Indonesia and the US have agreed on all substantial issues for a tariff deal, paving the way for the signing of an agreement by presidents Prabowo Subianto and Donald Trump at the end of January, Indonesia's chief negotiator said.

Senior Economic Minister Airlangga Hartarto, speaking from Washington late on Monday after meeting US Trade Representative Jamieson Greer, said the United States wanted access to Indonesia's critical minerals and had agreed to give tariff exemptions to its palm oil, tea and coffee.

Indonesia is the world's biggest exporter of palm oil and a major global supplier of robusta coffee beans.

Talks between the two countries had appeared at risk of collapse earlier this month after the United States accused Indonesia of backtracking on prior commitments, although Jakarta said their "dynamics" were normal and it was just a matter of "harmonising the language".

Airlangga repeated there were "dynamics" during the talks, but said all substantial issues had been resolved and that the latest round of talks went well.

"The main thing, of course, is providing balanced market access for American products, and at the same time, market access for Indonesia to the US," Airlangga said in a video briefing with Indonesian media.

Officials from both countries are now seeking to set up a meeting between Prabowo and Trump by the end of January, where a trade agreement could be signed.

Airlangga said there was no provision in the agreement that would limit Indonesia from making trade deals with other countries.

"No Indonesian policies are restricted by this agreement. This agreement is commercial and strategic in nature, and benefits the economic interests of both countries in a balanced manner," Airlangga said.

A provision in a US-Malaysia tariff deal allows the United States to end the pact and restore the tariff Trump announced in April, if new deals endanger key US interests and talks fail to resolve its concerns.

Cambodia also has a similar clause in its US deal agreed in October, with some difference in the wording.

The deal would also cover cooperation in digital trade, technology and national security matters, according to a statement later released by Airlangga's office, which provided no further details.

Trump imposed a 19% tariff on Indonesia after a preliminary agreement in July, down from the 32% he had threatened in April, in return for Indonesia's promises to remove tariff and non-tariff barriers facing American exports, as well as to buy more American goods to close the trade gap.

Airlangga said there was no risk of the US raising the tariff back to 32% if the January signing does not materialise because everything within the draft deal had been agreed by both sides.

"There is no factor that can hinder the signing of this ART (Agreement on Reciprocal Trade)," he said.

From January to October period, trade between the two countries was worth $36.2 billion, with Indonesia booking a $14.9 billion surplus, Indonesian data showed. The US is Indonesia's second biggest export market.

Netflix has refinanced a part of its $59 billion bridge loan to support its potential acquisition of Warner Bros Discovery's film, TV studios and streaming assets, according to a regulatory filing on Monday.

The streaming giant, which is preparing for one of the biggest media deals in history, secured a $5 billion revolving credit facility and two $10 billion delayed-draw term loans, leaving about $34 billion of the bridge facility to be syndicated.

Proceeds will be used to pay the cash portion of the deal, related fees and expenses, and may also be used for refinancing and general corporate purposes.

Netflix won a competitive auction for the assets, beating rival bids, including an unsolicited all-cash $108.4  billion offer from Paramount Skydance, which proposed $30 per share for the whole Warner Bros Discovery.

Although the Warner Bros board said Paramount's approach offered higher immediate value, it reiterated its support for the Netflix deal, citing superior strategic benefits and financing certainty.

The deal, which includes HBO and HBO Max, is expected to close after Warner Bros spins off its Global Networks unit in the third quarter of 2026.

The company announced the split in mid-2025 to separate high-growth streaming and studio assets from its legacy networks, allowing each business to pursue focused strategies and unlock shareholder value.

Netflix had initially secured a $59 billion bridge loan on December 4 to ensure funding certainty for its bid for Warner Bros Discovery.

Bridge loans are typically used to provide short-term funding for large transactions and are later replaced with longer-term and cheaper debt.

Around 34 listed closed-end mutual funds are at the risk of liquidation or conversion into open-end, following the new rules by the Bangladesh Securities and Exchange Commission (BSEC).

The rules, published in the government gazette on 12 November, stipulate that if the average trading price per unit of any existing closed-end fund falls more than 25% below the higher of its issue price or fair-value-based Net Asset Value (NAV) within six months, the trustee must convene an extraordinary general meeting (EGM) to seek unit holders' approval.

Decisions at the EGM must be taken through a secret ballot, requiring at least a three-fourths majority of units to vote.

Subject to BSEC approval, the scheme may then either be converted into an open-end mutual fund or be liquidated. Essentially, any closed-end fund failing to maintain the prescribed price threshold will have no other options.

The regulation also requires trustees to declare a record date within 30 days after the six-month period expires. At least 21 days' notice must then be given before holding the EGM. Failure to follow these procedures could create uncertainty about the fund's future.

The same EGM will decide whether the existing trustee, fund manager, and related parties remain in place or are replaced, opening the door to significant changes in fund management and governance.

Dhaka Stock Exchange data released today (23 December) shows 31 of the 34 funds are trading well below the levels implied by the new BSEC rules.

Only three funds – Prime Finance First Mutual Fund, CAPM BDBL Mutual Fund 01, and Reliance One – were in relatively stronger positions.

If the funds want to comply with the new BSEC rules, they must demonstrate strong performance and ensure that their market price aligns with their NAV.

In other words, the funds need to perform efficiently and maintain a market price that reflects the true value of their assets.

Market insiders said unit holders of closed-end mutual funds have long complained about failing to receive expected returns. Many funds have traded at substantial discounts to their NAVs for years, eroding investor confidence.

They also note that trustees and fund managers of several funds failed to exercise proper oversight, contributing to poor performance and losses.

BSEC wants closed-end funds to improve performance

Commenting on the matter, BSEC Director and Spokesperson Abul Kalam told The Business Standard that investors have been deprived of fair returns for too long.

"A mutual fund trading far below its reported asset value or NAV is neither normal nor fair to investors," he said, adding that the commission wants closed-end mutual funds to improve performance and ensure fair value for investors.

"If a fund consistently fails to deliver results, restructuring it into an open-end mutual fund is a logical step," he said. He also noted that the regulation clearly states no new closed-end funds will be approved in the future.

"Globally, closed-end funds are gradually disappearing. Investors prefer open-end funds for better transparency and liquidity, and BSEC is aligning with this global best practice," he said.

The main objective, Abul Kalam said, is to restore investor confidence, bring discipline to the mutual fund sector, and build a transparent, efficient, and sustainable investment framework.

He expressed hope that the regulation's effective implementation would allow investors to recover the true value of their investments.

Moving away from closed-end fund

Md Moniruzzaman, managing director of Prime Bank Securities, said the BSEC is gradually moving away from the closed-end fund model due to longstanding concerns over asset valuation.

"Some funds invest in sectors where determining the real asset value is extremely difficult, leaving investors without accurate information," he said.

Mohammad Emran Hasan, managing director of Investit Asset Management, said many funds currently trade far below their reported NAV for two main reasons.

"There is a lack of trust in the market and the closed-end sector. Some funds inflate their NAV by investing in risky non-listed companies or banks that may not be able to repay them," he said.

He warned that forcing all funds to liquidate or convert simultaneously could trigger a massive sell-off, hurting the entire stock market. "It would also unfairly punish honest fund managers whose funds trade at low prices because the sector appears weak, not because of mismanagement."

Instead, Hasan suggested the regulator focus on three key areas: ensuring honest and transparent reporting of asset values, preventing investments in illiquid non-listed companies, and enforcing fund maturity commitments.

"If a fund is launched for 10 years, it must end after 10 years – no repeated extensions that trap investors' money indefinitely," he said.

The US economy likely grew at a brisk clip in the third quarter, driven by solid consumer spending and business investment, but momentum appears to have since faded amid the rising cost of living and recent government shutdown.

The Commerce Department's initial estimate of third-quarter gross domestic product on Tuesday is also expected to show the economy was supported by lower imports, which helped to curb the trade deficit. Much of the anticipated acceleration in consumer spending was the result of a rush to buy electric vehicles before the September 30 expiration of tax credits.

The data was delayed by the 43-day government shutdown and is now outdated. It will likely confirm what economists call a K-shaped economy in which higher-income households are doing well, while middle- and lower-income are barely staying afloat. Surveys suggest consumer spending, the economy's engine, is being driven by higher-income households, thanks to a stock market boom that has inflated household wealth.

Big businesses have mostly managed to withstand the blow from President Donald Trump's sweeping tariffs, which have increased costs, and are investing in artificial intelligence, reinforcing the economy's foundation, economists said. In contrast, smaller businesses have been hit hard, they added.

"It was a good quarter, but that is not going to be sustained in the fourth quarter," said Brian Bethune, an economics professor at Boston College. "Household budgets are squeezed, the average household, they are just barely keeping their nose above water in terms of real wage gains."

GDP likely increased at a 3.3 percent annualized rate last quarter, a Reuters survey of economists estimated. The economy grew at a 3.8 percent pace in the second quarter.

The Commerce Department's Bureau of Economic Analysis will also publish its preliminary estimate of corporate profits for the third quarter as well as gross domestic income, which measures economic growth from the income side.

The nonpartisan Congressional Budget Office has estimated the recent shutdown could slice between 1.0 percentage point and 2.0 percentage points off GDP in the fourth quarter. The CBO estimated most of the decline in GDP would be eventually recovered, but projected between $7 billion and $14 billion would not be.

Growth in consumer spending, which accounts for more than two-thirds of US economic activity, is expected to have accelerated from the second quarter's 2.5 percent pace. In addition to households pulling forward EV purchases, spending was likely fueled by services, including air travel and hotel stays.

A Bank of America Institute report showed lower-income households were living paycheck to paycheck and have this year been allocating more of their budgets to groceries rather than eating at restaurants. They also have pulled back spending on clothing as well as airlines and hotels, reflecting their limited ability to substitute purchases amid elevated inflation.

In contrast, higher-income households are spending more at restaurants as well as on travel, entertainment and hotel stays.

Trump's trade policies have raised the prices of some imported goods, contributing to what economists have termed an affordability crisis that is tanking his approval ratings.

Households also are facing higher utility bills as the rapid growth of AI and cloud computing data centers boosts electricity demand. Some Americans will face skyrocketing health insurance premiums in 2026.

Inflation is expected to have accelerated last quarter, with the Personal Consumption Expenditures Price Index forecast to have increased at a 2.8 percent rate. The PCE price index rose at a 2.1 percent rate in the second quarter. It is one of the price measures tracked by the Federal Reserve for its 2 percent inflation target.

The US central bank this month cut its benchmark overnight interest rate by another 25 basis points to the 3.50 percent-3.75 percent range, but signaled borrowing costs were unlikely to fall further in the near term as policymakers await clarity on the direction of the labor market and inflation.

Business investment likely contributed to GDP growth, reflecting ongoing strength in AI-related spending on intellectual property and equipment. Spending on structures like factories probably contracted for the seventh straight quarter.

"Despite the ongoing boom in data center construction, a decline in drilling rigs amid falling oil prices likely dragged down business structures investment," said Bernard Yaros, lead US economist at Oxford Economics.

Growth also probably received a lift from a smaller trade deficit. Tariffs have caused wild swings in imports, resulting in the trade deficit subtracting from and adding to GDP by margins not seen since the government started keeping records.

Economists were divided on the impact of inventories and government spending on GDP last quarter. Some expected a small contribution, while others believed restocking was neutral. While some economists anticipated a rebound in government spending after declines for two consecutive quarters because of deep cuts at the federal level, others anticipated another quarter marked by a marginal decrease.

Residential spending, which includes homebuilding and sales, is expected to have contracted for a third straight quarter. The housing market has been slammed by higher mortgage rates, which have weighed on demand, as well as rising construction costs because of duties on imported materials.

"The AI boom is masking the ill effects of the trade war," said Sal Guatieri, a senior economist at BMO Capital Markets. "Growth will slow further in the fourth quarter due to the government shutdown before rebounding in the new year."

The Dhaka Stock Exchange (DSE), premier bourse in the country, has cancelled trading right entitlement (Trec) licence of SQ Brokerage House Limited amid failure to run its business within timeframe.

In a disclosure, the DSE said SQ Brokerage failed to comply with sub-rules 7(1) of Trec rules 2020, which mandated to run business within six months after securing stock-dealer and stock-broker registration.

An official at the DSE said the brokerage firm had taken registration but it failed to run its business within the mandated timeframe within six months.

As a result, the bourse cancelled the Trec licence of the brokerage firm.

"In this context, any person or entity having any claim, complaint or outstanding dues against the company in connection with the said Trec is hereby requested to submit a written application, along with all relevant supporting documents, to the following address on or before 3 January to the chief regulatory officer (Acting) of the DSE," a disclosure by the DSE said.

Previously, in October, the DSE had revoked the Trec of two brokerage firms – Mahid Securities Ltd and Al Haramain Securities Ltd – citing regulatory non-compliance.

Both brokerage firms had taken registration certificates but failed to commence their business under the rules.

The Bangladesh Securities and Exchange Commission's (BSEC) recent decisions on stock dividend approvals have triggered fresh debate in the capital market, as several companies have secured regulatory clearance for bonus shares despite having qualified audit opinions in their financial statements, while others have faced outright rejection on similar grounds.

In the latest round of decisions, the market regulator rejected the stock dividend proposals of Himadri Limited and Kay and Que (Bangladesh) Ltd, which had declared 100% and 6% stock dividends respectively. In official letters to the companies, the BSEC said the proposals were turned down due to insufficient retained earnings and the presence of qualified audit opinions in the audited financial statements for the year ended 30 June 2025.

According to the regulator, the audit qualifications related to several key balance-sheet items, including property, plant and equipment, deposits against value-added tax, creditors for expenses, and liabilities for workers' profit participation fund. These issues, the commission noted, raised concerns over compliance with international accounting standards and the reliability of the reported financial position, making approval of stock dividends untenable.

Kay and Que has, however, informed the stock exchanges that it plans to appeal the decision, seeking a reconsideration by the regulator.

Market participants say the appeal will be closely watched, as it may clarify how rigidly the BSEC intends to enforce its stance on audit objections going forward.

A senior BSEC official told The Business Standard that the commission is no longer inclined to approve stock dividends for companies whose financial statements carry significant audit qualifications that point to financial mismatches or violations of international financial reporting standards.

"Stock dividends should come from genuine retained earnings backed by clean and credible accounts. Where auditors raise concerns, approving bonus shares sends the wrong signal to investors," the official said.

However, the situation is complicated by existing regulatory provisions that allow certain companies to declare stock dividends without seeking prior BSEC approval.

Under current rules, companies that have declared at least a 10% cash dividend in each of the two preceding years are exempt from mandatory approval for stock dividends. As a result, some firms have been able to announce and distribute bonus shares despite having audit objections in their financial reports.

Following this exemption, companies such as Index Agro Industries, Eastern Lubricants, Tamijuddin Textile Mills and Lovello Ice-Cream have declared stock dividends without approaching the BSEC, even though their audit reports contained qualifications related to financial management.

The senior BSEC official acknowledged this regulatory gap and said the commission may take a closer look at the issue in the coming days to ensure consistency and stronger investor protection.

While some companies have been rejected, others have successfully secured regulatory approval for stock dividends despite auditor objections.

According to sources familiar with the decisions, CVO Petrochemical Refinery, Mamun Agro Products and Quasem Industries have all received the BSEC's nod to issue bonus shares, even though their audited financial statements reportedly included qualified opinions regarding aspects of financial management. Star Adhesives has also received approval for a substantial 50% stock dividend.

At the same time, several companies remain in limbo, awaiting the regulator's decision on their declared stock dividends. These include Achia Sea Food, which has proposed a 35% stock dividend, BDCOM Online with 5%, and Krishibid Seed with 5%.

Investors are watching closely to see if the presence of audit qualifications will ultimately determine the outcome of these applications, said a managing director of a brokerage firm.

He said the recent mixed outcomes highlight both the regulator's tougher tone and the inconsistencies created by existing exemptions. While the BSEC appears determined to prevent the misuse of stock dividends to mask weak fundamentals, the approval of bonus shares for some companies with audit objections raises questions about uniform enforcement

Data from the Dhaka Stock Exchange show that 17 listed companies have declared stock dividends so far. Among them, Achia Sea Food, Mamun Agro, Himadri, Star Adhesives and Krishibid Seed are listed on the SME board, adding another layer of complexity, as SME-listed firms often have different risk profiles and financial structures compared to main-board companies.

The regulatory framework governing stock dividends was laid out in a BSEC notification issued on 3 October 2022.

The rules require companies to clearly state the reasons for declaring stock dividends and the intended use of retained earnings as capital. They also stipulate that bonus shares must be declared out of accumulated profits or retained earnings, and not from capital reserves, revaluation reserves, unrealised gains, profits earned before incorporation, or through any mechanism that would result in negative retained earnings after the dividend.

The notification also outlines situations where BSEC approval is mandatory. These include companies listed for less than three years or those that have not fully utilised IPO proceeds, firms that issued rights shares within the last three years without fully using the funds, companies that failed to declare a 10% cash dividend for two consecutive years, and issuers that have remained non-operational for at least one year outside of approved renovation or expansion periods.

Companies trading under the Z-category or on SME, OTC or alternative trading boards may also face restrictions.

Crucially, the commission reserves the right to reject applications if it finds significant misrepresentation in financial statements or believes the company will be unable to generate sufficient earnings to declare at least a 10% dividend in the following year.

Dhaka stocks snapped a five-day losing streak today (22 December), returning to the green amid buying dominance, led mainly by large-cap and blue-chip stocks.

The benchmark DSEX index rose 48 points to close at 4,874, with the majority of stocks advancing at the bourse – recovering part of the losses accumulated over the previous five sessions, during which the index had shed 137 points.

Market analysts said the recent sell-off had been driven largely by heightened volatility and investor caution amid concerns over political uncertainty ahead of the national election scheduled for February next year.

As uncertainty mounted, many investors opted to stay on the sidelines, wary of injecting fresh funds after suffering portfolio erosion during the market downturn.

Today's session opened on a positive note, with buying pressure lifting the DSEX by more than 60 points by around 11am, according to DSE data. The market later faced some selling pressure, but managed to hold on to gains and close firmly in positive territory.

The other two key indices also advanced. The DSES, the Shariah-based index, rose by 7.7 points to close at 1,006, while the DS30, which tracks blue-chip stocks, gained 17.7 points to end the session at 1,817.

Market breadth was strongly positive. Of the 388 stocks traded during the session, prices of 302 issues advanced, while 37 declined and 49 remained unchanged, indicating broad-based buying interest across the market.

Trading activity also picked up. Total turnover jumped by 35% to Tk395.94 crore, reflecting increased investor participation compared with the previous session.

However, despite the widespread price gains, overall market capitalisation fell by Tk773 crore to Tk6.77 lakh crore.

On the gainers' list, Premier Leasing topped the chart as its share price surged by 9.83% – the maximum allowed for a single session – to close at Tk0.67. It was followed by FAS Finance, which rose 9.72% to Tk0.79, Familytex (BD), up 9.09% to Tk1.20, Generation Next Fashions, which gained 9.09% to Tk2.40, and Monno Agro Machineries, which advanced 8.74% to Tk369.30.

On the losing side, state-owned Shyampur Sugar Mills led with its share price falling 8.40% to Tk159.20. Nurani Dyeing dropped 5% to Tk1.90, Jute Spinners fell 4% to Tk195.40, Northern Jute declined 3.67% to Tk97, and First Finance slipped 3.44% to Tk2.80.

Bangladesh's retail medicine market was once dominated by small, independent neighbourhood pharmacies. Consumers largely depended on nearby drugstores where professional pharmacists were often absent, quality assurance was inconsistent, and technology use was minimal.

That long-standing structure is now changing rapidly, as large local conglomerates and international pharmacy chains move aggressively into the sector, signalling a shift towards organised, professional and technology-driven medicine retail.

The entry of groups such as AKIJ Resource, AKS Khan Healthcare and BRAC, alongside international chain Aster Pharmacy, is reshaping medicine retail and basic healthcare delivery.

Foreign investment is also flowing into local chains, signalling rising confidence in the sector.

Entrepreneurs said pharmacy retail offers lower capital intensity and operational risk compared to heavy manufacturing, while creating scope for employment and improved healthcare outcomes.

Health economists said large chain pharmacies are no longer serving only urban middle- and upper-income consumers. They are also pushing the entire sector towards standardised operations, trained pharmacists, better cold-chain management and stronger regulatory compliance.

Professor Dr Shafiun Nahin Shimul, director of the Institute of Health Economics at the University of Dhaka, said the expansion of organised pharmacy chains marks a structural shift in the market.

"Over the next five to ten years, Bangladesh's pharmacy sector will become more organised, professional and technology-dependent," he said.

According to him, large chains and foreign players can help ensure safer medicines and professional services beyond major cities, while coordination with small pharmacies, price affordability and quality monitoring will remain critical.

"The presence of large institutions also makes regulatory oversight easier," he added.

According to IQVIA Health, Bangladesh's pharmaceutical market size is Tk32,000 crore. IQVIA is a global healthcare information, analytics, technology and clinical research company.

AKIJ's large-scale bet

Among the most ambitious investors is AKIJ Resource, which has committed at least Tk2,000 crore to pharmacy retail. The group plans to open 2,000 outlets nationwide within five years.

AKIJ Pharmacy began operations in July with a flagship outlet in Banani, Dhaka, and expanded to 13 outlets by early December, all currently within the capital.

Sheikh Jasim Uddin, chairman and managing director of AKIJ Resource, said the initiative has both economic and public health objectives.

"Our first goal is employment generation. If each outlet employs five people, total employment will exceed 10,000," he said. "The second goal is to contribute to transforming the healthcare system."

Jasim Uddin said AKIJ pharmacies will prioritise medicine quality, cold-chain maintenance and fair pricing, while also offering basic healthcare advice. Outlets are already operating in Dhaka, Sylhet, Khulna, Pabna and Jashore, with plans to expand to every district.

AKS scaling up with foreign investment

AKS Pharmacy, operated by AKS Khan Healthcare, is one of the fastest-growing local chains. Launched in 2019, it now operates more than 60 outlets across the country, offering prescription medicines, OTC products, healthcare consultation and home delivery.

The chain received Tk152 crore in foreign investment from Denmark's IFU last year. Company officials said the funds will support further outlet expansion, digital services and diagnostic support.

Mostafa Kamal, chief business officer of AKS Khan Healthcare, said their goal is to deliver quality medicines and healthcare services at affordable prices.

"With international investment and rising demand, AKS aims to become a leading player in Bangladesh's organised pharmacy segment," he added.

Aster enters market

The first international pharmacy chain to enter Bangladesh is Aster Pharmacy, operated by UAE-based Aster DM Healthcare. Its first outlet opened in Banani in July 2023, in partnership with GD Assist Limited.

Aster currently operates at least five outlets in Dhaka, including Banani, Mirpur, Banasree, Uttara and the airport area. Each outlet involves investment exceeding Tk1 crore and offers medicines, medical devices, nutrition products and health supplies under international quality standards.

Company officials said the initial target is to open at least 25 outlets nationwide in the coming years, positioning Aster as a long-term player in Bangladesh's healthcare retail market.

BRAC's clinic-linked model

BRAC Healthcare has adopted a different approach by integrating pharmacies with healthcare centres. Known for its long-standing rural healthcare programmes, BRAC has recently launched model pharmacies in urban areas, directly linked to its clinics.

This year, BRAC Healthcare opened four outlets in Dhaka, with investment per outlet ranging between Tk1 crore to 1.5 crore.

Brig Gen (retd) Dr Taufiqul Hasan Siddiquee, director and head of BRAC Healthcare, said the organisation plans to open at least 20 outlets in the coming years.

"Our objective is to provide primary healthcare and medicines under one roof," he said. "For minor illnesses, hospital visits often require unnecessary time and cost. We provide initial treatment and then refer patients to specialists if needed."

At BRAC's Siddheswari outlet, patients first consult doctors, undergo basic tests such as blood pressure and blood sugar checks, and then purchase prescribed medicines from the same centre.

BRAC officials said the model focuses on trusted medicines, correct guidance and patient-friendly services, supported by digital record-keeping, online ordering and home delivery.

Lazz Pharma's expansion

Founded in 1974, Lazz Pharma is Bangladesh's oldest pharmacy chain. Its founder, Mohammad Lutfor Rahman, started the business after arriving in Dhaka penniless and working at a local pharmacy. He moved to Canada in 1992 but retained ownership of the brand.

Currently, he operates four company-owned outlets in Dhaka, while 94 franchise outlets operate nationwide under the Lazz Pharma brand. The chain has expanded to Chattogram, Sylhet, Rajshahi, Khulna, Barishal, Cumilla, Bogura and Rangpur.

Company officials said franchise outlets require investment ranging from Tk10 lakh to over Tk1 crore, depending on size and location. Although franchised, medicine procurement is centrally managed, sourcing directly from approved companies to ensure quality and proper storage.

Despite intensifying competition, industry insiders said Lazz Pharma's long presence and nationwide network continue to make it a trusted name in Bangladesh's pharmacy sector.

The asset value of Islamic Finance and Investment Limited, a non-bank financial institution, almost doubled to Tk58.16 crore following a revaluation of its land and buildings, according to disclosures released yesterday.

The company said the revaluation was approved at a board meeting held on 21 December. Before the revaluation, the net book value of its land and buildings stood at Tk27.68 crore.

The assets revalued include land and buildings located at Tejgaon-Gulshan Link Road, Dilkusha, Noyabazar and Bogura. After revaluation, the combined market value of these properties rose to Tk58.16 crore.

Company data showed that prior to the revaluation, the value of land was Tk23.58 crore, while buildings were valued at Tk4.09 crore. Following the reassessment, land value increased to Tk28.82 crore, while the value of buildings jumped sharply to Tk29.33 crore – a staggering increase of 86%.

Despite the higher asset valuation, Islamic Finance continues to struggle financially.

According to information available on the Dhaka Stock Exchange (DSE), the company incurred a loss of Tk171.51 crore in 2024, translating into a loss per share of Tk12.22.

A year ago in 2023, it had incurred a loss of Tk23 crore.

Due to the ongoing losses, Islamic Finance has not declared any dividend for shareholders. The company last paid a 5% cash dividend for the year 2022.

The loss-making trend has continued into 2025. For the first nine months of the year, up to the end of September, the NBFI reported a loss of Tk27.22 crore, with a per-share loss of Tk1.94.

China will impose provisional duties of up to 42.7% on dairy products imported from the European Union, the latest in a series of measures against EU exports widely seen as retaliation for the bloc's electric vehicle tariffs.

The duties, to be collected from Tuesday, will range from 21.9% to 42.7%, although most companies will pay just under 30%. They target unsweetened milk and cream and fresh and processed cheeses, including the iconic French Roquefort and Camembert.

China's Ministry of Commerce said it had found evidence that EU dairy imports were subsidised and hurting Chinese producers.

'UNJUSTIFIED AND UNWARRANTED' MEASURES

The European Commission, which oversees EU trade policy, said the investigation was based on "questionable allegations and insufficient evidence" and called the measures "unjustified and unwarranted".

It already lodged a complaint at the World Trade Organization more than a year ago.

"Right now, the Commission is examining the preliminary determination and will provide comments to the Chinese authorities," a spokesperson said, noting that the investigation was set to conclude by Feb 21.

DAIRY A 'POLITICAL PAWN' IN EV DISPUTE

Monday's decision is provisional and could be revised when a final ruling is made. China significantly lowered provisional tariffs on pork in its final decision last week.

Trade tensions with the EU erupted in 2023 when the European Commission launched an anti-subsidy investigation into Chinese-made electric vehicles. It imposed tariffs in October 2024.

In apparent retaliation, Beijing has imposed measures on imports of EU brandy, pork and now dairy.

Conor Mulvihill, director of Dairy Industry Ireland, said it was frustrating that dairy seemed to be used as a "political pawn" in the wider EU-China EV dispute.

China's Ministry of Commerce said negotiations over the bloc's EV tariffs resumed this month. A senior European diplomat in Beijing said last week that major issues remained between the two sides.

The Commission said it continued to engage with China on the possibility of replacing EV tariffs with minimum price commitments, although these price undertakings had to eliminate the harm from unfair subsidies and be practicable.

EU'S LOSS, NEW ZEALAND'S GAIN?

China imported $589 million of dairy products covered by the current investigation in 2024, similar to 2023 values.

Tom Booijink, Senior Dairy Specialist Europe & Africa at Rabobank, said a 42% tariff would make exports prohibitively expensive, adding that for cheese it was easy to switch to another source.

"So I think New Zealand will be quite happy with this," he said, adding that French producers would suffer the most.

The products listed in the Chinese investigation do not include infant formula, a high-margin business for European exporters.

Roughly 60 companies, including Arla Foods, owner of brands like Lurpak and Castello, will pay tariffs between 28.6% to 29.7%.

Italy's Sterilgarda Alimenti SpA will pay the lowest rate of 21.9%.

FrieslandCampina, facing the highest rate of 42.7%, said it was committed to "constructive dialogue" with China's Ministry of Commerce as the investigation continued.

Henrik Damholt Jorgensen, CEO of the Danish Dairy Board which represents Arla, expressed hope that the matter could be resolved without tariffs.

The decision is likely to be welcomed by Chinese producers who are grappling with a glut of milk and falling prices as declining birth rates and more cost-conscious consumers weigh on demand.

Shares in MengNiu Dairy Co briefly jumped after the announcement, although they ended trading on Monday barely changed.

Rabobank's Booijink said China has seen declining milk prices for the past three years, unlike the rest of the world, and there was likely to be considerable pressure to put in place measures.

China, the world's third-largest milk producer, urged producers last year to rein in output and cull older and less productive cows.

President Donald Trump's return to the White House in 2025 kicked off a frenetic year for global trade, with waves of tariffs on US trading partners that lifted import taxes to their highest since the Great Depression, roiled financial markets and sparked rounds of negotiations over trade and investment deals.

His trade policies - and the global reaction to them - will remain front and center in 2026, but face some hefty challenges.

What happened in 2025

Trump's moves, aimed broadly at reviving a declining manufacturing base, lifted the average tariff rate to nearly 17% from less than 3% at the end of 2024, according to Yale Budget Lab, and the levies are now generating roughly $30 billion a month of revenue for the US Treasury.

They brought world leaders scrambling to Washington seeking deals for lower rates, often in return for pledges of billions of dollars in US investments. Framework deals were struck with a host of major trading partners, including the European Union, the United Kingdom, Switzerland, Japan, South Korea, Vietnam and others, but notably a final agreement with China remains on the undone list despite multiple rounds of talks and a face-to-face meeting between Trump and Chinese leader Xi Jinping.

The EU was criticized by many for its deal for a 15% tariff on its exports and a vague commitment to big US investments. France's prime minister at the time, Francois Bayrou, called it an act of submission and a "sombre day" for the bloc. Others shrugged that it was the "least bad" deal on offer.

Since then, European exporters and economies have broadly coped with the new tariff rate, thanks to various exemptions and their ability to find markets elsewhere. French bank Societe Generale estimated the total direct impact of the tariffs was equivalent to just 0.37% of the region's GDP.

Meanwhile, China's trade surplus defied Trump's tariffs to surpass $1 trillion as it succeeded in diversifying away from the US, moved its manufacturing sector up the value chain, and used the leverage it has gained in rare earth minerals - crucial inputs into the West's security scaffolding - to push back against pressure from the US or Europe to curb its surplus.

What notably did not happen was the economic calamity and high inflation that legions of economists predicted would unfold from Trump's tariffs.

The US economy suffered a modest contraction in the first quarter amid a scramble to import goods before tariffs took effect, but quickly rebounded and continues to grow at an above-trend pace thanks to a massive artificial intelligence investment boom and resilient consumer spending.

The International Monetary Fund, in fact, twice lifted its global growth outlook in the months following Trump's "Liberation Day" tariffs announcement in 21 April as uncertainty ebbed and deals were struck to reduce the originally announced rates.

And while US inflation remains somewhat elevated in part because of tariffs, economists and policymakers now expect the effects to be more mild and short-lived than feared, with cost sharing of the import taxes occurring across the supply chain among producers, importers, retailers and consumers.

What to look for in 2026 and why it matters

A big unknown for 2026 is whether many of Trump's tariffs are allowed to stand. A challenge to the novel legal premise for what he branded as "reciprocal" tariffs on goods from individual countries and for levies imposed on China, Canada and Mexico tied to the flow of fentanyl into the US was argued before the US Supreme Court in late 2025, and a decision is expected in early 2026.

The Trump administration insists it can shift to other, more-established legal authorities to keep tariffs in place should it lose. But those are more cumbersome and often limited in scope, so a loss at the high court for the administration might prompt renegotiations of the deals struck so far or usher in a new era of uncertainty about where the tariffs will end up.

Arguably just as important for Europe is what is happening with its trading relationship with China, for years a reliable destination for its exporters. The depreciation of the yuan and the gradual move up the value chain for Chinese companies have helped China's exporters.

Europe's companies meanwhile have struggled to make further inroads into the slowing domestic Chinese market. One of the key questions for 2026 is whether Europe finally uses tariffs or other measures to address what some of its officials are starting to call the "imbalances" in the China-EU trading ties.

Efforts to finally cement a US-China deal loom large as well. A shaky detente reached in this year's talks will expire in the second half of 2026, and Trump and Xi are tentatively set to meet twice over the course of the year.

And lastly, the free trade deal with the two largest US trading partners - Canada and Mexico - is up for review in 2026 amid uncertainty over whether Trump will let the pact expire or try to retool it more to his liking.

What analysts are saying

"It seems like the administration is rowing back on its harshest stance on tariffs in order to mitigate some of the inflation/pricing issues," Chris Iggo, chief investment officer for Core Investments and chair of the Investment Institute at AXA Investment Managers, said on a 2026 outlook call.

"So less of a concern to markets. Could be marginally helpful to the inflation outlook if tariffs are reduced or at least not further increased." Ahead of midterm elections later in the year, "a confrontational trade war with China would not be great - a deal would be politically and economically better for the US outlook," he said.

Intraco Refueling Stations, a CNG refueling stations operator, has reported year-on-year 19% declines in its consolidated profit in the first quarter of the current fiscal year.

During the July to September quarter, the earnings per share (EPS) of Intraco Refueling Stations declined to Tk0.21 against Tk0.26 in the same period of the previous fiscal year, according to a disclosure published on the stock exchanges website yesterday.

The company also reported declines in consolidated net operating cash flow per share to Tk0.13, which was Tk0.36 in the same time of the previous fiscal year.

The company's net asset value per share increased to Tk13.45 in September against Tk12.52 in September last year.

In the last 2024-25 fiscal year, Intraco Refueling witnessed slight declines in its EPS to Tk0.86, and recommended a 1.25% cash dividend only for its shareholders, meaning its owners will take dividends.

Its general shareholders including institutional investors, foreign and the general public own around 70% stake in the company.

In a disclosure, the company said general shareholders are entitled to receive Tk85.88 lakh as dividend for FY25.

The recommended dividend is yet to be approved in its annual general meeting (AGM), which is scheduled on 30 December.

The company's share price closed at Tk20.90 each at the Dhaka Stock Exchange (DSE).

Bangladesh's gross foreign exchange reserves have crossed the $28 billion mark, reaching $28.04 billion, Bangladesh Bank spokesperson and Executive Director Arif Hossain Khan said today (22 December).

According to the International Monetary Fund's (IMF) BPM-6 accounting method, the country's gross reserves stood at $26.51 billion on 1 December. This indicates an increase of $1.5 billion within just 20 days.

Bangladesh Bank officials said the rise in reserves is largely the result of the central bank purchasing dollars from commercial banks through auctions.

So far in the current fiscal year, the Bangladesh Bank has bought more than $2.5 billion from the market.

A senior Bangladesh Bank official said the supply of dollars in banks has increased compared to earlier due to a higher inflow of remittances.

To prevent the exchange rate of the US dollar from falling, the central bank has been purchasing dollars through auctions.

The National Board of Revenue (NBR) saw revenue collection rise by more than 15% year-on-year in the first five months of FY2025-26, but the tally still missed the target by Tk24,047 crore.

According to statistics published by the NBR, revenue collection during the five-month period stood at Tk148,976 crore against a target of Tk173,023 crore.

In November alone, revenue collection was about Tk6,667 crore below the target.

However, collections in that month increased by slightly more than 14% compared to the same period of the previous fiscal year.

Experts warn record revenue shortfall as NBR target being raised

NBR officials and experts have blamed the unusually high revenue target for the large gap between actual collections and the target.

They say even the target set in the budget was not realistically achievable, and that the target has recently been increased further.

In this situation, some believe the gap between actual collections and the target will widen further in the coming months, and warned that a record shortfall will be seen this year.

Although revised targets are usually lowered midway through a financial year, this year is an exception, as the government has increased the revenue target for FY2025-26 by Tk55,000 crore, raising it from Tk4.99 lakh crore to Tk5.54 lakh crore.

This means the existing target has been raised by about 11%. Compared to revenue collected in FY2024-25, the new target requires a 49% increase, something some experts believe is practically impossible.

A review of NBR revenue collection data for the past five months shows that average monthly revenue collection stood at Tk34,604 crore. To meet the target, average monthly collections of nearly Tk58,000 crore will be required in the remaining months.

An analysis of the figures shows that VAT collection recorded relatively strong growth of around 22% over the past five months, while import tax collection lagged behind the most, growing by just over 5%. Income tax collection grew by 17%

The interim government expects that inflation will fall below 7% by June 2026 amid the contractionary monetary policy and austerity measures, according to a high-level review meeting on the country's economic progress.

The meeting, chaired by Chief Adviser Muhammad Yunus at the State Guest House Jamuna, reviewed key macroeconomic indicators, budget expenditure, and recent trends across the financial, external, and real sectors.

Finance Adviser Salehuddin Ahmed, Planning Adviser Wahiduddin Mahmud, and Bangladesh Bank Governor Ahsan H Mansur were among others present at the meeting.

According to a statement issued by the Chief Adviser's Press Wing following the meeting today (22 December), inflationary pressures have already begun to ease after maintaining a higher trend for more than two years.

For the first time since June 2023, the 12-month average inflation rate fell below 9% in November 2025. On a point-to-point basis, inflation declined to 8.29% in November, down from a peak of 9.33% recorded in March 2023.

The government now projects a further slowdown to below 7% by June 2026 as tighter monetary conditions take effect and fiscal discipline is maintained, said the statement.

It noted that the easing of inflation has also begun to narrow the gap between price growth and wage growth, which had sharply eroded real incomes in recent years.

In November 2025, point-to-point wage growth stood at 8.04%, close to the inflation rate of 8.29%. In comparison, during fiscal year 2022–23, inflation stood at 9.02% while wage growth lagged at 7.04%.

Officials said the reduced gap signals the beginning of a gradual recovery in real incomes during the current fiscal year.

At the meeting, agricultural performance was highlighted as another stabilising factor for prices and food security.

On the external front, the meeting noted that financial and foreign-sector indicators have shown marked improvement.

Gross foreign exchange reserves rose to $32.57 billion as of 18 December from around $25 billion in August 2024.

The stabilisation of the exchange rate, higher remittance inflows, and increased interest rates in the financial sector are expected to support further reserve accumulation, said the statement.

According to the meeting discussion, the current account balance has also improved significantly. After running continuous deficits since fiscal year 2016–17 – peaking at $18.7 billion in 2021–22 – the deficit narrowed sharply to just $139 million at the end of fiscal year 2024–25.

During the July-October period of the current fiscal year, the deficit stood at $749 million.

Remittance inflows continued to strengthen, supported by higher overseas employment, said the statement.

The meeting also noted a rebound in imports and trade financing as restrictions were eased.

Bangladesh Shipping Corporation (BSC) has reported its highest-ever net profit in its 54-year history, posting Tk306.56 crore for the 2024–25 financial year, driven by strong operating income and disciplined expenditure management.

The figures were disclosed at the state-owned shipping company's 48th annual general meeting, held this morning (22 December) at the Officers' Club in Chattogram.

The meeting was presided over by Brigadier General (retd) M Shakhawat Hossain, adviser to the Ministry of Shipping and chairman of the BSC board.

Presenting the annual performance report, BSC Managing Director Commodore Mahmudul Malek said, "The corporation earned Tk590.98 crore from operations during the 2024–25 fiscal year, while income from other sources stood at Tk207.30 crore. Total income amounted to Tk798.28 crore."

He added, "Operating costs stood at Tk289.92 crore, while administrative and financial expenses amounted to Tk126.45 crore, taking total expenditure to Tk416.27 crore. After tax adjustments, BSC recorded a net profit of Tk306.56 crore."

Comparing with the previous fiscal year, he noted, "In 2023–24, BSC earned Tk596.18 crore in total income against Tk311.59 crore in expenditure, resulting in a net profit of Tk249.69 crore."

On future plans, he said, "BSC is moving forward with short, medium and long-term strategies to expand its commercial fleet in line with national development goals, the SDGs and the blue economy agenda, with the aim of becoming a self-reliant and internationally competitive shipping company."

He added, "To strengthen energy security and ensure uninterrupted supply chains for crude oil, coal, food grains, cement clinker and other bulk cargo, BSC plans to acquire 2 crude oil mother

tankers with a capacity of 114,000 tonnes each and 2 bulk carrier mother vessels of 81,500 tonnes each under a G2G framework."

BSC also plans to acquire 12 cellular container vessels, 6 of which are being built with support from the Asian Infrastructure Investment Bank to meet growing global demand.

India today announced the successful conclusion of an ambitious and mutually beneficial bilateral Free Trade Agreement (FTA) with New Zealand.

The announcement was made by Indian Prime Minister Narendra Modi after a telephone conversation with his New Zealand counterpart Christopher Luxon.

"The two leaders jointly announced the successful conclusion of the historic, ambitious and mutually beneficial India–New Zealand Free Trade Agreement,' an official statement in New Delhi said.

Luxon said the FTA reduces or removes tariffs on 95% of New Zealand's exports to India.

This is the seventh FTA India signed in the last few years after FTAs with Oman, the UK, Australia, Japan, South Korea, the UAE and the four-nation European bloc European Free Trade Area (EFTA).

With negotiations for the FTA with New Zealand having been Initiated during Luxon's visit to India in March this year, the two Prime Ministers agreed that the conclusion of the FTA in a record time of nine months "reflects the shared ambition and political will to further deepen ties between the two countries," the statement said.

"The FTA would significantly deepen bilateral economic engagement, enhance market access, promote investment flows, strengthen strategic cooperation between the two countries and also open up new opportunities for innovators, entrepreneurs, farmers, MSMEs, students and youth of both countries across various sectors," it added.

Modi and Luxon expressed confidence in doubling bilateral trade over the next five years as well as an investment of $20 billion in India from New Zealand over the next 15 years.

Bilateral merchandise trade between India and New Zealand was pegged at $1.3 billion in 2024-25, marking a growth of nearly 49 per cent over the previous year.

India's key exportable goods to New Zealand include clothing, fabrics and home textiles, pharmaceuticals and medical supplies, refined petroleum products, agricultural machinery like tractors and irrigation equipment, automobiles, iron and steel, paper products, electronics, shrimps, diamonds and basmati rice.

New Zealand's major exports to India comprise agricultural products and minerals, including apples, kiwifruit, lamb and mutton, milk albumin, lactose syrup, coking coal, logs and sawn timber, wool and scrap metals.

Prime Bank PLC has signed a payroll banking agreement with Bauwerk Limited, a global provider of technology-led products, systems and services for the construction industry, to offer payroll banking services.

Md Asif Bin Idrish, senior executive vice-president and head of emerging market of Prime Bank PLC, and Julian Andrin Weber, chairman of Bauwerk Limited, signed the agreement at the bank's corporate office in Dhaka recently, according to a press release.

Under the agreement, eligible employees of Bauwerk Limited will enjoy exclusive payroll banking facilities, including salary accounts with competitive rates, dual-currency debit cards with fee waivers and lifestyle benefits, customised loan and credit card facilities, and a wide range of consumer banking products and services on preferential terms.

Employees will also have access to PrimePay, the bank's omni digital platform, which enables seamless and automated salary disbursement, along with convenient, round-the-clock corporate payment solutions.

Md Enamul Kabir, executive vice-president and regional head of the branch distribution network of Prime Bank; Hasina Fardous, vice-president and head of payroll banking; Mohammed Zubaer, vice-president and team head of emerging market; HM Mamun, assistant vice-president and relationship manager of emerging market; and Robiul Alam Iskandar, first assistant vice-president and business development manager of payroll banking, attended the event.

Md Humayun Kabir, head of finance, accounts and company secretary of Bauwerk Limited; Naleen Kaura, general manager; and Md Jishan Rahman, manager of human resources and administration; along with other senior officials from both organisations, were also present.

Walton, a leading electrical and electronics manufacturing conglomerate in Bangladesh, has been honoured with the "Best Brand Award 2025" in three categories -- refrigerator, air conditioner and television -- at the 17th edition of the award ceremony held at Le Méridien Dhaka on Saturday.

The recognition was conferred based on a nationwide survey, according to a press release.

Md Tanvir Rahman, chief business officer of Walton AC; Tahasinul Haque, chief business officer of Walton Fridge; Md Shahjalal Hossain Limon and Tanvir Anjum, senior executive directors of Walton Hi-Tech; and Zoheb Ahmed, chief market officer, received the awards on behalf of the company.

Expressing gratitude to customers, distributors, dealers, members and well-wishers, Walton's chief market officer Zoheb Ahmed said the recognition reaffirmed Walton's position as the country's leading refrigerator, air conditioner and television brand.

"Walton is moving forward with the vision of turning Bangladesh into a manufacturing hub for artificial intelligence (AI)- and internet of things (IoT)-based innovative electronic appliances, while placing Walton among the top global electronics brands," he said.

To realise this vision, Walton has been introducing advanced AI- and IoT-based technologies and features in its smart refrigerators, air conditioners, televisions and other appliances. Through exports, the company has already expanded its global footprint to more than 50 countries.

"Upholding this prestigious best brand recognition in the domestic refrigerator, AC and TV segments will further accelerate Walton's progress in the global market," he added.

The awards were determined using the globally recognised "Winning Brands" survey methodology, with participation from consumers across the country.

This year, 45 brands across 45 categories were honoured at the "Best Brand Award 2025", organised by the Bangladesh Brand Forum in partnership with nSearch Ltd.

BRAC Bank PLC has launched the country's first SME innovation lab, titled "Finnovision", aimed at helping small businesses grow and thrive through the adoption of innovative solutions.

The initiative reinforces the bank's pioneering role in strengthening cottage, micro, small and medium enterprises (CMSMEs) through innovation, inclusion and sustainability.

Husne Ara Shikha, executive director of Bangladesh Bank, inaugurated the SME innovation lab as the chief guest at a ceremony held at Lakeshore Hotel Gulshan, in Dhaka on Sunday, according to a press release.

Tareq Refat Ullah Khan, managing director and CEO of BRAC Bank, and Syed Abdul Momen, additional managing director and head of SME Banking, along with development partners and industry stakeholders, were also present.

Finnovision is a dedicated platform designed to test, refine and scale solutions that address contemporary economic, social and environmental challenges faced by CMSMEs.

Harnessing the untapped potential of grassroots entrepreneurs, the lab focuses on four strategic priorities: closing the gender financing gap, fostering smart and sustainable agriculture, accelerating climate-resilient financing, and integrating cottage and microenterprises into the mainstream economy.

The lab follows a structured, impact-oriented approach, beginning with a comprehensive assessment of CMSME challenges, followed by the launch of problem statements and the shortlisting of enterprises for support.

Selected businesses then enter a bootcamp phase, receiving hands-on training to formalise operations, strengthen bookkeeping, develop realistic cash-flow projections and craft growth strategies.

Promising enterprises progress to a technical assistance phase, where tailored mentorship helps refine prototypes, address implementation challenges and prepare solutions for scale-up.

Leveraging the lab's ecosystem, participants gain access to financial product innovation, channels, markets and financing, while piloting and validating scalable solutions.

The initiative underscores BRAC Bank's long-standing commitment to SMEs and aligns with the founding vision of Sir Fazle Hasan Abed, who established the bank to serve the country's "missing middle" through inclusive banking.

Through collaboration with local and international partners, including DEG Impulse gGmbh, Finnovision aims to unlock new financing models and innovative propositions for grassroots entrepreneurs.