30, the BFIU ordered the suspension of transactions in the bank accounts of 17 ISKCON members, including controversial leader Chandan Kumar Dhar alias Chinmoy Kumar Das, for 30 days. On the same day, the BFIU sent this instruction to various banks and financial institutions in the country to suspend transactions in these bank accounts.

The prices of diesel and kerosene have been reduced by Tk 1 per litre with effect from January 1. According to new prices, set by the Energy and Mineral Resources Division for the month of January, per litre of diesel and kerosene will be sold at Tk 104 instead of earlier price of Tk 105 while prices of octane and petrol will remain unchanged at Tk 125 and Tk 121 per litre respectively. Read: Diesel, kerosene prices cut by 50p for November The new prices have been set under the automated pricing formula in light of the adjustment of prices in the global market, said the Energy and Mineral Resources of the Ministry of Power, Energy and Mineral Resources.

Bangladesh Bank (BB) has identified several factors contributing to the rising demand for US dollars, leading to volatility in the foreign exchange market. In a statement released on Monday, Husneara Shikha, Executive Director and Spokesperson of the central bank, mentioned that December traditionally witnesses heightened dollar demand due to year-end obligations. “The repayment deadlines for various foreign loans and deferred payments typically fall in this month, contributing to increased pressure on the market,” she explained. Number of Tk 1 crore and above account holders drops after political changeover: BB report Besides, she said, the central bank’s decision to cease dollar sales in the interbank market to meet International Monetary Fund (IMF) targets has further tightened supply. The central bank also acknowledged the impact of Bangladesh’s downgraded credit rating, which has strained correspondent banking relationships with foreign institutions. This, in turn, has impeded the opening of Letters of Credit (LCs), delayed the maturity of deferred payments, and disrupted the flow of offshore banking loans. A recent BB directive requiring foreign debt repayments by December has added further pressure to the already strained market. BB drafting separate rules for Islamic banking; ‘bankers divided’ Shikha also pointed to inefficiencies in remittance collection, citing monopolistic practices and the involvement of intermediaries as destabilising factors. “The role of aggregators in remittance collection has significantly affected exchange rate stability,” she said. Commercial banks have been struggling with mismatches between dollar inflows and outflows, exacerbating market volatility. The central bank assured stakeholders that it is closely monitoring the situation and working to stabilise the market while ensuring compliance with its broader economic objectives.  

As the country’s foreign exchange market is facing turmoil due to surging dollar demand, Bangladesh Bank has come up to identify key causes and implement corrective measures, according to officials. To stabilise the situation, they said, Bangladesh Bank has taken the following steps: Exchange Rate Cap: The bank has set a maximum exchange rate of Tk 123 per dollar for remittance collection. For cross-currency transactions, the calculated rate cannot exceed this limit. BB drafting separate rules for Islamic banking; ‘bankers divided’ Data Monitoring System: A dashboard has been implemented to monitor market data closely, ensuring greater transparency and control. The central bank’s measures aim to alleviate the current crisis and restore stability to the dollar market. According to the officials, the central bank attributed the ongoing dollar market volatility to several interconnected factors. Number of Tk 1 crore and above account holders drops after political changeover: BB report The central bank says one major cause is the increased demand for dollars at the end of the financial year. December often sees a spike in loan repayments and other financial obligations, creating added pressure on the foreign exchange market. Compounding this is the central bank’s recent suspension of dollar sales to meet IMF-mandated targets. This decision has restricted the supply of dollars in the interbank market, further widening the gap between demand and supply. Besides, Bangladesh’s downgraded credit rating has disrupted correspondent relationships with foreign banks. This has made it more challenging to issue UPAS (Usance Payable at Sight) letters of credit, defer payment maturities, and maintain the inflow of offshore banking loans. The situation has been aggravated by a directive from Bangladesh Bank mandating the repayment of foreign debts by December, adding additional pressure to the market. Another significant factor is the role of aggregators and intermediaries in remittance collection. Their monopolistic practices have destabilised exchange rates, contributing to the ongoing turmoil. A mismatch in dollar inflows and outflows by commercial banks has further complicated the situation, exacerbating instability in the dollar market.