Asia's imports of US crude oil, coal and liquefied natural gas are on track to decline this year despite President Donald Trump's efforts to boost shipments as part of his trade and tariff policies.

The decline in imports from the United States is largely driven by China, the world's biggest buyer of commodities, which pulled back on purchases after Trump ramped up tariffs on US imports of Chinese goods, with the current average rate around 47.5 percent.

Asia's imports of US crude oil are expected to reach 1.43 million barrels per day (bpd) in 2025, down from 1.56 million bpd in 2024 and the record 1.65 million bpd in 2023, according to data compiled by commodity analysts Kpler.

The biggest importer is South Korea, one of the countries that committed to buying more US energy as part of a trade deal with the Trump administration.

However, South Korea's imports of US crude oil are likely to show a tiny increase in 2025 to 470,000 bpd from 465,000 bpd last year.

Japan, which also agreed to boost imports of US energy, did show a significant increase in imports of crude oil, with 84,500 bpd arriving in 2025, up from 34,000 bpd in 2024.

However, Japan's total crude imports in 2025 are about 2.25 million bpd, meaning the US share amounts to a paltry 3.8 percent.

China imported just 38,350 bpd from the United States in 2025, down 84 percent from 245,100 bpd in 2024 and 400,000 bpd in 2023, according to Kpler.

It is much the same story with LNG, with China's imports from the United States dropping to 250,000 tons in 2025, down 94 percent from the 4.30 million tons in 2024.

Asia's LNG imports from the United States, the world's biggest exporter of the super-chilled fuel, dropped to 19.08 million tons in 2025 from 29.78 million in 2024.

Japan was the biggest buyer, but its arrivals slipped to 4.49 million tons in 2025 from 6.50 million in 2024.

Another country that took significantly less US LNG was India, with imports dropping to 2.93 million tons in 2025 from 5.01 million in 2024, according to Kpler.

Trump imposed import tariffs of as much as 50 percent on goods from India amid a breakdown in relations with New Delhi over its ongoing purchases of Russian crude oil.

But the trade relationship between Washington and India hasn't completely broken down as India lifted imports of coal from the United States, with arrivals of 21.07 million tons this year, up from 18.77 million in 2024.

India is by far the biggest buyer of US coal in Asia, with a 61 percent share of 2025 imports.

This makes US coal exports to Asia vulnerable should the trade dispute between Washington and New Delhi escalate in 2026.

Other major Asian buyers of US coal are Japan and South Korea, and their imports only increased fractionally.

Japan's 2025 imports of US coal are forecast at 4.44 million tons, up from 4.40 million in 2024, while South Korea is expected to take 1.59 million, an increase from 1.29 million in 2024.

Japan agreed to purchase an annual $7 billion in US energy as part of its deal with Trump, which was reached in September.

This means that 2025 imports won't fully reflect this commitment, but they do show that Japan will have to boost its imports in 2026 if it is to reach the target.

Using average prices for US crude oil, Japan's LNG imports and seaborne thermal and metallurgical coal, the estimated value of Japan's imports of US energy in 2025 is about $5.32 billion.

Increasing this to $7 billion next year is feasible, although given Japan's stagnant energy demand, any increase in imports from the United States would mean cutting purchases from other suppliers.

This dynamic underscores the larger problem with Trump using tariffs to encourage countries to buy more US energy.

The United States will run out of capacity to supply what is likely to be demanded if all the countries try to actually meet their commitments, especially the annual $250 billion in energy imports by the European Union.

The auditor of Rangpur Dairy & Food Products Limited, popularly known as RD Food, raised flags over a mismatch in unclaimed dividends in banks and discrepancies in deferred tax calculations.

Faruk Ahmed, partner of Khan Wahab Shafique Rayhman & Co, Chartered Accountants, in a qualified opinion, said that the company calculated deferred tax using the prior SRO at the rate of 15% instead of the current year's applicable 22.5%.

This resulted in an under-provision of approximately Tk2.63 with a corresponding effect on earnings per share (EPS).

According to the company's financial statements, RD Food reported a profit of Tk4.61 crore for the year, with an EPS of Tk0.61, marking a year-on-year decline of about 40% from Tk7.68 crore and an EPS of Tk1.01 in the previous fiscal year. The fall in earnings was attributed to higher import costs, inflation and increased bank interest rates.

Attempts by TBS to contact Company Secretary Yeasin Arafat for comments were unsuccessful, as calls went unanswered.

The auditor also noted that Tk57.37 lakh from the IPO subscription money remained unadjusted under non-claimed general share applications and included IPO application refunds that had not yet been settled, which overstates the capital position.

Additionally, the auditor identified discrepancies regarding unclaimed dividends, observing that the amount remaining in the dividend accounts was less than expected.

An unclaimed dividend refers to a shareholder's portion of a company's profits that has not been cashed or claimed within the stipulated period.

Unclaimed dividends that remain unclaimed for a period of three years from the date of approval or the date of subscription must be transferred to the Capital Market Stabilisation Fund (CMSF), as per BSEC directive.

The auditor reported that RD Food has unclaimed dividends amounting to Tk18.89 crore, but only Tk1.94 lakh is available in the bank account.

It was noted that the company has deposited Tk4.04 lakh into the CMSF. After the deposit, the remaining amount should have been Tk12.90 lakh; however, this amount is not available in the bank and has instead been used for operational activities.

The auditor also raised concerns about the company's ability to repay bank loans and other liabilities, citing lower cash inflows.

The report stated that the net operating cash flow of the company decreased to Tk0.16 crore from Tk1.47 crore in the previous fiscal year, primarily due to changes in the timing of collections and payments.

As a result, the report noted, the company is facing liquidity constraints, as reflected by delayed payments of bank loans and other liabilities.

The National Board of Revenue (NBR) recorded a 15 percent year-on-year growth in tax collection during the first five months of the fiscal year 2025-26 (FY26), but still fell short of its target by nearly Tk 24,000 crore.

According to provisional data released yesterday, the revenue authority collected Tk 1,48,137 crore between July and November, up from Tk 1,28,946 crore in the same period last year.

All three major revenue streams contributed to the growth. Local-level value-added tax (VAT) collection rose by about 22 percent to Tk 58,231 crore from Tk 47,743 crore a year earlier.

Income and travel taxes increased by 17 percent to Tk 47,881 crore, while customs duties from international trade grew by 5.28 percent to Tk 42,864 crore, supported by higher imports after restrictions were eased.

Meanwhile, the government, in a meeting last month, decided to raise the revenue collection target for the fiscal year by 5 percent to Tk 5,88,000 crore, going against the usual practice, following stronger-than-expected revenue performance in the July-September period, The Daily Star reported on November 21.

The NBR's new target has been increased to Tk 5,03,000 crore.

"This is a highly ambitious target. Usually, the government revises its target downward every year, but this year is an exception," one NBR official said on condition of anonymity.

Senior officials expressed optimism that the gap between actual collection and the target may narrow, noting that the authority has expanded its workforce by adding around 10 new tax zones across the country.

"We have to pursue our goal in the greater interest of the country," a top official said.

The revision comes at a time when Bangladesh is struggling to finance development projects amid a persistently low tax-to-GDP ratio, one of the lowest globally.

While insurance is supposed to provide protection during critical events such as accidents, fires, or business losses, many policyholders are not receiving timely compensation, leaving them in severe financial and psychological uncertainty.

Statistics show that in the July–September 2025 quarter, general insurance companies were able to settle only 7.55% of total claims. In the previous quarter, April–June, the settlement rate was 8.32%. This reflects a drop of nearly 9.25% in just one quarter, highlighting weaknesses in the financial capacity, liquidity management, and overall operational efficiency of general insurance companies.

According to unaudited data from the Insurance Development and Regulatory Authority (IDRA), total claims with general insurance companies in the July–September quarter amounted to approximately Tk3,637 crore, of which only Tk275 crore were settled. By the end of the quarter, nearly Tk3,363 crore in claims remained pending, underscoring the depth of the sector's crisis.

The prolonged delay in claim settlements has caused severe hardship for policyholders. In many cases, even after several years following the expiry of the policy, claimants have yet to receive their due compensation. This has increased frustration and distrust, severely undermining public confidence in the insurance sector.

During the same quarter, General Insurance Corporation showed the highest pending claims, settling only 3.37% of claims, leaving Tk2,142.37 crore unsettled. A senior official of the corporation, speaking anonymously, said the corporation is making every effort to settle claims. However, about 80% of the delays are due to the late receipt of survey reports, which are essential for assessing the extent of loss after any accident or damage.

He further added that the problem is particularly acute for reinsurance-related claims. In some cases, it takes 5–7 years to obtain survey reports, without which final settlement is impossible. As a result, the corporation is unable to resolve claims with foreign reinsurers on time.

This delay directly impacts policyholders, as settlement of primary claims is also postponed. The official warned that unless the survey process becomes faster and more efficient, the claim settlement crisis will deepen not only for General Insurance Corporation but across the entire sector.

In the same quarter, Green Delta Insurance settled only 8.26% of claims, leaving Tk266.54 crore pending. A company official told TBS that one of the main reasons for delays is the lack of complete and legally valid documentation.

Many policyholders submit claims on time but fail to provide essential documents – such as proof of loss, police or fire service reports, survey reports, ownership papers, or invoices – accurately and completely. This complicates verification and delays settlement by several months.

Disputes over claim amounts and arbitration also prolong settlements. If policyholders claim more than the actual loss and reject the company's assessed amount, cases often go to court or arbitration, further delaying resolution.

Another significant issue is claims against uninsured perils. Many policyholders file claims for losses not covered by their policies – such as political violence, specific natural disasters, or gradual damage. In such cases, explanation, reassessment, and legal procedures extend the settlement timeline.

Additionally, claims remain unsettled with Pragati Insurance Tk157.91 crore, Reliance Insurance Tk98.91 crore, and Peoples Insurance Company T 80.80 crore.

Industry insiders say the insurance sector has long been under pressure due to local and global economic challenges. The crisis worsened in the second half of 2024, when claim settlement rates suddenly slowed, increasing policyholders' hardship and deepening distrust in the sector.

Experts point out that the crisis is not solely due to economic slowdown but also weak regulatory oversight. The Insurance Development and Regulatory Authority (IDRA) has faced criticism for failing to take effective action against insurers that consistently delay claim settlements. Consequently, many companies feel there is little accountability for late payments, encouraging negligence and irresponsibility.

In the non-life insurance sector, delays in claim settlement have reached extreme levels. Many policyholders wait months or even years for compensation. Businesses suffer severe financial setbacks when they cannot access timely funds following accidents, natural disasters, or operational losses.

Although the law mandates that insurance claims be settled within 90 days, this requirement is rarely followed in practice. According to industry sources, a major reason is the state-owned reinsurance company, the Sadharan Bima Corporation (SBC). By law, 50% of non-life insurance must be reinsured with SBC, while the rest can be transferred to foreign reinsurers. However, SBC often delays settling its portion, preventing primary insurers from paying policyholders on time.

A senior official of the Bangladesh Insurance Academy said, "It is unrealistic to expect claim settlement where premiums have not been paid. At the same time, an increasing number of court cases slows down the entire process." He emphasised that coordinated action by insurance companies, reinsurers, regulators, and policyholders is the only effective way to restore confidence in the sector.

A managing director of a listed company told TBS, "We always prioritise claim settlement in accordance with the law. However, many policyholders delay submitting the necessary documents, which causes further delays. Reinsurance through SBC also takes extra time due to additional documentation requirements. In some cases, even fully approved claims remain pending for months, forcing insurers to use their own funds to settle them.

A senior official from the Bangladesh Insurance Academy said, "Where premiums have not been paid, expecting claim settlements is unrealistic. Court cases also slow down the entire process." He added that only coordinated action among insurance companies, reinsurers, regulators, and policyholders can restore trust in the sector.

City Group has extended a lifeline to its struggling listed subsidiary Rahima Food Corporation Ltd by bringing it back into operational activity through a contract manufacturing arrangement with City Edible Oil, offering fresh hope for the long-idle company and its shareholders.

In a price-sensitive disclosure, Rahima Food said its board approved a five-year contract manufacturing agreement with City Edible Oil, a sister concern of City Group, at a meeting held on 18 December. Under the agreement, Rahima Food will use its existing bottling capacity to manufacture bottles for City Edible Oil products. The contract may be extended after the initial five-year term, subject to mutual agreement.

The move is widely seen as City Group's strategic intervention to utilise idle assets at Rahima Food and gradually restore its operations after months of complete shutdown. Rahima Food's factory, located in Narayanganj, has remained non-operational following the suspension of its cashew nut processing plant in August and the closure of its coconut oil plant in July.

Investors appeared to anticipate the turnaround well before the official disclosure. Rahima Food's share price surged by about 53% between 14 November and 15 December, rising to Tk144.8 amid market speculation over potential support from the sponsor group, according to the market insiders.

On Thursday, the stock closed at Tk138.30 on the Dhaka Stock Exchange (DSE).

City Edible Oil, which was incorporated in 2019, is part of City Group's fast-moving consumer goods portfolio. By outsourcing bottle manufacturing to Rahima Food, the group is effectively internalising part of its supply chain while helping a listed group company resume revenue-generating activity without fresh capital expenditure.

Rahima Food has a long operating history but has struggled in recent years to stabilise its business lines. Incorporated in 1990 and listed on the stock exchanges in 1997, the company came under City Group's ownership in 2017.

In 2022, it ventured into new segments by introducing coconut oil and cashew nut processing plants, aiming to diversify beyond its legacy food operations.

Those expansion plans, however, ran into difficulties. The coconut oil plant, which started production and marketing in February 2022, failed to achieve the desired market penetration over the following three years. In a disclosure issued earlier, the company said production was temporarily paused on 1 July to reassess strategies for optimising both production and marketing, describing the initiative as a learning experience rather than a failure.

The cashew nut processing plant initially performed better, generating what the company described as "encouraging profits" over the past three years.

But in August, Rahima Food announced the suspension of production with immediate effect after unfavourable climatic conditions disrupted raw material supply from local growers. With stocks depleted and procurement constrained, the company said it had no option but to halt operations temporarily while exploring alternative sourcing channels.

Following these closures, Rahima Food effectively became non-operational. The developments triggered sharp volatility in its share price. Before the factory closure announcements, the stock had jumped by about 160% between June and August, reaching Tk168.9. After disclosures about the shutdowns, the price corrected sharply, falling by roughly 44% to Tk94.5, reflecting investor concerns over the company's future.

Against this backdrop, the new contract manufacturing deal marks a critical turning point. Market insiders say City Group's decision to route part of its bottling work through Rahima Food allows the company to generate steady operational income using existing facilities, without the risks associated with launching new consumer brands or sourcing volatile raw materials.

The arrangement also aligns with Rahima Food's earlier plans. In 2022, the company had announced its intention to build a bottling plant for soybean oil and mustard oil, signalling a strategic focus on bottling and packaging. Commercial operations from that bottling setup are now expected to commence very soon, supported by assured demand from City Edible Oil under the contract.

Financially, Rahima Food has been under pressure. In the July–September quarter, its revenue plunged by 77% year-on-year to Tk0.67 crore, while it incurred a loss of Tk0.10 crore due to the lack of operational activity.

For the full FY25, the company reported a 40% drop in revenue to Tk9.26 crore, while profit fell 48% to Tk1.11 crore. Despite the downturn, the board recommended a 2% cash dividend for FY25, a move that analysts interpret as an effort to maintain investor confidence.

Analysts say the contract manufacturing deal could help stabilise cash flows and gradually improve financial performance, though a full turnaround will depend on execution and scale. "This is a classic example of sponsor support in a stressed listed company," said a market analyst. "City Group is not injecting cash directly, but by providing business, it is ensuring capacity utilisation and operational continuity."

Rahima Food Corporation Limited topped the turnover chart at the Dhaka Stock Exchange (DSE) today (21 December) as investors reacted positively to City Group's move to bring the long-idle company back into operation.

The company's shares traded worth Tk12.64 crore during the session, making it the most traded stock of the day. Its share price jumped 7.95% to close at Tk149.30, reflecting renewed investor optimism following the latest corporate disclosure.

According to a price-sensitive statement filed with the DSE, City Group has extended a lifeline to its struggling listed subsidiary by initiating operational activity through a contract manufacturing arrangement with City Edible Oil, a sister concern of the group.

Rahima Food said its board approved a five-year contract manufacturing agreement at a meeting held on 18 December. Under the agreement, Rahima Food will use its existing bottling capacity to manufacture bottles for City Edible Oil products. The contract may be extended after the initial term, subject to mutual consent.

Market participants see the move as a strategic effort by City Group to utilise Rahima Food's idle assets and gradually revive operations without requiring immediate fresh investment.

The company's factory in Narayanganj has remained shut for months following the suspension of its cashew nut processing plant in August and the closure of its coconut oil plant in July, leaving Rahima Food completely non-operational.

City Edible Oil, incorporated in 2019, is part of City Group's fast-moving consumer goods portfolio. By outsourcing bottle manufacturing to Rahima Food, the group is strengthening internal supply chain linkages while helping a listed group company re-enter revenue-generating activities.

Rahima Food has faced persistent financial stress in recent years. In the July–September quarter, its revenue plunged 77% year-on-year to Tk0.67 crore, while it posted a loss of Tk0.10 crore due to the absence of operations.

For the full FY25, the company reported a 40% decline in revenue to Tk9.26 crore, while net profit fell 48% to Tk1.11 crore. Despite the downturn, the board recommended a 2% cash dividend, a move analysts believe was aimed at maintaining shareholder confidence amid challenging times.

Central banks in big economies are signalling a change of stance as the Bank of Japan raised interest rates to a 30-year high on Friday.

A day earlier the European Central Bank all but confirmed it was done with monetary easing and the Bank of England cut rates in a narrow vote as dissenters cautioned about price pressures.

Now all eyes are on how dovish the incoming next Federal Reserve will manage to be after some of the US central bank's policymakers warned the world's biggest economy might already be running too hot.

Here's where central banks in 10 developed markets stand:

SWITZERLAND

The Swiss National Bank left its policy interest rate unchanged at 0 percent on December 11, the lowest among developed-market central banks, and said the recent agreement to reduce US tariffs on Swiss goods had improved the economic outlook.

Even though Swiss inflation is at zero as the strong safe-haven franc lowers import costs, the bar for bringing rates into negative territory is high, and economists expect price growth to recover mildly next year and the SNB to stay on hold throughout 2026.

CANADA

The Bank of Canada held its key rate at 2.25 percent last week, after 225 basis points of easing this cycle. Governor Tiff Macklem said the economy was proving resilient to US trade measures.

The BOC is expected to keep rates on hold until 2027, after government spending and robust oil exports lifted third-quarter growth to 2.6 percent and the labour market.

SWEDEN

Sweden's Riksbank also expects previous monetary easing to begin lifting growth and with year-on-year inflation running just above its 2 percent target, it held rates at 1.75 percent on December 18 and analysts anticipate it will hike again in late 2026.

NEW ZEALAND

With unemployment stuck at a nine-year high, turning hawkish will be a tough choice for new Reserve Bank of New Zealand boss Anna Breman.

With a string of punchy rate cuts having helped propel inflation to the top end of the central bank's target range, however, money markets see New Zealand's cash rate nearing 3 percent by December 2026 from 2.25 percent currently.

EURO ZONE

The European Central Bank has been firmly on hold at 2 percent since June and its latest pause on Thursday also came with upgrades to growth and inflation forecasts.

Traders settled on bets for a lengthy pause until at least June after ECB President Christine Lagarde cited heavy uncertainty and avoided forward guidance.

UNITED STATES

The Federal Reserve cut rates on December 10, in a divided vote, then hinted at a pause.

Delayed jobs data showed that the labour market had declined in October, then snapped back the following month and US business leaders also expect further price rises from tariffs.

Fed policymakers predict just one 25 bps cut in 2026, setting them up for potential clashes with President Donald Trump, who wants more easing, as does Fed Chair frontrunner and White House economic adviser Kevin Hassett.

BRITAIN

Bank of England rate-setters voted narrowly for a quarter-point cut to 3.75 percent on Thursday and Governor Andrew Bailey warned future easing was a close call.

With UK inflation still the highest in the G7, comments from BoE dissenters on Thursday that it may get stuck too high drained confidence out of interest rate markets for more than one 25bps cut next year.

NORWAY

The Norges Bank has been the most cautious in the G10 pack, having cut rates by just 50 bps this cycle.

It held borrowing costs steady on Thursday, although futures markets anticipate 44 bps of further easing next year after inflation cooled off.

AUSTRALIA

The Reserve Bank of Australia looks close to its turning point, having held rates steady at 3.6 percent earlier this month and issued a stark warning about inflation.

Markets are fully pricing a hike by June.

JAPAN

The Bank of Japan raised rates to 0.75 percent on Friday and upgraded its growth and inflation forecasts, although the yen fell sharply while Japanese government bond yields also spiked higher, sending mixed market signals about the likelihood of more hikes.

Investors have been anticipating a BOJ shift away from economic support measures since new Prime Minister Sanae Takaichi pledged massive stimulus spending and as inflation remained strong enough to pile pressure on the central bank.

Bangladesh and Japan are set to announce a joint declaration on the Economic Partnership Agreement (EPA) today, aiming to boost bilateral trade and investment, Commerce Secretary Mahbubur Rahman told The Daily Star yesterday.

The announcement will be made at an event at the commerce ministry, where Commerce Adviser Sk Bashir Uddin and Japanese Foreign Minister Toshimitsu Motegi will hold a phone conversation to launch the declaration.

A joint statement detailing the EPA will follow, Rahman added.

Although the EPA was expected to be enforced this month, the agreement may now be signed in January, after the final document gets the approval of Japan's National Parliament, the Diet.

If implemented, this will be Bangladesh's first full-fledged trade agreement with any country. Currently, Bangladesh has only one Preferential Trade Agreement (PTA) with Bhutan, signed in December 2020 and effective from July 2022.

Bangladesh is negotiating trade deals with over a dozen countries to secure preferential market access ahead of its graduation from the least developed country (LDC) category to developing country status on November 24 next year.

Studies suggest the country could lose nearly $8 billion, or 14 percent of exports annually, from the loss of LDC-related trade benefits after graduation if it cannot secure trade deals with major partners.

The Dhaka Stock Exchange (DSE) extended its losing streak for a fifth consecutive session today (21 December), as weak institutional participation continued to overshadow late buying interest from bargain hunters.

The benchmark DSEX edged down by nearly five points to close at 4,826, marking a cumulative loss of 137 points over the past five trading days and underscoring the fragile state of investor confidence.

Although the market showed tentative signs of recovery in the final hour of trading, the broader index remained under pressure for most of the session.

According to EBL Securities' daily market review, selective buying emerged toward the close as investors anticipated clearer signals on upcoming electoral developments. However, the modest late-session demand was insufficient to offset the prevailing bearish momentum that has persisted since last week.

Market participants said political uncertainty continues to weigh heavily on sentiment, keeping large investors on the sidelines.

Chief executives of several leading brokerage houses and merchant banks noted that institutional investors remain largely inactive, preferring to wait for greater clarity on both the political and economic fronts before committing fresh funds. This absence of institutional support has left the market vulnerable to continued selling pressure.

Analysts observed that there is little fresh demand for shares, while selling – particularly from margin accounts – has remained persistent. As share prices fall, forced adjustments from leveraged positions have added to supply pressure, deepening the imbalance between buyers and sellers and accelerating the market's downward drift.

The blue-chip DS30 index also mirrored the cautious mood, slipping six points to settle at 1,853.

Market breadth was relatively balanced, with 161 issues advancing, 157 declining, and 70 remaining unchanged.

Despite this near-even distribution, overall activity remained subdued, as total turnover dropped by 3% from the previous session to Tk293 crore, reflecting investors' continued reluctance to take meaningful positions.

Sector-wise, food stocks dominated trading activity, accounting for the highest share of turnover, followed by textile and engineering issues.

Rahima Food emerged as the top turnover leader, alongside Dominage Steel, Simtex Industries, Fine Foods and City General Insurance, indicating that speculative and stock-specific interests are still driving trades in the absence of broad-based confidence.

Performance across sectors was mixed. Jute, services and tannery stocks managed modest gains, offering some relief to selective investors. In contrast, cement, travel and mutual fund sectors faced the sharpest corrections, highlighting the uneven nature of market movements under current conditions.

Among individual stocks, Rahim Textile topped the gainers' list, followed by Zeal Bangla Sugar and RSRM Steel, as investors selectively chased short-term opportunities.

On the losing side, Bay Leasing, CAPM BDBL Mutual Fund and BIFC suffered notable declines amid ongoing selling pressure.

The cautious tone was also evident at the Chittagong Stock Exchange, where both major indices ended in the red. The CSCX fell by 38 points to close at 8,364, while the CASPI dropped 63 points to 13,561. Turnover at the port city bourse stood at Tk12 crore, reflecting similarly muted participation.

Experts at a roundtable discussion underscored food fortification as one of the most cost-effective and sustainable solutions to address widespread micronutrient malnutrition in Bangladesh, where more than half of young children and nearly three-quarters of non-pregnant women suffer from multiple micronutrient deficiencies.

The roundtable discussion, titled "Prospects and Opportunities of Large-Scale Food Fortification in Bangladesh," was hosted by The Business Standard and organised by Millers for Nutrition, powered by TechnoServe, and held today (21 December).

The event brought together policymakers, development practitioners, food industry representatives and nutrition experts.

The discussion featured a detailed presentation by Md Guljer Ahmmed, country programme manager of TechnoServe, titled "Prospects of Food Fortification to Address Micronutrient Malnutrition in Bangladesh."

Citing the National Micronutrient Survey 2019–2020, the presentation revealed that 56.8% of children aged 6–59 months and 72.9% of non-pregnant, non-lactating women in Bangladesh experience deficiencies in more than one essential micronutrient.

Such deficiencies contribute to stunting, wasting, anaemia, night blindness, weakened immunity and reduced productivity.

Speakers identified major risk factors behind micronutrient malnutrition, including monotonous diets, low intake of animal-source foods, poor dietary diversity, poverty, recurrent infections, inadequate breastfeeding practices, and seasonal food insecurity.

These challenges, they argued, require comprehensive and complementary policy responses.

The presentation reviewed Bangladesh's progress in fortifying staple foods, particularly salt, rice, wheat flour, and edible oil.

Bangladesh has a long-standing salt iodisation programme, strengthened by the Iodised Salt Act 2021 and updated BSTI standards, ensuring iodine levels of 30–50 ppm at production and 20–50 ppm at retail.

Significant gains were also reported in rice fortification. As of December 2024, fortified rice distribution covered 440 sub-districts, reaching approximately 12 million people.

More than 200 fortified rice blending units and 14 fortified rice kernel (FRK) industries have been established nationwide.

Several private companies, including ACI and Jahan Food & Agro, have already introduced fortified rice into the commercial market.

While wheat flour fortification remains voluntary in Bangladesh, recent commercial initiatives by ACI and IFAD signal growing private sector engagement.

However, speakers cautioned that voluntary fortification alone is unlikely to achieve sufficient population coverage without stronger regulatory commitment.

In the edible oil sector, around 95% of packaged oil is adequately fortified with vitamin A, though challenges persist in bulk oil fortification, quality control and enforcement.

Mir Shakrul Alam Simanto, managing director of Ruposhi Rice and Pushti Mills Limited, said, "Despite ongoing initiatives, public awareness about fortified food remains very low, stressing the need for large-scale awareness campaigns through mass media and social platforms."

Moin Uddin Masud, general secretary of the Bangladesh Flour Mills Owners Association, emphasised that strong and active government involvement is essential to raise public awareness and successfully implement large-scale welfare programmes.

Sayed Julfiqur Mahmud, president of the Bangladesh Fortified Rice Mill Association, said, "The sustainable expansion of fortified rice in Bangladesh is not possible without clear policy approval and strong ownership from the government."

He pointed out that inconsistent positions among different government offices have created uncertainty, slowing the growth of the sector.

"At present, Bangladesh has nearly 170 fortified rice processing mills and around 1,000 government rice mills, yet the initiative has failed to scale up at the desired pace due to limited institutional support," he added.

Prof Md Shoeb, member (Food Industry and Production) of the Bangladesh Food Safety Authority, said, "Food fortification is critical to addressing widespread malnutrition and micronutrient deficiencies among the Bangladeshi population."

He noted that many people remain unaware of fortified foods, including vitamin A-fortified edible oil, and rarely read product labels, even though micronutrient deficiencies contribute to stunting and wasting among children.

Citing research by IPH and icddr,b, Shoeb said that around 67% of the population suffers from vitamin D deficiency, which can cause various health complications.

Several other speakers at the roundtable also shared important insights on the prospects and challenges of scaling up food fortification in Bangladesh, highlighting strong private sector readiness alongside regulatory and coordination gaps.

Tesla CEO Elon Musk's net worth surged to $749 billion late Friday after the Delaware Supreme Court reinstated Tesla stock options worth $139 billion that were voided last year, according to Forbes' billionaires index.

Musk's 2018 pay package, once worth $56 billion, was restored by the Delaware Supreme Court on Friday, two years after a lower court struck down the compensation deal as "unfathomable."

The Supreme Court said that a 2024 ruling that rescinded the pay package had been improper and inequitable to Musk.

Earlier this week, Musk became the first person ever to surpass $600 billion in net worth on the heels of reports that his aerospace startup SpaceX was likely to go public.

In November, Tesla shareholders separately approved a $1 trillion pay plan for Musk, the largest corporate pay package in history, as investors endorsed his vision of morphing the EV maker into an AI and robotics juggernaut.

Musk's fortune now exceeds that of Google co-founder Larry Page, the world's second-richest person, by nearly $500 billion, according to Forbes' billionaires list.

Gold prices in Bangladesh climbed to an all-time high on Sunday (21 December), with the price of 22-carat gold rising to Tk218,117 per bhori following a fresh hike announced by the Bangladesh Jewellers Association (Bajus).

Bajus raised the price of 22-carat gold by Tk1,050 per bhori, setting the new rate at Tk218,117, which will come into effect from Monday morning (22 December).

This marks the highest gold price ever recorded in the country.

According to Bajus, the latest adjustment was made considering the overall market situation, particularly the rise in the price of tejabi (pure) gold in the local market.

Under the revised rates, the price of 21-carat gold has been fixed at Tk208,202 per bhori, 18-carat gold at Tk178,459 per bhori, while traditional method gold has been priced at Tk148,599 per bhori.

In addition to the selling price, buyers will have to pay a mandatory 5% government VAT and a minimum 6% making charge set by Bajus.

However, the making charge may vary depending on the design and quality of the jewellery, the association said.

Bajus last adjusted gold prices on December 15, when it raised the price of 22-carat gold by Tk1,470 per bhori to Tk217,067.

So far this year, gold prices in the local market have been adjusted 87 times – raised on 60 occasions and reduced 27 times.

India's Adani Enterprises plans to aggressively bid for 11 airports that the federal government plans to lease to the private sector, as part of the company's $11 billion expansion strategy for airport infrastructure over the next five years.

Billionaire Gautam Adani-led conglomerate has embarked on an expansion spree in recent years, with its airport subsidiary becoming the largest operator in India by number of airports. India's other major aviation player, the GMR Group, is the largest operator by number of passengers handled.

The Indian government is leasing out government-owned airports for long periods to private players while incentivising building new ones. It plans to have 350 to 400 airports by 2047 from 163 currently. Earlier this year, New Delhi outlined plans to lease out 11 airports, including at Amritsar and Varanasi.

"We will be bidding for all (11) of them," Jeet Adani, director at Adani Airports Holdings Limited (AAHL), said in an interview in Mumbai this week.

Adani Airports manages seven airports across India and is set to operationalise the first airport it has built from scratch - a new airport near Mumbai - this month.

Ipo plans

Jeet Adani said there is no fixed timeline for a public listing of AAHL but an initial public offering or a de-merger would depend on achieving some milestones including the business becoming cash positive.

Currently, AAHL is "largely" EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) positive, but due to the capital expenditure cycle, more cash needs to be deployed, he said.

When asked about a possible valuation for the business, Jeet Adani said that has not been set but the company will look at "comparable multiples" when deciding that.

Adani and GMR are rushing to tap into booming air travel in India. About 174 million passengers travelled from and within the south Asian country by air in 2024, 10% more than a year ago, data from the International Air Transport Association showed. Indian airlines have placed orders for over 1,300 aircraft since 2023.

Jeet Adani said the company has no plans to enter the airline business, citing thin margins.

"You need to have a certain mindset to run an airline. I don't think we have that mindset. Our comfort and our core competency is in creating hard assets on the ground, long gestation assets, running them quite efficiently," he said.

A pared-down draft revised budget for the current fiscal year and an outline of the next one are being placed before Chief Adviser Muhammad Yunus today to seek his advice and directions, officials say.

An upscale Tk 8.5-trillion budget for next fiscal year is likely to be framed by the interim government and left to the upcoming elected one for execution, sources say as the budgeting process gets going.

Finance Adviser Dr Salehuddin Ahmed, central bank governor Dr Ahsan H Mansur, finance secretary Dr Khairuzzaman Mozumder and officials from the budget wing of the ministry will attend the consultative programme on budgeting at his crucial time in the aftermath of regime change through uprising.

Officials say the finance division will need up to January-end to finalise the revised budget for the fiscal year 2025-26.

An initial estimation of the revised operating budget now stands at Tk 5.20 trillion in a climb-down from Tk 5.35 trillion earmarked in the actual budget.

However, officials say, the revision of spending for the current Annual Development Programme (ADP) has yet to be completed -- this is here where major reckonings and pruning are to take place in the wake of belt-tightening by the interim government.

A senior finance official told The Financial Express that there was little chance to drastically cut the current budget of Tk 7.90 trillion since the outlay itself is smaller than the previous one of Tk 7.97 trillion.Debt reduction strategies

He estimates that once finalised, the revised budget for the current fiscal year may stand between Tk 7.8 trillion and Tk 7.85 trillion.

Finance Division officials also say usually they place revised budget and new budget outlines to the Prime Minister or Chief Adviser in mid-May, making it almost final, and seeking his/her last-minute advice.

However, since the interim-government would not be in office next May, and scheduled to leave by mid-February following a fresh general election, the finance officials decide to apprise the head of stand-in government of present state of budget docs much earlier than the usual practice.

Speaking about unforeseen financial obligations, a senior Finance Division official says the government has already paid Tk 200 billion to newly formed five-in-one Sammilito Islamic Bank and an additional some Tk 40 billion will be needed to pay enhanced house-rent allowances for the MPO-listed teachers.

"The two new allocations will put pressure on the size of the budget but won't exceed the actual size," he says.

Sources have said while presenting an outline of the upcoming budget, the officials may seek Chief Adviser's nod to go forward with a plan to prepare a Tk 8.5-trillion outlay for the new fiscal year.

The GDP (gross domestic product)-growth target for the next fiscal year is estimated at 6.0 per cent and they set a target to keep inflation at around 6.0 per cent.

"These estimations are at a very preliminary stage and will be finalised once the new government takes office," says another finance official, on the cusp transition through the set February-12th polls.

Bangladesh Bank (BB) has reduced the loan provisioning requirement for short-term agricultural and cottage, micro, and small enterprise (CMSME) loans in a move aimed at encouraging banks to expand credit to priority sectors.

The central bank issued a circular in this regard yesterday, saying that scheduled banks will be allowed to maintain a lower provision of 0.50 percent against all unclassified short-term agricultural loans and CMSME loans until December 31, 2026.

Previously, banks were required to keep provisions of 1 percent for standard loans and 5 percent for Special Mention Accounts (SMA), as per Bangladesh Bank's loan classification and provisioning policy issued in November 2024.

The central bank said the relaxation was introduced to support banks' participation in disbursing short-term agricultural credit and financing cottage, micro, and small enterprises, which are considered vital for employment generation and inclusive growth.

The directive repeals instructions issued under a separate circular in October 2025, while all other provisions of the November 2024 policy will remain unchanged.

Gold prices are set to hit an all-time high of Tk 218,116 per bhori from tomorrow in the local market, breaking the previous high of Tk 217,381 per bhori, the Bangladesh Jewellers Association (Bajus) said today.

The new rate was declared a week after Bajus set the price of the precious metal at Tk 217,067 per bhori, or 11.664 grammes.

The previous high of Tk 217,381 per bhori was announced on October 19, and prices later declined to hover around Tk 200,000 per bhori as global market rates eased slightly.

The yellow metal, known as a safe haven for investment in times of uncertainty, has begun to inch up in recent days.

Last week, Goldman Sachs forecast that gold prices might climb 14 percent to $4,900 per ounce (around Tk 600,000) by December 2026, as it expects structurally high central bank demand and cyclical support from US Federal Reserve interest rate cuts to lift the price of gold, Reuters reported on December 18.

One ounce weighs 28.3495 grammes.

The Ministry of Railways has prepared a Detailed Project Proposal (DPP) worth Tk2,119 crore and sent it to the Planning Commission in the first phase to rehabilitate and maintain 449 kilometres of railway routes and 514 kilometres of tracks.

Although 948 kilometres of new railway lines have been built over the past 15 years, the government has failed to allocate adequate funds to maintain half-century-old rail tracks in Bangladesh Railway's western region. As a result, up to 15% of the rails in the region have deteriorated, with frequent incidents of cracks and rail breakages, while nearly one-third of the sleepers have broken.

According to railway officials, around 25% to 30% of sleepers in western railway sections are broken or unusable, and the proportion is increasing. Almost all sections suffer from a severe shortage of ballast, making it impossible to maintain track balance, gauge and alignment – thereby heightening the risk of accidents.

The proposed project is aimed at addressing these issues.

Although there was an initial move to undertake projects to rehabilitate and maintain 1,931 kilometres of routes and 2,505 kilometres of tracks in the western region, the huge funding requirement led the Ministry of Railways to proceed in phases.

For now, a project proposal covering 449 kilometres of routes and 514 kilometres of tracks has been submitted to the Planning Commission, according to Ahmad Hossain Masum, Chief Engineer of Western Railway.

Under the proposed Tk2,119 crore project, rehabilitation and maintenance will be carried out on the Joydebpur–Ibrahimabad, Saydabad–Ishwardi Bypass, Bheramara–Ishwardi Bypass, Ishwardi–Saidpur, and Abdulpur–Rajshahi Court sections. The feasibility study has identified the project as "highly essential" and recommended track rehabilitation.

The project proposal notes that most sections were built with rails dating from 1930 to 1969, with wear rates rising to 12–15% and increasing further over time. This has led to frequent cracks, welding joint failures and rail breakages, posing a serious threat to safe train operations.

Railway officials said the Saidpur–Joydebpur section was rehabilitated with old rails in 2000–01, but excessive train movements beyond sectional capacity have significantly reduced the lifespan of rails, sleepers and fittings.

The chief engineer added that a DPP titled "Maintenance and Rehabilitation of Railway Tracks in Bangladesh Railway Western Region (Phase 1)" has been sent to the Planning Commission. The commission has already approved it for placement before the ECNEC, and once the Ministry of Finance clears staffing issues, it will be submitted for final approval.

Due to excessive passenger pressure in the western region, running more trains than capacity on weak tracks has made it difficult to maintain balance, gauge and alignment. As a result, trains are operating at restricted speeds in many places, reducing the quality of passenger and freight transport.

From 2009 to 2024, the Awami League government constructed eight new railway routes at a cost of Tk71,525 crore. Yet, while the western railway required an annual allocation of Tk150–300 crore for route and track rehabilitation, it consistently received Tk100 crore less than needed.

Chief Engineer Ahmad Hossain Masum told TBS on Wednesday that insufficient allocations in recent years for maintenance and rehabilitation have made the railway lines risky. Only Tk65 crore has been allocated for this sector in the current fiscal year.

Because of limited maintenance budgets, inadequate upkeep in recent years has led to increased wear of rails, unusable sleepers, ballast shortages, poor tamping and track imbalance. Railway officials warned that if the current situation persists, train operations through these sections will become increasingly difficult in the future.

Despite this, governments have no shortage of plans involving these northern and southern rail routes. Through the western railway network, there are plans for both passenger and freight transport with Indian Railways, as well as broader regional connectivity under initiatives such as the Trans-Asian Railway (TAR), SAARC network, Bangladesh-China-India-Myanmar (BCIM) Forum for Regional Cooperation, Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), and Bangladesh-Bhutan-India-Nepal (BBIN).

Most railway lines in the western region are nearly a century old. Bangladesh Railway began its journey in 1862 with the construction of a 53.11-kilometre broad-gauge line from Darshana to Jagati. A metre-gauge line from Pakshi to Chilahati was built in 1874 and converted to broad gauge in 1924. The Pakshi–Sirajganj line was constructed in 1915.

The Santahar–Phulchhari Ghat section was built in 1899, and the Kaunia–Bonarpara section opened in 1905. In 2003, the Parbatipur–Jamtail broad-gauge line was converted to dual gauge, and a new dual-gauge line was laid from the eastern end of the Jamuna Bridge to Joydebpur.

Bangladesh Bank (BB) has taken initiatives to develop Cox's Bazar as the country's first cashless district, said BB Governor Ahsan H Mansur on Saturday.

To make Bangladesh cashless, every citizen must have access to smartphones priced between Tk 6,000 and Tk 7,000, he said at an event in Chattogram.

The central bank has set a goal of settling at least 75 percent of retail transactions through digital technologies by 2027.

Chattogram is the country's economic lifeline, hosting the main seaport, export processing zones, heavy industries, energy infrastructure, and a large share of international trade, the governor said.

"Bangladesh must strengthen Chattogram's regional and global connectivity, similar to Singapore, Dubai, and Hong Kong, to fully unlock the region's economic and geopolitical potential," he added.

He also said the 24/7 Real Time Gross Settlement System, an instantaneous electronic funds transfer mechanism, would soon be introduced at all seaports and airports to ease import-export operations.

Mansur stressed the need to ensure adequate and affordable credit to productive sectors, particularly by expanding small and medium enterprise and agricultural lending at the district and grassroots levels.

He was speaking at a view-exchange meeting on the economic potential of the Chattogram region and the role of the central bank.

The meeting, chaired by BB Executive Director Md Mokbul Hossain, was attended by representatives from business chambers, banks, government agencies, and academic institutions.

The government may announce a revised budget for the current 2025-26 fiscal year on February 1, ahead of the general election scheduled for February 12.

Usually, the new budget for the next fiscal year and the revised budget for the outgoing fiscal year are announced in June.

However, since the schedule for the upcoming elections has been set for February, the finance ministry is considering finalising the revised budget earlier.

A decision on this matter may be taken on December 22 at a meeting expected to be attended by Chief Adviser Prof Muhammad Yunus.

Finance Adviser Salehuddin Ahmed told The Daily Star last week that work on the revised budget was ongoing, and there is also a plan to implement the revised outlay from February.

Officials at the ministry said the budget for the current fiscal year may be reduced by Tk 2,000 crore to Tk 7,88,000 crore.

However, the size of the annual development programme is likely to be cut by Tk 30,000 crore to Tk 200,000 crore, while the revenue budget may be increased by Tk 28,000 crore.

The government may cut Bangladesh's economic growth target to 5 percent for the current fiscal year due to a slowdown in export growth.

The International Monetary Fund, the World Bank, and the Asian Development Bank have projected Bangladesh's economic growth for the current fiscal year at between 4 and 5 percent.

Measures including liquidity support, liquidation and mergers of finance companies will be carried out under the Bank Resolution Ordinance 2025, Bangladesh Bank has said.

In a circular issued today (21 December), the central bank's Bank Resolution Department stated that Section 95 of the Bank Resolution Ordinance allows authorities to take any resolution measures for financial institutions.

A senior Bangladesh Bank official said that if plans are made to provide liquidity support, liquidate or merge finance companies, such actions will be implemented in accordance with the ordinance.

The circular said that, under the authority granted by Section 95 of the Bank Resolution Ordinance 2025, and in the interest of maintaining financial stability and protecting public interest, provisions of the ordinance applicable to scheduled banks will also apply to all finance companies licensed under the Finance Company Act 2023.