Gold and silver prices dived Friday and European stock markets ended the week up while Wall Street pulled back with investors reassured by US President Donald Trump's pick to take over as head of the Federal Reserve.

The precious metals, viewed as safe-haven investments, had already begun sliding on reports, later confirmed, that Trump had nominated former Fed official Kevin Warsh to replace Jerome Powell as chair of the US central bank.

Trump announced his choice Friday on social media, saying that Warsh, a former Morgan Stanley investment banker and Fed governor, "will go down as one of the GREAT Fed Chairmen, maybe the best."

Kathleen Brooks, research director at XTB trading group, said the "interesting pick...may give the market some hope that Fed independence will be preserved."

Trump's personal attacks on Fed boss Jerome Powell -- set to depart in May -- have fueled widespread fears among investors that the central bank's policy independence is under threat, potentially posing an inflation risk to the US economy.

Precious metals prices tumbled on Friday after surging in recent days when investors sought a safe haven over doubts about Trump's policies.

Gold fell as much as 12 percent at one point, retreating below $5,000 an ounce after hitting a record high near $5,600 on Thursday.

Silver, which Thursday reached an all-time peak above $120 an ounce, shed around 30 percent to about $82 an ounce.

Financial markets have endured a roller-coaster ride this week as traders weathered a weaker dollar, Trump's threats against Tehran, the president's resumption of tariff threats and a possible US government shutdown.

Asian stock markets closed out the week with some hefty losses following Thursday's tech-led retreat on Wall Street on renewed concerns over vast investments in artificial intelligence.

Healthy earnings from Meta, Samsung and SK Hynix provided much cheer early in the week but Microsoft was punished over worries its costly AI program might not result in financial gains.

There are fears that firms' valuations may be a little too stretched and that markets could be in a bubble, having soared in recent years to record highs on the back of a tech-fueled rally.

The dollar pushed higher on Warsh's nomination.

"Most currency strategists would argue that his nomination may be good news for the dollar, which can price out some risks of a more dovish pick," said Forex.com's Fawad Razaqzada.

"However, for as long as policy uncertainty hangs over the US economy with Trump's tariff theatrics, the dollar debasement narrative is likely to hold back the greenback from making a meaningful comeback."

Among individual companies, Verizon surged 11.8 percent as it reported its highest quarter of mobility and broadband subscription increases since 2019.

After staying relatively affordable for several months, the prices of edible oil and chicken have started climbing ahead of Ramadan, while the vegetable market has stayed mostly stable. A market survey in Dhaka's Karwan Bazar, Lalbagh and New Market today (30 January) found notable increases in several key commodities.

Loose soybean oil is now selling at around Tk170 per litre, up from about Tk165, and bottled soybean oil has risen from roughly Tk190 to Tk200 per litre. Broiler chicken now commands about Tk170–180 per kg, compared with Tk155–160 per kg a couple of weeks ago, while Sonali chicken is priced around Tk270–300 per kg.

Despite the rises in meat prices, egg prices remain stable, with brown eggs around Tk110 per dozen and white eggs about Tk100 per dozen. Beef is selling at Tk750–780 per kg.

Rice prices have also jumped unusually early ahead of Ramadan. Polao rice is now being sold at about Tk138–140 per kg in retail markets, and branded packaged rice commands even higher prices. Some coarse and medium rice varieties have shown slight price relief.

Lentil prices had risen in recent weeks but have eased somewhat. Chickpeas are selling at around Tk95–100 per kg, while red gram lentils have fallen by about Tk5 per kg to roughly Tk55–56 per kg, and larger lentil varieties have become cheaper

Overall vegetable prices are mostly unchanged from last week, with many vegetables selling in the Tk40–50 per kg range. Potatoes and tomatoes have become slightly cheaper compared with a week ago.

Fish prices have not shifted significantly. Depending on size, carp such as Rohu and Catla are selling between roughly Tk300 to Tk450 per kg, while tilapia and koi are about Tk200–240 per kg, and pangas around Tk180–200 per kg. Shrimp remains comparatively expensive, priced between Tk550 and Tk900 per kg depending on size and variety.

Bangladesh is set to seek a binding 12-year transition period to safeguard its export-oriented economy from post-LDC-graduation trade challenges in a high-stakes strategy to be placed at the upcoming WTO ministerial meet.

Officials say the government has finalized a comprehensive Position Paper for placing at the 14th World Trade Organisation (WTO) Ministerial Conference (MC14) will be held in Cameroon on March 26-29.

The Position Paper outlines a strategy that balances the prestige of "Developing Nation" status with the pragmatic needs to shield its around U$50billion export economy from the "graduation shock."

"The four-day global trade summit…in Yaoundé will mark Bangladesh's final Ministerial appearance as a Least-Developed Country (LDC) ahead of its scheduled graduation on November 24, 2026," says one trade official.

The Bangladesh delegation, led by the Ministry of Commerce and supported by the ERD or Economic Relations Division, is expected to fly to Cameroon with a clear mandate: 'No agreement is better than a bad agreement that compromises the livelihood of millions of garment workers and small-scale farmers'.

According to the finalised position paper, Dhaka will lead the LDC group in demanding a structured graduation "Support Package".Online newspaper reader

The centerpiece of this strategy is the extension of LDC-specific Special and Differential Treatment (S&DT) for 12 years to ensure a sustainable transition into the developing-country club.

While MC13 (Abu Dhabi) secured a 3-year grace period for certain LDC supports, Bangladesh is pushing for a more robust 12-year horizon for Duty-Free Quota-Free (DFQF) market access.

"Graduation should be a reward for development, not a penalty for success," a senior official at the commerce ministry involved in drafting the paper told The Financial Express.

"Without a decade-long transition, our RMG sector-contributing over 80 per cent to national exports-could face an immediate tariff hike of 12 per cent in major markets, eroding competitiveness against regional peers," he notes.

"If a star performer like Bangladesh faces a trade crisis after graduation, it sends the wrong signal to every other LDC. Our success is, ultimately, the WTO's success."

Graduation implies a jump in tariffs from 0 per cent to nearly 9.0-12 per cent in the EU and 16-18 per cent in Canada, according a source.

Bangladesh's position is to negotiate Rules of Origin (RoO) that allow for more flexibility, moving away from "double transformation" requirements to maintain competitiveness.

The strategy involves leveraging the G-90 coalition to ensure that developed partners (EU, UK, China, Japan) honor their 3-year post-graduation grace periods (2026-2029) and push for these to be made permanent under GSP+ or similar schemes.Banking services comparison

Dhaka is seeking an extension of the TRIPS (Trade-Related Aspects of Intellectual Property Rights) waiver until 2034. The TRIPS is a non-negotiable priority. Under current LDC rules, Bangladesh can produce patented medicines without licences.

Losing TRIPS waiver in 2026 would force the U$3.0-billion domestic generic drug industry to enforce expensive patent regimes, potentially hiking local medicine prices and halting export to other LDCs.

Current WTO drafts suggest members with a global marine catch share of over 0.8 per cent (which includes Bangladesh) must face stricter subsidy disciplines.

The position paper argues for permanent S&DT for graduating LDCs to protect the livelihoods of artisanal/small-scale fishers who rely on government social-safety nets.

Currently, there are around 20 million artisanal fishers across the country.

Bangladesh will insist that subsidies for "overfished stocks" must be protected for at least 7-10 years for graduated LDCs.

As a Net Food Importing Developing Country (NFIDC), Bangladesh's position focuses on securing a "Permanent Solution" that allows the government to buy food at administered prices for stockholding without violating WTO subsidy caps and advocating for exemptions that prevent other nations from banning food exports to LDCs/NFIDCs during global crises.Newspaper subscription

The global moratorium on customs duties for electronic transmissions is set to expire at MC14.

Bangladesh is currently in a "wait and see" mode. While it benefits from the moratorium for its ICT/freelancing sector, the paper highlights the need to balance the growth of the about U$2.0-billion IT sector against potential fiscal revenue losses.

Bangladesh is likely to support a temporary extension of the moratorium but will demand Technical Assistance and a "Work Programme" that helps developing nations in building internal VAT/GST systems to capture digital trade value.

Beyond issue-specific demands, Bangladesh is expected to use MC14 to push for broader institutional reform at the WTO-most notably the restoration of the Dispute Settlement System and Appellate Body.

Here, the official position rests on some primary pillars. These pillars are support for the immediate restoration of a functional two-tier dispute-settlement system, which has been hampered by a lack of appointments to its appellate body, full alignment with G-90 proposals aimed at making development provisions more "precise, effective, and operational" rather than merely aspirational and rejecting any mandate that forces differentiation among developing member-states.Online newspaper reader

The position paper argues that without a functioning appellate mechanism, smaller economies are increasingly exposed to unilateral trade measures, arbitrary tariffs and protectionist policies by major powers.

For Bangladesh, a rules-based system with enforceable outcomes is essential as it transitions from preference-dependent status to full competition under WTO disciplines.

Domestically, the government has already operationalised its Smooth Transition Strategy (STS), consisting of five foundational pillars and 157 concrete actions.

The strategy aims to improve logistics through the National Logistics Policy 2025 and implement the Customs Single- Window system to lower the cost of doing business, which is currently seen as a bottleneck for post-LDC competitiveness.

Experts suggest the Yaoundé conference will be a "defining moment" for Bangladesh to leverage its influence as a leader of the LDC group to secure international legal guarantees.

There are 166 members under the WTO of which 75 per cent are developing countries and LDCs.

After takeover by the current interim government, local business community has called for a three-to-six-year deferral of the country's planned graduation from LDC status in November 2026, citing mounting economic headwinds and weak industrial preparedness.

Trade bodies warn that the loss of duty-free, quota-free market access, expiry of the TRIPS waiver for pharmaceuticals and the withdrawal of export subsidies could significantly erode export competitiveness.

With inflation, energy constraints and high interest rates already straining businesses, stakeholders argue the current timeline risks compounding shocks to the private sector.

While economists stress the need for long-term efficiency-driven reforms, businesses maintain that a temporary extension is critical to protecting exports and ensuring a smoother transition.

Advanced Chemical Industries (ACI) PLC posted strong growth in revenue in the first half of the current fiscal year, reflecting steady domestic demand and continued expansion of its operations.

According to the company's financial disclosure, consolidated revenue rose by 18% year-on-year to Tk7,794 crore in the July–December period, compared to Tk6,619 crore in the same period a year earlier.

It posted a consolidated net profit of Tk30 crore during the half-year, which was a net loss of Tk64 crore in the same time a year ago.

ACI PLC is one of the country's leading conglomerates, with a presence in pharmaceuticals, consumer brands, logistics and retail.

The domestic market price of one bhori of gold, equivalent to 11.664 grammes, rose by Tk 32,892 over the course of a month, reflecting a notable increase compared with previous months.

According to the Bangladesh Jewellers Association (Bajus) data, the price of gold per bhori was Tk 2.22 lakh on January 1, 2026, which increased to Tk 2.55 lakh on January 31.

An analysis of Bajus data shows that throughout the month, gold prices in the domestic market changed 18 times, whereas prices rose on 15 occasions.

Businesspeople said the local market in Bangladesh has remained unstable over the past few months, driven by fluctuating global prices, steadily rising costs of pure gold, and broader economic uncertainty.

Dewan Aminul Islam Shahin, chairman of Bajus’ Standing Committee on Pricing and Price Monitoring, recently said the retail gold market has been highly volatile lately, largely due to swings in global prices and rising costs of pure gold.

“International issues such as geopolitical tensions and conflicts have a direct impact on our local market,” he mentioned

GOLD FALLS AGAIN

Gold prices in the local market fell sharply within 24 hours, dropping by Tk 15,746 per bhori to Tk 2.55 lakh. The Bangladesh Jewellers Association announced the price cut yesterday, citing a decline in the prices of pure gold in the local market.

On January 29, gold prices hit an all-time high of Tk 2.86 lakh per bhori in the country. Since then, prices have fallen by roughly Tk 31,000.

In the international market, spot gold lost 4.7 percent to $5,143.40 an ounce on January 30, as jittery investors moved to lock in profits, with hopes for aggressive US interest rate cuts fading and the dollar steadying, according to Reuters.

In Bangladesh, domestic prices remain closely aligned with global trends. Under the Gold Policy 2018, annual domestic demand is estimated at between 20 and 40 tonnes.

Gold first crossed Tk 50,000 per bhori in January 2018. Five years later, in July 2023, it reached Tk 100,000. Prices climbed further to Tk 150,000 in February 2025, before surging past Tk 200,000 per bhori later in the year.

With around two weeks left in office, the interim government has yet to pass two important banking reform laws that the central bank says are crucial for strengthening its oversight of the financial sector.

The laws are related to the autonomy of the Bangladesh Bank (BB) and the ownership and governance of banks.

Those laws topped the reform agenda that the interim government had pledged following the July uprising in 2024. Besides, the International Monetary Fund (IMF) has long advocated greater autonomy for the BB. Under its $5.5 billion loan programme, the Fund provided technical support in drafting the amendments.

Now both of the drafts are pending with the finance ministry, though the BB submitted them months ago and repeatedly urged their passage before the national election on February 12.

So far, the interim government has enacted only two banking-related laws. Those are the Bank Resolution Ordinance and the Deposit Insurance Ordinance.

Central bank officials say the remaining drafts, including amendments to the Bangladesh Bank Order 1972 and the Bank Company Act, have not progressed.

In a press release yesterday following its Article IV consultations, the IMF said the government reiterated its commitment to legal, institutional and operational reforms but noted that key policy decisions would be taken by the next government.

The IMF said that delays in banking and fiscal reforms would weaken growth, raise inflation, and increase macro-financial risks.

At a public programme last week, BB Governor Ahsan H Mansur expressed concern over the delays, saying passing the laws after the election would be difficult.

Finance Adviser Salehuddin Ahmed attended the event. Mansur reminded the government that the central bank considers the reforms unfinished business.

“We will try,” said Ahmed in response. “However, the time is short, so we are not sure how much can be accomplished,” he said.

Central bank officials said the revised draft amendment to the Bangladesh Bank Order has been with the finance ministry for around four months. The amendment is prepared to increase the autonomy of the banking regulator.

The original draft proposed removing bureaucrats from the BB board, where three government officials currently sit. Following objections from the finance ministry, the proposal was revised to allow one bureaucrat instead of three.

It also seeks to grant the BB governor the rank of a minister and require the governor to take the oath before the chief justice. Despite these revisions, the amendment has not been approved.

The second pending reform is the proposed amendment to the Bank Company Act. The BB board approved the draft in October last year and submitted it to the finance ministry.

It has 45 proposed changes, including reducing the maximum number of directors on bank boards from 20 to 15 and increasing the number of independent directors to at least half of the board, up from the current three.

The draft also recommends that independent directors be appointed from a vetted pool of candidates shortlisted by an expert panel.

Another proposal would limit ownership concentration by preventing any individual, family or institution from holding more than 5 percent stakes in multiple banks.

BB says the amendments aim to improve governance standards and strengthen oversight of both private and state-owned banks.

However, private bank owners have expressed opposition to the proposals. The Bangladesh Association of Banks (BAB) formally communicated its objections to the finance ministry, especially regarding the proposed ownership limits.

Zahid Hussain, former lead economist at the World Bank’s Dhaka office, said the delay is difficult to explain given how the drafts were prepared.

“This is not a new file,” he said.

According to Hussain, the drafts were developed after extensive discussions, including coordination committee meetings involving the finance ministry, BB and other stakeholders. The reforms were outlined in IMF mission reports and incorporated into the government’s Letter of Economic and Financial Policies, signed by both the finance minister and the BB governor.

“After that process, the role of the finance ministry is straightforward,” he said. “It should review the draft, clear it, or clearly explain why it cannot be cleared.”

Leaving the file idle for months, he said, raises questions.

Hussain said the delay shows resistance linked to authority rather than technical disagreements. “One key element of the reform is reducing the representation of the finance ministry on the Bangladesh Bank board. From that perspective, the issue is control,” he said.

He added that the central bank’s independence should not be defined narrowly. “It is not only about fiscal dominance. It also involves bureaucratic dominance and influence from business lobbies.”

According to the economist, passing the reform laws now would clarify where institutions and political actors stand, rather than deferring responsibility to the next government.

For comments, The Daily Star approached Finance Adviser Salehuddin Ahmed, BB Governor Ahsan H Mansur and Financial Institutions Division Secretary Nazma Mobarek. Despite phone calls and text messages, they did not respond.

As part of the interim government's efforts to reduce project expenses, the construction of Eastern Refinery Limited's second unit (ERL-2) has been cut by Tk4,465 crore, even before work has begun.

A revised proposal, a copy obtained by The Business Standard, puts the project's new cost at Tk31,000 crore, down from Tk35,465 crore, and has been submitted to the Planning Commission.

On 23 December, the Executive Committee of the National Economic Council (Ecnec) approved the project conditionally, asking for a review of various components, senior planning commission officials said.

They said Ecnec had asked to revise detailed engineering, design, construction supervision, commissioning, and associated buildings and infrastructure – to ensure costs were reasonable.

Following the directives, a cost review committee was formed under Amin Ul Ahsan, chairman of Bangladesh Petroleum Corporation (BPC), with officials from ERL and the energy division.

The committee reviewed capital expenditures and subcomponents, including engineering design, pre-commissioning and commissioning, internal roads, plant-related buildings, and other equipment.

After thorough review, the committee recommended a revised total cost of Tk31,000 crore, officials said.

12.59% cost reduction

BPC officials said the reviewed committee made significant reductions in several areas. Construction of plant-related buildings was cut by Tk768.83 crore, reducing the proposed cost to Tk250 crore.

Expenditure on engineering and other equipment fell by Tk1,726 crore from the original Tk8,203.89 crore.

Costs for other infrastructure dropped by Tk1,626 crore to Tk9,506 crore. Other capital expenditures were trimmed by Tk1,364 crore to Tk3,815 crore, and internal road costs fell from Tk288 crore to Tk138 crore.

Planning officials said the revision represents a 12.59% reduction from the Ecnec-approved project cost. Under the June 2022 Government Project Formulation, Processing and Approval Guidelines, any project cost reduction of 10% or more requires presentation to the Project Evaluation Committee (PEC).

The revised project proposal will be presented at a PEC meeting on 1 February.

IsDB offers $1b

Although Ecnec approved the project for self-financing, it also instructed the ministry to explore the possibility of securing concessional foreign loans.

Sources at the Economic Relations Division (ERD) said the Islamic Development Bank (IsDB) has expressed interest in providing $1 billion or more for ERL-2. On 22 December, the IsDB sent an initial proposal for financing, with final approval expected after a mission visits Bangladesh.

Project revival

Eastern Refinery, established in 1968 under French contractor Technip, first planned a second unit in 2010. The government approved Tk13,000 crore in 2013, but no progress was made. In 2022, BPC attempted to proceed with its own funds, raising the estimate to Tk23,000 crore, but work still did not start.

In 2024, S Alam Group offered to construct ERL-2 for Tk25,000 crore, approved on 9 July. The project was suspended in August after the mass uprising that toppled Sheikh Hasina's government.

The interim government revived the plan, which by then was estimated at Tk36,410 crore. Unable to secure foreign loans, it was revised to rely on state funds and BPC resources; the original estimate had been Tk42,974 crore.

4.5m tonnes of crude oil annually

Officials said Eastern Refinery currently meets only 20% of Bangladesh's petroleum demand, the rest imported. ERL-2 will produce Euro-5 gasoline and diesel and upgrade the existing refinery's diesel, motor spirit, and octane to Euro-5 standards.

BPC has completed a new "Installation of Single Point Mooring (SPM) with Double Pipeline" project, enabling transport of up to 4.5 million tonnes of crude oil annually.

Officials project ERL-2 could produce 400,000 tonnes of furnace oil, 60,000 tonnes of LPG, 600,000 tonnes of Euro-5 gasoline, 1.1 million tonnes of Euro-5 diesel, 200,000 tonnes of lube base oil, and 500,000 tonnes of jet fuel yearly.

At least five financial institutions risk losing assets following the recent bank merger, as shares held as collateral for loans they disbursed have been valued at zero.Personal finance advice

IFIC Bank, Dutch-Bangla Bank, Shahjalal Islami Bank, Southeast Bank and National Housing Finance together face losses exceeding Tk 6.46 billion, according to the Central Depository Bangladesh Limited (CDBL).

Among the borrowers, former EXIM Bank chairman Nazrul Islam Mazumder alone took out loans equivalent to Tk 1.46 billion, pledging shares of his own bank as collateral. His action was replicated by 31 other EXIM Bank shareholders. The aggregate value of EXIM Bank shares held as lien by the above mentioned financial institutions amounts to Tk 6.20 billion.

Four shareholders of Social Islami Bank Ltd (SIBL) also took out loans worth Tk 264 million, putting their holdings in SIBL as collateral. The shareholders of EXIM Bank and SIBL may have borrowed from one or more lending institutions. Smaller loans were also disbursed against shares of the merged banks.

The central bank announced the nullification of shares of five troubled banks-First Security Islami Bank, Social Islami Bank, Union Bank, Global Islami Bank and EXIM Bank-which were merged as their liabilities had far exceeded their assets.

"Such a situation is completely new to us. No one would have thought that the value of shares of the merged banks would turn negative," said IFIC Bank Chairman Md Mehmood Husain.

The lenders are now exploring ways to recover their claims.

"We will seek legal opinions to identify possible remedies," Mr Mehmood said.

The matter remained undisclosed for a long time amid debates over the pros and cons of the merger and concerns surrounding the interests of shareholders and depositors of the merged banks.

The lenders holding nullified shares as collateral neither drew attention to the issue nor approached any regulatory authority for a solution.

Talking to the FE, senior executives of several financial institutions said they were "confounded" by the situation.

"There is no provision to recover such loans under the regulations set by the central bank for the merged banks," said Abidur Rahman, additional managing director of Southeast Bank.

Bangladesh Bank has prioritised repayment to depositors of the merged entities. "We also disbursed loans using depositors' money. We will inform our board about the impact of the collaterals becoming worthless," Mr Abidur said.

He added that Southeast Bank would take legal action against the borrowers while making provisions for the expected loan losses.

IFIC Bank Chairman Mr Mehmood said the bank would write to the Dhaka Stock Exchange (DSE) and the Bangladesh Bank seeking guidance on the issue.

"We will also communicate the matter to the Association of Bankers, Bangladesh (ABB)," he added.

Ashequr Rahman, managing director of Midway Securities, however, questioned the delay by lenders in responding to the situation.

Shareholders of the merged banks must have taken loans before the fall of the previous government, long before reform measures-including the merger-were initiated in the banking sector. Meanwhile, the stocks of those banks had already suffered significant value erosion amid a prolonged bearish trend in the secondary market.

The DSEX, the benchmark index of the Dhaka bourse, shed more than 15 per cent, or 996 points, between January 2023 and August 2024, severely squeezing the market value of shares held as collateral.

"Why did the lenders not issue margin calls following the erosion in collateral value?" Mr Rahman asked.

"They could have approached the central bank and the securities regulator to seek permission to liquidate the borrowers' shares to protect depositors' interests," he said.

According to CDBL sources, the securities pledged as collateral remain blocked by the relevant brokerage houses under lien arrangements with the depository.

The depository authority usually does not know the identities of lenders or borrowers, and its intervention is sought only when shares need to be confiscated due to loan defaults.

Meanwhile, the central bank had restructured the board of EXIM Bank following the ouster of the previous government in August 2024. Mr Mazumder, also chairman of NASA Group, was removed from the board and arrested in October that year.

Before his arrest, he had chaired EXIM Bank since 2007 and served as president of the Bangladesh Association of Banks (BAB) for around one and a half decades.

On loan recovery, Southeast Bank Managing Director Md Khalid Mahmood Khan said banks are generally aggressive in recovering loans from small and medium clients but remain timid when dealing with influential borrowers.

"They often wait for a change in the political regime, as influential clients are usually aligned with those in power," he said.

Asked why lenders had not raised the issue earlier, Mr Khan said the matter had been placed before the bank's board, but no solution was reached at the time.

Industry insiders said shareholders of the banks merged into Sammilito Islami Bank should receive shares of the new entity.

While general shareholders were left empty-handed following the nullification of their shares, influential shareholders and sponsor-directors-including Mr Mazumder-had already borrowed against their holdings.

"In a capitalistic society, privileged groups benefit even during financial disasters, leaving ordinary people behind," Mr Rahman said.

Square Pharmaceuticals PLC, the country's leading drug maker, posted strong growth in both revenue and profit in the first half of the current fiscal year, reflecting steady domestic demand and continued expansion of its overseas operations.

According to the company's financial disclosure, consolidated revenue rose by 15% year-on-year to Tk4,338 crore in the July-December period, compared to Tk3,771 crore in the same period a year earlier. Consolidated net profit increased by 16% to Tk1,467 crore during the half-year, while earnings per share stood at Tk16.56.

In the second quarter alone, covering October to December, Square Pharma reported a 9% increase in consolidated revenue to Tk2,179 crore. Net profit for the quarter surged by 10% to Tk727 crore, indicating sustained momentum despite rising costs faced by the broader pharmaceutical sector.

The consolidated results include contributions from Square Pharmaceuticals Kenya EPZ Ltd, its foreign subsidiary, local subsidiary Square Lifesciences Ltd, and three associate companies – Square Textiles, Square Fashions and Square Hospitals – highlighting the diversified nature of the group's operations.

Square Pharma has also continued its strong shareholder return policy. Earlier, the company declared a 120% cash dividend for FY25, equivalent to Tk12 per share, marking the highest payout in its corporate history. In the previous fiscal year, it had distributed a 110% cash dividend, reinforcing its track record of consistent and rising payouts.

The company, listed on the stock exchanges since 1995, saw its shares close at Tk218.90 on Thursday. With a market capitalisation of around Tk19,400 crore, Square Pharma currently ranks as the second-largest listed company on the Dhaka Stock Exchange.

Founded in 1958 by the late Samson H Chowdhury, Square Pharmaceuticals began operations at a time when Bangladesh's pharmaceutical market was largely dominated by multinational companies. Over the decades, it has grown into a market leader, producing around 1,000 varieties of medicines. Its flagship gastric relief brand Seclo remains one of the top-selling products in the country.

Square Pharma was also the first Bangladeshi pharmaceutical company to export medicines overseas in 1987. At present, it exports pharmaceutical products to 42 countries across Asia, Africa and Latin America, strengthening its position as a regional healthcare player.

The Dacca Dyeing and Manufacturing Company Limited posted a massive loss of Tk372.20 crore in the first half of the current fiscal year, highlighting a sharp deterioration in its financial position.

The plunge comes amid falling turnover and a major accounting adjustment related to bank interest.

According to the company's price-sensitive disclosure, turnover fell 41% year-on-year to just Tk8 crore in July–December FY26. During the same period, the company reported a loss of Tk372.20 crore, compared to Tk18.20 crore a year earlier. Loss per share ballooned to Tk42.71.

The situation worsened in the second quarter alone. From October to December, revenue dropped 40% to Tk3.64 crore, while the company incurred a loss of Tk359 crore, indicating that the bulk of the half-yearly loss was recognised in this period.

Reflecting the sharp erosion of shareholder value, the company's net asset value (NAV) per share turned negative. At the end of the first half of FY26, NAV per share stood at minus Tk16.99, a stark reversal from a positive Tk25.71 in the same period last year.

Dacca Dyeing attributed the massive loss primarily to a reassessment of bank interest liabilities. The company said it had previously recognised bank interest based on estimated rates. However, following negotiations with the banks and instructions from the Bangladesh Bank policy support committee, the final interest payable was significantly higher than previously recorded.

The company explained that since the revised interest amount was uncertain over the past thirteen years, the shortfall represents a change in accounting. This led to the substantial one-time charge during the reporting period.

Shares of Dacca Dyeing fell 2.99% today (29 January) to close at Tk16.20 on the Dhaka Stock Exchange.

According to the company's annual report for FY25, it has outstanding loans from Sonali Bank, Agrani Bank, and Dutch-Bangla Bank.

Launched in 1963, the company is currently operated under the QC Group. Its board of directors includes Gias Uddin Quader Chowdhury, Samir Quader Chowdhury, Samiha Quader Chowdhury, and Sajia Quader Chowdhury, relatives of former BNP leader Salahuddin Quader Chowdhury, who was executed for crimes against humanity in 1971.

The company came under the current sponsors' ownership in 1996–97, after being managed under a state-owned bank. It also has a representative from Bangladesh Development Bank on its board, which holds a 12.44% stake in the company.

Summit Power Limited, the country's largest independent power producer, reported a sharp decline in revenue in the first half of the current fiscal year as several of its power plants remained shut or operated below capacity.

According to the company's disclosure, consolidated revenue fell by 30% year-on-year to Tk1,709 crore in the July-December period of the 2025-56 fiscal year, down from Tk2,446 crore in the same period of the previous fiscal year.

Its consolidated net profit also declined, albeit at a slower pace, dropping 10% to Tk102 crore. The company's earnings per share stood at Tk0.96, compared to Tk1.07 a year earlier.

In the second quarter alone, covering October to December, Summit Power posted consolidated revenue of Tk764 crore. However, its profitability weakened further during the quarter, with consolidated net profit falling 32% to Tk36.19 crore. The company's earnings per share for the quarter declined to Tk0.34 from Tk0.50 in the corresponding period last year.

The company attributed the significant fall in revenue mainly to the shutdown of a large portion of its generation assets. Summit Power said seven of its 15 power plants, with a combined capacity of 234 megawatts, remained shut during the period. The company's total installed generation capacity is 930.55 megawatts. The reduced operational footprint substantially lowered capacity payments and energy sales.

The disclosure also noted that following the expiry of power purchase agreements, four power plants operated only partially under a "no electricity, no payment" arrangement, while three plants remained completely non-operational throughout the year. As a result of these developments, the company recognised an impairment loss of Tk152 crore in FY25, reflecting the diminished recoverable value of certain assets.

Despite the challenging operating environment, Summit Power continued to maintain a profit, supported by plants that remained under active contracts. However, the overall financial performance highlights the growing pressure on private power producers amid changes in the power sector, contract expiries and shifting demand dynamics, according to the market insiders.

Summit Power's shares closed at Tk12.30 on the Dhaka Stock Exchange yesterday.

Two listed cement makers, Crown Cement PLC and Premier Cement Mills PLC, reported sharp profit declines in the first half of the current fiscal year, despite largely stable revenue, highlighting growing margin pressure in Bangladesh's cement sector amid intense competition and rising input costs.

Crown Cement posted revenue of Tk1,872 crore in the July–December period of FY26, up 15% from a year earlier. Second-quarter revenue rose 8% to Tk993 crore, while export earnings increased 36% year-on-year to Tk46.46 crore.

However, profitability weakened significantly. Net profit fell 48% year-on-year to Tk11.75 crore in the first half, while second-quarter profit dropped 73% to Tk5.08 crore. Earnings per share declined to Tk0.79 from Tk1.52 a year earlier.

Following the earnings disclosure, Crown Cement's shares slipped 1.87% to close at Tk47.20 on the Dhaka Stock Exchange today (29 January).

In its financial statement, the company attributed the profit drop to rising production costs and pricing pressure. Although sales volume increased 11.64% – supported by strong demand and the commissioning of its sixth production unit, adding 8,040 tonnes of daily capacity – the cost of goods sold rose 13.16%, driven by higher clinker duties and increased global raw material prices. As a result, the gross margin narrowed to 9.74% from 13.87% a year earlier.

Premier Cement Mills reported a similar trend. Its first-half revenue stood at Tk1,059 crore, nearly unchanged from the previous year, while second-quarter revenue remained flat at Tk541 crore. Export income fell 35% year-on-year to Tk9.77 crore.

The company's net profit declined 49% year-on-year to Tk1.97 crore in the first half, with second-quarter profit dropping 72% to Tk0.68 crore. Earnings per share fell to Tk0.19 from Tk0.36 a year earlier.

Premier Cement's shares dropped 2.67% to close at Tk36.40 on the DSE following the announcement.

Advanced Chemical Industries (ACI) PLC has approved an investment of Tk640 crore in its subsidiary, ACI Logistics Limited, which operates the country's leading retail chain Swapno. The move is aimed at strengthening the business and supporting future growth.

The decision was taken at ACI's board meeting on Thursday, according to a disclosure on the company's website. The investment will be made through the subscription of 6.4 million convertible preference shares of ACI Logistics, each with a face value of Tk1,000.

The total subscription amounts to Tk640 crore and is expected to be completed on or before 31 March 2026, subject to approval from the relevant regulatory authorities.

Swapno, the flagship brand of ACI Logistics, is one of Bangladesh's largest organised retail chains, with a widespread presence across the country. The fresh capital is expected to strengthen the balance sheet, expand operations, and enhance supply chain efficiency amid stiff competition in the retail sector.

Market insiders said the move reflects ACI's continued commitment to its retail business, which has been expanding rapidly despite challenges such as rising operating costs and margin pressure in consumer goods. By investing through convertible preference shares, ACI is also maintaining strategic flexibility to manage its stake in the subsidiary over the long term.

In a separate decision, ACI's board approved the formation of a dedicated institution focused on artificial intelligence. The new entity, named ACI Institution of Artificial Intelligence, will receive an initial investment of Tk5 crore and is subject to regulatory approval.

Company officials said the institute will help ACI build expertise in artificial intelligence, data analytics, and digital solutions, strengthening technological innovation across its businesses.

Industry observers noted that the initiative comes at a time when major Bangladeshi conglomerates are increasingly adopting AI to improve efficiency, optimise supply chains, enhance customer engagement, and support research and development. For a diversified group like ACI, AI-driven solutions could impact pharmaceuticals, consumer goods, agribusiness, and retail operations.

ACI PLC is one of the country's leading conglomerates, with operations spanning pharmaceuticals, consumer brands, logistics, and retail.

Advanced Chemical Industries (ACI) PLC has decided to form and establish a dedicated institution focused on artificial intelligence as part of its efforts to strengthen technological innovation and future-ready capabilities across its businesses.

According to a disclosure, the decision was taken at the company's board meeting held on Thursday. The board approved the formation of the institution under the name "ACI Institution of Artificial Intelligence," with an initial investment of Tk5 crore.

The proposed institute will be established subject to the approval of the concerned regulatory authorities.

Company officials said the initiative reflects ACI's strategic intent to invest in advanced technologies and build internal expertise in artificial intelligence, data analytics and related digital solutions.

Industry observers noted that the move comes at a time when large conglomerates in Bangladesh are increasingly exploring artificial intelligence to enhance operational efficiency, optimise supply chains, improve customer engagement and support research and development.

For a diversified group like ACI, AI-driven solutions could play a significant role across its pharmaceuticals, consumer goods, agribusiness and retail operations.

ACI PLC is one of the country's leading conglomerates, with a presence in pharmaceuticals, consumer brands, logistics and retail.

Despite increasing consolidated sales, Runner Automobiles, a listed company on the stock exchanges, incurred a loss of Tk1.41 crore with a per-share loss of Tk0.12 in the second quarter (October-December) of the current fiscal year.

At the end of the first half, its profit stood at Tk2.93 crore with an earnings per share (EPS) of Tk0.26 for the July-December period, as it earned a profit of Tk4.34 crore in the first quarter (July-September).

Runner Automobiles said its revenue for the quarter was impacted by unavoidable supply chain disruptions in the three-wheeler (3W) segment.

According to its financial statements, sales at Runner Automobile PLC fell to Tk134.31 crore in the second quarter, down from Tk157.14 crore in the same period of the previous fiscal year.

But its subsidiary Runner Motors witnessed a year-on-year jumps in sales by 42% to Tk163.79 crore in Q2.

Half-yearly sales grow 31%

Its report showed that total sales in the first half (H1) of the current fiscal year rose by 31%, driven largely by a sharp increase in truck, pickup and tractor sales.

Revenue for the July-December period climbed to Tk592.18 crore, up from Tk451.30 crore in the same quarter of FY25.

While its truck, pickup and tractor sales under Runner Motors witnessed 75.67% jumps to Tk306.09 crore, which was Tk174.24 crore in the same time of the previous fiscal year.

The parent entity Runner Automobiles manufactures motor cycles, whereas its subsidiary Runner Motors is involved in import and marketing of trucks, pickups and tractors.

Runner Motors is an exclusive distributor of EICHER Motors of India used to market EICHER brand (LCV and MCV) trucks in Bangladesh.

The dollar struggled to bounce back Wednesday following another selloff fuelled by Donald Trump’s suggestion he was happy with the currency’s recent decline, while tech firms helped most Asian equity markets extend their rally.

Traders are also keeping an eye on the Federal Reserve’s latest meeting, hoping for some guidance on its plans for interest rates amid uncertainty over the US president’s policies following his latest tariff threats.

The greenback has retreated across the board this week following reports that the New York Fed had checked in with traders about the yen’s exchange rate, which fuelled talk that US and Japanese officials were prepared to stage a joint intervention.

That led to speculation the White House was prepared to let the dollar weaken, and Trump did little to dismiss that when asked Tuesday if he was worried about the decline.

“No, I think it’s great,” he told reporters in Iowa as the unit hit its weakest level against the euro in four-and-a-half years and a two-and-half-month low against the yen. “Look at the business we’re doing. The dollar’s doing great.”

He added: “I want it to be -- just seek its own level, which is the fair thing to do.”

The dollar also sank against the pound, South Korean won and Chinese yuan, with a slight bump Wednesday doing little to recover its latest losses.

Observers said unease about Trump’s latest tariff outbursts, including threats against European nations over their opposition to his Greenland grab and a warning to Canada over its trade talks with China, have also dented faith in US assets and weighed on the unit.

Meanwhile, US consumer confidence plunged to its lowest level since 2014, a survey showed, as households fret about inflation and the elevated cost of living.

Win Thin, at Bank of Nassau 1982 Ltd, said: “Foreign exchange typically is the leader in terms of showing market discomfort with a country’s policies and economic outlook, so this dollar weakness bears watching.”

Still, equity markets performed well in Asia after the S&P 500 clocked another record high in New York thanks to a surge in tech titans including Apple, Microsoft and Amazon.

That helped Seoul to be among the best performers again -- hitting another all-time peak -- as chipmakers Samsung and SK hynix rallied.

There were also big gains in Tokyo, Hong Kong, Shanghai, Taipei, Manila, Mumbai and Bangkok.

London and Frankfurt were flat at the open, while Paris fell.

Jakarta plunged more than eight percent -- its heftiest fall in more than nine months -- after index compiler MSCI called on regulators to look into ownership concerns and said it would hold off adding Indonesian stocks to its indexes or increasing their weighting.

The plunge saw market heavyweights including PT Bumi Resources and PT Petrosea lose around 15 percent.

MSCI said “investors highlighted that fundamental investability issues persist due to ongoing opacity in shareholding structures and concerns about possible coordinated trading behaviour that undermines proper price formation”.

Sydney, Singapore and Wellington dipped.

Traders are keeping a close watch on earnings this week from some of Wall Street’s Magnificent Seven, with Microsoft, Meta, Tesla and Apple all reporting.

“These results will provide critical insights into the trajectory of the artificial intelligence trade,” wrote Tony Sycamore, market analyst at IG.

“After losing momentum in the final months of 2025 due to growing scrutiny over return on investment, capital expenditure and real-world constraints, the market is eager to see if the AI narrative can regain traction in 2026.

“Forward guidance will be key, alongside scrutiny of margins and capex projections.”

In company news, tech investment titan SoftBank jumped almost six percent after the Wall Street Journal reported it was in talks to pump an additional $30 billion into ChatGPT developer OpenAI.

That comes after it invested $22.5 billion last month for an 11 percent stake.

The Ministry of Finance (MoF) has opened discussions on a potential stock-market listing of the Central Depository Bangladesh Limited (CDBL), a move that could reshape the governance and transparency of a key institution underpinning the country's capital markets.Banking services comparison

The issue was raised at a high-level meeting in the Finance Division conference room on Wednesday as part of a broader review of reforms aimed at strengthening market infrastructure.

Established in 2000, CDBL is a state-run depository system that facilitates the electronic trading and settlement of securities.

While no immediate decision was reached, officials agreed to examine the feasibility of listing the CDBL, signalling renewed attention to long-pending structural changes in the stock market ecosystem amid ongoing reform efforts.

The meeting was attended by Financial Institutions Division Secretary Nazma Mobarek, the chairpersons of the Bangladesh Securities and Exchange Commission (BSEC), Dhaka Stock Exchange (DSE), CDBL and Central Counterparty Bangladesh Limited (CCBL), as well as the managing director of the Chittagong Stock Exchange (CSE).

Speaking to The Financial Express, Ms Mobarek said the meeting reviewed a range of issues aimed at strengthening and developing the stock market.

She said a committee headed by Dr Anisuzzaman Chowdhury, Special Assistant to the Chief Adviser, had submitted a set of reform recommendations covering the DSE, CSE, CDBL and CCBL, among other institutions.

"Primarily, we discussed the recommendations and decided to implement them," She added.Newspaper subscription

Sources said the meeting also discussed the possibility of making CCBL a subsidiary of the DSE, although no decision was taken on this matter.

The committee recommended measures to enhance technological capacity across the capital market to reduce risks for investors, market intermediaries, stock exchanges, CDBL, CCBL and other related institutions.

Among the proposals were setting CDBL charges based on trading volume rather than transaction value, and verifying the national identification numbers of individual investors when opening beneficiary owner accounts with CDBL.

These steps aim to reduce market manipulation, unfair advantages and herd behaviour among investors.

The committee also called for immediate measures to strengthen the capacity of CCBL so that it can effectively perform its clearing and settlement functions, ensuring a transparent post-trade environment that mitigates risk and aligns with international best practices.

Other recommendations included revising the criteria for appointing independent directors to stock exchanges and easing overly restrictive rules that currently limit the pool of qualified candidates.

The committee suggested allowing an independent director of a stock exchange to serve as an independent director of up to three listed companies, and permitting such directors to buy and sell shares of listed firms.

The committee further recommended the removal of floor prices for all securities and ensuring that the prices of newly listed securities remain unregulated on the first day of trading.

In addition, it proposed initiatives to bring new products to the capital market, including exchange-traded funds (ETFs), real estate investment trusts (REITs), green bonds, orange bonds, sustainable bonds, sukuk and specialised derivatives.

The recommendations also emphasised the need to encourage the supply of mutual and unit funds in line with investor demand, and to introduce electronic trading for all capital market intermediaries to reduce manipulation and restore investor confidence.

India's gold and silver imports surged to record levels last year, sparking concern among policymakers, with the government having few effective tools to curb inflows that have remained resilient despite sky-high prices for the precious metals.

The country's gold imports rose 1.6% from a year earlier to $58.9 billion in 2025, while silver imports jumped 44% to $9.2 billion, as prices of both metals hit record highs.

Why target gold and silver imports?

India is the world's second-largest consumer of gold and the biggest market for silver, but it meets almost all of its gold demand through imports and relies on overseas supplies for more than 80% of its silver needs.

The country spent nearly a tenth of its total foreign exchange reserves on gold and silver last year, and the import bill is expected to rise further in 2026 as prices of both metals continue to surge.

Rising imports have widened the trade deficit and added pressure on the rupee, which hit a record low this month.

Unlike silver, which has industrial applications ranging from solar power to electronics, gold is largely used for jewellery and investment. The government views such demand as non-essential and has repeatedly sought to curb it by raising import duties, making the metal more expensive for buyers.

Why are traders speculating about a duty hike?

With gold and silver prices touching record highs, the value of imports could rise sharply even if volumes do not, stoking concerns about a widening trade deficit and further weakening of the rupee, which has already slid significantly against the dollar.

Trade and industry officials say these concerns could prompt the government to raise import duties on gold and silver in the coming weeks.

In 2012 and 2013, the government sharply raised duties on gold imports to stabilize a rapidly depreciating rupee. With the currency losing ground again recently, traders speculate a new hike may be coming in coming weeks to reverse duty cuts made in 2024. At that time, India cut import duties on both metals to 6% from 15% to curb smuggling.

Gold and silver are already trading at a premium to global benchmarks as markets price in a potential increase in duties.

Why has Indian gold demand not slumped despite high prices?

Jewellery accounted for more than three-fourths of India's total demand until 2023. Gold prices in the international market have risen 98% since the beginning of 2025 and while that has hit jewellery buying in India, overall demand has not slumped because investment demand has risen.

Indians are increasingly buying coins and bars in the physical market, while a growing number of investors are turning to exchange-traded funds. ETF inflows jumped 283% in 2025 from a year earlier to a record 429.6 billion rupees ($4.69 billion). As a result, the share of investment demand in India's total consumption of gold rose above 40% in 2025 and is expected to increase further in 2026.

Gold and silver ETFs are investment funds that trade on stock exchanges like shares and are backed by physical gold and silver bars held in secure vaults.

Can a duty hike reduce gold demand?

India has repeatedly tried to curb gold imports by raising duties, but with little success. When New Delhi lifted the import tax on gold to 10% in August, 2013 from 2%, demand held steady despite the increase.

Domestic gold prices have risen from about 8,000 rupees per 10 grams in early 2006 to around 162,000 rupees now, but the rally has failed to significantly reduce annual demand. A fresh duty hike of 4 to 6 percentage points is therefore unlikely to deter buyers, who absorbed a 76.5% jump in prices in 2025.

Higher duties could, however, enhance investor returns and increase smuggling. Inflows into gold ETFs have been strong in recent months and are expected to remain firm, as investors turn to bullion amid weak equity market returns.

A sharp price drop could weaken investment demand but boost jewellery sales as buyers waiting for a correction return.

Why are silver imports also becoming a cause for concern?

Silver prices have risen faster than gold, pushing up India's import bill. Until last year, silver demand was mainly driven by rising industrial consumption, but in recent months investment demand has been supporting imports.

Silver ETFs saw inflows of 234.7 billion rupees in 2025, up from just 85.69 billion rupees a year earlier. The growing popularity of silver ETFs suggests imports for investment purposes could rise further if the price rally continues.

Aman Cotton Fibrous, a concern of Aman Group, has reported a 15% year-on-year decline in sales to Tk87.05 crore in the first half of the current fiscal year.

According to the company's quarterly financial statements, net profit after tax fell 33% to Tk86 lakh, while earnings per share (EPS) stood at Tk0.09.

The company's loss in the second quarter narrowed to Tk22.87 lakh, with a per-share loss of Tk0.02, compared to a loss of Tk1.16 crore and per-share loss of Tk0.11 in the same quarter of the previous fiscal year.

Aman Cotton said Q2 sales declined by 12%, mainly due to a 6% drop in unit prices following reduced RMG orders amid increased US tariffs.

The company also reported a 74% quarter-on-quarter decline in finance expenses, citing settlement and rescheduling of liabilities.

Financial statements showed that finance costs stood at Tk1.73 crore in Q2 of FY26, down from Tk6.71 crore in Q2 of FY25.

Meanwhile, net operating cash flow per share (NOCFPS) turned negative at Tk0.10 for the July–December period, compared to positive Tk2.43 in the same period of the previous year.

The company said operating cash flow declined due to a 23% fall in collections from customers and others. Payments to suppliers and others also decreased by 2% compared to the half-year ended 31 December 2024.

As a result, NOCFPS deteriorated over the period, it added.

Khan Brothers PP Woven Bag Industries Limited reported a sharp turnaround in financial performance in the first half of the current fiscal year, posting a 430% year-on-year jump in net profit, driven by strong revenue growth and improved operational efficiency.

According to the company's unaudited financial statements published on Wednesday (28 January), net profit for the July–December period of FY26 surged to Tk3.55 crore, compared to a modest base in the same period of the previous fiscal year.

Revenue during the six-month period rose 161% year-on-year to Tk13.74 crore, while earnings per share stood at Tk0.36.

In the October–December quarter, net profit jumped 359% to Tk1.88 crore, while revenue increased 164% to Tk7.33 crore, indicating sustained growth in the latter half of the reporting period.

Following the disclosure, shares of Khan Brothers closed at Tk49.70 on Wednesday on the Dhaka Stock Exchange.

Market analysts attribute the turnaround to strategic changes implemented in recent years. In December 2024, Beacon Group acquired shares from the previous board at a negotiated value and reconstituted the board by appointing two shareholder directors alongside one independent director. The move ensured a smooth management transition and stronger oversight, laying the foundation for operational improvements.

In August 2025, the company announced a shift in business strategy, deciding to begin direct sales in the local market in addition to continuing sub-contract manufacturing operations.