The Dhaka Stock Exchange (DSE) has downgraded Agricultural Marketing Company Limited (AMCL), widely known as PRAN, to the "Z" category, despite the company's claim that it disbursed its entire declared dividend within the stipulated timeframe, sparking confusion among investors.

According to a DSE notification, PRAN was moved from the "A" category to the "Z" category with effect from tomorrow (5 February), citing failure to comply with dividend disbursement rules set by the Bangladesh Securities and Exchange Commission (BSEC).

Under a BSEC directive, any listed company that fails to distribute at least 80% of its approved dividend within the prescribed period is subject to downgrading.

PRAN, however, strongly challenged the decision, arguing that the downgrade stemmed from a misunderstanding rather than any violation of regulatory requirements.

Touhiduzzaman, deputy general manager at Pran-RFL Group, told The Business Standard that the company had fully disbursed the dividend declared for the 2024-25 fiscal year in line with existing rules and long-standing market practices.

He explained that as an oldest company, around 23% of PRAN's shares are still paper-based, while the remaining 77% have been converted into electronic form.

"Dividends for electronic shareholders were paid through the banking channel, while dividends for paper-based shareholders were disbursed through bank cheques, a method the company has followed for years," he said.

According to Touhiduzzaman, also head of public relations at the group, the DSE, while assessing compliance, considered only dividends paid to electronic shareholders—77% of the total—and concluded that PRAN failed to meet the BSEC's 80% requirement, resulting in the downgrade.

He said the company later engaged with the relevant DSE officials and clarified that dividend payments to paper-based shareholders should also be factored into the calculation, as they form a legitimate component of the total disbursement.

"After reviewing the disbursement process, the DSE officials agreed that there had been a misunderstanding," he said.

Touhiduzzaman added that the issue has been resolved through discussions, and the DSE has assured the company that the categorisation will be corrected in the coming working days.

Representatives of multinational companies have voiced concern over Bangladesh's inconsistent tax policy and high rates, saying unpredictability is creating challenges for investment.

"Over the last three years, our tax rate has increased… It's hard to predict what the tax rate will be next year," said Ahmet Zahit Erdem, head of finance at Coca-Cola Bangladesh Beverage Limited, at a seminar today (3 February).

"Our tax rate is very high," he added.

The seminar titled "Review of Revenue Performance in Bangladesh: With Special Focus on Supplementary Duty and Excise", was organised by the Policy Research Institute (PRI).

Entrepreneurs from the tobacco sector echoed these concerns, noting that combined taxes on tobacco products currently stand at around 83%, an extremely high level, they said.

They recommended replacing the existing ad-valorem tax system with a specific tax system, citing the importance of predictability for industry stability and warning that excessive taxation may encourage illegal trade.

In recent budgets, beverage sector entrepreneurs have faced successive tax increases. The minimum tax on beverage products rose from 0.5% to 3% in FY23, followed by increases in supplementary duty and customs duty on imported raw materials in subsequent budgets. These changes have left investors apprehensive about potential new tax hikes.

Participating in the seminar, National Board of Revenue (NBR) Member Syed Mushfequr Rahman highlighted discrepancies between companies' financial statements and their tax and VAT payments.

"Many companies pay tax based on financial statements, but their VAT payments are much lower than expected," he said, noting that this points to governance challenges.

The NBR official also defended the government's reliance on supplementary duty, which accounts for 30% of VAT revenue and 60% of import revenue.

"We can't eliminate it overnight," he said.

Chairing the seminar, Dr Zaidi Sattar, chairman of PRI, called for reducing supplementary duty rates, particularly at the import stage, noting that duties on 1,700 tariff lines are significantly higher at import than at the local level – contradicting WTO principles.

"Once Bangladesh graduates from LDC status, maintaining such high import-stage duties will no longer be feasible," he added.

The keynote paper was presented by PRI Research Director Bazlul Haque Khondker.

Other speakers included PRI Executive Director Khurshid Alam, NBR First Secretary Md Moshiur Rahman, and Abu Zahid Parag, senior manager of Fiscal Affairs at British American Tobacco Bangladesh. Hafiz Choudhury, principal of The M Group Inc., spoke virtually.

The National Board of Revenue (NBR) has started publishing HS code-wise import data on its website to enhance transparency and improve public access to trade-related information.

The initiative follows long-standing demands from young entrepreneurs, students, investors, trade researchers, businesspeople and journalists for easier access to reliable import data, according to a press release.

By making the data publicly available, the revenue authority aims to support data-driven analysis, informed decision-making and research across the trade and investment ecosystem.

The NBR said HS code-based import information covering both commercial imports and imports under bonded warehouse facilities has been uploaded to the customs section of the publication portal on its official website.

The latest dataset, released last week, contains import information for December 2025.

The published data provide detailed product-wise information in line with HS code classifications, including quantity, weight and declared value, allowing users to analyse import patterns at a granular level and track movements over time.

Officials said the move will make import-related information more accessible, open and transparent, while significantly expanding opportunities for the use of credible data by entrepreneurs, academics, analysts, journalists and policymakers.

The availability of HS code-wise data is also expected to help stakeholders gain clearer insights into international market prices and price fluctuations, as well as analyse import trends, seasonal variations and product movement dynamics.

Besides, the data will facilitate assessments of the country's trade structure, import dependency and the flow of industrial raw materials under bonded facilities, and support evaluations of the effectiveness of incentives for export-oriented industries.

Norway's sovereign wealth fund (SWF), the world's largest investment fund, has reduced its exposure to Bangladesh's capital market by 17% in 2025, continuing a gradual pullback that has been underway for several years amid economic and market uncertainties.

According to disclosures by Norges Bank Investment Management, the fund has also exited several prominent listed companies, including Beximco Pharmaceuticals, Walton, MJL Bangladesh, Renata, Olympic Industries and Singer Bangladesh.

Data shows the fund's total investment in Bangladesh fell to $117.12 million in 2025, down from $141.93 million in 2024. This marks a steady decline from a peak of $248.35 million in 2020. Over the past six years, the fund's exposure has tapered off consistently, reflecting caution toward the local equity market despite Bangladesh's long-term growth potential.

Although overall holdings have declined, Norway's SWF continues to retain stakes in a select group of major companies. Its largest investment remains in BRAC Bank, with a 4.42% stake valued at $45.45 million.

Other key holdings include Square Pharmaceuticals (1.93%, $27.81 million), Grameenphone (0.71%, $20.35 million), City Bank (3.55%, $10.73 million), Prime Bank (3%, $8.16 million) and Marico Bangladesh (0.67%, $4.59 million). Ownership levels in most of these companies, however, declined compared to 2024, indicating partial sell-offs rather than new investments.

Market analysts say the reduction in exposure is driven less by company-specific weaknesses and more by macroeconomic and structural challenges.

A senior analyst at Brummer & Partners Bangladesh, speaking on condition of anonymity, said the slowdown in investments since 2020 stems from multiple factors, including the Covid-19 pandemic, the prolonged floor price mechanism in the stock market, taxation concerns, foreign exchange volatility, and heightened economic and political uncertainty.

"The fund usually invests in equities for the long term, but depending on business outlook and risk assessment, it withdraws or reduces exposure from time to time," the analyst said, adding that investments could rise again if macroeconomic indicators show sustained improvement.

The analyst noted that Norway's SWF continues to hold shares in fundamentally strong and well-governed companies such as BRAC Bank, City Bank, Grameenphone and Square Pharmaceuticals, reflecting its long-term investment philosophy and preference for market leaders with relatively stable earnings prospects.

Salim Afzal Shawon, head of research at BRAC EPL Stock Brokerage, said 2025 saw a broader trend of foreign portfolio investors trimming holdings in Bangladesh. "Many foreign investors chose to liquidate or partially exit positions as foreign exchange conditions eased, allowing smoother repatriation of funds," he said.

Shawon added that growing caution ahead of the upcoming national election prompted investors to limit exposure until there is greater clarity on political stability and policy direction. "If the political transition brings confidence and predictability, foreign investors are likely to return. Bangladesh still offers attractive long-term opportunities given its large domestic market and growth-oriented industries," he said.

Norway's sovereign wealth fund began investing in Bangladesh in 2015 and has since become the country's largest foreign portfolio investor, with cumulative investments estimated at around Tk1,800 crore. Globally, the fund manages assets worth approximately $2.11 trillion across 68 countries.

Chattogram Port has been shut since Tuesday after workers, who observed an eight-hour work abstention for three days from Saturday morning, launched an open-ended strike protesting the proposed lease of the New Mooring Container Terminal (NCT) to Dubai-based DP World.

The closure has halted cargo handling at the country's largest seaport, intensifying supply chain disruptions and pressure on exporters and importers.

As of Wednesday (4 February), more than 140 vessels were waiting at the outer anchorage. Gantry cranes, tugboats, and pilotage services remained idle despite vacant berths. Port officials confirmed that not a single container has been handled since the strike began at the facility, which typically processes 8,000-9,000 TEUs daily.

The situation turned critical after a five-hour meeting between labour leaders and business representatives failed to produce a breakthrough yesterday. Economists warn that a prolonged standoff could trigger national shortages and push up consumer prices ahead of Ramadan.

We don't know what exactly is happening at Chattogram Port. Management should take locals and stakeholders into confidence.
Mohammad Abdur Razzaque | Chairman, RAPID

The disruption is rippling through Bangladesh's supply chain ahead of Ramadan, with perishable imports such as fruits, dates and edible oil stranded at the port and exporters warning of missed shipment deadlines, rising costs and potential order cancellations.

Economists and business leaders have told TBS that a prolonged standoff over the NCT lease could trigger shortages, push up consumer prices and inflict lasting damage on trade and buyer confidence.

Meanwhile, the Public Private Partnership Authority and the Chattogram Port Authority (CPA) have allegedly continued negotiations with DP World to finalise the agreement ahead of the election, even after the Supreme Court accepted an appeal against the High Court verdict that had cleared the legal barrier to the deal.

Workers said the government's insistence on pushing forward with the agreement, despite the pending appeal, has reinforced their resolve to continue the strike.

If the strike continues further, we'll be in a serious challenge, such as missing the lead time and order as well.
MA Jabbar | Managing director, DBL Group

"We don't know what exactly is happening at Chattogram Port. Management should take locals and stakeholders into confidence," said Mohammad Abdur Razzaque, economist and chairman of Research and Policy Integration for Development (RAPID). "It can't be done in isolation."

Meanwhile, Shipping Adviser Brig Gen (retd) M Sakhawat Hussain yesterday warned of tough action if any lighter ship fails to unload goods within three days of reaching the wharf.

In an inter-ministerial meeting in the capital to resolve various crises involving lighter ships engaged in transporting goods from mother vessels, he also directed the commerce ministry to publish the list in the media and cancel the licences of the responsible individuals or organisations.

Fresh fruit, dates stuck ahead of Ramadan

The impact is already being felt in the perishable goods segment. The Fresh Fruit Importers Association said more than 200 TEUs of fresh fruit containers and around 300 TEUs loaded with dates have remained stuck at the port.

Importers are now paying Tk10,000 to Tk15,000 in demurrage per container, a cost they say will inevitably be passed on to consumers.

Touhidul Alam, general secretary of the association, said that fruit imports are aligned closely with market demand. "Over the last five days of strikes, only a handful of containers have been released. If the situation continues, shortages will emerge in the market very soon," he said.

"Prices of fruits and dates will also rise," he added.

Vehicles stranded, depots clogged

Cargo delivery has remained suspended for more than 36 hours, leaving thousands of heavy vehicles stranded inside and outside the port area. To prevent further congestion, authorities have stopped allowing new vehicles to enter.

Container transportation from inland container depots has also been halted, causing a growing backlog of export cargo at depots.

Ruhul Amin Sikder, secretary general of the Bangladesh Inland Container Depots Association, said all container movement has stopped. "No trucks are leaving the port and no new containers are coming in," he said.

He noted that export cargo typically accounts for 2,500-2,800 containers a day, while imported cargo delivered to depots is gradually converted into empty containers. "So far, there is some balance in the system, and the pressure has not peaked yet," he said.

However, he warned that the situation could deteriorate rapidly if the stoppage continues. "Export volumes are rising, which means loaded export containers will increase. We can store far fewer loaded containers than empty ones," Sikder said.

He added that inland container depots have a total handling capacity of about 15,000 TEUs, with around 11,000 already in use. "If operations remain suspended for long, the system will hit its capacity limit and a serious crisis will emerge," he said.

Business leaders seek alternative to strike

The current shutdown follows three consecutive days of eight-hour work stoppages that began on Saturday. Workers launched a full 24-hour strike on Tuesday at 8am, which has since turned into an open-ended programme.

As disruptions deepened, leaders of the Bangladesh Garment Manufacturers and Exporters Association, the Bangladesh Knitwear Manufacturers and Exporters Association and other business organisations met labour leaders at a hotel in Agrabad yesterday afternoon.

Business leaders expressed solidarity with the workers' movement, calling it logical in the context of protecting the NCT. At the same time, they urged labour leaders to consider alternative forms of protest and withdraw the strike to avoid further economic damage.

Labour leaders responded that they were fighting to protect the port and warned that retreating now would embolden the CPA to take harsher action, risking the loss of a national asset. They called on business leaders to stand with the movement in what they described as the greater national interest.

Exporters, importers under mounting pressure

With a growing number of consumer goods containers stuck at the port, traders have warned of shortages and price hikes in the domestic market ahead of Ramadan.

Economists and business leaders cautioned that the standoff could spiral into an unprecedented crisis, with serious consequences for the national economy.

Abu Tayub, first vice-president of BGMEA, said hundreds of containers meant for export shipments are now stuck at inland container depots. He warned that missing shipment deadlines would force exporters to resort to air freight, which is far more expensive and would result in heavy financial losses.

"If the situation continues for a few more days, the RMG sector will be at serious risk of losing export orders and buyer confidence, which could ultimately jeopardise the entire industry," he said.

MA Jabbar, managing director of DBL Group, one of the top five garment exporters in Bangladesh, said if the strike continues further, we'll be in a serious challenge, such as missing the lead time and order as well.

Allegations, resistance and revenue debate

Leaders of the Chattogram Port Protection Movement Unity Council, which is coordinating the protests, claimed workers are participating spontaneously. They alleged that senior port officials have been confined at the Bangladesh Investment Development Authority office in Dhaka and pressured to sign the DP World contract.

They warned that the indefinite strike will continue unless the government withdraws what they termed an anti-national decision to lease out the terminal.

Former BGMEA vice-president MA Salam described the workers' movement as justified and urged dialogue to reach a solution that safeguards both national and consumer interests.

Humayun Kabir, coordinator of Bandar Rokkha Sangram Oikya Parishad, raised allegations of corruption involving senior officials and questioned the financial logic of handing over profitable terminals to foreign operators. He claimed similarly sized terminals run by the port generate significantly higher revenue than those leased out.

According to sources at the Public Private Partnership Authority, the NCT generates about $100 in gross revenue per TEU under CPA operation. After deducting $12.31 in variable operating costs and $41.32 in fixed administrative costs per TEU, net revenue stands at $46.37.

Under the proposed DP World model, the CPA is estimated to receive a revenue share of $42.50 per TEU. After accounting for unavoidable fixed administrative costs of $41.32 borne by the CPA, the authority would be left with a marginal surplus of just $1.18 per TEU.

When contacted for comment, CPA Director (Administration) and spokesperson Omar Faruk did not respond to calls.

Court bars contract signing amid legal battle

The controversy surrounding the NCT lease has also taken a legal turn. The Supreme Court on Tuesday accepted an appeal against a High Court ruling that had paved the way for the DP World deal, and referred the matter to a full bench. As part of that order, the court clarified that the government cannot sign the contract until the appeal is disposed of, creating a fresh legal hurdle for the proposed lease.

According to legal records, the dispute arises from challenges to the High Court's split verdict and questions over the legality of the process under the Public-Private Partnership Act and government-to-government policy. With the matter now sub judice, signing the contract remains legally barred until the appeal is resolved.

European Union ambassadors on Wednesday (4 February) approved details of a 90 billion euro loan for Ukraine, an initiative agreed by EU leaders in December to meet most of Kyiv's financial needs in 2026-2027 and keep up its fight against Russia's invasion.

The ambassadors reached the agreement at a closed-door meeting in Brussels, diplomats said.

The text of the agreement was not immediately available but the Council of the EU said in a statement that two thirds of the funds would be spent on military aid and one third on general budget support.

On military aid, the deal stipulates that Kyiv should use the loan primarily to buy weapons from Ukraine or the EU but could buy from other countries if certain conditions are met.

"Defence products should in principle only be procured from companies in the EU, Ukraine, or EEA-EFTA countries. Should Ukraine's military needs require the urgent delivery of a defence product which happens not to be available in the EU, Ukraine or an EEA-EFTA country, a set of targeted derogations would apply," the Council said.

The agreement also requires approval by the European Parliament, which diplomats said they hoped would come soon to allow the Commission to start borrowing on the markets and make a first payment to Ukraine in early April.

EU leaders agreed in December to fund the loan through EU borrowing rather than back a plan to use Russian assets frozen in the bloc.

Bangladesh risks losing its trade competitiveness unless it urgently reduces high logistics costs, closes policy implementation gaps, and accelerates private-sector-led infrastructure development, experts warned at a focus group discussion organised by the American Chamber of Commerce in Bangladesh (AmCham) yesterday (3 February).

Opening the discussion, Syed Ershad Ahmed, president of AmCham Bangladesh, said logistics remains the backbone of supply chains and economic activity but continues to lag behind regional peers. Drawing on over three decades of experience, he noted that despite gradual progress, Bangladesh's logistics sector is still poorly understood domestically and insufficiently prepared for rapid global shifts driven by artificial intelligence, automation, decarbonisation, geopolitics, and supply-chain resilience.

He stressed the need to bridge knowledge and capacity gaps to support growing trade and investment needs.

M Masrur Reaz, chairman of Policy Exchange Bangladesh, highlighted the scale of the challenge, saying logistics efficiency is central to export growth through lower costs, faster delivery, and productivity gains. He pointed out that Bangladesh's heavy reliance on the Dhaka–Chattogram corridor, which handles nearly 70% of national trade, poses a structural risk. Disruptions such as the recent Chattogram port labour strike demonstrate the fragility of the system.

Reaz also flagged gaps in implementing the National Logistics Policy, including government monopolies in rail and air cargo, weak inter-ministerial coordination, and the absence of a central logistics authority.

He called for greater private and foreign investment, particularly in cold chains and rail logistics, increased automation, and expert-led infrastructure planning, citing projects such as the Matarbari Deep Sea Port, Bay Container Terminal, and the third terminal at Hazrat Shahjalal International Airport as key opportunities.

Focusing on air logistics, Mahbubul Anam, managing director of CF Global, said costs at Dhaka airport are 20–25% higher than road transport, underscoring the need for stronger public-private coordination, supportive policies, and adequate equipment. He warned that growing e-commerce demand for express logistics will strain existing capacity without urgent reforms and highlighted the absence of direct cargo flights to the US despite clearance facilities for the European Union.

From a development partner perspective, Nusrat Nahid Babi, senior transport specialist for South Asia at the World Bank, said the logistics reform momentum built since 2022 must be reaffirmed by the new government through clear priorities and high-level consensus.

She outlined a phased reform agenda covering policy simplification, multimodal connectivity, skills development, digitalisation, and investment, with immediate emphasis on operationalising the National Logistics Policy 2025 and establishing a logistics division under the Prime Minister's Office.

Md Moinul Huq, Citi country officer of Citibank N.A. Bangladesh, urged customs authorities to implement the Customs Act 2023 by clearly defining electronic documentation and payment procedures. He also criticised the continued reliance on letters of credit, calling for more flexible settlement mechanisms to improve trade competitiveness.

The discussion concluded with a strong call to move from policy intent to execution. Participants urged faster ratification of the National Logistics Policy 2025, structured private-sector engagement, investment in multimodal logistics hubs, and accelerated rollout of digital trade initiatives to enhance efficiency, resilience, and job creation.

India’s trade pact with the US leaves much to be desired but will ease a crushing overhang on the rupee. Ten months into President Donald Trump’s trade war, the South Asian country is emerging bruised but at least more integrated into the global economy.

Washington is slashing its tariff on imported Indian goods to 18 percent from 50 percent in exchange for a promise from Prime Minister Narendra Modi’s administration to halt buying Russian oil, Trump announced late on Monday, adding that India has committed to buy $500 billion of US-made goods. Modi’s own post did not mention what India has conceded, but it appears to fulfil Washington’s demand for lower Indian tariffs on sectors like autos and includes petroleum and defence goods.

Still, even by Trump’s standards, the arrangement is short on details. Washington’s approach appears slapdash ahead of an expected US Supreme Court ruling on the lawfulness of Trump’s trade regime. As of Tuesday afternoon India time, there was no timeline for when the lower tariff would take effect. The purchasing commitment Trump says India has agreed to also seems absurd: the US currently supplies just $46 billion of India’s $690 billion annual imports, of which only $192 billion is fuel.

Nonetheless, the broad contours were positive enough to support Indian markets: the rupee , the worst-performing Asian currency of 2025, moved over 1 percent higher to 90.37 against the US dollar, while the benchmark Nifty 50 Index of stocks rose 5 percent. The revised tariff imposed by India’s largest trading partner is lower than the 20 percent Washington charges shipments from Vietnam and Bangladesh. That restores a potential advantage for India that global investors first expected back in April. It will also ease fears that the Trump administration will turn hostile on India’s IT services, a much larger-value export to the United States.

New Delhi may eventually rue giving up autonomy on its global energy purchases, a pillar of its attempt to maintain a non-aligned foreign policy. But in the short term, the US pact removes the biggest external roadblock to India’s growth and will reduce the need for the government to borrow more to prop up employment-intensive industries like textiles. One day, India might even thank Trump for spurring it to shore up its trade ties. Including a deal struck last week with the European Union after years of delays, Modi has secured agreements with its two largest markets together taking 36 percent of Indian exports, BNP Paribas analysts note. That’s some consolation for a bullied partner.

US President Donald Trump on February 2 said Washington will slash its tariff on Indian goods to 18 percent from 50 percent in exchange for India halting purchases of Russian oil and lowering trade barriers.

Trump said Indian Prime Minister Narendra Modi also committed that India would buy American goods worth more than $500 billion, including energy, coal, technology, agricultural and other products. Trump did not provide a timeline for those purchases, nor for when the lower tariff would go into effect.

Modi announced the revised US tariff in a separate post on social media platform X, without mentioning any concessions made by India.

The US deal addresses Washington’s ask to cut high Indian tariffs on sectors like autos, petroleum, defence, electronics, pharma, telecom products, aircraft and some agriculture products, and that talks for a more comprehensive deal with more sectors are to continue, an unnamed Indian government official told Reuters on Tuesday.

The Trump administration has been racing to complete framework trade deals with major trading partners before the US Supreme Court rules on whether to strike down Trump’s “reciprocal” tariffs under the International Emergency Economic Powers Act.

To stabilise the foreign exchange market and support remittance and export inflows, the Bangladesh Bank has purchased over $4 billion from commercial banks through auctions in the current fiscal year.

Bangladesh Bank Executive Director and spokesperson Arif Hossain Khan told journalists on Monday that the central bank has bought $4.15 billion so far this fiscal year.

Today alone, it purchased $218 million from 16 commercial banks at a rate of Tk122.30 per dollar, bringing the total purchases for February to $218 million.

Dollar supply has increased due to rising remittance inflows through banking channels, prompting commercial banks to sell dollars to the central bank.

A senior Bangladesh Bank official told The Business Standard that banks are keen to sell dollars, while the central bank is increasing its reserves through these purchases.

In January 2026, the country received $3.17 billion in remittances – the third-highest monthly inflow on record. This marks a 45.41% increase compared to $2.18 billion received in January 2025.

Previously, the highest remittance inflow was recorded in March 2025 at $3.29 billion, followed by $3.22 billion in December 2025.

A senior official said Bangladesh Bank is buying dollars mainly to sustain export and remittance flows and to prevent a fall in the exchange rate.

Bangladesh Bank began purchasing dollars through auctions for the first time in July 2025. These purchases have injected a significant amount of liquidity into the banking system.

JP Morgan said late on Sunday it expects demand from central banks and investors to drive gold prices to $6,300 per ounce by year-end.

Gold extended its fall on Monday to $4,677.17 per ounce, as of 0450 GMT, after falling more than 5 percent earlier in the session to hit its lowest in more than two weeks. Bullion had scaled a record high of $5,594.82 on Thursday.

“We remain firmly bullishly convicted in gold over the medium-term on the back of a clean, structural, continued diversification trend that has further to run amid a still well-entrenched regime of real asset outperformance vs paper assets,” the brokerage said in a note.

JP Morgan now forecasts central-bank gold purchases at 800 tons in 2026, citing an ongoing, unexhausted trend of reserve diversification.

Meanwhile, in silver, with prices at $80 an ounce since late December, the drivers of the continued rally have become harder to pinpoint and quantify, making it more cautious, JPMorgan said.

Spot silver fell over 6 percent to $78.90 an ounce on Monday. It hit a record high of $121.64 on Thursday before touching a near one-month low on Friday.

Moreover in the case of silver, without central banks as structural dip buyers as in gold, there remains the risk for a further move back higher in the gold-to-silver ratio in the coming weeks, the brokerage added.

“We still do see a higher floor for silver on average (around $75-$80/oz) for now vs our previous expectations as, even after overshooting in its catch-up to gold, silver is unlikely to fully relinquish its gains,” JP Morgan said.

Padma Bank, formerly Farmers Bank, slid into long-term insolvency after large-scale lending irregularities, failed state bailouts and continued governance failures, leaving it unable to recover defaulted loans or restore capital.

How it happened:

The bank began facing severe financial stress soon after its establishment in 2013 because of large-scale lending anomalies.
By 2018, the situation had worsened to the point where four state-owned banks and the Investment Corporation of Bangladesh injected Tk715 crore as a bailout.
State-owned banks later provided a further Tk1,000 crore through subordinate bonds and fixed deposits.
Despite these public investments, the bank failed to recover money from defaulters, allowing capital erosion to continue.
Governance problems persisted even after the board was reconstituted under the bailout package.

90% default loans, insolvent for years – Padma Bank merger still not in sight

Chowdhury Nafeez Sarafat was appointed chairman in January 2018 after former chairman Muhiuddin Khan Alamgir resigned amid allegations of financial scams.
Sarafat allegedly siphoned money from the bank to his firm, Bangladesh RACE Asset Management, further weakening the bank's financial position.
Like his predecessor, Sarafat later resigned after failing to restore the bank's financial health.
Neither Sarafat nor Alamgir has faced legal action over the alleged financial plundering.
By June 2025, Tk5,131 crore of the bank's Tk5,598 crore in loans had turned non-performing, accounting for more than 91% of total loans.
The bank recorded negative shareholder equity of Tk4,533 crore, meaning its liabilities exceeded its assets.
Continued operating losses further deepened the bank's insolvency.
The bank also accumulated Tk683 crore in dues to Bangladesh Bank, including penalties and shortfalls in maintaining mandatory cash and liquidity reserves.

Finance Adviser Salehuddin Ahmed today (2 February) said that while the interim government has made concerted efforts to stabilise the national economy, the challenges lying ahead remain formidable and complex.

Several significant hurdles persist that will require rigorous navigation, said the adviser while addressing the Sonali Bank Annual Conference 2026 as the chief guest at the International Convention City Bashundhara (ICCB) in Dhaka.

He emphasised that the future economic environment would demand resilience and a strategic approach to overcome these difficult phases.

Addressing the Sonali Bank officials, Salehuddin stressed the importance of standing as a fully professional institution.

He remarked that as a new government (elected) will eventually take over, the bank's management must work tactfully to maintain its standards.

Salehuddin Ahmed cautioned that while political and bureaucratic obstacles might arise, officials should not dismiss them casually but rather negotiate them with professional integrity.

He further advised the bank's officials on how to interact with policymakers and politicians, as he suggested that instead of an outright refusal to comply with questionable demands, officials should explain the established financial norms, audit requirements, and accounting standards that govern such institutions.

The finance adviser also urged Sonali Bank to extend its support to businesses, highlighting the necessity of financing for all types of enterprises, ranging from small-scale ventures to large industries.

He expressed his expectation that the bank would play a proactive role in fostering trade and commerce through adequate financing.

The finance adviser observed that while the overall banking sector faces various difficulties, the performance of Sonali Bank and a few other private banks remains commendable.

Bangladesh Bank (BB) on Monday purchased $218.50 million from 16 commercial banks through multiple auction methods as part of its ongoing strategy to curb the depreciation of the US dollar against the taka and revitalise the remittance and export sectors.

According to central bank data, it bought dollars today at the rate of TK 122.30.

Accordingly, total purchases stood at $218.50 million in January 2026 and $4,152 million in FY 2025–26 till to date.

Sediment containing rare earth was retrieved from ocean depths of 6,000 metres (20,000 feet) on a Japanese test mission, the government said Monday, as it seeks to curb dependence on China for the valuable minerals.

Japan says the mission was the world's first bid to tap deep sea rare earths at such a depth.

"Details will be analysed, including exactly how much rare earth is contained" in the sample, government spokesman Kei Sato said, calling it "a meaningful achievement both in terms of economic security and comprehensive maritime development".

The sample was collected by a deep-sea scientific drilling boat called the Chikyu that set sail last month for the remote island of Minami Torishima in the Pacific, where surrounding waters are believed to contain a rich trove of valuable minerals.

It comes as China -- by far the world's biggest supplier of rare earths -- ramps up pressure on its neighbour after Prime Minister Sanae Takaichi suggested in November that Tokyo may react militarily to an attack on Taiwan, which Beijing has vowed to seize control of by force if necessary.

Beijing has blocked exports to Japan of "dual-use" items with potential military uses, fuelling worries in Japan that Beijing could choke supplies of rare earths, some of which are included in China's list of dual-use goods.

Rare earths -- 17 metals difficult to extract from the Earth's crust -- are used in everything from electric vehicles to hard drives, wind turbines and missiles.

The area around Minami Torishima, which is in Japan's economic waters, is estimated to contain more than 16 million tons of rare earths, which the Nikkei business daily says is the third-largest reserve globally.

These rich deposits contain an estimated 730 years' worth of dysprosium, used in high-strength magnets in phones and electric cars, and 780 years' worth of yttrium, used in lasers, the Nikkei said.

"If Japan could successfully extract rare earths around Minami Torishima constantly, it will secure domestic supply chain for key industries," Takahiro Kamisuna, research associate at The International Institute for Strategic Studies (IISS), told AFP.

"Likewise, it will be a key strategic asset for Takaichi's government to significantly reduce the supply chain dependence on China."

Beijing has long used its dominance in rare earths for geopolitical leverage, including in its trade war with US President Donald Trump's administration.

China accounts for almost two-thirds of rare earth mining production and 92 percent of global refined output, according to the International Energy Agency.

Bangladesh’s capital market saw a major boost on Monday as the turnover at the Dhaka Stock Exchange (DSE) crossed Tk 7.0 billion for the first time this year, alongside a broad-based rally in share prices.

The total turnover on the DSE stood at Tk 7.46 billion worth of shares and units during the session. The previous highest turnover in 2026 was Tk 6.93 billion, recorded on January 27.

Before that, the turnover last crossed the Tk 7.0 billion mark on October 7, 2025, when transactions amounted to Tk 7.87 billion, making Monday’s performance the strongest in nearly four months.

The benchmark DSEX index jumped 54 points during the day. The Shariah-based DSES advanced 12 points, while the blue-chip DS30 gained 20 points. All three indices rose by more than 1 per cent in a single session.

Most stocks ended higher, with prices rising for 215 companies against declines for 107, while 68 issues remained unchanged.

In the block market, shares of 23 companies worth Tk 130 million were traded, with Fine Foods Limited topping the list at Tk 60 million.

Islami Bank Bangladesh PLC emerged as the top gainer on the DSE, surging nearly 10 per cent, while Meghna PET Industries Limited was the worst performer, shedding around 8 per cent.

The rally also extended to the Chittagong Stock Exchange (CSE), where the benchmark CASPI index rose by 111 points.

On the CSE, prices increased for 98 companies, declined for 60, and remained unchanged for 25 issues.

The turnover improved to Tk 80 million, up from Tk 60 million in the previous session.

People’s Leasing and Financial Services Limited topped the CSE gainers’ chart with a 10 per cent rise, while FAS Finance and Investment Limited ended at the bottom, losing 10 per cent.

An additional financing agreement and a grant agreement were signed yesterday between the government of Bangladesh and the International Development Association (IDA) of the World Bank (WB) Group for an amount of US$ 150 million loan and US$0.75 million grant to implement the “Recovery and Advancement of Informal Sector Employment (RAISE) Project.”

The project has been under implementation since 2021 and is scheduled to continue until June 2026 with the World Bank support. The implementation period for the additional financing is until 31 December 2030.

Md. Shahriar Kader Siddiky, Secretary, Economic Relations Division (ERD), Ministry of Finance and Jean Pesme, Division Director of the World Bank for Bangladesh and Bhutan signed the financing agreements on their respective sides. The project is being implemented by the Palli Karma-Sahayak Foundation (PKSF) under the Financial Institutions Division of the Ministry of Finance, said an ERD press release.Finance software

The objective of the project is to provide services that can enhance earning opportunities and employment for low-income urban and rural-youth and youth impacted by Covid-19.

The additional financing comprises a US$150 million loan from IDA and a US$0.75 million grant from the Early Learning Partnership Multi-Donor Trust Fund (ELP MDTF).

The loan carries an interest rate of 1.5 percent, a commitment fee of up to 0.50 percent on the undisbursed balance, and a maturity period of 25 years, including a 5-year grace period.

The World Bank is the largest multilateral development partner of Bangladesh. This financing reflects the deep cooperation between Bangladesh and the World Bank. Currently, the World Bank financing is covering a wide range of sectors, including economic and social development, institutional reforms, infrastructure development, and energy sector advancement.

BYD's vehicle sales fell by 30.1 percent in January from a year earlier, the fifth straight month of decline, as the Chinese electric vehicle maker navigates external uncertainties and tough competition at home.

The automaker sold 210,051 vehicles globally last month, a stock market filing on Sunday showed. The export volume of new energy vehicle was at 100,482 units for the month of January.

Its production was down 29.1 percent, extending a losing streak which began July last year.

At home, BYD launched upgraded new versions of a number of plug-in hybrid models with long-range batteries last month, aiming to boost the appeal of its affordable hybrid models.

Sales of plug-in hybrid cars, which made up more than half of BYD's total car sales, fell 28.5 percent in January, extending a trend after they fell 7.9 percent in 2025.

BYD said in January it has targeted 1.3 million vehicles in overseas shipments for this year, suggesting a 24 percent increase from 2025 but lower than an earlier goal of up to 1.6 million vehicles its management told Citi in a meeting in November.

The company did not give reasons for the downward revision.

Its new EV plant in Hungary is expected to come online this year, adding to its manufacturing in Brazil and Thailand. It also has planned assembly plants in Indonesia and Turkey.

A 150.7 percent surge in sales abroad helped BYD unseat Tesla as the world's top EV vendor last year, offsetting mounting pressure in its home market, notably from Geely and Leapmotor in the budget segment.

BYD narrowly met its slashed global sales target of 4.6 million units last year. It has not announced the 2026 target.

The world's largest auto market is expected to deal with stagnation this year as the Chinese government scales back subsidies for trading in lower-priced models, weighing on BYD and its peers betting on budget cars.

Chinese officials are promoting the launch of a free-trade port on the tropical island of Hainan as a major step in opening the economy to foreign investors, even as global trade tensions rise and protectionism increases elsewhere.

Officials describe the transition to what they call the world's largest free-trade port as a "substantial leap" in China's efforts to open its markets to foreigners. The move, which took effect in December, allows most goods to enter the island without tariffs and offers lower taxes for companies and high earners, says the Economist.

The free-trade port (FTP) covers an area nearly the size of Taiwan and is about 30 times larger than Hong Kong. Some analysts initially speculated that Beijing aimed to create a new Hong Kong-style hub after President Xi Jinping announced the plan in 2018, though officials say Hainan's ambitions are more limited.

Under the new rules, 74% of goods can enter Hainan tariff-free. Products can be shipped to the mainland without levies if they undergo processing on the island that adds at least 30% of their value. Taxes on firms in strategic sectors and on high earners are capped at 15%, compared with rates of up to 35% and 45% on the mainland. Citizens from 86 countries, including the United States, are eligible for visa-free entry.

Despite policy support, Hainan faces challenges in shedding a long-standing reputation as an economic backwater. Designated China's only province-wide special economic zone in 1988, it has struggled to deliver sustained growth beyond tourism.

In 2024, Hainan's GDP per capita was about 76,000 yuan ($10,900), below the national average and behind most other special economic zones. The province's total GDP, about $114 billion, was among the lowest in China, hindered in part by limited infrastructure links to the mainland.

Supporters argue the island's geographic isolation could be an advantage, allowing Beijing to test reforms without disrupting other parts of the country. One closely watched pilot allows firms to apply for less restricted internet access, enabling users to visit sites such as Google and X that are blocked on the mainland.

President Xi has described the creation of the FTP as a "landmark" move to promote "an open world economy." Li Daokui, a Tsinghua University professor and government adviser, said the experiment would be closely monitored.

"This youngest and bravest student in a cohort is given permission to swim in the deep water," Li said. "Then the whole class would watch what Hainan would do."

Medical tourism is one area the province hopes will benefit. In Boao Hope City, private hospitals are allowed to use foreign-approved drugs and devices not yet authorised in China. Some facilities have struggled to attract patients, while others cater to wealthy Chinese clients.

Manufacturing firms have also shown interest. Mixue, a Chinese beverage chain, has opened a factory to import coffee beans tariff-free and sell processed products on the mainland without additional duties. Swire Pacific is building a Coca-Cola bottling plant for the China market.

However, some executives remain sceptical. "The business case is just not there," said an auto industry executive, citing a lack of talent and well-integrated supply chains.

Local authorities have sponsored visits for potential investors. Lei Jun moved his video-game design firm from Fujian province to Hainan after such a trip, saying he was "won over by the climate and subsidies."

Service industries may offer more immediate opportunities. Chi Fulin, president of the China Institute for Reform and Development, said "Hainan will lead the opening up of the country's service sector."

But he cautioned that change would take time. "You might say that Hainan, where people wear down jackets on top and flip-flops below, has a lot of inertia," Chi said. "Changing these habits is a long-term process. But if the overall environment changes drastically, if it snows heavily, can you still wear flip-flops?"

A joint venture led by listed firm Shasha Denims is set to invest Tk350 crore to build the Ghorashal Inland Container Depot (ICD) in Ghorashal, Narsingdi, according to a stock exchange disclosure.

The depot will be developed under a design, build, finance, operate, maintain and transfer model and operated as a public-private partnership with Bangladesh Railway.

The joint venture has already signed a 30-year concession agreement with Bangladesh Railway and disclosed the investment plan through a filing on Sunday.

The project is being undertaken by Container Company of Bangladesh Limited (CCBL), to establish a multimodal inland container depot on 20 acres of land to handle import and export cargo from Chattogram and Mongla ports.

To implement the project, a special purpose company named "Ghorashal ICD and Port Limited" has been formed, in which Shasha Denims currently holds a 90% stake, the disclosure said.

The company added that the shareholding structure may change in future with the inclusion of strategic investors to strengthen the project's technical and financial capacity.

Aslam Ahmed Khan, company secretary of Shasha Denims, told TBS that the company has initially taken a 90% stake, but the ownership structure will evolve once strategic partners are brought in.

Previously, he said, "The depot will be built on 20 acres of land owned by Bangladesh Railway. The railway will only provide the land on a rental basis for 30 years, and in return, the railway will receive 15% of the total revenue."

The company expects construction to be completed by 2028, after which commercial operations will begin, he added.

In January 2024, CCBL, a government-owned company under the Ministry of Railway, floated a tender to build the multimodal inland container depot, seeking interest from local and foreign investors.

Earlier reports by TBS said the project failed to attract bidders despite two rounds of tenders, prompting CCBL to prepare for a third bidding attempt.

The project aims to ease the movement of export-import cargo to and from Chattogram and Mongla ports and is being implemented by CCBL, a subsidiary of Bangladesh Railways.

Shasha Denims is one of the leading listed textile companies, with an annual turnover of about Tk1,000 crore. In FY25, the company posted consolidated revenue of Tk1,128 crore, marking a 0.91% year-on-year decline, while profit fell 12.54% to Tk21.68 crore, with earnings per share of Tk1.57.

The board recommended a 5% cash dividend for shareholders. In the first half of the current fiscal year, revenue declined 2.33% year on year to Tk617.40 crore, while profit dropped 52% to Tk8.02 crore.

Today, Shasha Denims shares closed at Tk16 each, up 4.58% from the previous trading session.

Summit Alliance Port Limited, one of the country's leading inland container terminal and logistics operators, reported a sharp decline in revenue and profit in the first half of FY26, primarily due to a slowdown in export-related container handling and lower freight rates.

According to its price sensitive statement, the company's consolidated revenue fell by 28% year-on-year to Tk322 crore in the July–December period of FY26, while consolidated net profit dropped by 37% to Tk22.82 crore. As a result, consolidated earnings per share stood at Tk0.96, compared to a stronger performance in the same period of the previous fiscal year.

The company's consolidated net asset value per share also declined, slipping to Tk34.47 from Tk35.67 a year earlier.

Summit Alliance Port attributed the weaker performance largely to the downturn in its subsidiary Container Transportation Services Limited (CTSL), which experienced lower net profit during the reporting period due to reduced cargo volumes, a fall in freight rates and the absence of dividend income from subsidiaries.

The elimination of dividend income amounting to Tk17.32 crore further weighed on overall profitability during the first half of the fiscal year.

The half-yearly financial report showed that earnings from air and sea freight export handling under Container Transportation Services fell significantly by 38% to Tk198 crore. The decline reflects subdued export activity and intense competition in the freight forwarding segment, which compressed margins despite the company's efforts to expand its service offerings. Container Transportation Services continues to remain the primary revenue driver for Summit Alliance Port, making the group's overall performance highly sensitive to changes in export volumes and global trade conditions.

According to the Export Promotion Bureau, overall export earnings during the July-December period declined 2.19% to just under $24 billion.

Established in 2013, Container Transportation Services initially focused on domestic transportation but later diversified into freight forwarding after obtaining a customs licence in June last year. The company has since been positioning itself as an integrated logistics service provider, catering to both domestic and international clients. As part of this strategy, CTS partnered with Germany-based Hellmann Worldwide Logistics as its local agent, aiming to tap into global freight networks and strengthen operational capabilities.

In January 2025, Summit Alliance Port announced a strategic partnership with Hellmann Worldwide, under which the German logistics firm subscribed to 3.33 lakh new CTS shares at Tk66.50 each. The collaboration was designed to enhance the group's international reach and improve efficiency across South Asia. However, the benefits of this partnership have yet to fully offset the impact of weaker export demand and lower freight rates in the current reporting period.

Summit Alliance Port's shareholding structure includes Alliance Holdings with a 23.48% stake and Summit Holdings owning 8.07%. Among individual sponsors, Alliance Holdings founder and Summit Alliance Port Managing Director Jowher Rizvi holds 5.48% of the shares, while Summit Group Chairman Aziz Khan owns 7.03%.