ChatGPT developer OpenAI has secured $110 billion in fresh funding from a group of major technology firms led by Amazon, pushing the company's pre-money valuation to $730 billion.

OpenAI co-founder and CEO Sam Altman said yesterday (27 February) that Amazon has committed $50 billion to the round, while Nvidia and SoftBank will each invest $30 billion.

He added that more investors may join as the funding process continues.

'Unbelievably dangerous': ChatGPT Health may miss life-threatening emergencies, finds study

Amazon will initially invest $15 billion, with the remaining $35 billion to be released over the coming months under certain conditions.

Altman said the partnerships will help expand OpenAI's global reach, strengthen infrastructure and improve financial stability, enabling the company to bring advanced AI tools to more users and businesses worldwide.

He noted that ChatGPT now has over 900 million weekly active users and more than 50 million paying subscribers. According to Altman, AI is entering a new stage where cutting-edge research is rapidly turning into everyday tools used at a global scale.

As part of a multiyear deal, OpenAI and Amazon will introduce new AI capabilities for enterprises, with Amazon Web Services becoming the exclusive third-party cloud provider for OpenAI Frontier.

The two firms will also expand their existing agreement by $100 billion over eight years.

OpenAI said it is also deepening ties with Nvidia, while stressing that its long-standing partnership with Microsoft remains unchanged and central to its strategy.

Japan aims to help transform India's Northeast into a geopolitical gateway to Southeast Asia by strengthening connectivity to the Bay of Bengal and the Indian Ocean, Deputy Foreign Minister Horii Iwao said on Thursday.

Speaking in Shillong, Horii said Japan remains "firmly committed" to the region's development and views it as a "powerful engine of growth" when integrated into a broader economic grid spanning Nepal, Bhutan, Bangladesh and Southeast Asia, says the Hindu.

The initiative forms part of Japan's Free and Open Indo-Pacific (FOIP) policy, under which Tokyo is working to establish an "Industrial Value Chain" linking India's Northeast to maritime routes. Officials say the objective is to promote holistic regional development by improving connectivity and supply chains.

Under the administration of Prime Minister Sanae Takaichi, Japan is expanding cooperation with India beyond infrastructure projects to include private-sector collaboration in strategic sectors such as semiconductors, economic security and clean energy.

Horii also highlighted renewed efforts to strengthen people-to-people ties between Japan and the Northeast, including social and cultural exchanges.

The push follows recent high-level diplomatic engagements. Indian Prime Minister Narendra Modi met Takaichi, Japan's first female prime minister, at the Group of 20 summit in South Africa in November 2025.

In January 2026, India's External Affairs Minister Subrahmanyam Jaishankar hosted Japanese Foreign Minister Toshimitsu Motegi for talks aimed at deepening the bilateral partnership.

To help the economy recover from its current challenges, investment should be boosted by increasing taxes on a priority basis, Finance and Planning Minister Amir Khasru Mahmud Chowdhury said today (27 February).

"Our priority is to increase taxes. We need to enhance investment by increasing taxes. Through this, the tax-to-GDP ratio can be increased," he told journalists while visiting the site of a proposed government hospital in the Patenga area of Chattogram city.

The minister made the remarks in response to questions from reporters regarding the government's priorities for overcoming the ongoing economic difficulties and the focus areas of the upcoming national budget.

Khasru said employment generation remains one of the key priorities outlined in the BNP's electoral programmes, emphasising that investment is critical to creating jobs.

"If there is no investment, where will employment come from? That is why we are emphasising domestic and foreign investment. And we have also pledged to make changes in healthcare and education," he added.

He said that employment generation would be the central focus of the next national budget, and the government would take all necessary measures to achieve that goal.

Earlier, the finance minister inspected the designated land in the Jelepara area under Patenga Police Station in Chattogram for the construction of the proposed government hospital.

Bangladesh's economic growth slowed for a third consecutive year in the 2024-25 fiscal year, falling to 3.49% – the weakest performance since the immediate recovery from the Covid-19 pandemic.

The Bangladesh Bureau of Statistics published the final GDP figures on its website today (26 February), showing that the country's economic growth stood 48 basis points lower than the provisional estimate of 3.97% for the last fiscal year to June 2025.

Economists describe the slowdown as inevitable, noting that growth was stifled by mounting pressure from falling investment, contractionary monetary policy, and weakening domestic demand.

The latest data show a steady deceleration in growth over three years. GDP growth stood at 7.10% in FY22 before falling to 5.78% in FY23 and 4.22% in FY24. During the height of the Covid-19 pandemic in FY20, growth had dropped to 3.45%.
Infographics: TBS
Infographics: TBS

The new reading suggests the economy is again hovering close to that low point.

According to the final BBS estimates, Bangladesh's GDP at current prices reached $456 billion in FY25, up from $450 billion in FY24. Per capita income rose to $2,769, after declining for two consecutive years.

Agri, service sectors slowed

Sectoral data show mixed trends, with agriculture and services slowing, while industry recorded a modest improvement compared with the previous year.

Agriculture grew by 2.42% in FY25, compared to 3.30% in the year before. The services sector's growth fell to 4.35% from 5.09% during the same period.

However, industries recorded 3.71% growth in FY25, slightly higher than the past year's 3.51%.

Investment, savings declined

The BBS data also show a broad weakening in investment and savings indicators.

In FY25, the investment-to-GDP ratio stood at 28.54%, down from 30.70% in FY24. The domestic savings-to-GDP ratio fell to 21.98% from 23.96%, while the national savings-to-GDP ratio declined to 27.67% from 28.42%.

Private investment dropped to 22.03% of GDP in FY25.

Per capita income rose to Tk334,511 ($2,769) from Tk304,102 ($2,738) in FY24. In nominal terms, this represents an increase of Tk30,409, or $31, year-on-year.

Slowdown not unexpected

Masrur Reaz, chairman and chief executive of Policy Exchange, said the slowdown, while concerning, was not surprising.

"For the past few years, Bangladesh's economy has been caught in a slow-growth cycle. The fall in GDP growth in FY25 is worrying but not unexpected," he said.

"Since FY2022-23, the economy has faced multiple challenges. High inflation and a decline in demand have reduced domestic output. At the same time, the central bank's high interest rates and contractionary monetary policy have reduced private sector loan demand and credit growth."

He added that the investment-to-GDP ratio has been declining steadily over the past few years. "This drop in growth is not surprising. High inflation, high interest rates and weak domestic demand have reduced output in industry and services, affecting overall economic output."

Masrur said the lack of new investment was another key factor. "Private sector investment has fallen to just 22% of GDP. The year following the political transition was also not supportive for the economic environment."

He noted that after August 2024, public investment also declined, with the Annual Development Programme reportedly at its lowest level in two decades. Law and order instability, protests, supply chain disruptions, and minor natural disasters also affected economic activity.

Disruptions in public administration and regulatory services further weighed on production and investment, he added.

"These four main factors – reduced domestic demand, high interest rates and falling credit growth, lack of new investment, and political and administrative instability – have together affected growth in FY2024-25. Overall, the final GDP figures reflect a slowdown that is quite normal and predictable under the circumstances," Masrur said.

'Economy in a sluggish phase'

Mustafa K Mujeri, executive director of the Institute for Inclusive Finance and Development (InM), said the outlook was not encouraging.

"In terms of growth, the picture is not very positive. In FY2024-25 the economy was largely stagnant or sluggish," he said.

He explained that industry – particularly manufacturing – and services are the main drivers of growth. "Agriculture usually grows by only 2% to 3%; structurally it is a low-growth sector. Overall GDP growth mainly depends on industry and services. But sustaining and expanding these sectors requires large-scale investment."

He said both domestic and private investment had stagnated. "The private sector carries out most production activities, yet credit flow to this sector has fallen significantly. Recent data show private sector credit growth has dropped to around 6% to 6.5%, the lowest in several years."

Mujeri further said, "When investment falls, production does not increase, employment does not grow, and economic activities do not gain momentum. As a result, growth slows. Various economic indicators suggest the economy is currently going through a phase of stagnation, which is reflected in the GDP figures."

He noted that creating an investment-friendly environment was essential to reverse the trend. "To increase both domestic and foreign investment, policy stability, an environment of confidence, discipline in the financial sector, and stronger infrastructure support are needed."

He described this as a major challenge for the current government: how quickly it can restore momentum in the private sector. "If investment increases, production will rise, employment will grow, and overall economic growth will accelerate again," Mujeri added.

After eight consecutive years of losses and steadily declining sales, GQ Ball Pen Industries has surprised the market as its share price surged more than 200% in the eight months since June, raising eyebrows among investors.

Despite weak business fundamentals — low sales and persistent losses — the company's market capitalisation has climbed to about Tk476 crore, even though its annual sales are only around Tk2 crore.

According to data from the Dhaka Stock Exchange (DSE), GQ Ball Pen's share price rose from Tk169.6 on 30 June last year to Tk523.9 on Thursday (26 February).

The company manufactures various types of ballpoint pens and distributes them to stationery shops through distributor networks as well as to institutional buyers through its sales team.

GQ Ball Pen has a paid-up capital of Tk8.93 crore, divided into 89.28 lakh shares, around 60% of which are held by general investors.

Sales slump

A decade ago, the company's business was significantly larger. In 2015, GQ Ball Pen reported annual sales of Tk22.28 crore, a 23% increase from the previous year, although it still incurred a loss of Tk1.04 crore with a per-share loss of Tk1.17.

In the following fiscal year, 2016-17, the company posted a profit of Tk1.47 crore despite declining sales.

However, the company's performance has deteriorated since then. From FY2018 onward, the company has been incurring losses for eight consecutive years.

Industry observers say the once-popular Econo brand has struggled to remain competitive in a market increasingly dominated by imported and modern refill-style pens.

Sales hit bottom last year

In FY2025, GQ Ball Pen's sales fell to just Tk1.85 crore, while the company reported a loss of Tk1.63 crore, translating to a loss per share of Tk1.83.

Responding to questions about the business downturn, Uzzal Kumar Saha, managing director of GQ Ball Pen Industries Ltd, told The Business Standard that production has been affected by ongoing factory modernisation.

"Due to the ongoing Balancing, Modernisation, Rehabilitation and Expansion (BMRE) at our factory, production has declined significantly, which has limited product supply in the market," he said, adding that sales are expected to improve once the BMRE work is completed.

During FY2024-25, the company operated on a limited scale, resulting in sales dropping to Tk1.85 crore from Tk5.43 crore a year earlier. Most of the sales during the period came from selected institutional buyers.

In its annual report, the company cited two main reasons for the continued losses – aging machinery and shifting customer demand from traditional direct-fill pens to modern refill-style ball pens, reflecting the need for modernisation.

Pays regular dividend despite losses

Despite recording losses for the past eight years, GQ Ball Pen has continued to pay cash dividends to shareholders.

Over the years, the company has declared cash dividends ranging from 2.5% to as high as 12.55%. In FY2025, it paid a 10% cash dividend to general shareholders.

From market pioneer to struggling player

Founded in 1981, GQ Ball Pen Industries once revolutionised handwriting in Bangladesh with its popular Econo brand ballpoint pens.

For nearly three decades after its establishment, the company enjoyed strong business growth. However, since around 2012 it has gradually lost market share amid rising competition and changing consumer preferences.

Today, the company is attempting to revive its business through factory modernisation and product upgrades, hoping to regain a foothold in the competitive ballpoint pen market.

Bangladesh’s private investment fell for the third consecutive year, reaching 22.03 percent of Gross Domestic Product (GDP) in the fiscal year 2024-25, the lowest level in 11 years, amid a weak investment climate and macroeconomic stress.

Public investment as a share of GDP, a measure of the final value of goods and services produced in the economy over a period, also declined for the third year due to slow implementation of the Annual Development Programme (ADP).

It stood at 6.51 percent of GDP in FY25, the lowest since at least FY13, down from 6.74 percent a year earlier, according to the Bangladesh Bureau of Statistics (BBS).

Economists say that the falling investment trend indicates the creation of fewer jobs than required, especially for the growing number of young workers entering the labour market each year.

According to them, the investment decline also threatens future growth.

“It is very concerning, especially at a time when we need to accelerate investment to create employment and boost exports,” said M Masur Reaz, chairman and founder of Policy Exchange Bangladesh.

The investment-to-GDP ratio comes alongside an estimated economic growth of 3.49 percent, the lowest since the Covid year 2020, driven mainly by private consumption. The decline suggests overall investment has not kept pace with the growth of the economy.

Reaz attributed the fall in private investment to three main factors.

“Our investment environment is weak, and it was identified nearly a decade ago,” he said, citing Bangladesh’s ranking in the World Bank’s ease of doing business at 176 out of 190 economies.

“From that day, comprehensive and targeted reforms were necessary. But they were implemented in an isolated and fragmented manner.”

The economist added that investment depends on multiple factors, including licensing, policy predictability, land, energy, and trade facilitation.

The macroeconomic crisis that began to unfold from 2023 further dampened investment sentiment, he said. Weak domestic demand, import contraction caused by the dollar shortage, and political instability ahead of the election all played a role.

“Foreign investors perceive a country as high risk when a country suffers from a macroeconomic crisis,” he said, noting that uncertainty increased after the mass uprising in July 2024 that led to the ousting of the Sheikh Hasina government.

“We have seen demonstrations and unrest, and they have affected the policy environment too. The whole fiscal year 2024-25 was full of uncertainty. The declaration of the general election date came in August of this fiscal year.”

Reaz added that the recent demonstration at the Bangladesh Bank over the removal of the central bank governor could create a negative international perception, signalling fragility in decision-making and discipline.

Ashikur Rahman, principal economist at the Policy Research Institute (PRI) of Bangladesh, identified a weak business climate, infrastructure bottlenecks, and waning competitiveness in international markets as production costs rose amid supply-side constraints.

He said governance breakdown in the banking sector since around 2020 has severely distorted credit allocation.

“Instead of channelling funds toward productive small and medium-sized enterprises, the financial system became increasingly captured by entrenched economic oligarchs. Large-scale loan irregularities and weak oversight eroded confidence and crowded out genuine entrepreneurs.”

Rahman added that small and mid-sized firms, traditionally the backbone of the employment generation, found themselves sidelined from access to affordable finance.

“This created a perverse incentive structure in which politically connected borrowers benefited, while real sector innovators were marginalised.”

He added that the decline in private investment as a percentage of GDP has profound implications for the country’s economic development.

“Investment is the engine of productivity growth, job creation, and structural transformation. A sustained decline weakens the economy’s capacity to generate employment, particularly for a young and expanding labour force.”

Rahman said it also limits technological upgrading and diversification beyond traditional sectors.

“Moreover, without robust private investment, growth becomes increasingly consumption-driven and fiscally strained. This is not sustainable, especially as Bangladesh approaches LDC graduation and faces tighter external financing conditions. Weak investment today translates into slower growth tomorrow, and slower growth amplifies challenges such as unemployment, underemployment, and poverty,” he added.

Syed Akhtar Mahmood, former global lead for regulatory reforms at the World Bank Group, said the low investment rate is caused by a mix of short and long-term issues. While governments have tried to improve the investment climate, many fundamental problems remain, including regulatory hurdles and limited access to credit.

High interest rates, bank liquidity issues, and greater risk aversion have reduced the supply of credit.

“Even if investors were willing to borrow at the higher interest rates, they are not getting financing. Many investors, especially some large ones, have over-leveraged themselves by borrowing heavily when interest rates were low. These companies may not be in a position to take on large loans even if they see good investment potential,” he said.

Mahmood added that energy shortages and political uncertainty have further dampened investor confidence.

“Low investment means our production capacity is not augmented while our existing capacity is under-utilised,” he commented.

According to Mahmood, this affects both current growth and future growth prospects. It also limits technological upgrading, research and development, skills development, and new product creation, all of which are necessary to enhance productivity and diversify the economy, including exports.

“When investors are struggling to carry out even basic investments, they are unlikely to invest in things that make our economy more competitive,” he said.

The Dhaka Stock Exchange has experienced a volatile yet gradually stabilising trend during the first eight trading sessions after the BNP assumed office, reflecting investor optimism alongside uncertainty over regulatory reforms and policy direction.

On the day the BNP officially formed the government on 17 February, the benchmark DSEX index of the Dhaka Stock Exchange closed at 5,570 points with turnover at Tk1,222 crore, indicating strong investor participation. However, the rally quickly lost steam.

The following session on 18 February saw the index fall to 5,519, with turnover dropping to Tk936 crore. The downward trend continued on 19 February, the day Ramadan began, when the DSEX declined further to 5,465 and turnover fell sharply to Tk560 crore.
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Trading hours were shortened by 40 minutes for Ramadan, contributing to lower turnover in subsequent sessions. On 22 February, the index marginally recovered to 5,467 with turnover of Tk568 crore.

Momentum improved on 23 February as the DSEX climbed to 5,553 and turnover rose to Tk718 crore. The market slipped slightly again on 24 February, closing at 5,542 with turnover increasing to Tk825 crore.

On 25 February, the index edged up to 5,554 while turnover declined to Tk565 crore. By 26 February, the DSEX regained strength to close at 5,600, accompanied by a strong rebound in turnover to Tk947 crore.

The overall performance suggests that while initial euphoria faded quickly, the market has shown resilience amid ongoing discussions about regulatory restructuring and reform.

Finance Minister Amir Khosru Mahmud Chowdhury recently hinted at restructuring the securities regulator, stating that although the current upward trend may reflect optimism surrounding the democratic transition, only sustainable and structural reforms can ensure long-term stability.

Speaking to journalists during a visit to Chattogram, he emphasised that sentiment-driven gains would not bring fundamental change and that comprehensive reforms, including amendments to laws and regulatory frameworks, are under consideration.

He also stressed the importance of strengthening the Bangladesh Securities and Exchange Commission, enhancing transparency and adopting a zero-tolerance stance against irregularities.

The government has already begun searching for a new BSEC chairman, as the current commission, formed during the interim administration and led by Khondoker Rashed Maqsood, has struggled to restore investor confidence.

Finance ministry officials indicated that the regulator may undergo broader restructuring as part of efforts to address long-standing weaknesses in a market that has lagged behind the country's overall economic growth.

Stakeholders say that several private-sector professionals and at least one academic from the University of Dhaka have shown interest in leading the commission. However, many market participants favour leadership from the private sector, citing experience and the need for market-oriented reforms.

The DSEX had initially surged nearly 200 points to a five-month high on 15 February, the first trading session after the BNP's landslide victory in the 13th national election, reflecting investor optimism. That enthusiasm, however, was tempered by uncertainty over the regulatory leadership and broader policy direction.

Minhaz Mannan Emon, director of the DSE, said the BNP's election manifesto included a specific roadmap for capital market development, raising expectations among investors. According to him, thousands of investors who suffered heavy losses in the past decade are now looking to the new government for meaningful reform and accountability.

Notable gainers over the eight-session period included National Bank, S Alam Cold Rolled Steels, Shinepukur Ceramics Limited, Beximco Pharmaceuticals, BIFC, Prime Finance, GSP Finance and Fareast Finance.

Market insiders noted that several stocks that had remained under pressure during the interim government due to production closures and liquidation risks rebounded sharply following the political transition.

As the market moves forward, analysts say sustained improvement will depend less on short-term sentiment and more on the implementation of credible reforms aimed at strengthening governance, boosting liquidity and rebuilding trust among domestic and foreign investors.

Stocks maintained strong upward momentum today (26 February) as trading activity surged at the Dhaka bourse following the appointment of a new governor at Bangladesh Bank, with turnover soaring 68%.

The benchmark DSEX of the Dhaka Stock Exchange advanced 45 points, or 0.81%, to close at 5,600, regaining the key psychological level after recent volatility. The blue-chip DS30 index rose 17 points, also 0.81%, to finish at 2,169.

Market breadth remained firmly positive, as 239 issues advanced, 93 declined and 59 remained unchanged, reflecting broad-based buying.

Turnover climbed sharply to Tk947 crore, signalling renewed investor participation and improved liquidity. Market capitalisation also increased, supported by gains in large-cap stocks.

Major contributors to the ryesally included Islami Bank Bangladesh, Beximco Pharmaceuticals, City Bank, Eastern Bank and Robi Axiata, whose price appreciation lifted the indices.

Mostaqur Rahman FCMA was appointed governor of Bangladesh Bank for a four-year term on Wednesday, replacing Ahsan H Mansur.

Market observers noted that Mostaqur's prior experience as a board member of the Chittagong Stock Exchange between 1998 and 2000 underscores his familiarity with the capital market.

Minhaz Mannan Emon, director of the DSE and managing director of BLI Securities Limited, told The Business Standard that the day's rally and transaction growth had no direct correlation with the governor's appointment.

However, he voiced optimism about the new governor's integrity and longstanding engagement with national economic affairs, suggesting such factors could bolster investor confidence.

He also said the formation of a new government by the Bangladesh Nationalist Party has generated expectations of administrative changes across key institutions.

Speculation regarding potential leadership changes at the Bangladesh Securities and Exchange Commission may also be shaping investor sentiment, he added.

According to EBL Securities' daily market review, the capital market extended its recovery from a brief correction phase, driven by broad-based buying.

While mid-session profit-taking briefly slowed the rally, renewed buying interest in the latter half pushed the indices higher by the close.

Sector-wise, banking stocks dominated turnover with a 22% share, followed by pharmaceuticals (18.7%) and telecom (9.1%). All sectors ended in positive territory, led by ceramic (up 3.1%), IT (2.3%) and travel (2.3%).

City Bank, Robi, Orion Infusion, Khan Brothers PP Woven Bag and BRAC Bank topped the turnover chart.

Several loss-making firms featured among the gainers, including Familytex, BIFC, Union Capital and ICB Islamic Bank, each posting the maximum 10% rise.

Meanwhile, the Chittagong Stock Exchange PLC also closed higher. The CSCX index gained 69 points to 9,587, while the CASPI advanced 128 points to 15,597.

Turnover at the port city bourse stood at Tk19.54 crore, reflecting positive sentiment across both trading floors.

Gold prices edged up on Thursday as uncertainty over US tariff policy boosted the metal’s safe-haven appeal, while investors awaited further details on US-Iran talks later in the day.

Spot gold was up 0.4 percent at $5,190.01 per ounce, as of 0816 GMT. Bullion had hit a more-than-three-week high on Tuesday.

US gold futures for April delivery were down 0.4 percent at $5,206.80.

The US dollar eased, making dollar-denominated commodities more affordable for holders of other currencies.

“Iran-US persisting tensions and the uncertainty surrounding the global economy with (President Donald) Trump’s tariffs are a bullish catalyst,” said Carlo Alberto De Casa, external analyst at banking group Swissquote.

US envoy Steve Witkoff and Trump’s son-in-law Jared Kushner are due to meet an Iranian delegation for a third round of nuclear talks later in the day in Geneva.

Trump briefly laid out his case for a possible attack on Iran in his State of the Union speech on Tuesday, saying he would not allow a country he described as the world’s biggest sponsor of terrorism to have a nuclear weapon.

Non-yielding gold is seen as a safe store of value during times of geopolitical and economic uncertainty.

The US tariff rate for some countries will rise to 15 percent or higher from the newly imposed 10 percent, US Trade Representative Jamieson Greer said on Wednesday, without naming any specific trading partners or giving further details.

Gold prices scaled a record high of $5,594.82 on January 29 and were up 20 percent so far this year.

“The global gold rush does not seem to be over... Overall the sentiment remains positive with strong buys coming from Asia and from Central Banks,” De Casa said.

On the data front, investors await the weekly US jobless claims data, due later in the day.

The market share of Bangladesh in the European Union’s (EU) apparel market increased to 21.57 percent in 2025 from 20.78 percent in 2024 thanks to the rising demand for locally made apparel items in the EU.

In 2025, Bangladesh retained its position as the second-largest garment supplier to the EU, shipping apparel worth 19.41 billion euros, up from 18.31 billion euros in 2024, according to Eurostat data.

China, the largest garment exporter, held a 29.54 percent market share by exporting apparel worth 26.58 billion euros to the EU in 2025, Eurostat also reported. In 2025, the EU imported garment items worth 89.99 billion euros in total.

Turkey was the third-largest garment exporter to the EU in 2025, while India ranked fourth.

Crude oil prices jumped Friday as worries about a possible US attack on Iran rose while Wall Street stocks slid amid anxiety over artificial intelligence and data showing an uptick in US inflation.

Crude prices jumped more than three percent at one point as optimism faded following Thursday talks between the two nations that were seen as a last-ditch bid to avert war.

"With the US having called on its citizens to leave Israel and Iran, the threat of an attack on the Islamic Republic has dramatically risen, pushing the oil price to a seven-month high," said analyst Axel Rudolph at investing and trading platform IG.

The benchmark international contract, Brent, briefly rose over $73 per barrel before finishing at $72.48, up 2.5 percent.

Wall Street's main stock indices fell, with tech stocks taking a hit.

Financial services firm Block's announcement that it would slash its workforce by nearly half and rely heavily on AI to operate more efficiently sparked fresh concerns about the disruptive nature of the technology.

Stock markets soared to fresh heights last year thanks to investors piling into stocks of tech firms which are piling massive amounts of money into developing and deploying AI.

But the march higher has not been steady in recent months as concern about artificial intelligence disrupting industries occasionally triggers sudden drops in markets.

Investors have also been occasionally seized by concerns that the share prices of tech giants have risen too high and that AI may not be profitable.

"AI, the trade that drove the market higher last year, is weighing on the market this year," said Adam Sarhan of 50 Park Investments. "There's a lot of disruption and fear spreading, because we don't know how AI will impact the market."

Sarhan also pointed to Friday's report on US producer prices as a driver of negative sentiment. The index rose a greater than expected 0.5 percent in January, adding to worries the Federal Reserve could refrain from additional interest rate cuts.

Financial stocks were under pressure on lingering fears about weakness in the private credit market. Two of Friday's biggest losers in the Dow were Goldman Sachs, down 7.5 percent, and JPMorgan Chase, down 1.9 percent.

But shares of Paramount Skydance surged more than 20 percent as it stood poised to acquire Warner Bros. Discovery after Netflix ended its pursuit of the media giant in a takeover battle.

Netflix, which will garner a $2.8 billion breakup fee after being outbid, rose 13.8 percent.

In Europe, the jump in oil and metals prices helped London's FTSE 100 stock index buck the trend, rising to a fresh record high as energy and resources stocks rose.

Frankfurt ended the day flat and Paris fell.

Stocks featured in EBL Securities Ltd's 2026 watch list have posted robust gains in the first two months of the year, slightly outperforming the broader market amid rising optimism over political clarity and improving macroeconomic conditions at the Dhaka Stock Exchange.

According to the brokerage, its recommended stocks generated an average return of 15.8% between 30 December 2025 and 26 February 2026. Over the same period, the benchmark DSEX index climbed 15.1%, rising from 4,865 points at the end of December to 5,600 points on 26 February.

Leading the watch list was Confidence Cement, which surged 42% from Tk49.2 to Tk69.8. City Bank advanced 35.2% to Tk33, while Beximco Pharma gained 29% to Tk131.6. Bank Asia rose 20.3% to Tk21.9, and Prime Bank increased 18.8% to Tk34.1. IDLC Finance returned 18.8%, followed by Eastern Bank with 18.1% and BSRM Steels with 17.3%.

Large-cap stocks also supported overall performance. Walton and BAT Bangladesh each added 10.4%. Olympic Industries rose 14.8%, while Reliance Insurance gained 13.3%. Sena Insurance advanced 15.9%, and Bangladesh Submarine Cable climbed 15.3%. Robi increased 16.7%, while Berger Paints Bangladesh, Eastern Housing, and Envoy Textile recorded moderate gains. Even relatively conservative stocks such as MJL Bangladesh, ITC, and Matin Spinning delivered positive returns.

Rayhan Ahmed, senior research associate at EBL Securities, told The Business Standard that the market is witnessing a broad-based resurgence after four subdued years. He attributed the recovery to political clarity and supportive macroeconomic tailwinds, noting that the firm's "Yearly Market Update 2025 and Outlook 2026" watch list has returned around 16% so far this year.

He added that disciplined, fundamentals-driven stock selection combined with timely assessment of market sentiment can generate superior returns, and expressed optimism that a growth-oriented fiscal stance and greater regulatory certainty under the newly elected government will help sustain the market's momentum.

Reliance Insurance PLC reported an 8% year-on-year decline in net profit to Tk88 crore in 2025, reflecting higher claims and depreciation expenses despite growth in premium income.

The general insurer disclosed its annual financial results after the board approved the accounts at a meeting held on 26 February, according to company sources.

Earnings per share fell to Tk8.42 in 2025, down from Tk9.12 in the previous year. The company said in a price sensitive statement that the decline in profit was mainly due to an increase in claims settlement and higher depreciation costs during the year.

However, the insurer's balance sheet indicators showed improvement. Net asset value per share stood at Tk78.95 with revaluation and Tk75.43 without revaluation, compared to Tk69.59 under both measures a year earlier. The rise in net asset value was attributed to higher retained earnings.

Net operating cash flow per share rose sharply to Tk6.84 in 2025 from Tk1.66 in 2024. The company said stronger cash flow was driven by increased premium income during the year, which helped offset pressure from higher claims expenses.

The board of directors has recommended a 30% cash dividend for shareholders for the year 2025, maintaining the same payout ratio as the previous year.

To secure shareholder approval, the company has scheduled its annual general meeting for 30 April, with 31 March set as the record date.

Listed on the Dhaka Stock Exchange PLC in 1995, Reliance Insurance closed at Tk73.90 on Thursday, with a market capitalisation of Tk770.83 crore.

According to its January shareholding report, sponsors and directors hold 67.95% of the company's shares, while institutional investors own 4.48%. The remaining 27.57% is held by general shareholders.

The per capita income in Bangladesh rose by 1 percent year-on-year to $2,769 in the 2024-25 fiscal year, according to final data from the Bangladesh Bureau of Statistics.

The per capita income was $2,738 in 2023–24.

In local currency, the figure stood at Tk 334,511 in 2024-25, up from Tk 304,102 in the previous year.

In FY25, the size of the Bangladesh economy increased to $456 billion from $450 billion a year earlier, although it was lower than the earlier estimate of $462 billion.

Bangladesh’s economy grew 3.49 percent in the fiscal year 2024–25, the slowest expansion in at least three years, owing to weaker performances in the agriculture and services sectors.

The final estimate of gross domestic product (GDP), a measure of the final value of goods and services produced in an economy in a certain period, is lower than the provisional estimate of 3.97 percent estimated earlier by the Bangladesh Bureau of Statistics (BBS).

The national statistical agency released the final calculation of GDP today, saying that only the industrial sector grew at a faster pace in the fiscal year 2024–25 than in the previous year.

Factory output increased by 3.71 percent in FY25, up 0.20 percentage points from the previous year.

Agriculture, the second-biggest employing sector, recorded 2.42 percent growth in FY25, down from 3.30 percent a year earlier.

The services sector, the biggest contributor to GDP, expanded by 4.35 percent in the last fiscal year, slower than the 5.09 percent recorded in FY24.

In FY24, the economy grew 4.22 percent, said the BBS.

For the current fiscal year 2025–26, sluggish economic growth is projected to continue, according to forecasts by multilateral agencies such as the International Monetary Fund.

The Centre for Policy Dialogue (CPD) has urged the government to halt new fossil fuel-based power projects, revise what it called inflated demand projections and bolster parliamentary oversight to put Bangladesh's power and energy sector on a fiscally sustainable and climate-aligned path.

CPD said Bangladesh's power and energy sector is at risk of fiscal stress, stranded assets and stalled renewable energy transition due to overestimated demand projections, fossil fuel lock-in and weak regulatory transparency.

Presenting a research paper titled 'New Government's Priorities in Addressing Socio-economic Challenges: Introducing Knowledge-based Decision Making in the Executive and Legislative Process' at CPD's Dhanmondi office today (28 February), CPD Research Director Khondaker Golam Moazzem outlined a series of structural weaknesses in the sector and recommended urgent reforms within the first 180 days of the new government.

The study identified 'Power and Energy: Reviving for Energy Transition' as the seventh priority sector and found that procedural transparency, accountability, and implementation efficiency remain the weakest pillars of decision-making in this sector.

CPD noted that existing master plans project electricity demand to reach 40-50 gigawatts (GW) by 2040, while independent estimates suggest a more realistic requirement of around 30 GW.

The study warned that inflated GDP-demand linkages, rather than actual industrial consumption data, have been used to justify aggressive expansion targets.

This could lead to massive surplus capacity that would be 'difficult to undo', increasing fiscal burdens through long-term contractual obligations.

Without structural reforms and parliamentary oversight, the sector risks repeating past mistakes of overcapacity, high tariffs and fiscal stress
Khondaker Golam Moazzem, Research Director, CPD

Spatial planning mismatch was also highlighted, with Dhaka receiving disproportionately high projections compared to emerging industrial hubs such as Chattogram and Sylhet.

CPD recommended that Bangladesh Power Development Board (BPDB) and Power Cell adopt rigorous econometric forecasting methods and subject revised projections to independent validation and parliamentary review.

The report underscored the structural burden of capacity payments to independent power producers (IPPs), even for idle plants. Despite recent tariff hikes reaching Tk 8.95 per unit in 2024 — fiscal stress persists.

According to the study, plant-by-plant payment details and the rationale behind tariff adjustments lack transparency, while public hearings by the Bangladesh Energy Regulatory Commission (Berc) have often been bypassed.
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CPD recommended introducing a 'No Electricity, No Pay' clause in future Power Purchase Agreements (PPAs) to eliminate unconditional capacity charges. It also called for renegotiation of rigid 'take-or-pay' contracts, though acknowledging the legal complexity involved.

The think tank warned of growing dependence on imported LNG and coal, raising concerns about stranded assets and fiscal instability.

It said long-term price volatility impacts are systematically downplayed and that insufficient assessment has been conducted regarding risks associated with new LNG terminals and coal-based infrastructure.

CPD proposed adopting a clear 'No New Fossil Fuel-Based Power Generation' policy and urged reassessment of planned coal projects, including Matarbari Phase 2, through parliamentary debate to ensure fiscal and climate accountability.

The study also called for scaling up regional power trading with Nepal and Bhutan to import hydropower and balance solar intermittency.

While the interim government approved the Renewable Energy Policy 2025, CPD observed that grid absorption capacity for variable renewable energy (VRE) remains capped at 20%, and smart grid implementation has been deferred to 2040-2050.
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Private renewable energy developers face bureaucratic hurdles in securing grid interconnection approvals, the report said.

CPD recommended that Power Grid Bangladesh (PGB) conduct a technical grid stress test to determine upgrades required to absorb at least 30% renewable energy by 2030.

It also proposed establishing an Independent System Operator (ISO) to separate grid management from BPDB and ensure institutional neutrality.

A 'Resource-to-Grid Data Hub' integrating real-time renewable energy potential mapping across districts should be developed under parliamentary monitoring, the study added.

In the primary energy segment, CPD highlighted a persistent daily gas shortage of around 1,200 million cubic feet per day (mmcfd), with total demand at 3,800 mmcfd against supply of just over 2,600 mmcfd, including LNG imports.
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The report argued that increasing LNG imports alone would deepen financial burdens and recommended prioritising domestic gas exploration instead.

It stressed that overemphasis on new LNG infrastructure and domestic coal exploration reflects weaknesses in evidence-based analysis and stakeholder engagement.

A central theme of the CPD study is embedding knowledge-based decision-making in both executive and legislative processes.

The report called on the Parliamentary Standing Committee on Power and Energy to review all major generation, fuel mix and procurement decisions to ensure statutory compliance and transparency.

It noted that suspension of the Quick Enhancement of Electricity and Energy Supply (Special Provision) Act 2010 by the interim government is a positive step toward restoring competitive procurement and judicial oversight.
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CPD, however, warned that without institutional restructuring, real-time data transparency and structured parliamentary scrutiny, reform efforts may remain partial.

Immediate and long-term priorities

For the next 180 days, CPD recommended:

No approval of new fossil fuel-based power plants
Independent validation of revised demand projections
Introduction of "No Electricity, No Pay" clauses in future contracts
Engagement with export-oriented industries in designing a National Solar Rooftop Programme
Institutionalising parliamentary review of all major sectoral decisions

Beyond 180 days, the study proposed grid modernisation, establishment of an Independent System Operator, zonal energy audits, smart grid pilots, and legislative-backed accountability frameworks.

Moazzem said the success of the new government would depend on its ability to align fiscal prudence, climate commitments and energy security through transparent, evidence-driven policymaking.

"Without structural reforms and parliamentary oversight, the sector risks repeating past mistakes of overcapacity, high tariffs and fiscal stress," Moazzem added.

Bangladesh Services Limited (BSL), the owner of InterContinental Dhaka, has reported a 24% year-on-year reduction in losses in the first half of the current fiscal year, though the state-run hospitality firm continues to struggle with heavy debt and accumulated losses.

According to its disclosure, it incurred a loss of Tk38 crore with the loss per share of Tk3.95 in the July to December period of 2025-26. It had incurred Tk50.85 crore loss with per share loss of Tk5.20 in H1 of 2024-25.

In the second quarter during October–December, the company incurred a loss of Tk12.61 crore, with a loss per share of Tk1.29. In the corresponding quarter of the previous fiscal year (FY25), it had posted a higher loss of Tk18 crore, with a per share loss of Tk1.85.

Its net asset value per share at the end of December increased to Tk2.58, which was Tk1.97 for the July-December of 2024. While its net asset value per share stood at Tk215.79 as of December 2025, which is lower from Tk219.74 as of 30 June 2025, it data showed.

Despite the improvement in half-year performance, Bangladesh Services Limited remains under significant financial strain.

The travel and leisure sector-listed firm has been incurring losses for years amid a business slowdown and the burden of substantial loans taken for renovation. Its long-term loans and borrowings swelled to over Tk800 crore by June 2025, according to its latest annual report.

As of June 2025, accumulated losses stood at Tk706 crore, including an additional Tk87.38 crore loss in FY25. The company has failed to declare dividends for years due to continuous losses.

Its auditor said its accumulated losses for FY25 stood at Tk706 and a current assets deficit of Tk308 crore.

In addition, the company has loans of Tk908 crore and debt equity ratio of 0.42. These matters indicate the existence of a material uncertainty that may cast significant doubt on the company's ability to continue as a going concern, the auditor said.

The Bangladesh Securities and Exchange Commission (BSEC) reported a 14% decline in its overall earnings to Tk105 crore in the 2024–25 fiscal year, mainly due to a sharp fall in income from fines, fees and licensing, according to its annual report.

Earnings from fines, fees and licensing dropped 32% year-on-year to Tk39.72 crore, while other income slipped 2% to Tk65.32 crore.

Despite the fall in revenue, the regulator managed to reduce its total costs by 21% to Tk75.82 crore, largely driven by lower expenditure on salaries, allowances and other administrative expenses.

After deducting all costs, the commission's net surplus rose 12% to Tk29.23 crore in FY25, reflecting improved expenditure management. The regulator's total assets stood at Tk498.60 crore at the end of FY25, up from Tk469.89 crore a year earlier.

During the fiscal year, the commission approved Tk6,172.46 crore in capital increases through various instruments. This included Tk303 crore for one listed company via a rights issue, Tk4,671 crore for 11 companies through private debt placements, Tk5 crore for a qualified investor company, and Tk1,193 crore for 15 companies through the issuance of ordinary, bonus and preference shares.

Of the 226 complaints received from individuals and institutions, 222 were resolved while four are still under process. The regulator carried out 92 investigations and inquiries, along with 610 inspections, to detect irregularities and securities law violations. It took 987 enforcement actions — fining 229 individuals and institutions, issuing warnings to 684, and granting exemptions to 74. Between 19 August 2024 and 30 June 2025, fines totaling Tk1,073.21 crore were imposed.

The commission reported 527 cases pending in different courts, including those filed by and against it. During the year, it filed four cases, faced 76, and saw 76 cases disposed of. To strengthen market discipline and modernisation, the commission issued 11 orders, directives and notifications.

To boost international credibility and attract foreign investment, the commission scrapped discriminatory circuit breakers and lifted floor prices for most companies in August 2024. It said allowing market-driven price discovery based on supply and demand would ensure long-term stability and help restore investor confidence.

Finance Minister Amir Khosru Mahmud Chowdhury has sought suggestions from business leaders on why the cost of doing business is rising, what bureaucratic obstacles they face and what measures are needed to ease operations.

He discussed the issues today (25 February) during a meeting with a delegation of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), led by its President Mahmud Hasan Khan Babu, at the Secretariat.

According to three garment sector leaders present at the meeting, the minister asked them to submit proposals outlining specific problems and possible solutions.

After the meeting, BGMEA Director Faisal Samad told The Business Standard, "We told the finance minister that instead of incentives, we need policy support to simplify business procedures and reduce costs. In response, he asked us to identify the problems and suggest ways to address them."

He said the association would submit a policy paper within a week outlining measures to reduce the cost of doing business.

Requesting anonymity, another BGMEA director said they informed the minister that customs-related costs have increased compared to before.

"The government has increased port charges, and illegal payments at customs have also risen," he alleged.

Businesses have long complained about harassment and demands for unofficial payments by some customs officials, particularly in matters related to bond licences, raw material entitlements, utility permissions and audits.

Another BGMEA leader present at the meeting said the minister questioned how much more support the garment sector should receive, noting that other sectors often say the industry already receives substantial government benefits.

At the meeting, BGMEA leaders said nearly one year's worth of incentive payments, amounting to around Tk8,000 crore, remain pending and urged the government to release the funds quickly.

They also said that due to two major holiday periods over the next two months, elections and Eid-ul-Fitr, factories would operate for only 35 days, making it difficult to manage working capital.

The association sought a loan facility of around Tk7,000 crore to cover one month's wages, to be repaid over 15 months.

According to the business leaders, the finance minister responded positively to the proposal.

China has expressed interest in expanding investment in Bangladesh, focusing on job creation and industrial revival, during a meeting between Chinese Ambassador Yao Wen and Commerce Minister Khandaker Abdul Muktadir at the Secretariat today (25 February).

At the meeting, the government formally sought Chinese investment in several closed fertiliser factories struggling with prolonged gas shortages.

The commerce minister said Bangladesh has six fertiliser plants whose production has been repeatedly disrupted due to inadequate gas supply.

"We are searching for investors capable of importing LNG to restart fertiliser production. The government will purchase the fertiliser produced," Muktadir said, outlining a potential pathway to revive idle capacity and stabilise supply.

The minister also invited Chinese investors to explore opportunities in Bangladesh's closed jute mills, emphasising the sector's potential for modernisation and employment generation.

Highlighting broader areas of cooperation, Muktadir said China could assist Bangladesh in digital infrastructure development, establishment of e-learning centres, and advancement of artificial intelligence technologies.

He noted that such partnerships would further deepen bilateral economic ties.

Ambassador Yao Wen congratulated the BNP on securing a decisive mandate in the 13th national parliamentary election and congratulated Muktadir on assuming office as commerce minister.

He said China is keen to increase investment flows into Bangladesh and voiced optimism about economic collaboration under the newly elected government.

The ambassador also extended an invitation to the commerce minister to visit China.

State Minister for Commerce Md Shariful Alam, Additional Secretary (Export) Md Abdur Rahim Khan, and Additional Secretary (FTA) Ayesha Akter were present at the meeting.