India signed an economic partnership agreement with Oman on Thursday to boost bilateral trade and investment as it seeks to expand Middle East ties and diversify trade to beat steep US tariffs.

Oman has offered zero-duty access on over 98% of its tariff lines, covering nearly all Indian exports, including gems and jewellery, textiles, pharmaceuticals and automobiles, the Indian trade ministry said in a statement.

India, in turn, will cut tariffs on about 78% of its tariff lines, covering nearly 95% of imports from Oman by value.

India and Oman have annual trade of more than $10 billion.

The relationship is important for New Delhi as the Gulf nation is a gateway to the narrow Strait of Hormuz between Oman and Iran, a major transit point for global oil shipments.

"This (pact) will set a new pace of our trade, add new trust to our investments and open doors to new opportunities in many sectors," Indian Prime Minister Narendra Modi said in an address in Oman today.

The pact, India's second after one with the United Kingdom this year, will help Indian goods enter new markets as exporters intensify diversification efforts to defy US President Donald Trump's punishing tariffs.

Oman's first bilateral agreement since 2006

This is Oman's first bilateral agreement since its 2006 deal with the United States.

After talks fell apart, Trump doubled duties on Indian goods to 50% in late August, the highest in the world. The hike included a 25% levy that was in retaliation for India's purchases of Russian oil.

Despite negotiations, New Delhi has been unable to close a deal with the U.S. or the European Union this year, as initially intended.

The deal is "as much about geopolitics and regional presence as it is about tariffs," said Ajay Srivastava, founder of the Global Trade Research Initiative.

The pact will boost gem and jewellery exports which could rise from $35 million to about $150 million over the next three years, said Kirit Bhansali, chairman of Gems & Jewellery Export Promotion Council.

Sensitive items including dairy, tea, coffee, rubber and tobacco have been kept out of the pact. The pact also offers an opportunity in Oman's $12.5 billion services import market, in which India currently holds just a 5.3% share, the statement said.

Foreign investors pulled more money out of the stock market in the first four months of fiscal year (FY) 2025-26, as political uncertainty made them cautious about putting fresh funds into shares.

Net foreign investment in listed stocks stood at minus $66 million during the July-October period, according to Bangladesh Bank (BB) data, meaning overseas investors sold more shares than they bought.

In the same four-month period a year earlier, net outflows were much smaller at minus $9 million.

Market insiders say concerns over the financial sector have added to uncertainty around the country's political landscape.

Saiful Islam, president of the DSE Brokers Association of Bangladesh (DBA), said foreign investors are worried that stress in parts of the banking sector could spread more widely.

He said only four to five banks are relatively stable, while the rest are under pressure. This has weakened confidence in financial stocks.

The central bank is merging five listed banks after their conditions were found beyond repair. The BB is also working on liquidating nine non-bank financial institutions, eight of which are listed. These developments have added to investor nervousness.

At the same time, Islam said high inflation has hurt consumer spending, limiting the earnings potential of consumer goods companies and reducing their appeal to foreign funds.

According to him, foreign investors have also found limited reasons to stay in the market due to a lack of new and attractive companies.

"Some listed firms are performing reasonably well, but many have weak dividend records," said Islam, also a director of the BRAC EPL Stock Brokerage.

Most of all, no large, well-run companies have entered the market in recent times, which could draw fresh foreign interest, he added.

In the last one year, no initial public offering (IPO) has been approved, although the chief adviser of the interim government in May asked the authorities for listing state-owned enterprises.

Islam, whose brokerage house deals with foreign investments, also pointed to poor communication and weak governance at many listed firms.

Foreign investors often do not get timely updates or meaningful access to company management, which discourages long-term

investment.

Meanwhile, some other market operators say foreign investors are cautious partly because of earlier policy moves that disrupted trading.

Mohammed Rahmat Pasha, chief executive and managing director of UCB Stock Brokerage, said the political atmosphere around the next national elections is a key concern.

"Until a democratically elected government takes charge, most long-term foreign investors prefer to stay away," he said, citing fears of unrest and sudden economic disruptions.

According to Pasha, investors are also still wary after the imposition of floor prices in 2020 and again in 2022, which kept prices artificially high. The policy made much of the market illiquid, as many shares became hard to trade.

As a result, foreign investors faced losses and compliance issues with their own regulators, who discourage investment in illiquid markets, said the UCB Stock Brokerage MD.

He said that although floor prices were lifted after the new commission took office in August last year, confidence has yet to fully return.

The BB data show foreign investors pulled out $150 million from the stock market in FY 2024-25. The outflows in FY 2023-24 amounted to $343 million.

Brokers say many foreign funds now see value in several stocks at current prices, but cheap valuations alone are not enough.

According to them, a steady return of foreign investment will depend on political stability, predictable market rules, better company governance and a pipeline of quality new listings.

Brokers said market participants said if a credible election is held and policy direction becomes clearer, foreign investors are expected to come back gradually rather than in one rush.

The Bangladesh Securities and Exchange Commission (BSEC) has approved Eastern Bank PLC's proposal to issue a Tk800 crore subordinated bond, paving the way for the private commercial bank to further strengthen its capital base under the Basel III framework.

The approval was granted at a commission meeting held on Wednesday, according to a press release issued by the securities regulator.

With the green light from the BSEC, Eastern Bank will now be able to raise long-term funds through the capital market to reinforce its Tier-2 capital and support future business growth.

According to the press release, the bond will be unsecured, non-convertible, fully redeemable and coupon-bearing, with a floating interest rate structure. The coupon rate will be set at a reference rate plus a margin of 3%. Each bond will have a face value of Tk10 lakh.

Eastern Bank plans to issue the bond through private placement, targeting corporate entities, high net worth individuals, banks, non-bank financial institutions and insurance companies.

The bond will also be listed on the Alternative Trading Board (ATB) of the stock exchanges, allowing for secondary market trading.

DBH Finance has been appointed as the trustee of the bond, while EBL Investment Limited will act as the arranger for the issuance.

The bond issuance comes at a time when Eastern Bank has been reporting solid financial performance. On a solo basis, the bank reported a profit of Tk627 crore in the first nine months of 2025, representing a 20% growth compared to the same period of the previous year.

According to the bank's disclosures, a strong emphasis on asset quality has enabled Eastern Bank to maintain a non-performing loan (NPL) ratio of 3.07% as of September 2025, significantly lower than the industry average.

The bank has also maintained excess provisions of Tk144 crore over the required loan loss provisions to enhance its shock-absorbing capacity under stressed scenarios.

Eastern Bank's operational efficiency also remained strong, with a cost-to-income ratio of 41.17%, reflecting prudent cost management practices.

For the year 2024, the bank declared a 17.50% cash dividend along with a 17.50% stock dividend. In that year, it reported a consolidated net profit of Tk660 crore and earnings per share of Tk4.86.

Shares of Eastern Bank closed at Tk23.30 on the Dhaka Stock Exchange today.

The Bangladesh Securities and Exchange Commission (BSEC) has initiated a wide-ranging investigation into mutual funds and special purpose vehicles managed by Bangladesh RACE Asset Management PCL, citing long-standing allegations of irregularities, weak governance and risks to investors' interests.

To conduct the probe, the market regulator has formed six investigative committees tasked with scrutinising the operations, transactions and governance of the funds managed by RACE, which collectively oversee assets worth around Tk3,500 crore.

According to BSEC officials, the Market Intelligence and Investigation Division issued a formal order on 27 November, although the committees began their work only last week. The investigation teams have been instructed to complete their inquiries and submit separate reports to the Commission within 60 working days.

BSEC Spokesperson Abul Kalam told TBS that the original three-member committee, formed on 10 November, was dissolved and replaced with six larger committees. These committees will submit their reports to the Commission within 60 days, after which BSEC will take the necessary follow-up actions.

In a letter to the company, the BSEC noted that two shareholder-directors, Chowdhury Nafeez Sarafat and Hasan Taher Imam, are under investigation by the Anti-Corruption Commission (ACC) for alleged corruption, embezzlement, and financial irregularities. Travel bans have also been imposed on them. This situation has raised serious concerns about corporate governance and the safety of the funds under the company's management.

According to the BSEC, under such circumstances, the funds managed by RACE are in a vulnerable and uncertain position. To protect the interests of the capital market, investors, and unit holders, a comprehensive investigation into the company's mutual funds has become necessary. As part of this, all funds, including the EXIM Bank First Mutual Fund and First Bangladesh Fixed Income Fund, are under investigation.

AKM Mamunur Rashid, executive vice president of the company, told this newspaper, "We are aware of this matter. We are trying to cooperate with the investigation committee.

As per BSEC's Terms of Reference (ToR), the investigative committees will review all bank accounts – active, dormant, and closed – of the mutual funds to identify any unauthorised or illegal transactions. Additionally, all block market trades executed on the Dhaka and Chittagong stock exchanges from 1 January 2017 to the present will be examined.

The committees will also review all Beneficiary Owners (BO) account transactions and portfolio statements. Investments, excluding Best Holdings Limited, will be checked for compliance with relevant laws and regulations. Corresponding cash flows, income, and current performance of the investments will be verified, and it will be assessed whether the Net Asset Value (NAV) has been overstated due to impaired or non-performing assets.

The investigation will also verify interest and dividend income from investments, dividend distribution to unit holders, and profits from term deposits held with banks and financial institutions. Furthermore, the committees will examine whether the asset manager, trustee, custodian, independent auditor, and other relevant parties have properly discharged their duties.

The six newly formed committees include BSEC officials at the level of additional director, joint director, deputy director, and assistant director. Each committee will separately investigate the various mutual funds under RACE. Additional Director Mohammad Rokibur Rahman will coordinate among the committees, while the Market Intelligence and Investigation Division will provide necessary support.

Market observers noted that in the past, despite allegations of irregularities and legal violations against various mutual funds, strict actions were rarely taken. However, following recent political and administrative changes, the Commission is now attempting to restore order in the mutual fund sector. Investors hope that through this investigation, the true extent of alleged irregularities at RACE will be revealed and, if wrongdoing is confirmed, legal action will be taken against the responsible parties.

The International Monetary Fund said Friday that its board has approved $206 million in emergency financing for Sri Lanka, to help in the country's recovery from the devastating Cyclone Ditwah.

The natural disaster killed more than 640 people, and affected more than 10 percent of Sri Lanka's population. Floods and landslides caused by the cyclone left extensive damage throughout the South Asian island nation.

"The disaster has created urgent humanitarian and reconstruction needs, generating significant fiscal pressures and balance-of-payments needs," IMF deputy managing director Kenji Okamura said in a statement.

The IMF's emergency aid -- which comes under the Washington-based lender's rapid financing instrument -- is meant to help address these pressures, he added.

The announcement comes a day after Sri Lanka's government unveiled plans for $1.6 billion in additional spending next year to fund cyclone recovery.

While it is still early for a firm assessment, the fund's mission chief for Sri Lanka, Evan Papageorgiou, flagged a likely hit to economic activity in the short-term.

"Agriculture and tourism are key sectors in Sri Lanka's growth and are being hit the hardest," he told reporters in a briefing.

"Inflation is likely to rise due to supply disruptions, and the current account deficit will likely widen over the next year," he added.

The government had also secured a World Bank agreement to repurpose $120 million from an ongoing project for disaster recovery spending.

Separately, it got a $200 million loan from the Asian Development Bank to finance water management, the first such funding since the cyclone.

The IMF said Friday that Sri Lankan authorities are still committed to their economic reform program aided by support of around $3 billion.

A further tranche of this rescue package known as the Extended Fund Facility was coming up when the cyclone hit.

The IMF said it has deferred the fifth review of the package, with a team set to visit Sri Lanka in early 2026 to resume discussions.

It noted this deferment took place due to the time needed to assess the cyclone's economic impact and examine how an IMF-supported program can best support Sri Lanka's recovery and reconstruction efforts -- while preserving policy priorities.

The Bangladesh Securities and Exchange Commission (BSEC) has given additional time to seven more market intermediaries to ensure compliance with provisioning requirements for unrealised losses and adjustments to negative equity.

The extension will take effect after December 31, when the current deadline for compliance expires.

Under the new arrangement, some institutions have been given one more year, while others have been allowed two additional years. In certain cases, extensions have been granted all the way through 2032.

The regulatory decision came at a meeting of the BSEC on Wednesday, chaired by its Chairman Khondoker Rashed Maqsood.

According to the BSEC, the extensions were granted based on the action plans submitted by the affected intermediaries -- stockbrokers, dealers, and merchant banks -- which were subsequently endorsed by their respective boards.

The firms are Shyamol Equity Management, Synthia Securities, Mika Securities, Eminent Securities, Meghna Life Securities & Investment, BDBL Securities and SIM Capital.

BSEC spokesperson Md Abul Kalam said the market intermediaries with comparatively lower levels of negative equity would have a shorter period to regularise their positions, while those with greater levels of negative equity would have longer extensions.

So far, the BSEC has extended deadlines for 56 market intermediaries to adjust negative equity under board-approved roadmaps

"Some other market intermediaries with negative equity will need to submit their action plans by the end of this year," Mr Kalam said.

In April, the BSEC instructed stockbrokers, dealers, and merchant banks to submit implementable roadmaps by September, outlining strategies for addressing long-standing negative equity issues that have impeded market growth for over a decade.

As of October, outstanding negative equity against margin loans stood at Tk 150 billion.

Under the regulator's latest approval, the institutions must complete full provisioning and negative equity adjustment within the extended deadlines.

The BSEC said intermediaries receiving additional time must submit quarterly progress reports until the issue is fully resolved.

The firms are also required to disclose their negative equity and unrealised losses in their financial statements based on IFRS accounting standards.

The regulatory order also imposed several restrictions, including a bar on share purchases in beneficiary owner (BO) accounts with negative equity. Only share sales will be allowed in margin accounts for adjustment during the extended period.

No interest will be charged on margin loans, nor will management fees be collected from BO accounts with negative equity. Intermediaries are also prohibited from declaring or distributing dividends during this period.

Moreover, no new negative equity may be created. If unavoidable circumstances lead to negative equity, full provisioning must be completed within the relevant financial year. Any information requested by the securities regulator must be provided within seven days.

The regulator, however, relaxed a provision relating to net-worth shortfalls arising from provisioning for unrealised losses or adjusting negative equity.

"The market intermediaries that fail to keep provisions for unrealised losses and negative equity adjustment within this given timeframe will face regulatory action," said Mr Kalam.

The central bank has a plan to raise foreign exchange reserves to $35 billion within this year, Bangladesh Bank Governor Ahsan H Mansur said today.

Bangladesh's foreign exchange reserves stood at $32.48 billion as of December 17 this year, but under the International Monetary Fund's BPM6 method, the figure was $27.81 billion, according to the latest Bangladesh Bank data.

The governor said steps taken by the central bank have helped stabilise the overall financial sector, adding that governance weaknesses remain a major concern in the banking sector.

The banking regulator has been able to keep the banking sector stable and maintain public confidence despite persistent structural challenges, he said at a seminar titled "Banking Sector Reform: Challenges and Way Forward," organised by the Economic Reporters Forum in Dhaka.

"Several banks are facing huge capital shortfalls and high levels of non-performing loans (NPLs)," he said, adding that Bangladesh currently has the highest NPL ratio in the world.

However, Mansur said he hopes the situation will begin to improve soon.

"Within December, NPLs are likely to come down," he said, adding that restoring sound governance in banks is a priority, though it will take time to deliver sustainable results.

The BB governor also addressed recent consolidation moves in the sector, saying depositors of the five merged banks would get their money back soon.

He expressed hope that the merged banks would be able to make profits within their first year of operation.

On the non-bank financial institution (NBFI) sector, Mansur said nine NBFIs would be liquidated under the regulator's resolution plan.

"Shareholders of those institutions will not receive anything, but depositors will get their funds back," he said.

Fahmida Khatun, executive director of the Centre for Policy Dialogue, and Syed Mahbubur Rahman, managing director and CEO of Mutual Trust Bank, also spoke at the event.

The World Bank said on Friday that it has approved $700 million in financing for Pakistan under a multi-year initiative aimed at supporting the country's macroeconomic stability and service delivery.

The funds will be released under the bank's Public Resources for Inclusive Development - Multiphase Programmatic Approach (PRID-MPA), which could provide up to $1.35 billion in total financing, the lender said.

Of this amount, $600 million will go for federal programs and $100 million will support a provincial program in the southern Sindh province.

The approval follows a $47.9 million World Bank grant in August to improve primary education in Pakistan's most populous Punjab province.

In November, an IMF-World Bank report, uploaded by Pakistan's finance ministry, said Pakistan's fragmented regulation, opaque budgeting and political capture are curbing investment and weakening revenue.

Regional tensions may surface over international financing for Pakistan. In May, Reuters reported that India would oppose World Bank funding for Pakistan, citing a senior government source in New Delhi.

Inflow of remittances witnessed a year-on-year growth of 14 percent reaching US$2007 million in the seventh days of December, according to the latest data of Bangladesh Bank (BB) issued.

Last year, during the same period, the country’s remittance inflow was $1,760 million.

During the July to Dec 17, 2025 of the current fiscal year, expatriates sent remittances of $15,045 million, which was $12,898 million during the same period of the previous fiscal year.

The country's capital market extended its losing streak last week, with share prices sliding sharply as persistent political uncertainty and the continued absence of institutional investors weighed heavily on sentiment, pushing key indices further into negative territory.

The benchmark index, DSEX, of the Dhaka Stock Exchange (DSE) dropped 132 points, or 2.67%, over the week to close at 4,831, reflecting broad-based selling pressure across most trading sessions.

The blue-chip DS30 index also suffered a steep fall, shedding 43 points or 2.28% to settle at 1,859, while the SME-focused DSEMX index declined by 24 points or 2.77% to end at 859.

Out of the traded issues, only 32 advanced, while 335 declined and 22 remained unchanged, underscoring the market's overwhelmingly bearish tone.

According to EBL Securities' weekly market review, the bourse endured persistent downward pressure throughout the week, failing to find any meaningful respite amid a lack of strong catalysts to revive investor confidence.

The brokerage noted that investor anxiety surrounding the unfolding political situation prompted a cautious stance, triggering widespread selling across sessions. As volatility lingered, many investors opted to reduce their exposure in an effort to limit further losses in portfolios already strained by prolonged market weakness.

Market capitalisation also took a hit, declining by around Tk10,500 crore during the week.

Although trading activity remained relatively resilient compared to recent lows, the daily average turnover slipped by 7% week-on-week to Tk387 crore, reflecting reduced participation from both retail and institutional investors.

Large-cap stocks played a significant role in dragging the indices lower. Islami Bank Bangladesh, BRAC Bank, Beximco Pharmaceuticals, Walton and Grameenphone were among the major index heavyweights that exerted downward pressure, as selling intensified in fundamentally strong but sentiment-sensitive stocks.

Market analysts said political uncertainty continued to overshadow trading decisions, keeping large investors on the sidelines. While some optimism emerged following the announcement of the national election schedule and expectations that polls may be held in February, this sentiment was not strong enough to translate into sustained buying interest.

Analysts also pointed to the announced return date of BNP Acting Chairman Tarique Rahman as a development that parts of the market viewed positively.

However, renewed concerns over law and order dampened whatever optimism had emerged. Recent incidents signalling deterioration in security conditions, including an assassination attempt on Inqilab Moncho Spokesperson Osman Hadi, reinforced risk aversion among investors, analysts said, further discouraging fresh inflows into equities.

Sector-wise, all major sectors posted negative returns during the week. The jute sector suffered the steepest decline, followed by paper and life insurance, as selling pressure intensified across cyclical and defensive segments alike.

Despite the overall bearish environment, investors were most active in the textile sector, which accounted for 16.7% of total turnover, followed by pharmaceuticals with 12.8% and engineering with 12.6%.

A handful of stocks managed to post notable gains amid the market slump, with Bangas, Reliance One Mutual Fund, CAPM IBBL Mutual Fund, BD Welding and Union Insurance emerging as top performers. On the flip side, sharp losses were recorded by several companies, including Shyampur Sugar, Zeal Bangla Sugar, AFC Agro, Khan Brothers PP Woven Bag and FAS Finance, reflecting heightened volatility in smaller and weaker stocks.

Passenger movement through the Benapole International Checkpost dropped by a sharp 66 percent year-on-year in the four months to October, causing significant revenue losses for the government.

Some 605,818 passport holders travelled through the checkpost between July and October of the previous fiscal year, which came down to just 202,969 in the same period this fiscal year.

In the first four months of fiscal year 2024-25, some 358,952 people travelled to India from Bangladesh, while 296,866 came from India.

These figures fell to 114,734 and 88,235 respectively in the same period this fiscal year.

This decline has affected both countries, port officials said.

Due to reduced passenger movement, the Indian government lost around Tk 4.2 crore in visa fees, while Bangladesh missed the opportunity to earn around Tk 3.2 crore in travel tax revenue, they said.

Officials said every year around 28 lakh people travel between Bangladesh and India via Benapole for tourism, medical treatment, business, and higher education.

However, following the change in the Bangladesh government on August 5 last year, India began tightening and limiting visas for Bangladeshis, citing security concerns.

Although the overall situation has since normalised, India has not relaxed its visa rules.

Shamim Hossain, director (traffic) of Benapole land port, said, "The number of passport-holding passengers has declined due to visa complications, causing a fall in government revenue."

On December 16, only 1,494 passengers travelled to India through Benapole, while 989 entered Bangladesh, said Benapole Checkpost Police Immigration Officer-in-Charge Sakhowat Hossain.

The Bangladesh Securities and Exchange Commission (BSEC) has approved a 10% stock dividend proposed by Quasem Industries Limited for the year ended 30 June 2025, allowing the company to move ahead with its plan to strengthen paid-up capital through bonus shares.

Quasem Industries disclosed the regulatory approval in a price-sensitive statement filed with the Dhaka Stock Exchange yesterday. Following the approval, the company's board of directors, in a meeting held on 17 December, fixed 7 January 2026 as the record date to determine shareholders' entitlement to the bonus shares.

The board had earlier recommended the 10% stock dividend in October, subject to BSEC consent, as part of its annual financial decisions for FY25.

With the regulator's clearance now in place, shareholders holding the company's shares on the record date will be eligible to receive one bonus share for every ten shares held.

For the year ended 30 June 2025, Quasem Industries reported earnings per share of Tk1.04, up from Tk0.42 in the previous year.

The company's net asset value per share also rose to Tk29.06 from Tk28.33, while net operating cash flow per share declined to Tk0.88 from Tk1.39 year-on-year, reflecting changes in working capital dynamics.

The company's performance showed further improvement in the July–September quarter of FY26, when earnings per share stood at Tk0.32, compared to Tk0.10 in the corresponding quarter of the previous year.

Net operating cash flow per share increased to Tk0.46 from Tk0.23, while net asset value per share edged up to Tk29.39 as of 30 September 2025.

Quasem Industries attributed the higher quarterly earnings to significant cost benefits received from Sunstone LLC, which boosted other income, alongside a reduction in selling and distribution expenses. These factors helped offset lower revenue during the period.

Meanwhile, the company recently rescheduled its 44th annual general meeting from 18 December to 24 December 2025 due to unavoidable circumstances.

Quasem Industries' shares closed 0.73% lower at Tk40.90 yesterday at the Dhaka Stock Exchange.

Stocks at the Dhaka bourse extended their losing streak for a third consecutive session today (17 December), as investor participation remained shaky ahead of the national election scheduled for February next year.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), has shed a total of 110 points over the last three trading days, including a 36-point drop today, bringing the index down to 4,853.

Amid heavy sell-offs, prices of 299 stocks, or 79% of the traded issues, declined, while 48 advanced and 43 remained unchanged. Market turnover fell 9% to Tk375.78 crore, reflecting subdued investor activity.

Market insiders and analysts attribute the slump to growing political uncertainty surrounding the upcoming election. While institutional investors are largely adopting a "wait-and-see" approach, some are reportedly reshuffling portfolios into specific sectors with better long-term prospects.

They added that small investors, who are already in the red following the previous downturn, remain largely inactive as their portfolios have been significantly eroded.

According to the DSE trading data, the market witnessed an upward momentum till 12.30pm; however, a surge in sell-offs during the latter half of the session pushed the indices into negative territory.

Among the other indices, the DSE Shariah Index fell 7 points to 1,008, while the DS30, the blue-chip index, declined by 7.97 points to 1,869.

Progati Life Insurance topped the gainers' list, rising 10% to Tk44 per share, followed by Dominage Steel, which gained 5.77% to Tk29.3, and Renwick Jajneswar, up 5.39% to Tk570.

On the losing side, Prime Finance led the decliners, shedding 8.33% to Tk1.1 per share. It was followed by Khan Brothers PP Woven Bags, down 8.06% to Tk47.9, and BD Thai Foods, which fell 7.48% to Tk13.6.

Sammilito Islami Bank Chairman Dr Mohammad Ayub Miah has said the funds of the bank's customers are safe, as the government is committed to securing all deposits.

"There is no reason to worry. The government owns this bank and will secure all deposits," he said after the first board meeting today (17 December).

He stated that the bank aims to start operations soon, focusing on the SME and CSME sectors.

Ayub Miah said, "Today's meeting also approved our logo and the slogan: 'A prosperous future with combined strength.'"

He assured customers saying, "With a capital of Tk35,000 crore, including Tk20,000 crore already provided, we are fully prepared financially. Deposit insurance payments will also be made this month. Developing unified software and IT systems across the merged banks will take some time, but operations will start soon."

At the meeting, Bangladesh Bank Governor Ahsan H Mansur said the bank will launch operations quickly to allow regular transactions.

He emphasised strict action against dishonest officials responsible for previous losses and fair treatment for honest staff.

A unified salary structure will also be introduced for all employees, he added.

Seven directors, including the chairman, met with the finance secretary after the board meeting to update him on progress.

A notification for appointing the new managing director has been issued, and the appointment is expected within this month.

The Sammilito Islami Bank PLC has been formed through the merger of five Shariah-based banks.

Genex Infosys PLC, a listed information technology solutions provider, reported a 17% year-on-year growth in consolidated net profit for the July–September quarter of the current fiscal year, supported by higher operating efficiency and improved cash flows.

According to a price-sensitive disclosure filed with the Dhaka Stock Exchange (DSE) today (17 December), the company's consolidated earnings per share (EPS) rose to Tk0.81 in the July–September 2025 quarter, compared to Tk0.69 in the same period a year earlier.

During the quarter, consolidated net operating cash flow per share (NOCFPS) jumped to Tk1.67 from Tk0.91, while consolidated net asset value (NAV) per share increased to Tk23.14 as of 30 September 2025, compared to Tk22.11 at the end of June.

Following the earnings announcement, Genex Infosys shares rose 3.72% during the trading session to close at Tk25.10 on the DSE, reflecting positive investor response to the improved quarterly performance.

Earlier this month, the company recommended a 1% cash dividend for general shareholders for the 2024–25 fiscal year, as disclosed after a board meeting held on 4 December.

Out of the company's total 12.04 crore shares, general shareholders hold 8.42 crore shares, requiring a dividend payout of approximately Tk84 lakh.

The annual general meeting has been scheduled for 30 December, with the record date set for 21 December, to approve the dividend and audited financial statements.

Genex Infosys currently has a market capitalisation of around Tk302 crore, with its shares trading at a price-to-earnings ratio of 9.58 based on FY25 financials.

The company has remained in the spotlight since September, when the securities regulator imposed fines on its board and a subsidiary in a separate share price manipulation case, an issue that continues to weigh on long-term investor sentiment.

Bangladesh Bank Governor Ahsan H Mansur has said depositors of five troubled Islamic banks will certainly receive their money soon, although procedural and technical challenges mean the process will take some time.

Speaking to journalists at the Secretariat yesterday, the governor said preparations were under way to credit depositors' funds directly into their bank accounts. "It will take a little time due to some procedural issues, but we are planning to deposit the money directly into customers' accounts so that everyone receives it at the same time," he said.

Mansur confirmed that the government has already released Tk20,000 crore from the national budget for the newly formed Sammilito Islami Bank, created through the merger of the five troubled Islamic banks. He said the priority is to ensure a smooth and orderly payout without forcing depositors to queue at bank branches.

In an exclusive interview with The Business Standard during a two-day awareness and promotional programme on Bangla QR codes in Cox's Bazar, which ended on Monday, the governor cautioned that technical work was still required. "All five banks' IT systems need to be fixed. This process may take another 10 to 15 days," he said.

Explaining the payout mechanism, Mansur said every depositor would be required to open a new account with the merged bank. Around 76 lakh customers will be brought under the new system, after which their funds will be credited automatically. "We do not want customers to come and stand in lines to withdraw cash," he added.

'Inflation impacted by rice imports'

Shifting focus to the broader economy, Governor Mansur said he believes inflation "would have remained below 7%" if rice had been imported from India on time.

He directly attributed a significant spike in the cost of living to policy failures, stating, "Inflation has increased by 1.4 percentage points solely due to the failure to import rice on time. There is a policy weakness behind the 18% increase in the price of rice. We isolate ourselves from the global market."

The governor stressed that the two main responsibilities of the Bangladesh Bank are controlling inflation and restoring discipline in the banking sector. He noted that while the micro-economic situation, including the exchange rate, reserve position, and inflation, remains manageable, improving the country's overall economic condition depends on the political environment and the "goodwill of politicians."

On reserve management, the governor said relying on loans from the IMF and the World Bank is not a sustainable solution, as those funds would ultimately be used for debt repayment. "We must build reserves using dollars generated from our own economy. That is why we are buying dollars from the market," he said.

Bangladesh Bank purchased $67 million from seven commercial banks today as part of its ongoing intervention in the foreign exchange market.

The dollars were bought at an exchange rate of Tk 122.30 per US dollar, which was also set as the cut-off rate for the transaction, according to central bank data.

With the latest purchase, the central bank's total dollar acquisition has reached $691.50 million so far in December 2025.

Cumulatively, Bangladesh Bank has bought $2.87 billion in the current fiscal year to date.

Industry insiders said the continued dollar purchases indicate a relatively comfortable foreign exchange position, driven by improved inflows from exports and remittances.

The move is also helping the central bank manage excess liquidity in the interbank foreign exchange market.

Bangladesh Bank has been following a market-based exchange rate regime, intervening periodically to smooth volatility and maintain stability in the taka-dollar market.

Over the past three years, up to the fiscal year 2024-25, BB sold more than $25 billion from its foreign exchange reserves, largely to cover import bills for fuel, fertiliser, and food.

After the fall of the Awami League-led government in August last year during a mass uprising, the central bank suspended dollar support for government imports due to low foreign currency reserves.

The US jobless rate picked up again in November, hovering at its highest level in four years, official data showed Tuesday in a report underscoring a labor market cooldown in the world's biggest economy.

The report, delayed by a lengthy government shutdown, also indicated that the US economy lost 105,000 jobs in October.

Hiring picked up again in November with a gain of 64,000 jobs, but this was still a slower pace than before, according to the Labor Department figures.

"Employment rose in health care and construction in November, while (the) federal government continued to lose jobs," the department said.

There was a sharp decline of 162,000 government jobs in October, "as some federal employees who accepted a deferred resignation offer came off federal payrolls," the report added.

In November, unemployment climbed to 4.6 percent from 4.4 percent in September. It is the highest rate since September 2021.

There was no October jobless rate as officials were unable to retroactively collect data after the shutdown, which lasted until November 12.

The figures will be closely scrutinized for their potential bearing on US interest rates.

The Federal Reserve has cut rates three times in a row this year as employment weakened, but hinted that the bar is likely higher for further cuts.

A rapidly deteriorating jobs market could nudge the central bank to lower rates more to boost the economy, despite some policymakers' worries that higher inflation could become persistent.

While President Donald Trump's tariffs have not sparked a broad inflation surge, firms say they have caused business costs to grow and fueled uncertainty.

Trump's chief economic adviser Kevin Hassett told reporters Tuesday that government workers who took buyouts "are staying in the labor force and looking for work."

He said he expects "that they'll be very successful with it."

Elizabeth Warren, the top Democrat on the Senate Banking Committee, slammed Trump's "chaotic tariffs" and economic policies, saying they were "hammering the labor market."

"With wages struggling to keep up with higher costs, it's no wonder Americans are more anxious about the economy than ever," she said.

In November, average hourly earnings climbed 0.1 percent to $36.86, while wages rose 3.5 percent on an annual basis. But both numbers represent a slowdown from the prior month.

In another sign that the economy appears to be cooling, a separate report released Tuesday by the Commerce Department said that retail sales were flat in October at $732.6 billion.

This came on the back of sales declines at motor vehicle and parts dealers, and gasoline stations. Consumers also pulled back at restaurants and bars.

"Americans are feeling squeezed," said Heather Long, chief economist at the Navy Federal Credit Union, adding that consumers were shifting to spending more on necessities.

On employment, Long said: "The US economy is in a jobs recession. The nation has added a mere 100,000 in the past six months."

She said businesses were adjusting to tariffs, uncertain conditions and AI, and that most of the new jobs were in health care which is regularly hiring as the American population ages.

Economist Samuel Tombs of Pantheon Macroeconomics said much of the overall drag came from a slump in federal payrolls. The government shutdown likely also exacerbated unemployment figures.

But a growing proportion of people are jobless for longer periods.

The number of individuals unemployed for 27 weeks or more has risen by 15.5 percent over the past year, said Nicole Bachaud, labor economist at ZipRecruiter.

For now, economists say the jobs market is likely not weakening enough to trigger a January rate cut.

"While net hiring remains soft and narrowly based, it is not softening further and in fact is moderately firmer than the weak readings in the summer," said Nationwide chief economist Kathy Bostjancic.

She expected the Fed can continue holding rates steady for a few months.

Bangladesh saved an estimated $3.3 billion in energy costs in a single year by using electricity and fuel more efficiently across homes, factories and the power system, according to a report.

Besides, the savings reflect reduced fossil fuel consumption and avoided energy imports equivalent to 7 million tonnes of oil in fiscal year 2023-24, said the report published by the Institute for Energy Economics and Financial Analysis (IEEFA) yesterday.

In that period, the country faced higher global fuel prices, spiked rates for liquefied natural gas (LNG) deliveries and a severe dollar crisis.

The report said the savings were achieved through efficiency improvements across major consuming sectors, allowing the economy to deliver the same level of output while using less fuel.

In the report, IEEFA, a United States-based nonprofit organisation that promotes the transition to cleaner energy, said that the country's effort to improve energy efficiency by adopting a national master plan in 2016 is now paying off.

The Energy Efficiency and Conservation Master Plan set a target to cut energy intensity by 15 percent by 2021 and 20 percent by 2030.

From fiscal year 2014-15 to 2023-24, energy efficiency rose by 13.64 percent, according to the report, titled "Bangladesh's Energy Efficiency Goals Within Reach".

Although the progress remained limited until FY2020-21, energy efficiency gained momentum thereafter as global fuel volatility and domestic supply disruptions made it a priority, according to the report.

"The regulatory framework and awareness created a favourable ecosystem to enhance energy efficiency amid supply disruptions and rising tariffs, with further gains possible," the report mentioned.

"Bangladesh's efficiency gains have put it on track to meet its targets under the masterplan and its updated climate commitments, potentially a year ahead of schedule," it added.

According to the report, widespread adoption of energy-efficient appliances in households, particularly LED lighting, fans and air conditioners, helped reduce electricity demand. This eventually reduced the need for fuel-based power generation.

Industry, the country's largest energy consumer, also contributed through improved boilers, reduced leakages, waste heat recovery from captive generators and adoption of technologies such as vertical roller mills and efficient furnaces, said the report.

"Yet, the industry still offers significant untapped energy-efficiency opportunities such as using more efficient motors, a gradual shift towards electric boilers from gas boilers, and upgrades in captive power machineries," it added.

The report mentioned a previous IEEFA study, saying almost half of the country's captive power generators do not operate efficient generators and fail to utilise waste heat in industrial processes, which could save Bangladesh up to 50.18 billion cubic feet of LNG imports a year.

The report recommended setting minimum energy performance standards and labelling for household appliances to guide consumers towards the most efficient options.

It also urged enforcement of the national building code, which promotes passive design and energy-efficiency features in new buildings to reduce cooling demand.

Additional savings came from the commercial sector and reductions in transmission and distribution losses across the power system.

While the commercial sector uses less energy than households or industry, its reliance on air conditioning makes efficiency gains critical as rising temperatures are expected to increase cooling demand.

The report noted that stronger enforcement of appliance standards and labelling is needed to secure real savings.

It also warned that recent rises in import duties could undermine efficiency gains by making efficient appliances more expensive.

Customs duties on key components of LED lights were raised sharply in FY2025-26, potentially pushing price-sensitive consumers towards cheaper, lower-quality products.

Similarly, higher minimum import duties on inverter-based compressors for energy-efficient air conditioners and refrigerators could also slow adoption of efficient cooling technologies, it said.

IEEFA clarified that the $3.3 billion figure represents avoided fuel import costs rather than direct budgetary savings and does not appear as a line item in government accounts.

The report concluded that without stronger enforcement of efficiency standards and faster modernisation of industry and buildings, the country risks locking itself into higher fuel costs despite recent gains.

"For Bangladesh, energy efficiency is a strategic necessity to curb unchecked energy consumption and strengthen the resilience of its energy system. Achieving these gains will require a coordinated effort among regulatory authorities, industries, financial institutions, and technology providers," it said.

The country's largest employer, agriculture, is stuck at low value-addition, presenting a litmus test for the nation's diversification push for future growth ahead of its graduation from the least developed country club next year.

In number, the farming sector in Bangladesh employs 44 percent of the workforce, while 75 percent of the produce remains unprocessed, according to an economic review.

It says on top of farming, the government should focus on seven other sectors, such as readymade garment, automotive industry, electronics, light engineering, IT-based freelancing, semiconductor industry, and human capital.

The authorities should adopt an approach emphasising fixing long-standing macroeconomic wounds and laying the groundwork for the future, according to the review by UCB Asset Management released yesterday.

According to the report, ready-made garment is the backbone of Bangladesh's economy, but it must move into man-made fibres and higher-value segments.

Besides, the country risks being trapped in low-value labour unless it climbs the ladder to semiconductor and IT freelancing.

The asset manager argues that the way forward lies not in chasing headline numbers, but in rebuilding institutions, restoring confidence and strategically diversifying the productive base of the economy.

Opportunities in automobiles, electronics assembly and light engineering are highlighted as realistic next steps, building on existing capabilities and domestic demand.

These sectors, if supported by targeted incentives, quality certification systems and skills development, could integrate Bangladesh more deeply into regional and global supply chains, the report said.

In the automotive industry, the government can consider strengthening backward linkages and developing supply chains for electric vehicles by adopting supporting incentives.

In powering an electronics assembly boom, the country can take lessons from Vietnam's long-term and predictable tax policy in supporting industry, research and development, and human capital development.

There is immense potential in the light engineering sector, but it needs industry-focused vocational training and improved backward linkages.

Apart from these, the report described remittances as the "oxygen" of the economy for its contribution to external stability. Expanding skill-linked overseas employment and offering more attractive, transparent investment options for expatriates are seen as ways to sustain and deepen this vital flow while strengthening foreign exchange buffers.

Underlying all these sectoral strategies is what the report calls a virtuous institutional cycle: building people to build institutions. Investing in education, healthcare and skills is presented not just as a social priority, but as the foundation for stronger governance, higher productivity and inclusive growth.

"Fifty-four years of independence, the country has come a long way and yet the real question remains -- have we, as a nation, done justice to the immense potential this country had to offer?" said S M Rashedul Hasan, managing director and CEO of the asset management company.

"The answer is mostly 'No'," he added.

Only by empowering citizens to demand and uphold accountable institutions, the report says, can Bangladesh escape extractive systems and realise its full potential.