The board of directors of Safko Spinning Mills has decided to sell the loss-making company, citing operational challenges, and plans to transfer its shareholdings to interested investors.

The move aims to ensure business continuity and protect the interests of existing shareholders, the company said in a disclosure to the Dhaka and Chittagong stock exchanges today (11 March).

The share transfer process is currently underway, with steps being taken to facilitate potential ownership changes. The initiative is expected to attract new investors who may acquire the stakes currently held by sponsor-directors, including SAKM Salim, SABM Humayun, Syed Saqeb Ahmed, SFAM Shahjahan, and Syeda Momena Begum.

Following the announcement, Safko's share price rose 9.35% to Tk15.20 on the Dhaka Stock Exchange today.

A team from the DSE had visited the company's factory on 3 February 2025 and found operations closed; production resumed on 31 August last year. The company's auditor issued a qualified opinion, noting significant financial stress.

Safko has accumulated losses of Tk97.81 crore and unpaid bank loans of Tk142.24 crore. Inventory has been sold at nominal prices, and operations were temporarily halted, raising doubts about the company's ability to continue as a going concern.

In the July-December period of the current fiscal year, the company generated revenue of Tk57 lakh after resuming production, with a net loss after tax of Tk6.19 crore, compared with a loss of Tk15.89 crore in the same period last year. Loss per share improved to Tk2.07 from Tk5.30.

Market analysts noted that ownership restructuring is common among listed companies when sponsors seek strategic investors, address financial challenges, or restructure operations. Depending on incoming investors, such transfers may lead to changes in management or business strategy.

Safko confirmed that all regulatory procedures will comply with the Bangladesh Securities and Exchange Commission and stock exchange listing rules. Shareholders will receive updates as the process progresses and approvals are secured.

Bangladesh's foreign exchange reserves stood at US$34.29 billion, according to the latest data released by the Bangladesh Bank (BB) today (Wednesday). Bangladesh Economic Report

Under the International Monetary Fund's (IMF) BPM-6 accounting method, the reserves stood at $29.57 billion, it added, BSS reports.

The government has asked the National Board of Revenue (NBR) to outline plans for increasing revenue collection during the remaining months of the current fiscal year.

According to the government's plan, in order to raise the tax-to-GDP ratio to 8% in the current FY2025-26, revenue collection must increase by around Tk1.25 lakh crore compared to the previous fiscal year.

This means revenue collection needs to grow by about 34% from last fiscal year, although growth in revenue collection during the seven months from July to January has been less than 13%.

Prime Minister's Adviser on Finance and Planning Dr Rashed Al Mahmud Titumir has instructed the NBR to explain what measures it will take to boost revenue collection during the remaining four months of the fiscal year, from March to June, and from which sectors revenue will be increased.

He gave the instruction during a meeting with senior officials at the NBR headquarters in Agargaon, Dhaka, today (11 March), several officials present at the meeting told The Business Standard.

However, speaking on condition of anonymity, a VAT division official who attended the meeting told TBS, "According to the government's target, the opportunity to increase revenue collection significantly in the remaining months of the fiscal year is limited. Some increase in revenue may come through special drives to recover arrears."

Explaining the reasons, the official said, "Due to both domestic and global factors, there is currently little dynamism in the country's economy. Development project implementation is slow. Import and export activities are also sluggish. So how will such a huge amount of revenue come?"

The official also said there is little scope to increase taxes midway through the fiscal year. As a result, regardless of the outcome in the current fiscal year, some measures may be taken in the next budget to ensure better progress in revenue collection in FY2026-27.

In FY2024-25, the tax-to-GDP ratio dropped to 6.6%, which is far below the target set by the International Monetary Fund (IMF) for Bangladesh. Ahead of the national election, the BNP government also pledged to increase the tax-to-GDP ratio or domestic revenue collection.

In line with that commitment, pressure has been mounting on the NBR since the government assumed responsibility to increase revenue collection.

Sources at the NBR said the authority currently has nearly Tk1 lakh crore in outstanding revenue, a large portion of which is undisputed while the rest is tied up in legal cases. NBR officials believe that if a major drive is launched to recover these arrears in the remaining months of the fiscal year, a significant amount of revenue could be collected. Beyond that, opportunities to increase revenue to meet the target remain limited.

Analysis of NBR revenue collection statistics also shows that the pace of revenue growth has slowed over the past three months. The growth rate seen at the beginning of the fiscal year has gradually declined. In such a situation, officials believe maintaining normal revenue growth in the coming months will be a major challenge for the NBR.

Gold edged higher on Wednesday on safe-haven demand and as ‌a retreat in oil prices calmed inflation worries, reviving expectations for potential Federal Reserve rate cuts this year as investors awaited US CPI data that may offer more cues.

Spot gold was up 0.1 percent at $5,198.29 ​per ounce, as of 0641 GMT. US gold futures for April delivery fell 0.7 percent ​to $5,206.40.

Oil prices dropped below $90 per barrel amid reports that the International Energy Agency proposed the largest release of oil reserves in its history to curb surging prices.

“With ​these (inflation) concerns having eased... hedging and safe-haven attributes (of gold) have once again come to the fore. So, ​I think from current levels we remain optimistic,” said Nikos Kavalis, Singapore managing director of Metals Focus.

The US and Israel pounded Iran with what the Pentagon and the Iranians on the ground called the most intense ​airstrikes of the war, despite global markets betting that Trump will seek to end ​the conflict soon.

The war has effectively shut the Strait of Hormuz, a chokepoint for a fifth of global ‌oil and liquefied natural gas, stranding tankers for more than a week and forcing producers to halt output as storage fills, driving energy prices soaring.

Bullion, traditionally viewed as a safe-haven asset, has risen more than 20 percent so far this year, notching successive record highs amid heightened geopolitical and ​economic uncertainty.

“I think it’s ​very likely that ⁠we’ll see gold get to over $6,000 an ounce by the third or fourth quarter this year, probably even higher early next year,” Kavalis ​said.

Markets are now awaiting the US consumer price index for February, ​due later ⁠in the day, and the Personal Consumption Expenditures (PCE) index - the Fed’s preferred inflation gauge - on Friday.

Investors expect the Fed to keep rates steady at the end of its two-day meeting on March ⁠18 ​but still see at least two rate cuts this year, ​per CME Group’s FedWatch tool.

Paramount Insurance Company, a non-life insurer listed on the stock exchanges, has recommended a 10% cash dividend for 2025, despite a marginal decline in profit.

According to disclosures made today (11 March), the company posted a net profit of Tk8.90 crore for 2025, down 1.87% from Tk9.07 crore in 2024. Earnings per share (EPS) fell slightly to Tk2.19 from Tk2.23 last year. The company had also paid a 10% cash dividend in 2024.

The insurer's shares were last quoted at Tk51.30 each. Data from the Dhaka Stock Exchange (DSE) showed that Paramount shares had risen sharply in recent trading sessions, from an average of Tk41 to Tk58 by mid-February. Following sell-offs amid the Middle East conflict, the price dropped to Tk46 on 8 March but has since rebounded to around Tk51 over the past three trading sessions.

At the end of 2025, the company's net asset value (NAV) per share increased to Tk28.16 from Tk27.26 in 2024, while net operating cash flow per share declined to Tk1.79 from Tk2.91.

Paramount Insurance has scheduled its annual general meeting for 18 May through a digital platform, with 21 April set as the record date for shareholders.

Listed in 2007, Paramount Insurance has a paid-up capital of Tk40.66 crore. As of February, sponsor-directors held 48.48% of shares, institutional investors 18.52%, foreign investors 0.04%, and the general public 32.96%, according to DSE data.

President Donald Trump on Tuesday said Indian energy giant Reliance Industries was backing a deal to build the first new major oil refinery in the United States in half a century.

Trump made the announcement via his Truth Social platform, saying the company America First Refining would construct the new facility at the Port of Brownsville, Texas.

“This is a historic $300 billion dollar deal -- the biggest in US history,” Trump wrote, framing the project as a cornerstone of his energy agenda, but offering no details on the plan.

“Thank you to our partners in India, and their largest privately held Energy Company, Reliance, for this tremendous Investment,” he said, without specifying the company’s commitment.

Reliance is India’s biggest privately held conglomerate and its Jamnagar refinery is the world’s largest.

The America First Refining website says the company is a project of Element Fuels, which first announced plans in 2024 to build a Brownsville refinery at cost of between $3-$4 billion.

The facility would be the first refinery built on the Gulf of Mexico since the 1970s, and the only one designed to process 100 percent American shale oil, the company said.

Pubali Bank PLC has approved a plan to raise $100 million through a five-year Green Bond as part of the bank's sustainable finance initiatives.

According to a price sensitive information disclosure issued on Wednesday (11 March), the decision was taken at the bank's board meeting held on Wednesday at its Gulshan corporate branch.

The bank said in its statement, the fund will be raised through the issuance of a Green Bond with a tenure of five years to support projects aligned with sustainable and environmentally responsible financing.

The bank said the initiative will follow Green Bond Principles of the International Capital Market Association (ICMA), along with guidelines of the International Finance Corporation (IFC) and Bangladesh's Sustainable Finance Policy framework.

The proposed bond issuance will be subject to approvals from relevant regulatory authorities and compliance with applicable regulations.

Finance Minister Amir Khasru Mahmud Chowdhury said Bangladesh has sought a temporary waiver from the United States to purchase Russian oil, similar to the exemption granted to India, amid a global fuel crisis due to tensions in the Middle East.

"We told them [US] that if Bangladesh is given a similar opportunity, it would greatly support our economy. They have said the matter will be sent to Washington. Now we will see what happens," the minister told journalists after a meeting with US Ambassador to Bangladesh Brent T Christensen at the planning minister's office in Sher-e-Bangla Nagar today (11 March).

Indian refiners buying prompt Russian oil as Iran war hits supplies, sources say

Khasru said that the meeting mainly discussed the uncertainty in the international energy market, particularly regarding oil and gas supply.

Issues related to increasing investment, trade, and economic cooperation between Bangladesh and the United States were also discussed at the meeting.

The minister added that there were discussions on capacity building of various government institutions as well.

Govt seeks seamless fuel import from China, ramps up diesel imports from India

Responding to questions from journalists, he said that no specific decision was made in the meeting regarding a possible trade agreement with the United States.

He said, "A trade agreement is a matter between two countries. It is not possible for us to say anything specific right now. However, we are considering how the issue can be utilised in the best possible way for Bangladesh's interests."

In response to a question about the government's course of action if the current international conflict becomes prolonged, he said the government is preparing by considering different possible scenarios.

"Whether the war is short-term, medium-term, or prolonged we are planning by taking every situation into account. These issues were discussed in detail today," Khasru said.

Despite adequate imports and stocks of edible oil and sugar in Bangladesh, panic-buying triggered by fears over the ongoing US-Israel-Iran war has created shortages at the retail level in the capital.

Traders and importers say there is no actual supply crisis, noting that the country still holds sufficient stocks to meet demand for at least a month, while import activities remain normal.

A visit to several markets in the capital showed that loose soybean oil is being sold at Tk178-193 per kilogramme. Five-litre bottles are selling for Tk940-Tk955, while two-litre bottles are priced between Tk390 and Tk395. Palm oil is being sold at Tk158-Tk162 per kilogramme, and sugar at Tk100-Tk105 per kilogramme.

In many neighbourhood grocery stores, however, the supply of soybean oil appears insufficient compared with demand. Five-litre bottles are largely unavailable, according to retailers, a situation that has persisted for around two weeks.

Traders say the shortage is mainly due to a surge in consumer demand. Mohammad Saiful Islam, a trader in Dhaka's Shahjadpur, said companies are supplying very limited quantities of bottled oil.

"We hardly receive five-litre bottles, and two-litre bottles arrive only occasionally. Companies are saying they themselves do not have enough supply. People have also been buying more than usual, but at the moment I simply do not have the product to sell," he said.

Among consumers, anxiety about the war has also led to stockpiling. Israt Jahan Lipsa, a resident of Mohammadpur and a former banker, said she bought two months' worth of groceries after the war began.

"During crises or disasters, food prices usually rise and sometimes products become unavailable. We have seen this before, so I bought two months' worth of supplies in advance so that we would not face problems if shortages occur," she said.

At the wholesale level, however, traders say the supply of edible oil and sugar remains sufficient. At Karwan Bazar in the capital, wholesaler Mamunur Rashid said there had been minor disruptions for a day or two, but the situation has now normalised.

According to the commerce ministry, Bangladesh's annual demand for soybean and palm oil is around 25 lakh tonnes, while sugar demand stands at about 20-21 lakh tonnes.

Of this, only around 30,000-37,000 tonnes of sugar are produced locally. Demand for both commodities peaks during Ramadan, when around 3 lakh tonnes of each are required.

Ample storage confirmed by importers

Officials from oil and sugar importing companies also insist there is no real shortage. They say panic buying is largely responsible for the temporary supply pressure in the retail market, adding that private companies currently hold at least one month's stock.

Supplier companies have also rejected claims of a soybean oil shortage, saying the scarcity at local shops is the result of panic-buying rather than supply disruption. Some industry insiders, however, said a few companies, including Bashundhara, faced difficulties opening letters of credit (LCs), which may have created limited supply constraints.

Taslim Shahriar, deputy general manager of Meghna Group, one of the leading suppliers of consumer goods, said the company imported additional oil and sugar during January and February compared with regular months.

"We are supplying more than 50,000 tonnes of oil per month. There should be no shortage," he said, adding that if problems arise at the dealer level, the Directorate of National Consumer Rights Protection should take action.

Echoing the view, Biswajit Saha, executive director of City Group, said the company has not reduced supply. He noted that some smaller firms are struggling to import edible oil due to LC-related complications.

"The temporary shortage may be linked to the extra demand during Ramadan and stockpiling by some consumers," he said.

Zohurul Islam, business manager of ACI Limited, said the current stock of soybean oil in the country should be sufficient for about a month.

"So far, we have not increased prices, and there should be no need to do so within the next 15 to 20 days. However, if crude oil prices rise in the global market, it will inevitably have an impact everywhere," he said.

Strict monitoring urged

SM Nazer Hossain, vice-president of the Consumers Association of Bangladesh, said the issue cannot be blamed solely on consumers.

"During such situations, many dealers and retailers also start hoarding products, which creates artificial shortages and allows them to sell at higher prices," he said.

Nazer urged the government to conduct inspections of warehouses to check if there is any case of hoarding.

"According to our estimates, there are about six months' worth of crude sugar and edible oil either in stock or in the import pipeline. Since these products also require time for refining, there is no question of a real shortage. This appears to be an attempt to create an artificial crisis to raise prices," he added.

Oil prices rebounded on Wednesday as markets doubted whether the International Energy Agency’s reported plan for a ​record release of oil reserves could offset potential supply shocks from the US-Israeli conflict with Iran.

Brent futures traded up 59 cents, or 0.7 percent, at $88.39 a barrel ‌by 0727 GMT. US West Texas Intermediate (WTI) traded 98 cents higher, or 1.2 percent, at $84.43 a barrel.

Both contracts extended losses in early Asian trade, after plunging more than 11 percent on Tuesday, despite US crude prices leaping 5 at the market’s opening.

The IEA’s proposed drawdown would exceed the 182 million barrels of oil that IEA member countries put onto the market ​in two releases in 2022 when Russia launched its full-scale invasion of Ukraine, the WSJ said, citing officials familiar with the matter.

In ​a note to clients, Goldman Sachs analysts said that a stockpile release of that size would offset 12 days of the investment bank’s estimated 15.4 million barrel-per-day Gulf exports disruption.

The US and Israel pounded Iran on Tuesday with what the Pentagon and Iranians on the ground ​called the most intense airstrikes of the war.

The US military also “eliminated” 16 Iranian mine-laying vessels near the Strait of Hormuz on Tuesday, the US Central Command said, ​as US President Donald Trump warned any mines laid in the Strait by Iran must be removed immediately.

Some analysts were sceptical about the IEA’s proposal and its impact on oil prices.

“Moves like IEA SPR release are not the solution to the crisis. How oil prices will evolve will depend on the duration of the Iran war,” said DBS ​energy sector team lead Suvro Sarkar.

Near-term upside price risks will be “reined in through periodic strategic signalling moves like we have seen over the past couple ​of days to calm markets down”, Sarkar added.

G7 officials have also gathered online to discuss a potential release of emergency oil stockpiles to soften the market blow.

French President Emmanuel ‌Macron will host ⁠a video call with other G7 country leaders on Wednesday to discuss the impact of the conflict in the Middle East on energy and measures to address the situation.

Trump has repeatedly said the US is prepared to escort tankers through the Strait of Hormuz when necessary. However, sources told Reuters the US Navy has refused requests from the shipping industry for military escorts as the risk of attacks is too high for now.

The president and his energy team are closely watching the markets, speaking with industry leaders, and the US military is

Abu Dhabi state ​oil giant ADNOC has shut its Ruwais refinery ​in response to a fire ⁠at a facility within the complex following a drone strike, according to a source, marking the latest energy infrastructure disruption due to the US-Israeli war on Iran.

Saudi Arabia, the world’s largest oil exporter, is seen boosting supplies via ​the Red Sea, although they are still far below the levels needed to compensate for the drop in ​flows from the Strait ⁠of Hormuz, shipping data showed.

The kingdom is relying on the Red Sea port of Yanbu to help it boost exports to avert steep production cuts as its neighbours Iraq, Kuwait and the United Arab Emirates have already reduced output.

Energy consultancy Wood Mackenzie said the war is currently cutting Gulf oil and oil products supply ⁠to the ​market by some 15 million barrels per day, which could raise crude prices to $150 per barrel.

“Even ​a quick resolution probably implies weeks of disruption for energy markets yet,” Morgan Stanley said in a note.

Reflecting higher demand, US crude, gasoline and distillate stocks fell last week, market sources said, ​citing American Petroleum Institute figures on Tuesday.

Garment exports from Bangladesh to non-traditional markets declined by 6.34 percent year-on-year to $4.24 billion in the July-February period of the current fiscal year.

Every market other than the European Union (EU), the UK, Canada, and the US is considered non-traditional or emerging for Bangladesh.

The total market share of garment exports to non-traditional markets stood at 16.44 percent during this time, according to data from the Export Promotion Bureau (EPB).

In the same period, Bangladesh’s total RMG exports reached $25.8 billion, registering a 3.73 percent year-on-year fall.

The EU remained Bangladesh’s largest export destination for RMG, accounting for 49.18 percent of total exports in this category. Export earnings from the bloc stood at $12.69 billion, registering a year-on-year decline of 5.49 percent.

The US retained its position as the second-largest market, with RMG exports amounting to $5.03 billion during the period. This represented 19.50 percent of total RMG exports, though shipments fell by 0.74 percent year-on-year.

Exports to Canada and the UK showed positive momentum. Apparel exports to Canada grew by 3.08 percent in July-February to reach $871.58 million, representing a 3.38 percent share.

Shipments to the UK slightly increased by 1.22 percent to $2.97 billion, accounting for an 11.5 percent share.

The knitwear segment recorded a 4.56 percent fall to $13.68 billion, while woven exports fell by 2.79 percent to $12.10 billion during the same period.

Bangladesh will purchase three more cargoes of liquefied natural gas (LNG) on the spot market from South Korean and UK-based companies at more than double the price paid in December, as the government moves to prevent a looming energy crisis.

The cabinet committee on public purchase approved the deal yesterday. The three shipments are expected to arrive between April 5 and April 13.

UK-based TotalEnergies Gas & Power Ltd will supply one cargo at $21.58 per MMBtu (Million Metric British Thermal Units), while South Korea-based Posco International Corporation will provide two cargoes at $20.76 per MMBtu.

The government will spend around Tk 2,660 crore on these deliveries, adding pressure on the fiscal budget.

Earlier, state-run Petrobangla secured two emergency LNG cargoes for March deliveries from the spot market at nearly three times December prices due to supply uncertainties caused by rising geopolitical tensions in the Middle East.

One cargo was purchased from US-based Gunvor at $28.28 per MMBtu, a 183 percent increase over December rates, while a second shipment from Vitol cost $23.08 per MMBtu, according to Petrobangla officials.

Previously, the government had approved LNG purchases at $9.99 per MMBtu in December and $11.97 per MMBtu in July, highlighting how sharply spot-market prices have risen. This situation highlights how vulnerable South Asian markets are to global price swings when shipping routes face disruption.

“We had to pay a steep premium because suppliers were increasingly reluctant to submit bids,” a Petrobangla official said on condition of anonymity. “The ongoing Middle East crisis has reduced the number of participants willing to make short-term deliveries to this region.”

LNG prices, which had been gradually falling, spiked last week due to the US-Israel war on Iran. Bangladesh had to turn to the spot market after failing to attract bidders for two consecutive days, even at more than double the usual rate.

This comes amid ongoing uncertainty over timely shipments from Qatar, as Gulf shipping remains heavily disrupted. Tehran has threatened to “set fire” to vessels in the Strait of Hormuz, a key oil chokepoint connecting the Persian Gulf with the Gulf of Oman and the Arabian Sea.

Bangladesh meets nearly 30 percent of its gas demand through imported LNG, while domestic output continues to fall short of the total requirement of about 2,650 mmcfd (million cubic feet per day).

The country also spends around $1 billion annually to import over 6 million tonnes of petroleum, mostly sourced from the Middle East, with more than half of LNG imports in 2025 passing through the Strait of Hormuz.

In other approvals, the government yesterday cleared the purchase of 3.10 lakh litres of rice bran oil and palm oil. Indonesian bidder Powerhouse General Trading will supply 1.30 lakh litres of palm oil, while local suppliers will provide rice bran oil.

Additionally, the cabinet committee on public purchase approved the buying of 240 megawatts of electricity from a gas-based power plant of the Electricity Generation Company of Bangladesh at a cost of Tk 23,880 crore, with a tariff rate of Tk 3.3664 per kilowatt-hour.

Stocks ended almost flat today (11 March), with the DSEX – the benchmark index of the Dhaka Stock Exchange (DSE) – rising by 2.50 points after two days of recovery.

Following the trading session in two-days, most of the stocks today increased but turnover fell 12% to Tk523.59 crore as investors remained watchful of the current situation.

Within the two trading sessions (9 and 10 March), DSEX recovered 280 points to close at 5,290, mostly riding on large-cap blue-chip stocks, including banks.

On Tuesday, the DSEX surged 148 points, fuelled by price gains in shares of banks and telecom sector stocks with 87% of issues advancing after absorbing the recent massive sell-offs.

Earlier, stocks suffered a highest single-day fall in six years on Sunday, the first trading session of the week as escalating geopolitical tensions in the Middle East triggered panic selling across the market.

The index plunged 231 points, or 4.42%, to close at 5,008, hitting a two-month low and marking the biggest one-day decline since the Covid-19 pandemic era.

The other major indices – DSES, surged by 3.90 points to 1,062 and DS30 with 30 leading companies and is considered the exchange's investable index, declined 0.81 points.

EBL Securities in its daily market commentary said that the capital bourse displayed a mixed trading pattern as investors remained watchful amid ongoing developments surrounding the Middle East conflict, prompting the benchmark index to close largely on a flat note.

"Investors were active on both sides of the trading fence, while cautious investors utilized the recent market recovery to lock in gains from sector-specific large-cap scrips and preferred to observe the market's trend," it said.

Meanwhile, price appreciation was evident in several speculative and momentum-driven stocks as opportunistic investors continued to chase potential quick gains.

On the sectoral front, Pharma accounted for the highest share of turnover by 18.4%, followed by Bank 16.3% and Textile 11.4%. In the previous two trading sessions, bank stocks lead in strong recovery as most banks price surges.

Of the 391 issues traded, 236 advanced, 98 declined, and 57 remained unchanged.

People's Leasing topped the gainer list hitting upper circuit, a highest single day limit capped by the regulator, by 10% to Tk3.3 each at the DSE.

Followed by Fareast Finance by 10% to Tk3.3 each, Fas Finance by 10% to Tk3.3 each, HR Textile by 9.86% to Tk21.1 each, and Anlima Yarn by 9.73% to Tk20.3 each.

While on the losing side, National Bank topped the loser list as its shares price fell by 5.55% to Tk5.1 each, followed by Tung Hai Knitting by 5.40% to Tk3.5 each, Mithun Knitting by 3.63% to Tk15.9 each.

The port city bourse, CSE, also settled on a positive territory. The Selective Categories' Index (CSCX) and All Share Price Index (CASPI) advanced by 31.5 points and 48.5 points, respectively.

The Bangladesh government has sent a letter to India seeking energy assistance in light of the situation created by the ongoing war in the Middle East.

Indian High Commissioner to Bangladesh Pranay Verma confirmed the development today (11 March) after a meeting with State Minister for Power, Energy and Mineral Resources Iqbal Hassan Mahmood at the Secretariat.

Responding to questions from journalists, the Indian envoy said, "We have received a formal letter from the government of Bangladesh requesting additional assistance. I have accepted it and will forward it to the concerned authorities for prompt consideration."

Regarding the discussion at the meeting, Verma said India and Bangladesh maintain a very strong connection in the power and energy sectors, which is one of the key pillars of their economic cooperation.

He noted that cross-border electricity transmission lines and pipelines between the two countries are currently operational, adding that the meeting also discussed ways to further strengthen this cooperation.

Bangladesh Bank (BB) has identified six major business groups as primary targets in its first phase of strategic efforts to recover laundered loan assets from abroad.

Due to strategic reasons, the central bank has not yet disclosed the names of these groups, UNB reports.

However, sources confirmed that they were selected based on the volume of their defaulted loans, allegations of money laundering, and specific intelligence reports.

According to central bank officials, there is strong evidence that these groups laundered a significant portion of the massive loans they secured from the banking sector. To expedite results, the most "high-risk" and discussed groups have been prioritized.

Under this initiative, affected banks are preparing to initiate civil proceedings in foreign courts with the assistance of international asset recovery agencies and litigation funders. These experts will track the money trail, locate offshore assets, and determine legal strategies for recovery.

Bangladesh Bank Governor Md. Mostaqur Rahman has directed banks to intensify their efforts, emphasizing that the laundered money belongs to depositors.

Presiding over a meeting titled ‘Update of Civil Asset Recovery Status’ on Tuesday, the Governor, who also chairs the Stolen Asset Recovery Taskforce (SARTF), assured banks of full support.

"This is a national priority. If any bank faces political pressure while pursuing these cases, they should contact me directly. I will take the responsibility of handling such pressure," he stated.Politics

The recovery process is being conducted through two channels. One is through criminal proceedings, managed on a Government-to-Government (G2G) basis involving state agencies and law enforcement. The other is through civil proceedings, led by the affected banks, who hire international firms to sue for damages and asset repatriation in foreign jurisdictions.

The meeting revealed that 10 banks have already signed 36 Non-Disclosure Agreements (NDAs) with various international asset recovery firms. While private banks are moving swiftly, state-owned commercial banks were urged to accelerate their information-sharing and NDA processes.

Following the first phase involving these six groups, the central bank plans to expand the scope significantly. Preparation is already underway to bring over 100 potential cases under the civil asset recovery framework in the second phase.

Central bank officials believe that successful legal action against these first six groups will set a crucial precedent and send a stern warning to other large-scale loan defaulters.

Inflow of remittances witnessed a year-on-year growth of 51.7 percent reaching US$1,738 million in the first ten days of March, according to the latest data of Bangladesh Bank (BB) issued today (Wednesday).

Last year, during the same period, the country's remittance inflow was $1,145 million, BSS reports.

During the July to March 10, 2026 of the current fiscal year, expatriates sent remittances of $24,191 million, which was $19,635 million during the same period of the previous fiscal year.

US liquefied natural gas (LNG) companies are projected to earn more than $1 billion per week in additional profits as global energy prices surge amid the ongoing conflict involving Iran, according to new data from energy research firm EnergyFlux.

The crisis escalated after a US–Israel coalition launched strikes in Iran on 28 February, destabilising global energy markets. The situation intensified when Qatar shut down its Ras Laffan LNG facility, which accounts for about 20% of global LNG supply, triggering a worldwide supply shortage.

EnergyFlux data shows that profits from a single LNG cargo shipped from the United States to Europe have doubled from around $25 million last week to more than $50 million as of 2 March.

Analysts estimate that if the Ras Laffan plant remains closed for a month, US LNG exporters could earn up to $4 billion in extra profits. If disruptions continue through the summer, the figure could rise to around $20 billion per month.

Shares of major US LNG exporters have already surged. Venture Global and Cheniere Energy saw their share prices rise by about 23% and 11%, respectively, following the market shift. Venture Global has also been reported to have close ties to former US President Donald Trump.

The increase in LNG profits comes alongside a broader spike in energy prices. Since the conflict escalated, Brent crude oil prices have risen about 14%, European natural gas prices have jumped 75%, and Asian LNG spot prices have climbed roughly 47%.

With Middle Eastern supply disrupted, Europe and Asia are increasingly turning to alternative suppliers, particularly the United States. Rapid expansion of liquefaction facilities over the past decade has made the US the world's largest LNG exporter, accounting for around 25% of global exports in 2025.

Europe remains the primary destination for US LNG, especially after the region reduced reliance on Russian pipeline gas following the 2022 invasion of Ukraine. Countries such as Spain, Germany, Italy, the Netherlands and the United Kingdom have expanded or are expected to increase imports from the United States.

Asian countries including China, Japan, South Korea, Bangladesh and India may also increase LNG imports from the US if the Iran crisis continues, as many of them depend heavily on LNG for electricity generation and industrial use.

Energy experts say the situation highlights how LNG has become both a commercial commodity and a geopolitical tool, while also underscoring the importance of diversifying energy sources and accelerating the shift toward renewable energy.

Bangladesh has sought assistance from China to ensure a seamless fuel supply from Chinese suppliers under a settled long-term agreement following reports of restrictions on fuel exports from Chinese refineries.

The request was made during a meeting held at the power, energy and mineral resources ministry yesterday (10 March), attended by the minister, state minister, two secretaries, and Chinese Ambassador Yao Wen.

Chinese state-owned company Unipec exports a substantial amount of diesel to Bangladesh. The Bangladesh Petroleum Corporation (BPC) is supposed to receive at least three diesel cargoes with 30,000 tonnes each between 13 and 29 March.

Following the restrictions, BPC said there is uncertainty about those cargoes, as well as concerns raised by other suppliers about the smooth supply of fuel, citing the Middle East war.

Energy ministry officials said after Bangladesh requested an uninterrupted supply, the ambassador advised the minister to share the fuel import plan earlier determined between the BPC and Chinese suppliers.

When asked about the meeting with the Chinese envoy, ministry officials declined to comment on record.

Energy Division sources said the ambassador assured that the fuel supply issue would be discussed with the Chinese government once Bangladesh submits details on the fuel supply window and quantity expected from Chinese suppliers.

Speaking to journalists at the ministry later, the Chinese ambassador said there are proposals from both sides to expand energy cooperation.

"We discussed better ways forward and modalities on how to expand cooperation in the power and energy sector," he said.

Wen added that China had raised the issue of expanding investment in Bangladesh's power and energy sector, particularly in solar energy cooperation.

When asked whether Bangladesh raised the issue of the ongoing energy crisis, the ambassador replied, "Yes. We discussed this issue, but I am not in a position to comment on it now."

Energy Division sources told TBS that Minister Iqbal Hasan Mahmud Tuku raised the issue of supply uncertainty from Chinese companies.

5,000 tonnes of diesel imported from India

Meanwhile, amid panic buying and growing concern in the fuel market, Bangladesh imported 5,000 tonnes of diesel from India yesterday, just a day after BPC imported more than 27,000 tonnes of diesel.

BPC Chairman Muhammad Rezanur Rahman confirmed the import of diesel from India.

Energy Division officials said BPC will receive another 5,000 tonnes of diesel from India today through the 131-kilometre India-Bangladesh Friendship Pipeline, which runs from the Siliguri Marketing Terminal in India to the Parbatipur depot in Dinajpur, enabling direct diesel transportation between the two countries.

The diesel import is taking place under an earlier agreement between BPC and Numaligarh Refinery Limited, an Indian state-owned refinery, for the January–June supply window this year.

Earlier, Bangladesh requested India to ramp up diesel exports under the existing agreement.

Under the deal between BPC and Numaligarh Refinery Limited, the refinery is scheduled to supply 1.8 lakh tonnes of diesel annually through the cross-border pipeline.

Of this volume, around 1.2 lakh tonnes have already been confirmed, while Bangladesh retains the option to import an additional 60,000 tonnes depending on demand.

The pipeline was inaugurated in March 2023 during the tenure of the Sheikh Hasina-led government and has the capacity to transport around 2 lakh tonnes of diesel annually.

"According to the agreement, at least 90,000 tonnes of diesel should be imported to Bangladesh from India within six months.

"The consignment arriving today (Tuesday) is 5,000 tonnes, and we hope that within the next two months we will bring in the total diesel amount for the entire six months," the BPC chairman said.

Outstanding power bills

Meanwhile, leaders of the Bangladesh Independent Power Producers' Association (BIPPA) met State Minister for Power and Energy Aninda Islam Amit, raising the issue of outstanding power bills amounting to Tk14,000 crore as well as liquidated damages (LD) imposed by BPDB for failing to provide electricity as demanded.

During the meeting, a six-member BIPPA delegation, led by its President David Hasanat, urged the government to release funds to clear the outstanding power bills so that Letters of Credit (LCs) can be opened to import fuel and keep HFO-based power plants running during the upcoming summer.

Power Division sources said the state minister acknowledged the seriousness of clearing the bills and assured that the matter would be settled soon.

No plan to hike fuel prices

The state minister also reiterated the government's position on a possible fuel price hike amid rising global prices and panic buying.

"There is no reason to increase the prices of fuel or electricity," he said.

Earlier, on 5 March, all state-owned oil marketing companies proposed raising fuel prices to discourage panic buying as Bangladesh faces growing uncertainty over energy supplies amid escalating tensions in the Middle East.

Managing directors of Padma Oil Company Limited, Jamuna Oil Company Limited, and Meghna Petroleum Limited jointly recommended a price hike, arguing that higher prices could discourage consumers and businesses from stockpiling fuel.

The state minister also said Bangladesh has the capacity to maintain normal energy and power supply until May.

"The concerns and anxiety people are feeling over fuel and electricity will fade soon. At present, there is no shortage in the country," the state minister said.

Intense monitoring over the years resulted in steady progress in project implementation and portfolio management, leading to a gradual decline in cancellation and repurposing of Asian Development Bank (ADB)'s loans in Bangladesh – from $1 billion in 2024 to $450 million last year.

In 2026, an additional $245.6 million is projected for adjustment through cancellations and repurposing, according to a report presented at the Tripartite Portfolio Review Meeting on Asian Development Bank-funded projects that began yesterday (10 March) in Dhaka.

The report says in 2025, Bangladesh's portfolio of ADB projects saw improvements in both contract awards and disbursements compared to the previous year.

Contract awards reached $581.2 million, achieving 95.8% of the annual target of $611.3 million, while disbursements totalled $1.118 billion, or 82.5% of the target of $1.351 billion. The figures represent an overall increase in performance compared with 2024, reflecting progress in project implementation and portfolio management, it says.

The lender identifies those projects for cancellation or repurposing which show limited progress despite concerted efforts for improvement.

The ongoing portfolio of the ADB in Bangladesh stood at $10.21 billion covering 48 projects across six sectors as of 15 February 2026, according to the latest portfolio review report.

About 71% of the total portfolio is concentrated in the transport, energy, and water and urban development sectors, which remain the main focus of ADB-supported investments in the country.

The report said Bangladesh's ADB portfolio had steadily expanded from $6.5 billion in 2015 to $13.8 billion in 2023, reflecting strong growth in development financing. However, the pace of expansion slowed after the political unrest in 2024, leading to a gradual decline in the active portfolio through 2025.

In 2025, ADB approved eight new projects worth about $1.67 billion in Bangladesh. Of these approved projects, two have already achieved contract awards covering at least 30% of their loan amounts, indicating early progress in project implementation.

The two-day review meeting is co-chaired by Md Shahriar Kader Siddiky, secretary of Economic Relations Division, Hoe Yun Jeong, country director of ADB's Bangladesh Resident Mission, and the regional head for operations coordination of ADB's South Asia Department. Officials from relevant line ministries as well as executing and implementing agencies are participating in the meeting.

Targets for 2026

The report also outlined several performance targets. The government and ADB aim to achieve 100% of the contract award and disbursement targets in 2026, with $939 million in contract awards and $1.1147 billion in disbursements.

The five-year trend shows that the share of projects facing risks rose to 12% in 2025, the highest level in the past five years. These risks are mainly attributed to weak government coordination, poor project management, and low project readiness. The target for 2026 is to reduce the risk level to 5%.

Procurement performance will also be closely monitored. End-to-end procurement time, a key performance indicator for project implementation, is targeted to be reduced by 10% in 2026 compared to the 2025 level.

The average procurement time for high-value contracts awarded last year was 485 days, highlighting opportunities for efficiency improvements.

Sector-wise data show that the energy and transport sectors recorded the longest procurement times, taking as high as 794 days in some cases.

For low-value contracts, average times gradually declined from 218 days in 2020 to 172 days in 2025, reflecting continued improvement in overall procurement efficiency.

Long procurement timelines in Bangladesh's ADB portfolio are mainly caused by inadequate project preparation, weak project design, poor-quality bid documents, and lengthy government approval processes, the report reveals, suggesting measures such as preparing realistic procurement timelines, engaging experienced consultants, and using advanced procurement.

Sectoral priorities

According to the ADB report, disbursement projections for 2026 indicate that the transport, energy, water, and urban sectors will drive the majority. Together, transport, energy, water, and urban development account for about 71% of the annual disbursement target.

The transport sector projects include the SASEC Dhaka-Northwest Corridor Road Project, the Flood Emergency Project, and the Dhaka-Sylhet Corridor Road Investment Project.

In the energy sector, key projects include the Rupsha 800MW Combined Cycle Power Plant Project, the Bangladesh Power System Enhancement and Efficiency Improvement Project, and the Dhaka Power System Expansion and Strengthening Project, which together account for about 64% of the sector's projected disbursements.

In the water and urban sector, major projects include the Improving Urban Governance and Infrastructure Programme, the Khulna sewerage project, and the Dhaka water supply project.

To optimise its portfolio, ADB's Business Resilience Management (BRM) framework will strengthen monitoring of loans with unutilised funds.

To enhance overall portfolio performance, ADB's local office is undertaking several initiatives, including strengthening portfolio monitoring through regular consultations, supporting capacity development for project implementation, and cleaning up the portfolio through cancellations or the repurposing of unutilised funds.

A growing diesel shortage is threatening the operations of lighterage vessels that transport bulk cargo from ships anchored off Chattogram port to destinations across Bangladesh, raising concerns of disruptions in the country's supply chain.

Industry insiders warn that if the fuel crisis persists, unloading cargo at the port's outer anchorage and transporting goods through inland waterways could be severely affected, potentially triggering shortages in domestic markets ahead of Eid.

A lighterage vessel typically requires between 2,500 and 5,000 litres of diesel per trip, depending on capacity. These vessels usually collect fuel from bunkering tankers, but supplies have become scarce after the government introduced rationing measures amid a broader fuel shortage linked to the ongoing conflict in the Middle East.

Distributors say the volume of diesel they are receiving from state-run fuel marketing companies is now less than half of the actual demand. As a result, many vessels remain unable to depart even after loading cargo.

Key link in supply chain

Bangladesh's inland waterways play a critical role in transporting imported commodities across the country.

Bulk goods arriving at Chattogram port on large mother vessels are unloaded at the outer anchorage and transferred to smaller lighterage vessels, which then carry the cargo to different river ports nationwide. Around 1,500 lighterage vessels are involved in transporting imported goods from the mother vessels at the outer anchorage of Chattogram port.

Any disruption in this system could affect the flow of essential commodities, potentially causing shortages in markets during the upcoming Eid season and pushing up prices.

Vessel operators struggling

Mohammad Jahangir Alam, owner of ANJ Trading, operates a fleet of 60 vessels, including both owned and chartered ships.

If we send a vessel on a long route, it needs around 5,000 litres at once. Unlike road transport, there are no refuelling stations along waterways. That's why we are avoiding long-distance trips. More than half of our vessels are sitting idle.
Mohammad Jahangir Alam, owner, ANJ Trading

His operations require around 2,05,000 litres of diesel each month. Under a distributor licence from Padma Oil Company, he normally lifts about 70,000 litres of diesel weekly to supply his vessels.

However, he said the company has not supplied any diesel since 3 March.

"For the past few days we have been managing local trips by giving only 400 to 500 litres of diesel to each vessel," Jahangir told TBS.

"If we send a vessel on a long route, it needs around 5,000 litres at once. Unlike road transport, there are no refuelling stations along waterways. That's why we are avoiding long-distance trips. More than half of our vessels are sitting idle."

'Supply cut by 25%'

Padma Oil Company Managing Director Mofizur Rahman said distributors are still receiving diesel supplies, though at a reduced level.

"According to government instructions, we are supplying 25% less than usual," he told TBS.

He added that several fuel shipments have recently arrived.

"One vessel arrived yesterday, another today, and another is expected tomorrow. Fuel supply should return to normal within a few days," he said.

Port cargo handling at risk

Parvez Ahmed, convener of the Bangladesh Water Transport Coordination Cell, said around 73 mother vessels carrying various bulk commodities are currently waiting at the outer anchorage of Chattogram port.

The coordination cell allocates about 100 lighterage vessels daily to transport cargo from these ships to destinations across the country.

"These lighterage vessels require around 4,00,000 to 5,00,000 litres of fuel every day for their operations," he said.

Due to the shortage, many vessels loaded with cargo are now floating in the Karnaphuli River, unable to sail without adequate fuel.

"If the vessels cannot depart, cargo cannot be unloaded from the mother vessels. This could disrupt the supply of food and other essential goods and create instability in the market," Parvez said.

He added that the coordination cell has written to the government requesting uninterrupted fuel supply for lighterage vessels in order to maintain commodity prices, protect the reputation of Chattogram port and keep the national economy functioning smoothly.

Call for urgent action

Sarwar Alam Sagar, president of the Bangladesh Ship Handling and Berth Operator Association, warned that prolonged disruption in waterway cargo transport could collapse the country's supply chain.

"If cargo movement through waterways is disrupted due to the fuel shortage, the supply system could break down and create a humanitarian crisis," he said.

"The government should ensure adequate fuel supply for lighterage vessels to keep the supply chain running."