Bata Shoe Company (Bangladesh) Limited reported a dramatic fall in profit for the year ended 31 December 2025, with earnings declining by 96% year-on-year amid sustained business challenges.

According to its price sensitive disclosure, the company's earnings per share dropped sharply to Tk0.85 in 2025, down from Tk21.62 in the previous year. The steep decline reflects a difficult operating environment, with the company slipping into losses for much of the year.

Financial data show that Bata began incurring losses from the second quarter of 2025. During the April-December period, the company posted a cumulative loss of Tk35.67 crore. However, strong performance in the first quarter, when it recorded a profit of Tk36.82 crore, helped it narrowly return to profitability, ending the year with a net profit of Tk1.15 crore.

Despite the sharp drop in earnings, the company declared a substantial dividend for shareholders. Bata recommended a 105% final cash dividend, in addition to a 143% interim cash dividend already paid earlier in the year, taking the total payout to 248% for 2025.

The company has scheduled its annual general meeting for 30 June, with the record date set for 19 May to approve the audited financial statements and dividend.

On the stock market, Bata's shares closed 2% lower at Tk818.70 today (28 April) at the Dhaka Stock Exchange.

Bata has been operating in Bangladesh since 1962 and runs two manufacturing facilities in Tongi and Dhamrai, with a combined daily production capacity of around 160,000 pairs of shoes. The company sells approximately three crore pairs annually.

The Bangladesh operation is a subsidiary of Bafin (Nederland) BV, which holds a 70% stake and is part of the global Bata Shoe Organisation, overseeing the brand's international business.

In a press release, the company said it achieved a total turnover of Tk916 crore, demonstrating resilience despite a backdrop of macroeconomic volatility, political uncertainty, and global geopolitical pressures.

"As consumers became increasingly cautious with discretionary spending, the company pivoted toward a consumer-centric strategy, prioritising high-growth categories. Significant progress was made in the casual, sneaker, and premium segments, which aligned effectively with evolving market trends," it said.

"This strategic evolution was bolstered by the expansion of an omnichannel network, providing a seamless experience across digital and physical platforms. By maintaining a lean organisational framework and focusing on operational efficiency, Bata Bangladesh is balancing necessary structural adjustments with continued investment in innovation. This proactive stance ensures the brand is well-positioned to capitalise on emerging opportunities as the economic environment stabilises," reads the press release.

National Credit and Commerce (NCC) Bank shares jumped in the opening session as it recommended record cash dividend to its shareholders for the year of 2025.

During the opening session till 10:50 am, its share price jumped by 12.59% to Tk16.10.

According to its price sensitive statement filed on the Dhaka bourse, the bank recommended a 17% cash and 4% stock dividend for 2025.

According to the company, the declared cash dividend is become highest so far in its listing history.

To approve the dividend and audited financial statements, the bank has scheduled the annual general meeting date for 24 June and the record date for 21 May.

In the last year, its consolidated earnings per share of Tk4.29, which was Tk3.94 a year ago.

Investment Corporation of Bangladesh (ICB), a state-owned non bank financial institution, has incurred Tk588 crore consolidated loss in the first nine months of the current fiscal year.

The ICB approved the nine months financials at its board of directors meeting held today (28 April).

The losses almost doubled over the same time of the previous fiscal year as it had incurred loss of Tk277 crore, its data showed.

Regarding the loss, ICB attributed lower capital gains from buying and selling shares and increasing interest rate for deposits.

Its quarterly data showed, during the July to march period, its loss per share stood at Tk6.79.

Beacon Pharmaceuticals PLC posted a remarkable rise in its profitability in the third quarter of fiscal year 2025-26, mainly driven by strong operational performance and higher growth in earnings.

According to the company's price-sensitive information (PSI) disclosed on Sunday (26 April), the pharmaceutical manufacturer witnessed over a 335% year-on-year increase in the net profit for the January-March quarter of FY2025-26 compared to the same period of the previous fiscal year.

The share price of the company increased by 3.79% to Tk104 on the Dhaka stock exchange on Tuesday.

In the third quarter, the company earned revenue worth Tk380 crore, which is 25.83% higher from Tk302 crore compared to the same period of the previous year.

The company's earnings per share (EPS) stood at Tk1.22 for the third quarter, significantly higher than Tk0.28 recorded in the corresponding quarter a year earlier.

For the first nine months of the fiscal year, from July to March, Beacon Pharmaceuticals reported an EPS of Tk5.95, marking a 59% increase compared to the same period of the previous fiscal year.

In this period, its revenue stood at Tk1202 crore, which was Tk900 crore a year ago. Besides, its net profit after tax stood at Tk138 crore, which was Tk87 crore a one year ago.

The company also reported a significant improvement in its net operating cash flow per share (NOCFPS) during the reporting period.

Explaining the reasons behind the strong financial performance, the company stated that revenue growth in the corresponding period of the previous year was affected by socio-political instability, which also negatively impacted operating cash flows.

However, business operations recovered in the third quarter of the current fiscal year, leading to strong revenue growth. Consequently, improved cash collections significantly increased Net Operating Cash Flow Per Share, reflecting stronger operational performance and better liquidity compared to the same period a year ago.

According to market analysts, the substantial growth in quarterly earnings reflects improved business performance, higher sales revenue, and operational efficiency amid rising demand for pharmaceutical products in both local and export markets.

The strong earnings growth attracted attention from investors in the capital market, as the pharmaceutical sector continues to remain one of the more resilient industries despite broader economic challenges, including inflationary pressure, foreign exchange volatility, and rising production costs.

Beacon Pharmaceuticals is one of the listed pharmaceutical companies on the Dhaka Stock Exchange (DSE). The company manufactures a wide range of generic medicines, including oncology, antiviral, and specialised healthcare products.

The United Arab Emirates said on Tuesday it was quitting OPEC and OPEC+, dealing a heavy blow to ​the oil exporting groups and their de facto leader, Saudi Arabia, at a time ‌when the Iran war has caused a historic energy shock and unsettled the global economy.

The loss of the UAE, a longstanding OPEC member, could create disarray and weaken the group, which has usually sought to show a united front despite ​internal disagreements over a range of issues from geopolitics to production quotas.

UAE Energy Minister Suhail ​Mohamed al-Mazrouei told Reuters the decision was taken after a careful look at ⁠the regional power's energy strategies.

Asked whether the UAE consulted with Saudi Arabia, he said the UAE did ​not raise the issue with any other country.

"This is a policy decision, it has been done after ​a careful look at current and future policies related to level of production," said the energy minister.

OPEC Gulf producers have already been struggling to ship exports through the Strait of Hormuz, a chokepoint between Iran and Oman through which a ​fifth of the world's crude oil and liquefied natural gas normally passes, because of Iranian threats and ​attacks against vessels.

Mazrouei said the move would not have a huge impact on the market because of the situation ‌in ⁠the strait.

But the UAE exit from OPEC represents a win for US President Donald Trump, who has accused the organisation of "ripping off the rest of the world" by inflating oil prices.

Trump has also linked U.S. military support for the Gulf with oil prices, saying that while the US defends OPEC members they "exploit ​this by imposing high ​oil prices".

The move came ⁠after the UAE, a regional business hub and one of Washington's most important allies, criticised fellow Arab states for not doing enough to protect it from ​numerous Iranian attacks during the war.

Anwar Gargash, the diplomatic adviser for the ​UAE president, criticised ⁠the Arab and Gulf response to the Iranian attacks in a session at the Gulf Influencers Forum on Monday.

"The Gulf Cooperation Council countries supported each other logistically, but politically and militarily, I think their position ⁠has been ​the weakest historically," Gargash said.

"I expect this weak stance from ​the Arab League and I am not surprised by it, but I haven't expected it from the (Gulf) Cooperation Council and I am ​surprised by it," he said.

Bangladesh's inflation rose to an average 8.8% year-on-year in the January-March quarter of FY26, up from 8.3% in the previous quarter, driven mainly by higher food and energy prices, according to Bangladesh Bank's latest quarterly report released today (28 April).

The central bank attributed the rise to Eid-related food demand and persistent energy costs.

Food inflation was the main contributor, increasing by 1.2 percentage points to 8.6%.

Within this segment, vegetable prices saw a sharp reversal, contributing 22.7% to the overall rise after previously contracting 13.4%. Protein prices accounted for 44.6% of the food inflation increase, while cereal prices eased during the period.

At the retail level, prices of rice, lentils, soy oil and chicken rose, while onion prices declined sharply.

Core inflation edged down to 8%, supported by declines in clothing, healthcare and furniture costs. However, transport and communication costs surged significantly to 19.4%, offsetting some of the moderation.

Energy inflation also increased to 14.9% in Q3 FY26, compared to 14.4% in the previous quarter. Solid fuels such as firewood, agricultural by-products, cow dung and jute sticks remained key drivers, alongside higher gas prices.

The report noted that price pressures broadened during the quarter, with 230 of 382 tracked CPI items recording price increases in March. Despite this, kernel density analysis suggests inflation in FY26 has been less volatile compared to FY25.

The wage-price gap narrowed only slightly, with wages rising 8.1% compared to inflation at 8.7%, continuing to squeeze real incomes amid weak economic growth.

The Asian Development Bank has projected full-year FY26 inflation at 9%, warning that global oil price volatility remains a key risk.

Bangladesh Bank also stressed the need for continued vigilance to anchor inflation expectations and protect household purchasing power.

When India and New Zealand signed a Free Trade Agreement (FTA) in New Delhi yesterday (27 April), media attention focused mainly on tariffs and market access, as often happens on such occasions.

But what is often overlooked is the bigger picture of geopolitics and geoeconomics beneath bilateral trade, tariffs and non-tariff issues under FTAs.

The agreement with New Zealand is the seventh bilateral FTA India has signed in the last three and a half years.

With planned deals with the European Union and the United States, the total would rise to nine FTAs with 38 advanced economies, covering nearly 65–70% of global GDP.

For India, the common thread in these seven FTAs is support for exports, agricultural productivity, student mobility, skills, investment and services.

Under the FTA, New Zealand has committed $20 billion in investment in India. New Zealand invests nearly 8% of its GDP overseas annually, with total overseas investment valued at $422.6 billion as of March 2025.

There are two main elements to India's new approach.

First, it signals New Delhi's strategy of pursuing trade partnerships with developed economies that provide real market access for labour-intensive sectors at a time when the multilateral trading order is weakening and the world faces tariff wars and growing protectionism.

Second, bilateral trade routes have taken precedence over regional trade groupings.

Indian Commerce Secretary Rajesh Agrawal summed up the new approach by saying India is forging partnerships with developed economies that deliver real market access for labour-intensive sectors and will create jobs while empowering youth, women and MSMEs.

New Zealand is the third member of the five Anglophone countries with which India has entered into an FTA. The other two are Britain (2025) and Australia (2022), while talks are continuing with Canada and the United States. These five countries are part of the "Five Eyes", an intelligence-sharing security grouping.

India is not a member of the Five Eyes and has not entered into any formal alliance with them.

Yet economically, New Delhi has steadily accelerated trade agreements with developed democracies closely aligned on security, technology, investment rules and supply chains.

This shows how India is increasingly engaging with some of the world's most advanced economies, which account for nearly 65-70% of global GDP.

At $49,380, New Zealand is among the higher-income economies in the Oceania region. India's total trade in goods and services with New Zealand reached $2.4 billion in 2024.

Two points stand out. First, India appears focused on gaining access to high-income consumers in developed countries. Second, the current volume of bilateral trade is of secondary importance.

India has far larger bilateral trade volumes with many other countries, including Bangladesh. But when it comes to FTAs, the priority appears to be the more lucrative markets of advanced economies. In 2024, New Zealand's imports stood at $47 billion, while exports were $42 billion.

Bangladesh witnessed a spike in energy inflation during the January-March quarter of the current fiscal year 2025-26 (FY26), driven by gas price hikes, according to a Bangladesh Bank (BB) report published yesterday.

Energy inflation rose to 14.9 percent in the third quarter of FY26 from 14.4 percent in the previous quarter, the central bank said in its report titled Inflation Dynamics in Bangladesh.

The report said solid fuels such as firewood, agricultural by-products, cow dung, and jute sticks have consistently been a major driver of energy inflation.

However, inflation of solid fuels declined to 21.5 percent in the January-March period from 23.1 percent in the previous quarter. Gas inflation surged to 11.3 percent in the third quarter, rebounding from a 6.2 percent inflation in the preceding quarter.

Solid fuels such as firewood, agricultural by-products, cow dung, and jute sticks have consistently been a major driver of energy inflation
During the January-March period of FY26, inflation averaged 8.81 percent, up from 8.3 percent in the preceding October-December quarter, mainly driven by increased food prices, especially vegetables and spices.

However, protein-based foods remained the top contributor, accounting for 44.6 percent of overall food inflation, the report said.

The average contribution of vegetables to food inflation rose to 22.7 percent in the January-March period of this year. The contribution of cereal items to food inflation saw a notable decline, dropping to 8.1 percent from 41.4 percent in the previous quarter.

In contrast, non-food inflation remained broadly stable at a high level of approximately 8.9 percent.

During the quarter, the BB report said that the contribution of domestic items to inflation increased to 71.7 percent, while the share of import-concentrated items fell to 28.3 percent.

Despite a spike in inflation, the wage-price gap slightly narrowed compared to the previous quarter. “This narrowing was primarily driven by a decline in headline inflation rather than any significant improvement in wage growth,” the report said.

“Despite some positive momentum effects, wage growth remained sluggish throughout the quarter, as the negative base effect persisted,” it added.

Bangladesh Bank has eased rules for banks to award incentive bonuses to staff, provided that a few criteria are met.

According to a central bank circular issued yesterday, a bank’s boards of directors may approve up to one month’s basic salary as a bonus in recognition of “special achievements” during the year, even if the usual eligibility criteria are not met.

However, this discretionary payment will only be permitted if the institution records an operating profit. In addition, the bank must ensure that regulatory capital is maintained at least at the previous year’s level (excluding adjustments for deferred provisions approved by Bangladesh Bank) and that no fresh applications are made for deferred provisioning facilities.

Banks may approve up to one month’s basic salary as a bonus in recognition of “special achievements” during the year, even if the usual eligibility criteria are not met
Officials said the move aims to boost morale among officers and employees while preserving competitiveness in the banking sector. Meanwhile, Bangladesh Bank stressed that compliance with the outlined conditions is essential to ensure financial discipline and safeguard stability.

Cement manufacturers in the country are under growing pressure as the US-Israel war on Iran disrupts Middle Eastern supply routes, forcing them to import key raw materials -- especially clinker -- from Asian countries at higher prices.

The conflict has also increased freight costs, further raising overall import expenses. At the same time, weak domestic demand is preventing producers from passing on higher costs to consumers, leaving manufacturers squeezed between rising input costs and a fragile market.

The situation also highlights the sector’s heavy dependence on imported raw materials. Key inputs such as clinker, limestone, granulated slag, fly ash and gypsum are largely imported. Nearly 90 percent of clinker is brought from abroad.

“Bangladesh’s cement sector is under new cost pressure as clinker imports shift away from the Middle East,” said Mohammad Iqbal Chowdhury, chief executive officer of LafargeHolcim Bangladesh PLC.

“Earlier, imports were largely sourced from Gulf countries at competitive prices, but that advantage has now disappeared. The country is now increasingly relying on China, Vietnam and Thailand, where clinker is being imported at higher prices,” he added.

Chowdhury said the shift is linked to a widening geopolitical crisis following joint US–Israel strikes on Iran and Iran’s closure of the Strait of Hormuz, a key global trade route.

“This has cut shipping traffic, pushed up freight and insurance costs, increased logistics risks and war-risk premiums, and forced rerouting of shipments,” he said.

“The impact on Bangladesh’s cement industry has been immediate, as it depends heavily on imported clinker and stone aggregates.”

He added that clinker import costs have risen from about $42 to $43 per tonne to nearly $53 due to tighter supply and higher freight charges.

“With demand already weak, companies are struggling to pass on these costs, putting pressure on profit margins and forcing them to cut spending,” he said.

Md Abul Mansur, general manager of Royal Cement Ltd, echoed these concerns. “Sourcing raw materials has become increasingly difficult due to global disruptions. Clinker is no longer coming from the Middle East, while gypsum and limestone from Oman now face sharply higher freight costs,” he said.

He added, “Clinker prices have risen from around $43 per tonne to about $57 to $58 per tonne, while slag prices have increased from $16 to around $23 to $24 per tonne, driven by war-related disruptions in global shipping.”

Mansur linked the surge in freight costs to higher oil prices, increased insurance premiums and greater risks on maritime routes, saying shipping costs have effectively doubled.

He said the impact is already visible in the domestic market. Cement prices have increased by Tk 30 to Tk 50 per bag, even though actual costs have gone up by Tk 70 to Tk 80. Weak demand has prevented companies from passing on the full increase.

“Costs are rising, but the market is unable to absorb the full impact,” he added.

He also noted that construction activity has slowed as developers delay projects in hopes of greater stability, further affecting the industry.

The country’s broader construction sector is also under strain due to weak public spending, subdued private investment, policy uncertainty and rising costs. These factors have already dampened project approvals, demand and growth across real estate and related industries, including cement.

Mohammed Amirul Haque, president of the Bangladesh Cement Manufacturers Association and managing director of Premier Cement Mills PLC, said the sector has faced multiple shocks over the past five years, making business difficult.

He added that many companies are still operating despite losses in the hope of recovery, but warned that this situation is not sustainable.

He stressed the need for a profit margin and cautioned that sharp price increases could harm the market.

“A quick recovery is unlikely,” he added.

Ryanair, Transavia, Volotea and other low-cost airlines are feeling the financial pain from high jet fuel prices as a result of the Middle East war and are cutting flights.

The closure of the Strait of Hormuz has taken a huge chunk of oil supplies off the market, sending the price of jet fuel soaring and triggering fears of shortages that could force airlines to cancel flights.

Airlines aren’t waiting for a lack of supplies to react.

“Travel alert: airlines are cutting thousands of flights right now,” Travel Therapy TV host Karen Schaler said in an Instagram reel this past weekend. “Book early.”

That advice would win the approval of Ryanair boss Michael O’Leary, who expressed concern earlier this month that fears of fuel shortages were making people put off booking flights.

Low-cost carriers -- which control a little more than a third of the global market, according to various estimates -- are feeling the pinch first due to the nature of their business model.

With cheaper tickets, they have less capacity to absorb the rise in fuel costs.

Some of the cancellations may be the normal adjustments airlines tend to make when demand doesn’t meet expectations on certain routes.

“It is not unusual for carriers to adjust their schedules at this time of the year,” financial analyst Dudley Shanley at investment bank Goodbody told AFP.

But “if jet fuel prices remain at this level, there will have to be a little bit more trimming for low-cost airlines”, he added.

If before the war airlines were able to maintain marginally profitable routes or even unprofitable routes, the surge in jet fuel prices will force them to make difficult choices.

That will start with many during the peak summer travel season.

“Unfortunately, it’s very likely that many people’s holidays will be affected, either by flight cancellations or very, very expensive tickets,” the EU’s energy commissioner Dan Jorgensen told Sky News last week.

The speed with which airlines are reacting depends in part upon the extent to which they secured fuel supplies in advance at fixed prices.

European airlines tend to do this to a greater extent than their rivals in other parts of the world. Air Transat, a low-cost Canadian airline, has cut six percent of its May-October flight schedule.

Southeast Asia’s largest low-cost carrier, AirAsia X, announced on Friday it was cutting more flights and even some connections, without providing an overall figure.

Earlier this month the Malaysia-based no-frills airline said it was raising fares by up to 40 percent and about 10 percent of its overall flights had been cut so far.

Hungary’s low-cost airline Wizz Air has so far resisted cutting flights.

“We are not taking capacity out, because I think the other guys will take capacity out,” its chief executive Jozsef Varadi was quoted as saying recently by trade magazine Aviation Week.

“You don’t have to run faster than the bear, but faster than the guy next to you,” he added.

He may have been thinking of the most spectacular cuts made in the industry by German group Lufthansa, which had just announced it was chopping 20,000 flights from its schedule through October, along with halting its regional feeder airline CityLine.

Its European rival Air France-KLM has trimmed two percent of flights in May and June at its low-cost Transavia subsidiary.

KLM has kept cancellations down to one percent of its European flights.

Ryanair didn’t cite fuel prices but high costs and taxes when announcing last week it would reduce flights to and from Berlin starting in October.

It is also cutting 10 percent of flights from Dublin, criticising limited capacity at the airport.

Since the beginning of the month, Spain’s Volotea has trimmed nearly one percent of flights from its summer schedule.

A prognosis comes from the regulator that the prevailing high inflation may intensify further following fuel-price rises, which indicates pricey commodities could be pricier.

"….near-term inflationary pressures are expected to intensify due to higher global oil prices, domestic fuel-price adjustments, and ongoing energy-supply constraints," the Bangladesh Bank (BB) says in its latest report on Inflation Dynamics in Bangladesh January-March 2026. Bangladeshmarket analysis

The central bank's latest observation comes just nine days after the government raised domestic fuel prices in response to continued increases in global petroleum- product prices, underscoring mounting external cost pressures on the economy.

Officials and economists, however, says these cost-push factors are likely to transmit through higher transportation and production costs, potentially broadening price pressures across the supply chain and complicating efforts to anchor inflation expectations.

Bangladesh's headline consumer price index (CPI) inflation (y-o-y) continued to rise, averaging approximately at 8.8 per cent in the third quarter (Q3) of the current fiscal year (FY) 2025-26, up from 8.3 per cent observed in the previous quarter, according to the quarterly report released Tuesday.

"Fuel-price adjustments may trigger a one-off spike in inflation, which would then ease gradually over time," Md. Ezazul Islam, Director-General of Bangladesh Institute of Bank Management (BIBM), says while explaining to The Financial Express (FE) the potential economic impact of the latest fuel-price hike.

"Fuel-price adjustments have a multiplier effect on the economy, as fuel is a key input across all sectors," explains Dr. Islam, also a former executive director of the central bank. Economicanalysis reports

Talking to the FE, a BB senior official has said transport costs have already risen following the latest fuel-price adjustments, which may further add fuel to inflationary pressures on the economy. Energy inflation rose to 14.9 per cent in the third quarter of FY'26 from 14.4 per cent in the previous quarter.

On the other hand, food inflation edged up during the period under review, primarily driven by an increased contribution from vegetables and spices. However, protein-based foods remained the top contributor.

The central bank in its report says the increased contribution of protein-based food items, along with 'clothing and footwear', can be partly attributed to seasonal demand associated with Eid-ul-Fitr, which typically leads to higher consumer spending on food and apparel.

The average contributions of import-concentrated food items and domestic food items to headline inflation increased in the Q3 of FY'26 from the previous quarter.

On the other hand, the contribution of import-concentrated non-food items to inflation declined, according to the report.

Meanwhile, the wage-price gap narrowed slightly by the end of Q3 of FY'26 compared to the previous quarter, driven by a fall in headline inflation (y-o-y) to 8.7 per cent in March 2026, while wage growth remained stable at 8.1 per cent. This led to a modest deterioration in household purchasing power, reflecting sluggish real wage growth.

"Given these developments, sustained policy vigilance is essential to anchor inflation expectations, contain elevated food and core prices, and safeguard household purchasing power, thereby supporting a stable macroeconomic environment conducive to long-term, inclusive growth," the central bank notes in its report.

Finance Minister Amir Khosru Mahmud Chowdhury yesterday placed two amendment bills in the parliament proposing the removal of age limits for appointing the heads and members of two of the country’s key financial regulators.

The Bangladesh Securities and Exchange Commission (Amendment) Bill, 2026 seeks to abolish the existing maximum age limit of 65 years for appointing the chairman and commissioners of the Bangladesh Securities and Exchange Commission (BSEC).

Also placed the same day, the Insurance Development and Regulatory Authority (Amendment) Bill, 2026 proposes scrapping the current age cap of 67 years for appointing the chairman and members of the Insurance Development and Regulatory Authority (Idra).

Placing the bills before the House, the finance minister recommended that they be sent to a special parliamentary committee for scrutiny, with a report to be submitted within one day.

In the statement of objectives and reasons, the minister said the proposed amendment to the securities commission law aims to make it more suitable for present circumstances by allowing the appointment of experienced, skilled and knowledgeable individuals to top positions.

Regarding the amendment to the Insurance Development and Regulatory Authority Act, 2010, he noted that the existing provision, which sets the maximum appointment age at 67 years, has limited the opportunity to recruit capable and experienced individuals to leadership roles in the insurance sector.

He argued that removing this restriction is necessary in the public interest to strengthen decision-making in the sector.

Earlier, on April 23, the cabinet approved the draft amendments to both laws.

The government needs to urgently design a comprehensive framework to bring Bangladesh’s fast-growing digital economy under the tax net to boost the country’s tax-to-GDP ratio, the Bangladesh Economic Association (BEA) said.

It warned that a large and expanding segment of income remains outside the formal revenue system.

The association placed the recommendation before the National Board of Revenue (NBR) during a pre-budget discussion at its headquarters in Dhaka.

The economists’ body said sectors such as e-commerce, freelancing, digital advertising, and streaming services are growing rapidly but remain either fully or partially untaxed. This includes Facebook-based businesses, sellers on platforms like Daraz, freelancers on global marketplaces, and users paying for services such as Netflix and Spotify.

According to the BEA, the lack of a structured taxation regime is causing revenue losses and creating an uneven playing field between compliant businesses and largely untaxed digital operators.

It also flagged rising cross-border digital transactions, noting that firms like Google, Meta Platforms, and Amazon earn significantly from Bangladesh but contribute limited taxes.

The BEA proposed mandatory tax registration for foreign digital service providers and an automated withholding system through payment gateways to deduct tax or VAT at source.

It also recommended forming a specialised digital unit within the NBR to monitor cross-border transactions in real time, improve compliance, and reduce revenue leakages.

Prof Mahbub Ullah, convener of the BEA, and Mohammad Masud Alam, member of the committee, spoke at the event presided over by Md Abdur Rahman Khan, chairman of the NBR.

Oil prices rose nearly 3 percent on Tuesday, extending the previous session’s gains, as ‌efforts to end the US-Iran war appeared to have stalled, with the crucial Strait of Hormuz waterway still mainly shut, starving markets of key Middle East energy supply.

Brent crude futures for June climbed $2.99, or 2.76 percent, to $111.22 a barrel by 0758 GMT, after ​gaining 2.8 percent to close the previous session at its highest since April 7. The contract is ​up for a seventh straight day.

At their intra-day peak on Tuesday, Brent was up 3.4 percent on the day at $111.86 a barrel.

US West Texas Intermediate (WTI) crude for June rose $2.54, or 2.64 percent, ​to $98.91 a barrel, after gaining 2.1 percent in the previous session.

US President Donald Trump is unhappy with the latest Iranian ​proposal to end the war, a US official said on Monday, as Iranian sources disclosed that it avoided addressing the nuclear program until hostilities cease and Gulf shipping disputes are resolved.

Trump’s displeasure with the offer leaves the conflict deadlocked, with Iran shutting shipping flows ​through the Strait of Hormuz, a conduit for about 20 percent of global oil and gas supplies, and the ​US retaining its blockade of Iranian ports.

“Oil above $110 per barrel reflects a market that is rapidly repricing geopolitical risk,” said ‌Rystad Energy ⁠analyst Jorge Leon.

“With peace talks stalled and no clear path to reopening the Strait of Hormuz, traders are factoring in a prolonged disruption to a critical artery of global supply,” he added.

“Even in a best-case scenario, any US–Iran agreement is likely to be narrow and partial, leaving the Strait issue unresolved, which means the upside ​risks to prices remain.”

An ​earlier round of negotiations between ⁠the United States and Iran collapsed last week after face-to-face talks failed.

Ship-tracking data showed significant disruptions in the region, with six Iranian oil tankers forced to turn back due ​to the US blockade.

But a liquefied natural gas tanker managed by the United ​Arab Emirates’ Abu ⁠Dhabi National Oil Co crossed the Strait of Hormuz and appears to be near India, the on Monday.

Prior to the US-Israeli war on Iran, which began on February 28, between 125 and 140 vessels transited the strait ⁠daily.

The loss ​of about 10 million bpd of crude and products through Hormuz will continue ​to exceed falling consumption as inflationary pressures and demand destruction loom, PVM analyst Tamas Varga said, leading to an ever-tighter oil market ​balance.

Iran has offered to ease its restrictions on the Strait of Hormuz if the United States lifts its blockade and brings an end to the war, according to two regional officials familiar with the proposal.

The offer, reportedly conveyed to Washington through Pakistan, would postpone discussions on Iran's nuclear programme- an issue US officials insist must be part of any agreement.

US Secretary of State Marco Rubio signalled resistance to such a deal, saying any agreement must ensure Iran cannot develop nuclear weapons.

Despite a fragile ceasefire, tensions remain high over the strategically vital waterway, which handles about one-fifth of global oil and gas trade. Iran's restrictions and the US blockade have disrupted energy supplies, pushing oil prices sharply higher and straining global markets.

Brent crude prices have risen significantly since the conflict began, exceeding $108 per barrel yesterday (27 April).

The proposal comes amid growing international pressure to reopen the strait. Dozens of countries, in a joint statement led by Bahrain, called for restoring access, while UN Secretary-General António Guterres warned of mounting humanitarian and economic consequences.

German Chancellor Friedrich Merz criticised Washington's handling of the conflict, while French Foreign Minister Jean-Noël Barrot urged all sides to de-escalate, stressing that key maritime routes should remain open.

Meanwhile, Iran's Foreign Minister Abbas Araghchi met Russian President Vladimir Putin in St Petersburg, as diplomatic efforts continue to revive stalled negotiations.

Pakistan and other mediators are attempting to bridge the gaps between Tehran and Washington, but significant differences remain, particularly over Iran's nuclear ambitions and the conditions for lifting the blockade.

The conflict, which began on 28 February, has led to thousands of deaths across the region and continues to fuel instability despite ongoing ceasefire efforts.

India and New Zealand today signed a Free Trade Agreement in New Delhi under which New Delhi will get 100% duty-free access for some products and expanded market access for labour-intensive sectors of textiles, leather, footwear, engineering goods and processed food sectors.

India's farms, fisheries and factories will get zero-duty market access on 100% of exports.

On the other hand, India has offered market access in 70% lines covering 95% of New Zealand's trade with India.

To ensure protection to Indian farmers, rural economies and the domestic industry, market access for New Zealand under the agreement keeps out dairy, key agricultural products, coffee, milk, cream, cheese, yoghurt, whey, caseins, onions, sugar, spices, edible oils and rubber, an official statement said.

The agreement was signed by Indian Minister of Commerce and Industry Piyush Goyal and New Zealand's Minister for Trade and Investment Todd McClay.

The FTA, wrapped up in about a year after the launch of negotiations on 16 March 2025, is expected to facilitate increased trade and investment flows by improving market access, reducing barriers, and establishing clear and predictable rules, said the statement.

It will support businesses of all sizes, including small and medium enterprises, ensuring wider distribution of the benefits of trade.

The signing ceremony brought together businesses and industry leaders from both countries, with Trade and Investment Minister Todd McClay leading a cross-party delegation of Members of Parliament and over 30 New Zealand businesses.

"The signing of the India–New Zealand Free Trade Agreement marks a new and significant chapter in the bilateral relationship, reflecting shared ambition, deepening engagement, and a commitment to mutually beneficial growth," said McClay.

He said the agreement "reflects a balanced, forward-looking, and practical outcome" and both sides will now work closely towards effective implementation and delivery of the agreement.

New Zealand is India's second-largest trading partner in the Oceania region, with bilateral trade valued at around $1.3 billion.

Goyal said this is India's ninth FTA in the past few years with 38 developed countries.

At the heart of the FTA with New Zealand is the empowerment for exports, agricultural productivity, student mobility, skills, investment and services.

He said New Zealand has made an investment commitment of $20 billion in India.

The United Nations Conference on Trade and Development (UNCTAD), in a report, has identified five key priority reform areas for Bangladesh to strengthen its investment climate, enhance competitiveness, and support sustainable, investment-led growth in the years ahead.

The report highlights both progress and persistent challenges in Bangladesh's investment climate since the 2013 Investment Policy Review (IPR). While acknowledging important reforms, it stresses the need for deeper and more sustained structural changes—particularly as the country prepares to graduate from Least Developed Country (LDC) status.

It also underscores the importance of ensuring a smooth transition as Bangladesh faces the gradual withdrawal of preferential treatment under various international agreements, amid evolving global trade and geopolitical dynamics.

The United Nations Development Programme (UNDP), UNCTAD and the Investment Development Authority (Bida) jointly launched the UNCTAD Investment Policy Review (IPR) Implementation Report for Bangladesh at Bida building in the capital yesterday (27 April).

The high-level dialogue brought together senior government officials, private sector representatives, and development partners to discuss strengthening the country's investment framework in preparation for LDC graduation.

To strengthen the investment climate, the report outlines five priority reforms as below:

Firstly, the report calls for the development of a national investment policy alongside a consolidated investment law to bolster investor confidence and support a coordinated, whole-of-government approach to attracting and effectively utilising foreign direct investment (FDI) in line with national development objectives.

Secondly, the report put emphasis on enhancing investment promotion and facilitation to improve service delivery and attract higher-quality investments.

Thirdly, it focuses on sectors identified in the Foreign Direct Investment (FDI) Heatmap, recommending targeted interventions to drive growth and stronger institutional coordination to ensure alignment on sectoral priorities.

Fourthly, the report underscores the need for mitigating the effects of losing preferential Least Developed Country (LDC) status by engaging key trade and investment partners and strengthening the competitiveness of the domestic private sector in the post-LDC context.

And lastly, the UN report stresses on removing key bottlenecks to investment by improving access to land and infrastructure, which remain critical constraints for the potential investors.

The report also found that Bangladesh lags significantly behind its regional peers in attracting foreign direct investment (FDI). According to the findings, Vietnam's FDI stock is approximately 13 times higher than Bangladesh's, Indonesia's nearly 17 times higher, and Cambodia's about three times higher. This relatively low FDI stock highlights weaker inflows and several underlying structural constraints.

In 2024, Bangladesh's FDI stock stood at $18.29 billion, compared to $249.14 billion in Vietnam, $305.66 billion in Indonesia, and $52.66 billion in Cambodia, says the report.

Presenting the findings of the report, Legal Officer of UNCTAD's Investment and Enterprise Division Kiyoshi Adachi noted that most of the Investment Policy Review recommendations for Bangladesh have only been partially implemented.

"It is a somewhat subjective grading, but most recommendations fall into the partially implemented category," he said, adding that systematic tracking of progress remains essential.

He also highlighted weak inter-agency coordination, pointing to a mismatch between the sectors identified in Bida's FDI Heatmap—such as semiconductors, electric vehicle batteries, and technical textiles—and their reflection in the national industrial policy.

Adachi also noted that the Investment Act of 1980 is outdated, lacking clear consolidation of FDI rules and well-defined investor treatment provisions. He pointed out that entry procedures still involve multiple approvals and suffer from limited transparency. Although digitalisation efforts are underway, they remain constrained by continued reliance on manual processes.

He further highlighted ongoing challenges related to foreign exchange repatriation, land access, infrastructure limitations, and restricted skilled labour mobility, including the absence of a dedicated personal visa scheme.

Bida Executive Chairman Chowdhury Ashik Mahmud Bin Harun stressed that Bangladesh must "shift gears" to attract global investment. "If we have been operating in second gear so far, we now need to move into fifth gear," he said, underscoring the importance of competitiveness and alignment with global standards.

UNDP Resident Representative in Bangladesh Stefan Liller emphasised that coherent policies and strong institutional capacity are critical to attracting responsible investment that generates employment and promotes inclusive growth.

Chief Executive Officer of BUILD Ferdous Ara Begum said "Her organisation has compiled an updated business licensing guidebook covering more than 600 licences. Including renewals, the total number of licences may range from 500 to 1,200."

She also noted that starting a business in Bangladesh—across manufacturing, services, or trade—initially requires around 23 licences. Based on data from citizen charters, obtaining these approvals takes an estimated 477 days.

Referring to a Cabinet Division directive issued in 2000, Begum further explained that ministries were instructed to publish timelines for administrative procedures. BUILD's analysis, based on these official timelines, shows that completing the required processes to start a business takes approximately 477 days.

She said that if starting a manufacturing business alone takes this long, other sectors may require even more time. "In that respect, the top priority should be reducing the number of steps, shortening the time, and simplifying the process," she said, adding that this remains one of the private sector's biggest challenges. She also noted that the private sector has already submitted several recommendations to address these issues.

Ferdous Ara Begum also commented on the proposed plan to merge five investment-related regulatory and promotional agencies with Bida, PPP, Beza, Bepza, BHTPA and BSIC.

She said such institutional consolidation could help improve coordination, reduce duplication, and streamline investment services. However, she stressed that its success will depend on how effectively the reform is implemented and whether the merged structure can ensure faster and more efficient decision-making for investors.

Regarding the National Board of Revenue (NBR), Ferdous Ara Begum said the tax system remains one of the biggest challenges for Bangladesh's private sector. She noted that although various reforms are underway, significant issues persist in tax policies.

The report concludes that key achievements include the establishment of Bida as the lead investment facilitation agency and the expansion of digital investment services. However, it recommends adopting a unified national investment policy, enacting a consolidated investment law, and fully digitalising investment procedures to enhance competitiveness ahead of LDC graduation.

The conflict in the Middle East has disrupted supplies of crucial raw materials and pushed up prices of the printed circuit boards (PCB) used in almost all electronic devices, from smartphones and computers to AI servers, industry sources and executives said.

The disruption is a fresh blow to electronics manufacturers which are already grappling with soaring memory chip costs and highlights the broadening impact of the Iran war that has wreaked havoc on supply chains, plastics, and oil supplies.

Iran struck Saudi Arabia's Jubail petrochemical complex in early April, forcing a halt in production of high-purity polyphenylene ether (PPE) resin — a critical base material used to manufacture PCB laminates.

SABIC, which accounts for approximately 70% of the world's high-purity PPE supply and operates in the Jubail complex on the Gulf coast, has been unable to resume output, severely tightening the availability of the material worldwide, according to one source. Shipping in and out of the Gulf has also been severely disrupted by the war.

PCB prices have been climbing since late last year, driven by a growing appetite for AI servers. Demand has been accelerating sharply since March as manufacturers scramble to secure raw material supplies and soften the impact of skyrocketing costs, three industry sources told Reuters.

In April alone, PCB prices surged as much as 40% from March, Goldman Sachs analysts said in a recent note. Cloud service providers are willing to accept further increases as they expect demand will outstrip supplies over the coming years, they added.

The global PCB industry is projected to increase by 12.5% to reach $95.8 billion in 2026, according to a recent report from Prismark.

Daeduck Electronics, a South Korean PCB maker whose customers include Samsung Electronics, SK Hynix and AMD, has begun discussions with customers over price increases, a senior executive at the company told Reuters.

The executive, who declined to be named due to sensitivity of the subject, said his priority has now changed from meeting customers to suppliers, as the waiting time for chemical materials such as epoxy resin has stretched to 15 weeks from three weeks previously.

The sharp rise in PCB prices was also driven by a shortage of other key materials, including glass fibre and copper foil, according to one source. Copper foil prices have surged as much as 30% so far this year, with the rally gaining momentum in March, the source added.

Copper accounts for around 60% of total raw material costs in PCB manufacturing, according to Victory Giant Technology, a major Chinese PCB supplier for Nvidia. The Chinese firm warned earlier this month that the Middle East conflict could push up prices for key materials including resin and copper.

Multi-layer PCBs can cost around 1,394 yuan ($204) per square metre, with higher-end models for AI servers costing around 13,475 yuan, according to Victory Giant.

A reversal of the five Islamic bank merger begins as former shareholders of Social Islami Bank Ltd officially appeal for regaining the troubled bank's conditional control through a new legal window.

The much-talked-about insertions into the newly enacted Bank Resolution Act 2026 that modified the merger-related ordinance of the post-uprising interim government, thus, begin to come into action.

Former chairman and sponsor shareholder of the shahirah-based bank Major (Retd.) Dr Md. Rezaul Haque, on behalf of the former board of directors, submitted Monday an application to Governor of Bangladesh Bank (BB) Md. Mostaqur Rahman in pursuant to the section 18(Ka) of the Bank Resolution Act, officials said.Bangladesh market analysis

Apart from Mr. Haque, the other signatory shareholders in the application are managing director of Hamdard Laboratories Dr Hakim Md. Yusuf Harun Bhuiyan, Alhaj Sultan Mahmood Chowdhury, Afia Begum and Md. Zahedul Alam Chowdhury.

With the submission of the application, uncertainty looms large over operation of the emerging Sammilito Islamic Bank which was formed through merging five severely liquidity-hit shariah-based commercial banks last year.

The merged banks were Social Islami Bank, First Security Islami Bank, Union Bank, Global Islami Bank and EXIM Bank.

Talking to The Financial Express, the former chairman of Social Islami Bank, Mr. Rezaul Haque, said they had submitted the application under the section 18(Ka) of the act, which has created a window for the former shareholders to get back conditional control over the problem bank.

He thinks the bank can be revived as an independent bank through fresh capital injections, stronger governance, recovery of classified loans and improved liquidity support.

They pledge to restore transparency and accountability if the former board members are reinstated.Financial news subscription

"We hope the central bank governor will give serious attention to our application and give us time to share our plans to make the bank rebound," he says.

Mr. Haque says they will comply with all the conditions in the Bank Resolution Act to get back their ownership in the bank.

"We are capable as we had given 20-percent cash dividend to the shareholders regularly since 2013 till 2016 before it was forcibly taken away by a controversial business group," he says, adding that their employees enjoyed 5-7 bonuses annually.

According to the interpolation of changes into section 18(Kha) of the Bank Resolution Act, former directors or shareholders of banks, merging or listed for mergers, can pay 7.5 per cent upfront of the amount injected by the government or the central bank to reclaim the banks. The remaining 92.5 per cent is to be repaid within two years at 10-percent interest.

Seeking anonymity, a BB official says they will scrutinize the application on various aspects. Thereafter, it will be placed before the BB board of directors.

"If the board members are satisfied, it will be sent to the ministry of finance for next course of action."

On a question over the operational fate of Sammilito Islami Bank, the central banker couldn't give any satisfactory response. "We are in the dark now as the progress of the newborn bank gets caught in limbo after the latest change in the Bank Resolution Act," he says.

The section 18(Ka) of the act, which was passed by parliament on April 11 last, sparked widespread criticism from various quarters who fear representatives from the group who looted public money from the banks might get back in the ownerships through using the amended law.

Before the mergers, the central bank on November 5 last year declared net asset value (NAV) of the shares of the five banks zero, citing deeply negative capital positions, and officially classified the institutions as non-viable.

Although all the five remain listed on the stock market, trading in their shares was suspended by the Bangladesh Securities and Exchange Commission (BSEC).

Under the merger plan, the government injected Tk 200 billion into the newborn bank, while another Tk 150 billion was to come from the deposit-insurance fund, creating a paid-up capital base of Tk 350 billion.

Of the government funds, it invested Tk 100 billion in Sukuk bonds while the remaining Tk 100 billion in cash remains almost intact in the Sammilito Islami Bank current account with the regulator.

According to the financial review of the bank, the ratio of classified loans rose to 64 per cent by end of August last year, which prompted the banking regulator to take it under its merger plan along with four other Islamic banks.

The total investment the bank had made until August 2025 was Tk 391 billion. Of the volume, around Tk 248 billion turned bad loans and it created severe liquidity crisis in the bank.