Paramount Skydance on Monday launched a hostile bid worth $108.4 billion for Warner Bros Discovery, in a last-ditch effort to outbid Netflix and create a media powerhouse that would challenge the dominance of the streaming giant.

Netflix had emerged victorious on Friday from a weeks-long bidding war with Paramount and Comcast, securing a $72 billion equity deal for Warner Bros Discovery's TV, film studios and streaming assets. But Paramount's latest attempt means the jockeying for Warner Bros and its prized HBO and DC Comics assets will not come to a conclusion swiftly.

Paramount Skydance on Monday launched a hostile bid worth $108.4 billion for Warner Bros Discovery, in a last-ditch effort to outbid Netflix and create a media powerhouse that would challenge the dominance of the streaming giant.

Netflix had emerged victorious on Friday from a weeks-long bidding war with Paramount and Comcast, securing a $72 billion equity deal for Warner Bros Discovery's TV, film studios and streaming assets. But Paramount's latest attempt means the jockeying for Warner Bros and its prized HBO and DC Comics assets will not come to a conclusion swiftly.

Larry Ellison called Trump after the Netflix deal was announced and told him the transaction would hurt competition, the Wall Street Journal reported, citing a White House official and a person familiar with the matter.

The studio argues its bid for the entirety of Warner Bros Discovery is superior to Netflix, giving shareholders $18 billion more in cash and an easier path to regulatory approval. It said a Paramount-Warner Bros combination, which would be among the largest media deals in history, would be in the best interest of the creative community, movie theaters and consumers, who would benefit from enhanced competition.

"We believe our offer will create a stronger Hollywood," Paramount CEO David Ellison said in a statement. Separately, he said Paramount's proposal offered "higher headline value, increased certainty in that value, greater regulatory certainty, and a pro-Hollywood, pro-consumer and pro-competition future."

Paramount's bid includes Warner Bros Discovery's cable television properties; Netflix's bid is limited to the Warner Bros film and television studios, HBO and the HBO Max streaming service.

Analysts noted that Paramount's offer comes with its own antitrust scrutiny as a consolidation of two major television operators. Last month, Democratic senators warned that such a transaction would result in "one company controlling almost everything Americans watch on TV." The combined studio would also have a greater market share than current leader Disney, and add to fears of consolidation that have hit the industry in recent years.

The offer represents a 139 percent premium over the company's value from before the buyout talks started, and bests Netflix's $27.75 offer that mixes cash and stock.

KUSHNER, SAUDIS PART OF PARAMOUNT OFFER

At a UBS conference, Netflix co-CEO Ted Sarandos said Paramount's hostile bid for Warner Bros was "entirely expected," but added that he was confident of closing the deal.

"In the offer that Paramount was talking about today, the Ellisons were talking about $6 billion of synergies," said Sarandos. "Where do you think synergies come from? Cutting jobs? So we're not cutting jobs. We're making jobs."

In a regulatory filing, Paramount said that the Ellison family, which owns Paramount, along with private equity firm RedBird Capital, had agreed to backstop $40.7 billion in equity capital. The offer also includes financing from Kushner's Affinity Partners, the Saudi and Qatari sovereign wealth funds, and L'imad Holding Co, owned by the government of Abu Dhabi.

"A Paramount Skydance-Warner Bros merger would be a five-alarm antitrust fire and exactly what our anti-monopoly laws are written to prevent," U.S. Senator Elizabeth Warren, a Democrat, said on Monday. The hostile bid "is backed by a who's who of Trump buddies ... raising serious questions about influence-peddling, political favoritism, and national security risks."

If Warner Bros accepts Paramount's offer, it will have to pay Netflix a $2.8 billion breakup fee. Netflix, on its part, is on the hook for $5.8 billion if its deal falls through. The streaming pioneer is likely to face strong antitrust scrutiny, and Trump has already raised questions about its offer.

On Monday, Trump said neither bidding party "are friends of mine," and he wanted "to do what's right." He added that he had not spoken to Kushner about the Paramount bid.

Netflix's bid has already drawn sharp criticism from bipartisan lawmakers and Hollywood unions over concerns that it could lead to job cuts as well as higher prices for consumers.

"While it is perhaps a sad commentary on the U.S. that Paramount thinks its closeness to the occupant of the Oval Office will help it seal the deal, it is merely doing what it can to steal a march on its rival," said Chris Beauchamp, chief market analyst at UK-based IG Group.

Shares of Paramount were up 7.3 percent on Monday. Warner Bros Discovery rose 5.3 percent, while Netflix shares fell 4 percent.

TWISTS AND TURNS

Reuters had already reported, citing sources familiar, that Paramount had raised its offer to $30 per share on Thursday for the entire company, but that the Warner Bros board had concerns about the financing.

"The Warner Bros Discovery acquisition is far from over," said eMarketer senior analyst Ross Benes. "Paramount will appeal to shareholders, regulators, and politicians to try to stymie Netflix. The battle could become prolonged."

Paramount maintained that it would be a champion of Hollywood and its talent, would remain committed to releasing movies in theaters, and that its path to regulatory approval would be faster than Netflix's. In its appeal to shareholders, Paramount said it submitted six proposals over the course of 12 weeks, but Warner Bros "never engaged meaningfully" with these proposals.

The company said it had sent a letter to Warner Bros, questioning the sale process and alleging the company has abandoned a fair bidding process and predetermined Netflix as the winner.

That followed reports that Warner Bros' management called the Netflix deal a "slam dunk" while speaking negatively about Paramount's offer.

In an interview with CNBC on Monday, David Ellison said there was an "inherent bias" in the bidding.

The government has approved 12 new solar power plant projects with a combined capacity of 918 megawatts (MW) across several districts, at an estimated cost of around Tk 39,862 crore.

The Advisory Committee on Government Purchase, chaired by Finance Adviser Salehuddin Ahmed, gave the green light to the plants at a meeting yesterday.

Unlike earlier projects under the Quick Enhancement of Electricity and Energy Supply (Special Provisions) Act, 2010, which were granted without competitive bidding, these plants were awarded through a competitive process.

Previously, electricity tariffs for such projects often crossed Tk 13 per kilowatt-hour, but the new process has reduced the rate to below Tk 10 per kilowatt-hour.

The power ministry said this is expected to save the government Tk 1,169 crore annually.

The projects will be developed under the Bangladesh Power Development Board (BPDB) as part of the government's broader strategy to diversify the energy mix and reduce reliance on fossil fuels.

Key projects include a 200 MW solar plant in Fatikchhari, Chattogram, awarded to Confidence Power Holdings at a tariff of Tk 9.45 per kilowatt-hour, and a 150 MW project in Pabna given to a joint venture of Paramount Textile PLC and Paramount Holdings at Tk 9.62 per kilowatt-hour.

In Noakhali, a 10 MW project in Sudharampur went to a joint venture of Maheen and Vidullanka at Tk 8.99 per kilowatt-hour. Hathazari, Chattogram, will host an 18 MW plant managed by FGL, FHL and GBB, Dhaka, at Tk 9.98 per kilowatt-hour, while Moulvibazar will see a 25 MW project awarded to Paramount Holdings and Paramount Textile at Tk 9.192 per kilowatt-hour.

Other major projects include a 45 MW plant in Fatikchhari assigned to the Karnaphuli-Infraco Consortium at Tk 9.32 per kilowatt-hour; a 100 MW project in Chakaria, Cox's Bazar, to Confidence Power Bogra Unit-2 at Tk 9.86 per kilowatt-hour; and a 100 MW project in Ramu awarded to a joint venture of China Northeast Electric Power Engineering & Services and BM Star Trade at Tk 7.96 per kilowatt-hour.

A 50 MW project in Jaldhaka, Nilphamari, went to Concord Pragatee Consortium at Tk 10.07 per kilowatt-hour, and another 50 MW project in Bibiyana, Sylhet, was awarded to Paramount Holdings and Paramount Textile at Tk 9.91 per kilowatt-hour.

Bagerhat, Mongla, will host a 100 MW solar plant given to Confidence Power Bogura Unit-2 and Asian Entech Power Corporation at Tk 9.86 per kilowatt-hour, while a 70 MW project in Hemayetpur, Pabna, went to Paramount Holdings and Paramount Textile at Tk 9.63 per kilowatt-hour.

Additionally, the pre-approved tariff for a 210 MW combined cycle power plant in Mymensingh was revised downward from Tk 6.35 per kilowatt-hour to Tk 5.34 per kilowatt-hour.

The committee also approved the import of 50,000 tonnes of rice from India-based Nutriagro Overseas at $351.49 per tonne, and a cargo LNG import at $10.37 per MMBTU from TotalEnergies Gas & Power, United Kingdom.

Bangladesh has earned global acclaim as the United Nations Educational, Scientific and Cultural Organization (Unesco) inscribed the country's traditional Tangail saree weaving craft on the Representative List of the Intangible Cultural Heritage of Humanity, a recognition Dhaka hailed as a profound honour for the nation's centuries-old artisanal tradition.

The decision was adopted unanimously at the ongoing 20th session of the Intergovernmental Committee of the Unesco 2003 Convention in New Delhi today (9 December), said a press release.

This marks Bangladesh's sixth solo inscription under the Convention and the second listing since being elected a member of the Committee for the first time.

Reacting to the announcement, Ambassador Khondker M Talha, head of the Bangladesh delegation and President of the Unesco General Conference, said the recognition celebrates more than 200 years of extraordinary craftsmanship by Tangail's weavers.

"This recognition is an extraordinary honour for Bangladesh. It is a global acknowledgment of the unparalleled craftsmanship of the Tangail weavers," he said.

The envoy noting that the saree has long been an everyday attire for Bangladeshi women and a symbol of cultural identity.

He dedicated the achievement to all weavers and women of Bangladesh.

The ambassador said the inscription adds new momentum to Bangladesh's efforts to safeguard its intangible cultural heritage.

He stressed that the country has many more heritage elements worthy of Unesco listing, and enhanced documentation and capacity building will pave the way for future recognitions.

The session was inaugurated on 7 December by Indian External Affairs Minister S Jaishankar, while Unesco's newly appointed Director-General Khaled El Anany was also present.

The Bangladesh Securities and Exchange Commission (BSEC) has fined three investors a total of Tk4.51 crore for manipulating the share price of Midland Bank through aggressive and disproportionate trading over a six-month period.

According to a recent enforcement order, the fined individuals are Quest Asia Overseas, its proprietor Anichul Islam, and his spouse Nahar-E-Jannat.

Quest Asia Overseas, an international recruiting agency, received the largest penalty of Tk3.70 crore, while Anichul and Nahar were fined Tk80 lakh and Tk1 lakh, respectively.

The BSEC investigation found that between 13 March 2024 and 23 September 2024, Quest Asia and its associates purchased 2.19 crore shares and sold 1.73 crore shares of Midland Bank across both the public and block markets.

Their combined trades accounted for 17.99% of the bank's total shares during the review period.

This unusually large volume of buy-and-sell activity contributed to a sharp rise in Midland Bank's share price, which surged 123% to Tk27.60. In the process, the group realised a capital gain of approximately Tk4.99 crore, according to the regulator.

During a hearing at the commission office, Anichul Islam defended the trades, claiming they were motivated by a newspaper article that described Midland Bank as being in the industry's "green zone," indicating financial strength.

He argued that the transactions were based on publicly available information and denied any intent to manipulate the market.

He further said they were not aware of any specific regulatory limit on daily trading volume in a single stock, noting that their periodic buying and selling was intended to secure profits and help "calm" the market.

However, the BSEC dismissed the explanation, stating that the investors had clearly violated rules restricting excessive transactions in a single security, and concluded that their trading pattern constituted deliberate market manipulation.

According to Clause 17 of the Securities and Exchange Ordinance, 1969, no person may directly or indirectly engage in activities aimed at influencing the sale or purchase of any security to their advantage.

The law specifically prohibits executing a series of transactions that create a false impression of active trading or artificially raise or depress a share's price to induce others to buy or sell.

But, it does not specify the daily trading volume limit in a single stock.

The Dhaka stock market rallied today (9 December), with the benchmark DSEX climbing 56 points for a second consecutive session as investors reacted positively to growing optimism over potential clarity ahead of the upcoming national election.

Market insiders said the upbeat sentiment fueled fresh buying in fundamentally strong but undervalued stocks, while analysts cautioned that the rally could be tempered if new political or economic uncertainties emerge.

The DSEX surged 56 points, or 1.15%, to close at 4,962, adding a total of 90 points over the past two sessions. The blue-chip DS30 index gained 14 points to settle at 1,907, while the DSES rose in tandem. Market breadth was overwhelmingly positive, with 317 issues advancing, 35 declining, and 37 remaining unchanged.

Turnover at the Dhaka Stock Exchange (DSE) jumped 26% to Tk458 crore from the previous session, reflecting improved trading appetite. EBL Securities noted that the recovery was fueled by investors' expectations of political clarity, which could reduce recent market uncertainty. "Broad-based price appreciation across most scrips suggests opportunistic investors are returning for potential quick gains," the brokerage said, adding that the rebound provided "some respite after a prolonged period of weak sentiment."

On the sectoral front, pharmaceuticals led activity, accounting for 14.1% of total turnover, followed by engineering (13%) and textiles (12.5%). Nearly all sectors posted gains, with jute climbing 5%, general insurance rising 4.2%, and IT advancing 3.5%. Telecom was the only sector to decline, slipping 0.7%.

Orion Infusion topped the turnover chart, followed by Simtex Industries, Khan Brothers PP Woven Bag, Dominage Steel, and Acme Pesticide. Among top gainers, Usmania Glass and Standard Insurance rose 10% each, while Jute Spinners gained 9.99%, Standard Ceramic 9.97%, and Northern Jute 9.95%. On the losers' side, International Leasing fell 6.66%, ICB Islamic Bank dropped 3.84%, and Peoples Leasing and Simtex Industries each shed 3.33%. Union Capital slipped 3.22%.

The positive trend was mirrored on the Chattogram Stock Exchange (CSE), where both key indices closed higher. The CSCX rose 55 points to 8,506, while the CASPI jumped 98 points to 13,797, with turnover reaching Tk15.62 crore.

External debt repayments by both the public and private sectors in Bangladesh have increased far more sharply than in any other South Asian country over the past 15 years, even though the country's export earnings have not kept pace.

Across South Asia, countries together paid $95 billion in 2024 to repay foreign loans and the interest on them. This was 253 percent higher than it had been 15 years earlier, according to the World Bank's (WB) International Debt Report 2025, released on Sunday.

Bangladesh's repayments grew the fastest in the region. In 2024, the country paid $7.3 billion in total, a 617 percent jump from 2010. No other country in the region saw an increase on this scale.

Of the total repayment last year, $4.9 billion went towards paying back the original loan amounts, a mountainous jump from $821 million in 2010. Meanwhile, interest payments rose to $2.4 billion, compared to just $203 million in 2010.

According to WB data, Pakistan recorded the second-highest increase at 251 percent to $13.82 billion, followed by India at 246 percent to $82.06 billion and Sri Lanka at 211 percent to $4.17 billion last year.

IMF WARNING LEVEL CROSSED

Zahid Hussain, former lead economist at the WB's Dhaka office, said such rapid growth in repayment obligations squeezes the government's ability to plan the national budget.

As more money must be set aside for repayments, the economist said, the government has less room to respond to urgent spending needs.

Bangladesh's external debt compared to its export earnings has also crossed the warning level maintained by the International Monetary Fund (IMF).

The IMF considers a country at risk when its external debt reaches more than 180 percent of its annual export income. Bangladesh's ratio is now 192 percent.

The rise in external loans without a matching increase in exports also prompted the IMF in 2024 to downgrade Bangladesh's risk rating from "low" to "moderate".

According to the WB report, Bangladesh's total foreign debt stood at $104 billion in 2024, up from $26 billion in 2010. By the end of last year, the country spent 16 percent of its export earnings on debt repayment alone.

This surge also comes at a time when the National Board of Revenue (NBR), which is responsible for collecting 90 percent of the country's revenue, has consistently fallen short of reaching its target for the 13th year as of fiscal year 2024-25.

Speaking at an event in Dhaka on Monday, economist Prof Mustafizur Rahman said if the trend continues, Bangladesh is poised to fall into a "debt trap".

Falling into a debt trap would mean the government will have to repay loans by taking loans, he added.

At the same event, NBR Chairman Md Abdur Rahman Khan said, "We have already fallen into a debt trap; unless we acknowledge this truth, it will not be possible to move forward."

However, economist Hussain believes Bangladesh is not yet in a severe debt crisis but warned that the pace at which loans and repayments are rising could push the country into a riskier position sooner than expected.

He attributed part of the problem to what he called "irresponsible borrowing".

The economist noted that foreign loans should be backed by well-prepared projects and clear repayment plans, but that has not always been the case. "If you take a project at a cost of Tk 500 instead of its real cost of Tk 100 and launder the excess money, then how will you repay the loans?"

However, Bangladesh's debt position is still stronger than that of Pakistan and Sri Lanka, both of which have seen much larger mismatches between external debt and export income.

Pakistan's external debt is 315 percent of its exports; Sri Lanka's is 280 percent and Nepal's is 234 percent. India's is 82 percent, while Vietnam's is just 31 percent. The South Asian average stands at 93 percent, World Bank data show.

Hussain said Bangladesh should treat the rising ratio as an early warning that it could move towards the same difficulties faced by some neighbouring countries.

In this situation, he recommended that the government reschedule foreign-funded projects that are already underway but unlikely to generate enough revenue to repay the loans tied to them.

For projects that have been approved but have not yet begun, he said the disbursement should be reviewed and, if necessary, restructured or repurposed.

"Potential new borrowing should be analysed rigorously so that wastage cannot happen," he added.

The WB report also highlighted a wider global trend. Between 2022 and 2024, developing countries collectively paid $741 billion more in loan repayments and interest than they received in new financing. This was the biggest net outflow related to debt in more than half a century.

By 2024, the total foreign debt of low and middle-income countries reached a record $8.9 trillion. Of this, $1.2 trillion was owed by the 78 most vulnerable countries that qualify for low-cost loans and grants from the WBs International Development Association.

These record-high burdens, the report noted, came at a time when global interest rates are at their highest levels since just before the 2008-09 financial crisis.

With a series of record highs and crushing sell-offs, 2025 has been a rollercoaster ride for bitcoin, the world's largest cryptocurrency, which is at risk of ending the year with its first annual decline since 2022.

The world's main stock benchmarks have also had a turbulent year, repeatedly hitting record peaks and then pulling back as worries over tariffs, interest rates and a possible AI bubble whipsawed markets. While equities are mostly up year-to-date, bitcoin's overall correlation with share prices has strengthened markedly this year.

Analysts say bitcoin's gyrations increasingly tracked stock market sentiment as traditional retail and institutional investors jumped into cryptocurrencies, which next year may be even more closely tethered to factors driving stocks and other risk assets, such as monetary policy shifts and nervousness over the lofty valuations of AI-related stocks.

"Crypto reacting to broader equities has been a consistent theme in 2025," said Jasper De Maere, desk strategist at crypto algorithmic trading firm Wintermute.

Bitcoin was hovering around $89,000 on Monday.

After soaring earlier this year with the election of crypto-friendly US President Donald Trump, cryptocurrencies - along with stocks - plummeted in April on his tariff announcements, but quickly rebounded. Bitcoin went on to hit an all-time peak above $126,000 in early October.

But just days later, on October 10, the market plunged again when Trump announced a new tariff on Chinese imports and threatened export controls on critical software. That sparked more than $19 billion worth of liquidations across leveraged crypto market positions, the largest liquidation in crypto history.

Bitcoin has struggled to regain its footing ever since and in November experienced its biggest monthly drop since mid-2021, although options market bearishness has ebbed a little in recent weeks, according to options platform Derive.xyz.

Traders as of late last week had assigned a 15 percent probability that bitcoin will finish the year below $80,000, compared with the 20 percent probability they had assigned just a few weeks ago.

That's still a blow for crypto bulls, including Michael Saylor's Strategy, the world's biggest bitcoin hoarding company, which had projected as recently as October 30 that the token would hit $150,000 this year. Analysts at Standard Chartered last year forecast bitcoin would hit $200,000 by the end of 2025, due in part to flows into bitcoin exchange-traded funds.

In a change of tune, Strategy CEO Phong Le warned on a podcast last month of a possible "bitcoin winter." In October, Standard Chartered forecast bitcoin would fall below $100,000 but said that may be the last time it will hit that low, according to media reports.

Saylor, speaking to Reuters last week, said his company could survive a 95 percent fall in the price of bitcoin.

Those April and October plunges highlighted the growing correlation between bitcoin and equities, and in particular, artificial intelligence stocks, which share similar attributes and have been hit by worries that valuations are in bubble territory.

Historically, bitcoin and stocks did not move in tandem because crypto was seen as an alternative investment. But with broader crypto adoption by traditional retail investors and some institutions, the correlation looks to be strengthening, analysts said.

Correlation is measured from -1 to 1, with figures above zero indicating a positive correlation. In 2025, the average correlation between bitcoin and the S&P 500 - which tracks a broad basket of companies - was 0.5, compared with an average correlation in 2024 of 0.29, LSEG data shows.

Bitcoin's correlation with the S&P 500 on a one-month rolling basis has hovered above zero for most of 2025. Correlation is measured from -1 to 1, with anything above zero being positive.

Bitcoin's correlation with the S&P 500 on a one-month rolling basis has hovered above zero for most of 2025. Correlation is measured from -1 to 1, with anything above zero being positive.

For the tech-heavy NASDAQ 100 index, the average correlation this year was 0.52, compared with 0.23 in 2024, according to LSEG data.

Crypto has grown especially sensitive to AI stock moves partly because they have been drivers of broader equity markets, and partly because, like crypto, they are currently seen as somewhat speculative investments, largely dependent on investor sentiment and risk appetite, analysts said.

"Crypto (was) already a little weak after October 10," said Cosmo Jiang, a general partner at Pantera Capital, a crypto investor. "Things really started to break in risk markets in the recent weeks, because of the AI bull case coming under question."

Like stocks, cryptocurrencies also appear increasingly sensitive to the path of interest rates. Fidelity research from last year found that, while there is little historical data to indicate that the price of bitcoin increases when the Federal Reserve cuts rates, some analysts have observed that crypto tends to rally in line with dovish signals from the central bank.

Analysts also point out that hawkish Fed signals from October onwards weighed on bitcoin. Since then, the release of fresh economic data has the market pricing an 86 percent chance of a 25-basis-point cut this week.

That rate decision, along with the outlook for AI stocks, will likely be a key driver for crypto prices in the near term, analysts said.

"The Fed's support of monetary supply in this particular scenario is going to be an indicator that crypto is all looking at," said Mo Shaikh, co-founder and general partner at Maximum Frequency Ventures.

The Bangladesh Securities and Exchange Commission (BSEC) has once again ordered an investigation into the utilisation of funds raised by Aamra Networks Limited through its Right Share Issue. The market regulator stated that the move aims to ensure transparency in the capital market and protect the interests of general investors.

The decision was taken at the 986th meeting of the Commission held on 2 December 2025. During the meeting, the Commission noted that although the company claimed to have utilised the funds from the Right Share Issue for network system upgradation and network coverage expansion, it is necessary to verify the actual implementation and expenditure of these projects.

On 20 May 2024, the company received Tk93 crore from its Right Share Issue, which was allocated for loan repayment, network system upgradation, and network coverage expansion.

Earlier, on 9 December 2024, the Commission initially formed an investigation committee regarding this matter. Later, the investigation officer was changed, and a new order was issued in May of the current year, with the investigation process concluding in August.

As a result, the Commission has formed a three-member full-fledged investigation committee to examine the company's activities. The committee comprises Gour Chand Sarker, Deputy Director of BSEC; Rezaun Nur Mehedi, Assistant Director; and Tanmoy Kumar Ghosh, Assistant Director.

The committee will follow a structured approach, including field inspections and detailed review of financial documents, and is expected to complete the investigation within 60 days.

On the Dhaka Stock Exchange, the company's share price increased by 3.37% to Tk18.30 today.

Speaking to TBS, an officer of the company who wished to remain unnamed said that the Commission had already conducted an investigation on the same matter but he was unaware why another committee had been formed.

Regarding the company's business, he mentioned that due to political changes, many customers have either stopped their operations or downsized their businesses. Customers who previously purchased 10 GB data packages are now opting for the smallest available packages. Previously, the company earned revenue from infrastructure setup services, which has now ceased, impacting overall business performance.

The first stage of the investigation focuses on verifying the actual implementation of projects. The committee will conduct on-site inspections to confirm whether the network system upgradation and coverage expansion projects funded by the Right Share Issue were genuinely executed. All relevant locations will be inspected, and a report will be prepared detailing the installation of network equipment, link expansions, and addition of new infrastructure, along with overall progress and operational effectiveness.

In addition, purchase and expenditure documentation will be thoroughly reviewed. All networking equipment and technological products procured by the company will be examined to ensure that purchase prices align with market rates. Contracts, vouchers, invoices, delivery challans, and other supporting documents will be analysed. The committee will also check for any related-party transactions and ensure they have been properly disclosed. All such transactions will be cross-verified with the company's bank statements to ensure transparency.

The investigation will also cover vendor confirmations and fund tracing. The committee will seek verification from all vendors regarding actual delivery of goods and will check whether payments were made without receipt of products. If necessary, the committee may visit vendor premises to inspect the actual delivery of equipment.

Vendor-wise purchase orders have already been provided to the Commission for verification purposes. The committee has also been directed to investigate whether any funds were diverted for other purposes.

Another key aspect of the investigation is to verify whether products purchased using Right Share Issue funds have been accurately recorded in the company's financial statements. The committee will review the accounting from the time of the Right Share Issue to the present, noting any discrepancies, omissions, or concealed expenses.

Additionally, the committee will examine whether the fund utilisation auditor fulfilled their responsibilities as outlined in the consent letter. Any negligence, incomplete verification, false reporting, or violation of consent terms will be highlighted in the final report.

The committee has also been instructed to identify any violations of law and determine the responsible parties. This may include members of the Board of Directors, the Chief Financial Officer (CFO), the Company Secretary (CS), the Right Share auditor, and any other relevant personnel.

In terms of financial performance, Aamra Networks has experienced significant setbacks during the July–March period of FY25. Revenue declined by 27.51% to Tk71.66 crore compared to the same period last year, indicating a sharp drop in business activity. This decline in revenue directly impacted profitability. Net profit for the nine-month period fell 68.28% to Tk7.15 crore, raising concerns about the company's earnings capacity and cost management.

During the same period, the company's earnings per share (EPS) stood at Tk0.77, a significant decrease from the previous year, indicating reduced returns for shareholders.

National Board of Revenue (NBR) Chairman Md Abdur Rahman Khan today (8 December) said Bangladesh has already slipped into a form of debt trap, and the nation must confront this uncomfortable truth if it wants to restore stability.

He said all indicators point to the same conclusion. "We have already gone into a long-term debt trajectory. The sooner we accept this reality, the sooner we can move forward."
Over the past decade, researchers and economists have expressed concern over whether Bangladesh has fallen into a "debt trap", analysing the country's loan-dependent development model and low revenue collection. For the first time, however, a top-level government official has openly raised the issue and acknowledged that Bangladesh is indeed caught in a debt trap.

NBR chief said this after Professor Mustafizur Rahman, Distinguished Fellow of the Centre for Policy Dialogue (CPD), cautioned that without decisive action, Bangladesh "could face a serious debt-servicing burden."

Bangladesh's external debt jumps 42% in 5yrs, repayment pressure doubles: World Bank
"We may enter a debt trap, which will not be good for the country. In the revenue budget, after salaries and pensions, the second-largest expenditure used to be agriculture and education. Now it is interest payments," Mustafizur Rahman said.

According to the International Debt Report 2025 released by the World Bank this week, Bangladesh's external debt has risen sharply over the past five years, with total foreign borrowing climbing 42% amid rapidly increasing repayment pressure.

World Bank data shows that by the end of 2024, Bangladesh's total external debt stood at $104.48 billion, up from $73.55 billion in 2020. The calculation includes debts contracted by both the government and the private sector.

Bangladesh must boost revenue, improve governance to avert debt trap: CPD's Mustafizur
According to the report, Bangladesh's external debt amounted to 192% of its export earnings in 2024. Total debt-service payments accounted for 16% of exports during the same period.

The World Bank identifies Bangladesh as one of the countries where external debt repayment pressure is rising rapidly. While the report does not rank countries numerically, Sri Lanka is the only other South Asian nation flagged in a similar category.

According to the finance ministry's accounts, as of the end of last March, Bangladesh's total outstanding debt stood at Tk19,99,928 crore, of which foreign debt amounted to Tk8,41,992 crore.

Mustafizur Rahman said Bangladesh must urgently strengthen revenue mobilisation, improve governance and confront deep-rooted structural challenges to ensure inclusive growth and avoid the risk of falling into a debt trap.

How rising debt-servicing threatens Bangladesh’s economy, and the way forward
The economist warned that the country is gradually moving towards "a dangerous and obligatory dependency," mainly because of its persistently low revenue-GDP ratio.

He noted that the revenue-GDP ratio has fallen to 7.7% this year, down from around 8% last year and significantly lower than 10.9% in 2015. "If it was 10.9% in 2015, could we not have been more ambitious after 10 more years?" he asked.

The NBR chief echoed this saying, "Despite wide-ranging debates on growth, inflation and economic management, the core challenge remains unchanged: Bangladesh must significantly increase domestic revenue to reduce its dependence on borrowing," he said.

They were speaking at a seminar titled "Bangladesh State of the Economy 2025 and the Sustainable Development Goals: Bangladesh Progress Report 2025" at the NEC Conference Room in the capital's Sher-e-Bangla Nagar area.

The event was organised by the General Economics Division (GED) of the Planning Commission in collaboration with Unicef Bangladesh.

Finance Secretary Md Khairuzzaman Mozumder said this year the budget is smaller for the first time in the country's history. He compared the situation to "asking a thin person to lose even more weight," warning that if excessive budget contraction continues, structural growth problems will emerge.

He said that if inflation stays sustainably low, the budget should gradually move back towards an expansionary mode from the next fiscal year to restore growth.

The finance secretary said the government is deliberately reducing its borrowing from Bangladesh Bank; the Tk1,040 billion borrowed last fiscal year has now fallen significantly. At the same time, emphasis is being placed on taking long-term foreign loans. According to him, as global interest rates fall, Bangladesh's debt stress will also ease.

Bangladesh Bank Governor Ahsan H Mansur said legal reforms are underway to address non-performing loans. Measures have been taken to recover assets both domestically and internationally.

He added that for large industrial enterprises, including those with loan defaults amounting to thousands of crores of taka, a "ring-fencing" policy is being followed to keep operations running. This ensures operational financing without allowing management to take undue advantage, so that workers are not harmed and money returns to the system. However, asset recovery will take time.

Participating in the seminar, Chief Adviser's Press Secretary Shafiqul Alam criticised sections of the business community for sending "mixed signals" and failing to extend adequate support to the government's reform agenda, particularly the port modernisation drive.

NBR Chairman Abdur Rahman Khan said a culture of tax exemptions has grown over decades and has now become a major problem.

The NBR has already formulated a tax expenditure policy, and under the amended law NBR will no longer be able to grant exemptions; only Parliament can do so in future.

Dr Anisuzzaman Chowdhury, Honorable Special Assistant at the Office of the Special Assistant, Ministry of Finance, said poverty usually rises during periods of political instability – when GDP falls, inflation rises or the exchange rate weakens. But in Bangladesh, the exchange rate did not break and inflation has fallen. "So why did poverty suddenly increase? This needs an economic explanation."

He added that the economy has regained stability after the recent unrest, and there has been progress in remittances, trade and macroeconomic discipline. However, he warned that "structural weaknesses remain. Without deep reforms, risks will not diminish. I have only two months left in office. So I must state the unpleasant truth – the economy has stabilised, but it will not be safe without reforms."

Former World Bank lead economist Dr Zahid Hussain said Bangladesh's economy is under strain but has avoided a far worse outcome, stressing that sustained reform and an uninterrupted electoral process are now essential for stability.

He said inflation remains very high, growth is subdued, real wages have fallen, employment has stagnated, exports have weakened in recent months, investment remains depressed and poverty has increased, according to recent World Bank assessments.

"Overall, the negative basket outweighs the positive one. The economy is struggling, and so are livelihoods. But it could have been much worse," he said.

Although efforts over the past 18 months have attempted to correct "self-destructive" economic practices that had become institutionalised in Bangladesh, significant progress remains limited.

Bangladesh State of the Economy 2025

According to the "State of the Economy 2025" report by the General Economics Division (GED) of the Planning Commission, despite regaining macroeconomic stability, Bangladesh's economy remains at a critical juncture.

The first-ever GED State of the Economy report, published yesterday, says the last six months of FY25 show signs of rebounding economic activity, despite ongoing challenges.

Various projections point to a period of slower growth amid economic and political challenges.

Key factors include political uncertainty, subdued investment and industrial activity, high inflation and external global headwinds, particularly given reciprocal tariff measures by the United States.

Projections for FY2025 are generally lower than in previous years, with the World Bank forecasting 3.3 to 4.1% growth and the Asian Development Bank (ADB) projecting 3.9%.

A rebound to around 5.1 to 5.3% is expected in FY2026.

The report warns that foreign direct investment remains critically low and is likely to stay weak in the coming months.

Subdued investment and industrial activity are major contributors to slower growth.

"We identify remittance flows, export performance and growth in the manufacturing sector as key drivers of GDP growth in FY2025, and these factors are expected to contribute further in FY2026."

Stabilisation of imports indicates improving domestic demand, while a rebound in capital machinery imports signals renewed investment confidence.

Export performance remained strong, led by the RMG sector, which retained global competitiveness through compliance upgrades and market diversification.

If Bangladesh can keep inflation under control, restore investor confidence and stabilise the financial sector, stronger growth in FY2025-26 is possible, the report suggests.

However, how far growth translates into job creation, poverty reduction and improved living standards will depend on policy choices, including targeting inflation with accommodative monetary policy, reforming financial intermediation, improving regulatory effectiveness, strengthening governance and enhancing inclusiveness, the report concludes.

What started as a fact-finding mission for Netflix culminated in one of the biggest media deals in the last decade and one that stands to reshape the global entertainment business landscape, people with direct knowledge of the deal told Reuters.

Netflix announced on Friday it had reached a deal to buy Warner Bros Discovery's for $72 billion.

Although Netflix had publicly downplayed speculation about buying a major Hollywood studio as recently as October, the streaming pioneer threw its hat in the ring when Warner Bros Discovery kicked off an auction on October 21, after rejecting a trio of unsolicited offers from Paramount Skydance PSKY.O.

Details of Netflix's plan and the Warner Bros board's deliberations, based on interviews with seven advisers and executives, are reported here for the first time.

Initially motivated by curiosity about its business, Netflix executives quickly recognized the opportunity presented by Warner Bros, beyond the ability to offer the century-old studio's deep catalog of movies and television shows to Netflix subscribers. Library titles are valuable to streaming services as these movies and shows can account for 80 percent of viewing, according to one person familiar with the business.

Warner Bros' business units - particularly its theatrical distribution and promotion unit and its studio - were complementary to Netflix. The HBO Max streaming service also would benefit from insights learned years ago by streaming leader Netflix that would accelerate HBO's growth, according to one person familiar with the situation.

Netflix began flirting with the idea of acquiring the studio and streaming assets, another source familiar with the process told Reuters, after WBD announced plans in June to split into two publicly traded companies, separating its fading but cash-generating cable television networks from the legendary Warner Bros studios, HBO and the HBO Max streaming service.

Netflix and Warner Bros did not reply to requests for comment.

The work intensified this autumn, as Netflix began vying for the assets against Paramount and NBCUniversal's parent company, Comcast.

'STRATEGIC FLEXIBILITY'

Warner Bros kicked off the public auction in October, after Paramount submitted the first of three escalating offers for the media company in September. Sources familiar with the offer said Paramount aimed to pre-empt the planned separation because the split would undercut its ability to combine the traditional television networks businesses and increase the risk of being outbid for the studio by the likes of Netflix.

Wall Street's main indexes closed slightly higher on Friday.

Around that time, banker JPMorgan Chase & Co was advising Warner Bros Discovery CEO David Zaslav to consider reversing the order of the planned spin, shedding the Discovery Global unit comprising the company's cable television assets first.

This would give the company more flexibility, including the option to sell the studio, streaming and content assets, which advisers believed would draw strong interest, according to sources familiar with the matter.

Executives for the streaming service and its advisory team, which included the investment banks Moelis & Company , Wells Fargo and the law firm Skadden, Arps, Slate, Meagher & Flom, had been holding daily morning calls for the past two months, sources said. The group worked throughout Thanksgiving week - including multiple calls on Thanksgiving Day - to prepare a bid by the December 1 deadline.

Warner Bros' board similarly convened every day for the last eight days leading up to the decision on Thursday, when Netflix presented the final offer that sources described as the only offer they considered binding and complete, sources familiar with the deliberations said.

The board favored Netflix's deal, which would yield more immediate benefits over one by Comcast. The NBCUniversal parent proposed merging its entertainment division with Warner Bros Discovery, creating a much larger unit that would rival Walt Disney. But it would have taken years to execute, the sources said.

Comcast declined to comment.

Although Paramount raised its offer to $30 per share on Thursday for the entire company, for an equity value of $78 billion, according to sources familiar with the deal, the Warner Bros board had concerns about the financing, other sources said.

Paramount declined comment.

To reassure the seller over what is expected to be a significant regulatory review, Netflix put forward one of the largest breakup fees in M&A history of $5.8 billion, a sign of its belief it would win regulatory approval, the sources said. "No one lights $6 billion on fire without that conviction," one of the sources said.

Until the moment late on Thursday night when Netflix learned its offer had been accepted - news that was greeted by clapping and cheering on a group call - one Netflix executive confided that they thought they had only a 50-50 chance.

Stocks on the Dhaka Stock Exchange (DSE) bounced back on Monday (8 December) after a recent downturn. According to market insiders, investors responded positively to expectations that the national election schedule will be announced between 8–15 December. However, overall trading activity remains below typical levels.

Market turnover surged by 36.19% to Tk365 crore, compared to Tk268 crore in the previous session, reflecting a moderate recovery in investor participation.

The benchmark DSEX index gained 34 points to close at 4,906. The blue-chip DS30 index rose 7 points to settle at 1,893, while the Shariah-based DSES index added 7 points to end at 1,028.

Out of 391 traded issues, 287 advanced, 53 declined, and 51 remained unchanged, indicating a broad-based recovery across the market.
Analysts said that political uncertainty remains the most crucial issue influencing the stock market. Institutional investors and large individual investors have largely stayed away from active participation, which has continued to keep trading volume below its potential level. If this uncertainty gradually eases, the market is expected to move in a more positive direction.

They also said that expectations surrounding the elections could strengthen investor confidence once the schedule is officially announced. Political clarity generally encourages stronger market participation, which helps stabilise prices and supports sustained market recovery.

They also pointed out that after several consecutive weeks of price declines, the market has entered an oversold territory. As a result, many fundamentally strong stocks are now trading at discounted valuations. Some cautious yet opportunity-driven investors have started taking fresh positions, expecting potential gains in the near future.

According to market insiders, the recent downturn was not driven by political uncertainty alone. The enforcement of new margin loan regulations forced many investors to liquidate their holdings, intensifying the recent sell-off and placing additional downward pressure on market prices.

Among the top gainers on the day, Rahima Food Corporation rose by 10%, followed by Hamid Fabrics, which also jumped 10%, and Zeal Bangla Sugar, which advanced 9.98%. On the losing side, FAS Finance dropped 8.64%, Familytex (BD) fell 8.33%, and Bd. Thai Aluminium declined 7.31%.

Orion Infusion, Orion Infusion, Asiatic Laboratories, and Simtex Industries were the most actively traded stocks on Monday, indicating strong investor interest in these counters.

All large-cap sectors posted positive performance. The NBFI sector recorded the highest gain of 0.82%, followed by Engineering (0.77%), Banking (0.58%), Pharmaceuticals (0.55%), Food & Allied (0.49%), Fuel & Power (0.29%), and Telecommunications (0.13%). Block trades accounted for 3.4% of the total market turnover.

The Chittagong Stock Exchange (CSE) also closed in positive territory. The CSCX index edged up to 8,450, while the CASPI index rose 14 points to close at 13,699, reflecting positive sentiment across both major bourses.

BBS Cables PLC, once one of the most promising industrial names on the Dhaka Stock Exchange (DSE) capable of churning out over Tk100 crore in annual profits, has suffered a catastrophic financial meltdown.

The company, which dominated the market just a few years ago with robust government contracts and soaring share prices, is now fighting for its survival.

A combination of drying government orders, alleged loss of political patronage, and a challenging macroeconomic environment has triggered what can only be described as a "short circuit" in its operations – turning a profitable blue-chip entity into a massive loss-making burden for its shareholders, according to the market analysts.

The extent of the financial bleeding is evident in the company's latest financial statements.

For the fiscal year 2024-25, BBS Cables reported a staggering net loss of Tk86 crore. This represents a colossal 561% year-on-year increase in losses, a stark contrast to the modest Tk13 crore loss incurred in the previous fiscal year.

The decline is even more shocking when viewed against the company's historical performance; in FY19, the cable manufacturer posted its highest-ever net profit of Tk145 crore. The reversal of fortune from a Tk145 crore profit to a Tk86 crore loss illustrates a complete erosion of the company's financial foundation in less than six years.

The collapse in profitability is directly linked to a precipitous drop in revenue.

In FY25, the company's revenue plummeted by 46% year-on-year to settle at just Tk210 crore. To put this into perspective, the company generated revenue of approximately Tk900 crore during its peak in FY19.

The downward trajectory has been consistent and alarming. Revenue stood at Tk713 crore in FY20, gradually decreasing to Tk638 crore in FY21 and Tk628 crore in FY22. While there was a brief respite in FY23 with revenue climbing to Tk655 crore, the floor fell out in FY24 as sales crashed to Tk386 crore, before halving again in the most recent fiscal year.

The decline only deepened in the current fiscal year. In the July-September quarter of FY26, the company's revenue dropped by 48% to Tk52.45 crore, while net loss widened by 331% to Tk18.20 crore from the same period a year earlier.

With losses accelerating and sales continuing to erode, BBS Cables failed to recommend any dividend for FY25, after having offered a token 1% cash dividend the year before. Its highest payout – 10% cash and 15% stock – dates back to FY18, a reminder of a bygone era of profitability and expansion.

In a price-sensitive disclosure, BBS Cables attributed the heavy losses to multiple adverse factors: a steep fall in revenue, higher bank interest rates, dollar volatility, rising raw material prices, and most critically, a significant decline in government tenders – the company's primary revenue driver.

The management acknowledged that fewer state-funded projects had directly crippled its sales pipeline.

Auditor T Hussain & Co raised serious flags in the FY25 audit report, identifying the evaluation of the company's going concern status as a key audit matter.

The audit noted that turnover had plunged from Tk386 crore in FY24 to Tk210 crore in FY25, a 45.4% drop that "may cast substantial risk on the company's ability to continue as a going concern for the foreseeable future."

The audit team scrutinised management explanations, probing issues like market conditions, order cancellations, competition, rising input costs, and the impact of foreign currency volatility.

However, when The Business Standard attempted to reach Chairman Abu Noman Howlader and Managing Director Badrul Hassan for comments, neither responded to calls or WhatsApp messages.

A former employee, requesting anonymity, shed light on what insiders believe to be a major contributing factor to the company's downfall: the collapse of political connections.

According to him, the chairman, originally from Bhola, had close ties with a powerful Awami League leader who previously held ministerial office.

During that period, BBS Cables secured large volumes of government contracts, particularly for national power transmission line installations. The Power Division reportedly purchased significant quantities of cables from the company until 2023.

But when those political dynamics shifted and new contracts ceased, BBS Cables lost its main source of revenue almost overnight. "That's when the real downfall began," the former employee said.

Beyond the loss of government contracts, the company's mounting debt has become another pressing burden. As of September 2025, BBS Cables had Tk60 crore in long-term loans and Tk258 crore in short-term loans. Sonali Bank remains its largest lender.

These loans carry interest rates ranging from 12% to 16%, further tightening the noose around the financially distressed company.

In a high-interest-rate environment, such debt levels severely limit operational flexibility and deepen losses, especially when cash flow continues to shrink, said an analyst of a brokerage firm.

BBS Cables' journey on the stock market has been as dramatic as its financial decline. The company was listed on the DSE in 2017, raising Tk20 crore by issuing two crore shares at Tk10 each.

Investor optimism was immediate and intense — on its first trading day, the share price surged to Tk90 and reached Tk150 within a month. But this rapid ascent soon came under regulatory scrutiny.

In 2020, a Bangladesh Securities and Exchange Commission (BSEC) investigation concluded that the company's chairman, managing director, and their family members were involved in manipulating the share price.

The commission imposed fines of around Tk6 crore for the misconduct.

Since then, the stock has continually eroded, reflecting both the regulatory scandal and the deterioration in the company's core business.

Today, the share price closed at Tk14.60 – less than one-tenth of its peak value.

The Bangladesh Bank has instructed commercial banks to prepare accurate, complete and updated loan default information on election candidates who have submitted nomination papers, aiming to prevent defaulters from contesting the upcoming 13th national parliamentary election.

The central bank said the directive was issued to ensure greater transparency and reliability in verifying candidates' financial records during the election period. Banks have been told to update and report data with special care to strengthen the verification process.

Managing directors of banks were recently summoned by the Credit Information Bureau (CIB) and given detailed instructions. Bangladesh Bank Governor Ahsan H Mansur repeated the same directions at a bankers' meeting on Sunday.

Sources in the relevant department said the measures aim to strengthen the election-time database by ensuring correct default information, full identity details of individuals and institutions, data of all interested parties linked to loans, and up-to-date reports for each account.

The Bangladesh Bank stated that all loan information must be reported in the correct classification standards under policies issued from time to time by its Banking Regulation and Policy Department and Inspection Department.

Banks have also been directed to ensure that all types of loans they have disbursed are properly recorded in the CIB database. Any previously unreported loans must be entered into the CIB database without delay.

The central bank clarified that customers must not be marked as defaulters only for outstanding non-transactional charges on credit cards, such as annual fees or late fees.

If any customer has been shown as a "defaulter" in the CIB database solely due to unpaid fees or charges, despite having no overdue transaction-based dues, banks have been instructed to take necessary steps to correct the classification.

NID, tax data must be updated

Under the new instructions, banks must quickly update National Identity Card (NID) and Taxpayer Identification Number (TIN) information for borrowers and all related individuals or institutions in the CIB database.

Banks have also been told to take steps, including appointing lawyers, to speed up the disposal of High Court cases filed over defaulted loans. Information on expired cases or cases already settled by the courts must be reported to the CIB without delay.

Central bank officials said successful implementation of these steps would make election-time loan data "more accurate, modern, transparent and accountable", helping to assess the real financial status of candidates in the 13th national election.

Candidacy to be cancelled if marked defaulter

An Election Commission official said that under the Representation of the People Order (RPO), a candidate's loan must be regularised at least seven days before submitting nomination papers.

If Bangladesh Bank identifies a person as a defaulter, the candidate will be disqualified, the official said, adding that under the amended order, even after being elected, a person's membership of parliament would be cancelled if evidence emerges that they were loan defaulters or provided any false information.

In the 12th parliamentary election, 2,713 candidates filed nomination papers for 300 seats. At the request of the Election Commission, Bangladesh Bank verified their loan status through the CIB.

At least 118 candidates were identified as loan defaulters and were disqualified under the law, which bars defaulters from contesting elections.

Returning officers cross-checked candidate declarations with bank and central bank data and rejected nominations where defaulter status was confirmed.

Bangladesh's economy may have regained some stability in recent months, but it now stands at a critical point, with inflation, financial sector weaknesses, low investment, governance shortcomings and external risks emerging as major threats, according to a new government report.

Unless these vulnerabilities are addressed, the country risks slower growth, falling living standards and rising poverty, warns the report, Bangladesh State of the Economy 2025, prepared by the General Economic Division (GED) of the Planning Commission.

"Foreign direct investment remains critically low and is expected to remain at this level in the coming months. Subdued investment and industrial activity are cited as major contributors to slower growth," states the report unveiled yesterday.

However, it added, "Bangladesh has a real chance to re-accelerate, build more resilient institutions, and make growth more inclusive.

"The key will be speed and seriousness of reform, clear communication, policy credibility, and ensuring that those reforms benefit ordinary people, not just aggregate macro statistics. Bangladesh has a real chance to re-accelerate."

The GED noted that the second half of fiscal year 2024-25 (FY25) showed rebounding economic activity. But the outlook remains clouded by political uncertainty, subdued industrial output, persistent inflation and global headwinds, including pressures linked to the reciprocal tariff imposed by the United States.

It pointed out that growth forecasts from international agencies, including the World Bank, now range between 3.3 percent and 4.1 percent for FY25, with a modest rebound expected in the ongoing fiscal year. According to provisional government data, the growth rate for FY25 stood at 3.97 percent.

The GED identified remittances, export performance and manufacturing, particularly garments and SMEs, as the main drivers of growth in FY26, while noting that improvements in capital machinery imports may indicate early signs of recovering investment appetite.

The report, however, stresses that inflation continues to erode real incomes, particularly among low-income households.

"If Bangladesh can keep inflation under control, rebuild investor confidence, and stabilise the financial sector, there is potential for stronger growth in FY26."

Foreign exchange reserves stabilised at a level above three months of import coverage, it also said, attributing this to prudent macroeconomic management and structural strengthening of the economy's external front.

"A VICIOUS CYCLE"

Speaking at the event, Prof Mustafizur Rahman, distinguished fellow at the Centre for Policy Dialogue (CPD), recognised that some stability has returned but said it comes at a cost.

"The [existing] high policy rates being used to curb inflation really hurt investment. But interest is only one part of the cost of capital. Entrepreneurs face many other expenses as well," he said.

"We needed to ease the burden on entrepreneurs in these other areas, like strengthening institutional capacity and reducing corruption. We should have done more, especially since the cost of capital is already high. But we didn't," he added.

The economist said the lack of initiatives has trapped the economy in a "vicious cycle" of high interest rates increasing the cost of capital, which is raising the cost of doing business, and which ultimately depresses investment and job creation.

He warned that without faster reforms and stronger revenue mobilisation, Bangladesh risks slipping into a debt trap.

Former World Bank economist Zahid Hussain said the economy is sending mixed signals.

Remittances, slower illicit outflows, stronger revenue trends, steady electricity supply and natural-disaster resilience are positives, he said. But inflation, falling real wages, stagnant employment, weak export momentum and low investment paint a more worrying picture.

"Overall, the negative basket outweighs the positive," he said, noting that while the situation has not deteriorated as severely as feared, more decisive implementation of reforms could have produced stronger results.

"This government has shown ample evidence of intent to reform. But at the ground level, we still do not see major, visible results. To push reforms forward, willpower alone is not enough-stamina is also crucial," he added.

Meanwhile, Bangladesh Bank Governor Ahsan H Mansur stated that stabilising the financial sector remains difficult, even though the external sector is showing no major signs of stress.

He mentioned several reform initiatives taken by the interim government to stabilise the financial sector, including changes to the Bank Company Act, issuing the Bank Resolution Ordinance and restructuring the boards of several banks. "We also have to make the next government accountable for these things because these are significant progressions."

The governor said reserves have risen by about $10 billion over the past 16-17 months, and reiterated that the policy rate will not be lowered until inflation declines to a tolerable level.

Shafiqul Alam, chief adviser's press secretary, criticised sections of the business community and media for highlighting "only negative developments", failing to acknowledge reforms such as the Chattogam port modernisation drive.

"If the Chattogram port becomes efficient, the garment sector would benefit first," he said, adding that the government has not seen a single welcoming statement from the many top trade bodies.

National Board of Revenue (NBR) Chairman Md Abdur Rahman Khan said the tax-to-GDP ratio has fallen from over 10 percent a few years ago to around 7 percent now, as revenue cannot be collected from all sectors of the economy.

Speaking on Prof Rahman's warning about falling into a debt trap, he said, "We have already fallen into a debt trap; unless we acknowledge this truth, it will not be possible to move forward."

Meanwhile, speaking on the government's reform initiatives, Anisuzzaman Chowdhury, special assistant to the chief adviser, said there is no textbook for the sequence and speed of reforms.

"We must decide what comes first, what comes later, and how to balance them. Low-hanging fruit should be taken first, but sometimes distortions or internal balance issues prevent that," he said.

Former chairman of the Development Studies Department at Dhaka University, Professor Mahbubullah, today (8 December) stressed that Bangladesh's persistent economic fragility cannot be overcome without establishing a genuine balance of power within society and dismantling what he described as a long-running "loot and plunder economy."

Speaking at the seminar on the publications "Bangladesh State of the Economy 2025" and "Sustainable Development Goals: Bangladesh Progress Report 2025" at the National Economic Council (NEC) Conference Room of the Planning Commission in Sher-e-Bangla Nagar, the eminent economist said that the country has been stuck in a cycle of wealth accumulation since 16 December 1971—an economic structure he argued continues to distort incentives, hinder productive growth, and sustain inequality.

He said that despite adopting numerous policies and reforms, Bangladesh has failed to achieve sustainable outcomes because "economic extraction and redistribution of wealth from one set of hands to another" remain deeply embedded in the system.

"Unless we end this continuous reshuffling of wealth, real productive growth will remain elusive," he cautioned.

"Unless we transition to a production-based economy, the country's growth will remain vulnerable and uneven," he added.

Professor Mahbubullah underscored that meaningful economic reforms, including those relating to governance, investment, and market functioning, cannot take root unless the social and political power structure is rebalanced.

"We talk about democracy and good governance, but neither will materialise as long as this accumulation process continues. A fair distribution of power across society is the precondition for a functional economy," he said, adding that without such a foundation, reforms risk remaining superficial.

Turning to inflation, the economist expressed doubt about the country's ability to bring price pressures under control within the next one to three years.

He argued that supply bottlenecks, limited productive capacity, and a large demand burden—partly driven by population growth—make a quick recovery unlikely.

"Inflation cannot be tamed while commodity supply remains insufficient compared to money supply. Production must rise, but investment is stagnant. Without new investment, expanding supply in the short term is impossible," he said.

He also pointed to the effects of high government expenditure and increased liquidity injected into the economy, which have exacerbated the imbalance between money circulation and commodity circulation.

Concern over 'sluggish and depressed' investment environment

Professor Mahbubullah expressed deep concern over what he termed a "sluggish and depressed" investment environment, warning that Bangladesh's productive base is not expanding fast enough to absorb labour or support stable long-term growth.

He noted that while readymade garments and foreign remittances remain the two primary pillars of the economy, other promising sectors—such as pharmaceuticals, ceramics, and light engineering—have not been able to scale up due to structural constraints and unfavourable incentives.

"A proper incentive structure across fiscal, monetary and planning policies is yet to be formulated. Without it, investors cannot be expected to take risks or expand production," he added.

Describing the prevailing economic order as one driven by extraction rather than production, he said that wealth continues to be generated and redistributed through rent-seeking, misuse of state power, and distortive incentives, rather than productive investment.

"This loot and plunder economy has existed under every government for 54 years—sometimes more intensely, sometimes less—but we have never truly escaped it," he said.

He emphasised that addressing inequality, understanding the dynamics of the informal economy, and strengthening governance are essential steps for shifting towards a productive and inclusive growth model.

China's annual trade surplus surpassed $1 trillion for the first time, reaching about $1.1 trillion after 11 months and exceeding the previous full-year record set in 2024, according to official data released on Friday.

The threshold was crossed as exports rebounded in November, rising 5.9% from a year earlier and outpacing a 1.9% increase in imports. The performance generated a monthly trade surplus of $111.68 billion, the third-largest China has ever recorded and stronger than economists had forecast.

The $1 trillion landmark was achieved despite steep US tariffs, which continued to weigh on shipments to the United States. Exports to the US fell 29% in November, marking an eighth straight month of double-digit declines. Manufacturers expanded trade ties elsewhere, however, more than offsetting the slump. Shipments to the European Union grew almost 15% last month, the fastest pace since July 2022, while exports to Africa climbed nearly 28%.

Electronics and machinery exports rose nearly 10%, reflecting firm global demand for industrial and technology goods.

China's expanding trade surplus has added to tensions with key partners. French President Emmanuel Macron has warned that the EU may take "strong measures," including tariffs, if Beijing does not address the imbalance. German Foreign Minister Johann Wadephul recently raised concerns about trade curbs, rare-earth access and industrial "overcapacities" in sectors such as steel and electric vehicles.

Economists say rising frictions with the EU pose a significant risk to China's external demand outlook. Still, foreign demand has been the most consistent driver of growth this year, offsetting a prolonged housing downturn and weak consumer spending. Net exports have accounted for nearly one-third of China's economic expansion in 2025.

The record surplus is expected to support full-year GDP growth, keeping the government's target of around 5% within reach. Analysts, however, note that the economy remains highly reliant on overseas markets. Soft domestic demand and increased self-sufficiency among Chinese firms have limited import growth, reinforcing the surplus while underscoring structural imbalances.

Officials have said stronger domestic demand is "ultimately essential" to reduce dependence on exports, though economists expect the transition to be gradual. Until then, China's exposure to global markets and foreign trade actions will remain a key uncertainty.

The Bangladesh Securities and Exchange Commission (BSEC) has assured that companies seeking to enter the capital market under the revised Initial Public Offering (IPO) rules will receive fair pricing and transparent valuation, as part of a broader effort to modernise the listing framework and strengthen regulatory oversight.

BSEC Chairman Khondoker Rashed Maqsood made the remarks today (8 December) at a stakeholder meeting held at the commission's office in Agargaon. The meeting brought together representatives from state-owned and multinational companies to review the draft IPO rules and discuss mechanisms for direct listing, according to a press release issued by the commission.

At the meeting, the BSEC chief said the chief adviser has instructed profitable and fundamentally strong state-owned and multinational companies to enter the capital market through direct listing.
"In line with this directive, the companies must now prepare to come to the market. The highest level of government has already communicated the instructions, and the implementation process must begin without delay," he said.

He noted that the revised IPO rules place strong emphasis on transparent valuation methods that ensure investor protection while making the listing process smoother for issuers. The updated regulatory framework is expected to encourage high-quality companies — particularly those previously hesitant due to pricing concerns — to consider listing.

The session featured detailed discussions on the draft regulations, operational preparedness, and valuation-related challenges in bringing state-owned and multinational companies to the market through direct listing. Participants shared recommendations aimed at improving efficiency and reducing bottlenecks in the listing process.

Senior BSEC commissioners and officials attended the meeting, along with representatives from the Investment Corporation of Bangladesh, Bangladesh Chemical Industries Corporation, Synovia Pharma PLC, Novartis Bangladesh, Karnaphuli Gas Distribution Company Limited, North-West Power Generation Company Limited, and Sylhet Gas Fields Limited.

Extortion occurs at every corner of Chattogram port, according to Labour Adviser Brig Gen (retired) M Sakhawat Hussain, who estimates the daily amount at Tk 2 crore to Tk 2.5 crore.

"That is the minimum. The amount could be even higher," the adviser told journalists at his Secretariat office in Dhaka yesterday.

He said, "The port is somewhat like the golden goose; everyone wants to slaughter it quickly and take everything out."

When asked whether he had managed to stop the extortion, Hussain said, "It has decreased a lot."

Pressed on whether it was possible to end the practice entirely, he replied, "Is it possible to stop it entirely in Bangladesh?"

Hussain said transport stands inside the port had been removed, but extortion continued outside, near bus and truck stands, where people collected money after being displaced from the port.

Turning to labour reforms, he said the government had amended the labour law with an ordinance on November 17, allowing domestic workers and agricultural labourers to form trade unions.

"The amendment aligns our labour law with international standards, responding to pressure from the European Union, the United States and the International Labour Organization (ILO)," he said.

The changes also extended maternity leave for female workers from 112 days to 120 days and lowered the threshold for forming a trade union to 20 workers, making it easier for workers to organise.

Hussain said the government has ratified ILO Conventions 155, 187 and 190 to strengthen workers' rights. The country is the second in Asia to ratify all ten fundamental ILO conventions and the only nation in South Asia to ratify Convention 190.

He added that the government has set minimum wages for seven sectors and is in the process of setting wages for seven more. Work is underway to set the minimum pay for 21 sectors in total.

Bangladesh's economy is under strain but has avoided a far worse outcome, former World Bank lead economist Dr Zahid Hussain said today (8 December), stressing that sustained reform and an uninterrupted electoral process are now essential for stability.

Speaking at a seminar on the publications Bangladesh State of the Economy 2025 and Sustainable Development Goals: Bangladesh Progress Report 2025, held at the Planning Commission in the capital, Zahid Hussain said the economy shows both strengths and weaknesses, with the negative indicators still outweighing the positive.

He said remittance inflows have reached new highs, illicit financial outflows have slowed, revenue mobilisation has improved slightly, and electricity supply has remained stable.
Bangladesh also managed recent natural disasters better than expected, he said, adding, "These are the indicators in my positive basket."

However, inflation remains very high, growth is subdued, real wages have fallen, employment has stagnated, exports have weakened in recent months, investment remains depressed, and poverty has increased, according to recent World Bank assessments.

"Overall, the negative basket outweighs the positive one. The economy is struggling, and so are livelihoods. But it could have been much worse," he said.

Zahid Hussain outlined three factors that helped prevent a deeper crisis.

The first, he said, is Bangladesh's "deep social resilience", which became evident during the three days of the August 2024 upheaval when state institutions temporarily collapsed.

There was no government, no police on the streets, no secretaries, no vice-chancellor, no central bank governor — and yet society did not collapse," he said.

The second factor, he added, is the interim government's approach to political management, which has helped reduce the intensity of partisan hostility. He described this as a cultural shift where political actors express criticism without naming individuals directly.

He said sustained dialogue and inclusive political engagement over the past nine months have contributed to this change.

He noted that all political parties criticising the interim government for bias is, paradoxically, "a sign of neutrality". Zahid Hussain warned that only a major political shock could now halt the electoral process. "Elections will take place — unless there is a six-magnitude political quake," he said.

The third factor he identified is macroeconomic management and the ongoing reform agenda. He argued that Bangladesh had long engaged in "self-destructive" economic practices that became institutionalised.

Although efforts over the past 18 months have attempted to correct this, significant progress remains limited. He said the belief that "where there is political will, there is a way" needs revisiting.

"Willingness alone is not enough. There is no guarantee of success simply because the intention exists," he said.

Despite numerous commissions, consultations and reports signalling reform intent, the number of ordinances and Cabinet decisions implementing them remains "very small".

"We still do not see major visible results on the ground," he added. The economist stressed that reforms require not only political will but political stamina.

Without stamina, reforms stall "like a computer that suddenly hangs".

He cautioned that without sustained reforms, achieving stronger economic performance will be "extremely difficult".

The seminar was attended by senior economists, policymakers and development practitioners who discussed the economic outlook and progress toward the Sustainable Development Goals.

Mobile phone assemblers today said the introduction of the National Equipment Identity Register (NEIR), a system to identify and block unauthorised handsets, will allow local companies to manufacture high-end phones and sell them at prices comparable to the grey market.

"Without the NEIR system, we cannot produce high-end phones locally because the grey market affects the prices," said Jakaria Shahid, president of the Mobile Phone Industry Owners' Association of Bangladesh (MIOB), at a press conference at the Dhaka Reporters Unity.

"Once the system is in place, we will be able to produce high-end phones and offer them to customers at prices close to what they currently pay," he added.

The grey market, also called a dark market, involves trading goods through unofficial or unauthorised channels, outside the original manufacturer or trademark owner.

The NEIR system is scheduled to take effect on December 16.

Meanwhile, mobile phone traders suspended their blockade outside the Bangladesh Telecommunication Regulatory Commission (BTRC), which they had staged to demand a delay in the NEIR rollout and lower import taxes on mobile phones. The suspension came after the regulator agreed to reform the NEIR system.

Protesters also claimed that the introduction of NEIR will push up the prices of handsets.

Shahid rejected these claims, saying these rumours are being spread to protect the interests of a specific group.

He added that the grey market is currently the biggest challenge for the mobile industry in Bangladesh. It controls a large share of the market, worth Tk 6,000 crore, and causes the government an annual revenue loss of over Tk 2,000 crore.

"This is not just a financial loss," Shahid said. "The use of insecure devices also threatens cybersecurity, users' personal information, and national financial stability."

He added that a certain group is spreading false information, claiming that a 57 percent duty will be imposed once the NEIR system is launched. In reality, the 57 percent duty on mobile imports was introduced back in 2019.

According to the association, Bangladesh's mobile industry currently has 18 manufacturing companies, with over Tk 3,000 crore in foreign and local investment, providing direct employment to 50,000 workers.

The country can produce 15 lakh smartphones and 25 lakh feature phones per month, but 30–40 percent of this capacity remains unused due to pressure from the grey market.

The industry contributes significantly to the national economy, paying more than Tk 2,000 crore in taxes, Tk 500 crore in wages, and Tk 400 crore in utility bills annually.