The government is buying two cargoes of Liquefied Natural Gas (LNG) from South Korea and the United Kingdom at record-high prices to meet rising domestic gas demand, with the price exceeding $24 per million British thermal units (MMBtu).

The Cabinet Committee on government purchase, chaired by Finance Minister Amir Khosru Mahmud Chowdhury, today (24 August) approved the proposals to import the two cargoes through the international quotation process.

One of the cargoes will be imported from South Korean trading and energy company Posco International Corporation for delivery on 13-14 September at $24.625 per MMBtu.

The committee also approved the import of another cargo from Total Energies Gas and Power Ltd of the UK for delivery on 23-24 September at $24.25 per MMBtu.

Earlier, at its meeting on 19 August, the purchase committee approved a proposal to buy LNG from Aramco Trading Singapore Pte Ltd at $23.93 per MMBtu.

The latest purchases come as the government steps up LNG imports to meet the country's growing gas demand.

The Ministry of Power, Energy and Mineral Resources placed the proposal before the committee under Rule 105(3)(a) of the Public Procurement Rules 2025 through the Request for Quotation (International) process.

The government is also set to import 115,000 tonnes of fertiliser from Canada, Russia, and Saudi Arabia, aiming to build up stocks amid concerns over the supply of the vital crop nutrient due to the US-Israel war on Iran and China's export ban.

The committee approved the proposal following consideration of the procurement process and the recommended bidders. The latest approval comes as Bangladesh continues to rely heavily on imported LNG to meet its growing demand for natural gas, particularly for power generation and industrial consumption.

Apart from the LNG purchase, the purchase committee also approved proposals to import 365,000 tonnes of urea and non-urea fertiliser amid allegations that fertiliser is being sold to farmers at inflated prices in different parts of the country.

The imports comprise 70,000 tonnes of urea, 60,000 tonnes of triple super phosphate (TSP), 120,000 tonnes of Diammonium Phosphate (DAP) and 115,000 tonnes of Muriate of Potash (MOP).

According to the Finance Ministry, the committee approved the import of 40,000 tonnes of urea from Saudi Arabia-based SABIV Agri-Nutrients Company while 30,000 tonnes from Bangladesh's Karnaphuli Fertilizer Company (KAFCO) Ltd.

The committee also approved the import of 60,000 tonnes of TSP from Morocco's OCP Nutricrops under the government-to-government (G2G) arrangement.

Under the G2G arrangement, the committee approved the purchase of 80,000 tonnes of MOP from the Canadian Commercial Corporation and 35,000 tonnes from Russia's Foreign Economic Corporation.

The committee also approved proposals to import 80,000 tonnes of DAP from Morocco and 40,000 tonnes from Saudi Arabia.

Expatriate Bangladeshis sent home $2.148 billion in remittances during the first 22 days of August, marking a 25.6 percent year-on-year increase, according to the latest Bangladesh Bank data.

Between August 1 and August 22 of the current fiscal year (FY 2026-27), total remittance inflows registered a 25.6 percent growth compared to $1.711 billion received during the corresponding period of the previous fiscal year (FY 2025-26).

During the three-day period from August 20 to August 22, the country received $117 million in foreign remittances.

Cumulative remittance inflows from July 1 to August 22 for FY 2026-27 reached $5.006 billion, reflecting a 19.5 percent yearly growth over the $4.188 billion recorded during the same timeframe in FY 2025-26.

Central bank statistics show a steady upward momentum in official remittance channels as formal banking networks continue to draw strong expatriate inflows.

The government has withheld clearance for two vessels hired to install Bangladesh's first privately funded submarine cable, preventing them from entering the country's territorial waters and further delaying the project amid regulatory hurdles.

The Posts and Telecommunications Division has informed the relevant authorities that no objection or clearance should be issued to the private company for the cable-laying operation without a formal recommendation from the division.

In a letter signed by Deputy Secretary Kaniz Fatema, the division said CdNet Communications had directly approached the National Security Intelligence, seeking necessary permission for two cable-laying vessels, CS Blue and Endeavour, to enter Bangladesh's waters and install the submarine cable.

The letter said another private company, Metacore Subcom, had previously sought recommendations from the Posts and Telecommunications Division to obtain clearances from the foreign affairs and home affairs ministries and the NSI for a similar project.

The division, however, said Bangladesh Submarine Cables PLC, a government-funded company under the division, operates in the sector.

"Considering violations of licence conditions, national security, and the security of substantial government and shareholder investments in Bangladesh Submarine Cables, no decision has so far been taken by this division regarding clearance for establishing a private submarine cable," the letter said.

It requested the authorities not to grant any no-objection certificate or clearance to the private company without a forwarding letter from the division.

Kaniz Fatema could not be reached for comment despite attempts by TBS.

According to a TBS report in April, the Bangladesh Private Cable System consortium, comprising Summit Communications, CdNet Communications and Metacore Subcom, had invested about $53 million, or Tk650 crore, in preparatory work but was facing delays over inter-ministerial approvals.

The consortium had separately sought permission from the government for the two hired vessels to enter Bangladesh's waters to begin cable installation.

Government bank-borrowing debt deepens with the aggregate sum borrowed from the domestic banking sources far overshot the upwardly revised target to hit Tk 1.68 trillion in the past fiscal year.

To meet budget shortfall, the government had initially set a bank-borrowing target at Tk 1.04 trillion for the fiscal year 2025-2026 but less-than-expected level of revenue mobilisation prompted it to raise the target to Tk 1.18 trillion in the middle of the fiscal.

But the growing fund appetite of the government because of poor revenue collection and higher operational expenses surpassed the target by a large margin by the end of the fiscal year, latest statistics show.

According to the monetary survey by Bangladesh Bank (BB), the government borrowed Tk 1.68 trillion from the banking sector in the FY'26-some Tk 500 billion above the upwardly revised target.

Central bankers and money-market experts say the pressure of bank borrowing was heavily felt from the last quarter of the FY'26 following the USA-Iran crisis in particular as gas-and fuel-oil prices mounted due to supply-chain disruptions.

The war in the Middle East prompted the government to increase its borrowing from the banks to finance the growing volume of subsidies, which is largely reflected in the bank-borrowing scenario of the government, according to them.

Seeking anonymity, a BB official said the government bank-borrowing-dependency got enhanced hugely in the past fiscal due mainly to widening revenue shortfalls amid higher operational expenses.

"And the pressure will mount further in the coming days as the government is set to implement a new pay scale for government service- holders," he said,

According to the data from the National Board of Revenue (NBR), the agency collected a total of Tk 4.15 trillion in revenue in FY26, and it was Tk 875.27-billion of the revised target of Tk 5.03 trillion.

In the fiscal budget for 2025-26, the government kept aside Tk 60 billion as subsidy for the import of liquefied natural gas (LNG). However, at the end of the year, the subsidy had multiplied to Tk166 billion.

Chairman of Policy Exchange Bangladesh Dr M. Masrur Reaz says it is indicated that the fiscal consolidation is immediately needed, which is not happening.

He observes that the bank-borrowing projection has become extremely unpredictable because of the revenue collection which is also not predictable.

The economist says the commercial banks may get short-term benefits amid plummeting private-sector-credit growth. But the private-sector- credit demand is expected to increase in the coming days under this elected government.

"If it (private credit growth) happens and the current trend of government bank borrowing continues, it will definitely lead to crowding-out effect," he predicts.

Mr. Masrur was suggesting that the government should make the budgetary expenses more realistic, based on revenue-mobilisation trend, to avert such funding mismatch.

The Bangla QR transactions have nearly doubled in volume while their total monetary value has almost tripled since the use of Bangla QR was made mandatory across Bangladesh, according to data for the eight-week period from 28 June to 22 August 2026.

The total transaction value through Bangla QR during the period stood at Tk3,578.74 crore, according to the latest data.

The growth came after Bangladesh made Bangla QR mandatory as the standard QR payment system, replacing other types of QR codes. The requirement for all proprietorship businesses to use Bangla QR instead of other QR payment systems came into effect on 1 July.

According to the data, an average of 1.78 lakh transactions were conducted through Bangla QR each day at the beginning of July 2026. The average daily transaction value at the time was around Tk37.33 crore.

By last week, however, the average number of daily transactions had risen to 3.03 lakh, while the average daily transaction value increased to around Tk110.38 crore.

The number of merchants accepting Bangla QR has also increased significantly.

Around 16 lakh merchants had Bangla QR facilities on 1 July. The number has now surpassed 30 lakh, indicating a sharp expansion in the adoption of the payment system.

Both private and state-owned banks have played a role in expanding Bangla QR adoption.

Stakeholders expect the wider use of Bangla QR to contribute significantly to the expansion of digital transactions across the country.

Sugar prices are rising as the ongoing gas crisis is curbing production at local refineries, which had stepped up output after three major suppliers exited the market.

The latest squeeze also comes amid a fresh increase in global demand as India, a long-time sugar exporter, has returned to the international market as a buyer recently, adding pressure on international prices.

Over the past week, sugar prices have increased by Tk 230-240 to Tk 3,780 a maund (37.32kg), according to traders at Chattogram’s Khatunganj-Chaktai market, the country’s largest wholesale market for essential commodities.

Retail prices have also followed suit, rising to Tk 110-120 per kg after remaining steady at Tk 105-110 for at least a month until a week ago, according to Trading Corporation of Bangladesh (TCB) data.

The latest squeeze comes after three major suppliers, S Alam Group, Bashundhara Group and City Group, fell out of the market.

S Alam’s refinery has remained largely out of production since late 2024 amid financial and operational troubles.

Bashundhara has also ceased to be a major active supplier since 2024, while City Group stopped sugar production after operating until June.

The shutdowns prompted Meghna Group of Industries, Abdul Monem Group, Deshbandhu, Delta Food and other refiners to increase production to help fill the supply gap. But their ability to make up the shortfall has recently been constrained by the country’s worsening energy crisis.

“Our dependence on Meghna Group of Industries and other refiners has increased as major suppliers such as S Alam and City Group are no longer supplying the market. But they are also unable to meet demand due to gas shortages. As a result, we have to buy sugar from the mills at higher prices,” said Anam Saudagar, a wholesaler at Khatunganj.

SM Muzibur Rahman, head of accounts at Meghna Group of Industries, told The Daily Star that inadequate gas supply was preventing the company from operating its mills properly.

“Due to the recent gas crisis, one of our two mills was shut down for several days because of low gas pressure, while the other was operating at only around 20-30 percent of capacity,” he said.

“As a result, we were unable to supply the market according to demand for several days, which was one of the reasons behind the increase in prices,” he added.

“Both mills are currently operating, but we still cannot run them at full capacity due to the gas shortage,” Muzibur said. “Under normal circumstances, we used to supply around 3,200-3,500 tonnes of sugar to the market daily. Now, we can supply only around 2,000-2,600 tonnes.”

The reduced supply has already reached retailers.

Tanvir Hossain, manager of Ridoy Enterprise at Oxygen Kitchen Market in Chattogram, said retail prices of sugar had increased by around Tk 10 a kg over the past week.

“We are now selling it at Tk 120-125 a kg. We have no option but to raise retail prices when our purchase costs increase,” he added.

Meanwhile, global market conditions are adding to the pressure.

India, traditionally a major sugar producer and exporter, is turning to the international market after domestic sugar prices rose nearly 40 percent in two months amid lower production and tightening supplies, according to Reuters

The Indian government has allowed duty-free imports of 1 million tonnes of raw sugar until October 31, marking the country’s first sugar imports in nearly a decade.

Benchmark white sugar futures in London and raw sugar futures in New York ​jumped by as much as 4 percent after India announced plans to allow duty-free imports on August 20, Reuters added.

Wholesaler Anam said the shift in India’s position was adding to concerns among Bangladeshi traders.

“Prices are also rising in the international market. India, which has traditionally been a sugar exporter, is now importing sugar, creating additional demand in the global market. We fear prices could rise further if the situation continues,” he said.

Japanese silicon manufacturer Tokuyama is adding production facilities in Vietnam and Malaysia for a key chip material as part of efforts to diversify its supply chain.

The move is expected to reduce the company’s reliance on concentrated production in Japan and mitigate the risk of supply disruptions.

The plant in Vietnam, inaugurated last week, will grind, clean and analyse polysilicon, an essential raw material for semiconductor wafers. Tokuyama is investing US$60 million in the facility, which is ultimately expected to reach an annual capacity of 4,000 tonnes. Following a trial operation period, commercial production is scheduled to begin in 2027.

Speaking at the plant’s inauguration ceremony in HCM City, Tokuyama Chairman Hiroshi Yokota said the facility marked a major step in supporting Tokuyama’s growth strategy.

The plant will provide a solid overseas base as the company restructures its polysilicon production network, which has so far been concentrated at Tokuyama’s plant in Japan.

Workers will crush polysilicon rods into small pieces that can be easily fed into customers’ furnaces. The process relies on manual labour to minimise the risk of contamination by metal particles that machinery could generate, while allowing fine adjustments during processing. It therefore requires a skilled and reliable workforce.

Next spring, Tokuyama is expected to complete a polysilicon synthesis and deposition plant in Malaysia. The facility will be operated by a joint venture with the Republic of Korea’s OCI, with total investment estimated at around $300 million.

Once both Southeast Asian plants become operational, Tokuyama’s total production capacity, including its Japanese plant, will increase 50 percent to 12,500 tonnes per year.

Tokuyama, which can refine polysilicon to a purity level with impurities reduced to just one part per billion, ranks third globally in semiconductor-grade polysilicon production, with a market share of around 20 percent. However, this concentration has also made its sole production facility a potential vulnerability, as any shutdown could disrupt supplies across the industry.

Tokuyama President Tomohiro Inoue said customers have increasingly demanded diversified sources of supply since the COVID-19 pandemic.

The Japanese Government has provided Tokuyama with a 4 billion JPY ($25.2 million) subsidy to support its entry into the Vietnamese market. The company has decided to distribute production facilities across friendly Southeast Asian countries to secure stable supplies as chipmakers such as Rapidus and TSMC establish manufacturing facilities in Japan.

According to a report by the Semiconductor Industry Association (SEMI), silicon wafer shipments are expected to reach 15.5 billion square inches by 2028, up around 20 percent from 2025. Demand for ultra-high-purity polysilicon is rising as investment in artificial intelligence (AI) drives growth in components such as high-bandwidth memory.

Inoue said customer forecasts indicated that demand would exceed the capacity of Tokuyama’s Japanese plant around 2027. Based on current projections, the additional output from Vietnam and Malaysia is expected to be fully absorbed within three to four years.

Tokuyama’s Vietnam plant has the potential to nearly double its capacity. The company will consider expanding capacity at all three facilities, as its Japanese plant is already nearing its production limit.

The government has given special priority to the creative economy, aiming to unlock its economic potential, bring the sector into the mainstream economy and raise its contribution to 1.5 per cent of GDP while creating 500,000 new jobs.

The government's creative economy strategy seeks to open up new opportunities for young people, artists, artisans, content creators and creative entrepreneurs, while broadening the country's economic growth drivers and enhancing Bangladesh's cultural and creative footprint in global markets.

According to the budget document, the government has also planned to strengthen coordination between the public and private sectors by formulating time-bound short, medium and long-term action plans for the sustainable development of the creative industries.

The government is planning to establish Creative Hubs at national and regional levels featuring cultural venues, bookstores with reading facilities, cineplexes, small cafeterias and dedicated spaces for showcasing and marketing region-specific products.

A 10-year investment strategy and time-bound action plan are being formulated to develop regional Creative Hubs across the country.

A feasibility assessment is also being undertaken on an urgent basis to establish a world-class Central Creative Hub on 160 acres of land in Purbachal under a Public-Private Partnership (PPP) model.

The government is also assessing the feasibility of establishing Creative Hubs on unused land at Karwan Bazar, adjacent to the Office of the Survey General in Tejgaon, and on vacant industrial plots under the Bangladesh Small and Cottage Industries Corporation (BSCIC).

Initiatives are being taken to establish Creative Hubs at divisional, district and upazila levels, as well as at the Bangladesh Shishu Academy and Bangladesh Shilpakala Academy.

Innovation Hubs have already been established at engineering and technology universities, while a roadmap is being prepared to gradually establish such hubs at universities and undergraduate colleges across the country.

The government is also focusing on identifying and developing creative economy-based products under its 'One-Village, One-Product' initiative.

These include handloom products, pottery, weaving products, shital pati, shataranji, wooden toys, handmade jewellery and terracotta products.

A 'National Pool of Designers' comprising leading local designers is being established to improve the quality and design of creative products.

The BSCIC Design Centre will also be modernised and upgraded to international standards through a project in collaboration with universities and renowned fashion designers.

The government has also undertaken programmes to promote cultural tourism through the restoration of cultural heritage, regional traditions and heritage buildings. Two pilot projects based on two to three themes will initially be implemented for heritage restoration and the organisation of international festivals.

To promote tourism, a specialised international-standard training institute will be established, while an 'International Hospitality Benchmark' will be introduced to ensure internationally recognised training standards in tourism-related trades, including culinary arts.

The government also plans to finalise an integrated Tourism Master Plan incorporating the sector's potential, diversity and modern creative themes.

For global marketing of creative products, the government will support Bangladeshi content creators and companies in accessing international markets. A national brand titled "Made in Bangladesh" will be launched to showcase the country's creative potential at international festivals and markets.

The government also plans to establish technologically advanced studios meeting international standards to support the film industry and participation in OTT platforms.

A performance-based grant scheme will be introduced to provide financial support to new entrepreneurs and promote export-ready commercial projects in the creative sector.

The budget document also said initiatives would be taken to integrate rural artisans into global value chains, improve product quality and diversify designs while bringing artisans into mainstream financing and development processes.

A senior Finance Ministry official said the initial Tk 3.0 billion allocation would support development of the creative economy in FY2026-27.

"In addition, a further Tk 5.0 billion will be mobilised from the Corporate Social Responsibility (CSR) sector of Bangladesh Bank," the official said.

Thailand is preparing to overhaul the rules and investment incentives governing data centres, with the government seeking to ensure that future projects deliver measurable benefits to the Thai economy while managing their heavy demands on electricity and water.

Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas said the policy review was intended to keep pace with rapidly evolving technology and ensure that investment in the sector creates genuine economic value for Thailand.

The government and the Board of Investment (BOI) have already begun reassessing how data centre projects are screened, with greater attention being paid to benefits to Thailand, energy and water efficiency, and environmental impacts.

Until now, government policy has largely focused on attracting data centre investment through BOI incentives. Rapid growth in the industry, however, has prompted a broader reassessment of that approach, with investment value alone no longer expected to determine whether a project deserves government support.

Incentives to be tied more closely to benefits for Thailand

Under the revised approach, authorities will look more closely at what Thailand receives in return for granting incentives. A key consideration will be how individual projects benefit Thai people and contribute to the domestic economy.

The assessment will therefore go beyond the amount of capital brought into the country. Authorities will also consider whether projects strengthen Thailand’s digital infrastructure, generate wider economic activity and create meaningful domestic benefits.

“This review is a complete overhaul, with the value to the country’s economic system as the starting point. We must consider comprehensively how the benefits will accrue to Thai people, while also taking environmental issues involving water and electricity, as well as the various incentives, into account,” Ekniti said.

Resource consumption is another central concern because large data centres require substantial amounts of electricity and can use significant volumes of water for cooling. Electronic waste generated by their operations also needs to be properly managed.

The new framework is therefore expected to place clearer requirements on operators to account for their electricity and water consumption, with the aim of preventing rapid digital industry expansion from placing an excessive long-term burden on Thailand’s energy and natural resources.

As AI and data centre activity expands, the government faces the challenge of accommodating rising infrastructure demand without compromising energy and resource security.

The policy review is intended to strike a balance between attracting investment and ensuring that the country’s electricity and water systems can support it sustainably.

Ekniti acknowledged that Thailand does not yet have a fully unified system for overseeing the entire data centre industry.

Some operators can establish businesses in Thailand without applying for BOI investment promotion. This limits the government’s ability to manage the sector as a whole, particularly in areas such as resource consumption and the effects of large projects on the power system.

The government therefore wants a regulatory mechanism that extends across the industry, covering both projects receiving BOI privileges and data centres established through other investment channels.

The Cabinet on August 5 approved a draft Prime Minister’s Office regulation establishing a national policy mechanism for the data centre sector. It is intended to coordinate policies, standards and guidelines used by government agencies when approving, licensing or promoting data centre projects, or providing services to data centre operators.

The broader approach is expected to involve agencies responsible for investment, energy and natural resources, including the BOI, the Ministry of Energy and the Ministry of Natural Resources and Environment.

The change represents a shift away from treating data centres purely as investment projects towards viewing them as strategic infrastructure whose development intersects with the economy, technology, energy security and environmental management.

Thailand’s reassessment comes amid a broader international shift in the treatment of data centres. Governments, regulators and cities in several countries have introduced or proposed restrictions as the rapid expansion of AI drives concerns over electricity costs, water consumption, land availability and pressure on local infrastructure and communities.

Australia plans to establish an Office of AI to coordinate AI policy and standards. The planned framework will include requirements governing where large data centres can be built and how they use electricity and water.

The Australian government has indicated that legislation is expected to be introduced early next year. Australia currently has no dedicated AI law and instead relies on privacy and consumer protection legislation alongside a voluntary AI ethics framework.

European cities tighten controls on power and land

Amsterdam imposed a one-year moratorium on new data centre developments in 2019. In April 2025, the Dutch capital went further by barring new facilities or expansions within the municipality until at least 2030.

At national level, the Netherlands introduced restrictions on hyperscale data centres in 2022, limiting them to two designated areas. Microsoft nevertheless secured approval in January 2026 for an Amsterdam project divided into three separate towers, each falling below the relevant size threshold.

Around Dublin, Ireland’s grid operator had effectively blocked new data centre connections from 2021 amid concerns that the facilities were putting pressure on electricity infrastructure. That restriction ended in December 2025, but new connections are now required to provide their own on-site power generation.

Denmark, meanwhile, has proposed legislation that would place new data centres at the bottom of the priority list for grid connections as available capacity becomes tighter.

The proposal has the backing of parties representing around 80 percent of the Danish parliament and would give priority to households, healthcare, industry, transport and renewable energy projects.

US states impose restrictions and moratoriums

Several US states and local authorities have also tightened their approach.

In Pennsylvania, Governor Josh Shapiro signed an executive order requiring companies seeking to develop AI data centres to meet environmental and transparency safeguards and secure approval from local communities.

The order also removed data centres from the state’s Fast Track permitting programme and barred agencies under the governor’s authority from signing non-disclosure agreements with developers.

Texas Governor Greg Abbott ordered a pause on approvals for new data centre projects through the state’s grid interconnection process amid concerns that rapidly rising electricity demand could threaten reliability.

Developers will also have to disclose more information on projected electricity and water use, tax incentives, ownership structures and measures intended to reduce effects on surrounding communities.

New York Governor Kathy Hochul imposed a one-year construction moratorium on data centres consuming 50 megawatts or more, making New York the first US state to enact a full moratorium of this kind.

During the suspension, the state’s Department of Environmental Conservation will withhold new discretionary permits while standards are developed for assessing the environmental effects of data centres.

In Maine, Governor Janet Mills vetoed bipartisan legislation that would have imposed an 18-month moratorium on new data centres consuming more than 20 megawatts. Mills supported the principle of a temporary pause but objected to the bill because it did not provide an exception for a specific project in the town of Jay.

Residents of Monterey Park, California, took an even stronger position in June 2026, voting to permanently prohibit data centres following community opposition to a planned development.

The international trend highlights how the AI boom is increasingly becoming an infrastructure and resource-management issue as well as a technological one. For Thailand, the policy challenge is similarly shifting towards how to accommodate digital investment while protecting electricity and water security, managing environmental effects and ensuring that the economic gains remain within the country.

Canadian Prime Minister Mark Carney announced retaliatory tariffs on the United States on Saturday, after walking away from a "bad deal" on trade in a deepening rift between the longtime allies.

Negotiations between the neighboring countries broke down Friday in Washington, putting into force new 50-percent US tariffs impacting about $20 billion worth of goods, or 5.5 percent of Canadian exports to the United States.

Impacted products range from hockey sticks to cement.

"You're at war when you get attacked. We got attacked," Carney said.

US President Donald Trump had said Washington "should be able to have a deal with Canada," citing his "good relationship" with Carney.

But on Saturday, Canada's prime minister said Trump set conditions that were ultimately unacceptable even though earlier talks had been positive.

"In recent days, the United States proposed new terms that were uneconomic, unfair and undermined the net benefits for Canada, and called into question the reliability of any deal," Carney said in Ottawa.

"We cannot accept what they've offered, and we will not give what they've asked."

New Canadian tariffs will notably target the US steel and dairy industries and take effect on September 8. More details would come next week, Carney said.

A senior US official characterized this week's talks in Washington as candid and not acrimonious.

US Trade Representative Jamieson Greer told Fox News on Saturday that Washington was "moving forward with measures that respond to Canadian retaliation." He also said no new talks were planned with Canadian negotiators.

'Significant pressure'
Canada has been seeking relief from Trump's tariffs on autos, steel and aluminum, which have battered the country's economy, forced job losses and strained what was once an iron-clad trade relationship.

The White House had alleged "discriminatory treatment" by Canada against US alcohol, automobile and dairy products in introducing the duties.

They were originally set to take effect Wednesday, before Trump issued a three-day reprieve citing progress in talks.

Carney said one reason the deal collapsed was US negotiators at the 11th hour introducing restrictions on Canadian trade deals with other countries.

US negotiators also made unacceptable "threats" to the French language and "Quebec culture," he said, referring to the French-speaking province in eastern Canada.

The escalating trade war was met with anger by Democratic lawmakers and governors from border states including Minnesota, New York and Washington, blaming Trump for triggering chaos that will raise costs on US businesses and families.

"Needlessly picking fights with our allies and raising prices here at home. That's Trump's economic policy in a nutshell," New York Governor Kathy Hochul posted on X.

Beyond the latest tariffs, the US and Canada still have to agree on revisions to the North American free trade agreement, USMCA, which Trump declined to renew in its current form.

Trump's threats to make Canada the 51st US state have also antagonized Canadians.

Lunch money
Carney has repeatedly said relations with the US have been forever altered, and that Canada must reduce reliance on its southern neighbor, which currently accounts for roughly 70 percent of Canadian exports.

"We've been under no illusions. We recognized from the start that America has changed," Carney said Saturday. "We recognize that sometimes, its signature was written in pencil."

Carney spoke with provincial leaders to outline next steps.

One of them, Ontario Premier Doug Ford, said Canadians must remain united.

Trump "can't be trusted, simple as that," Ford told reporters. "President Trump is the type of person who would steal your lunch money."

The Business Roundtable, a group of 200 chief executives of leading US corporations, warned the new tariffs "risk raising costs for American businesses and families," and urged both governments to resume negotiations.

Invest Bangladesh, the country’s new apex investment promotion agency, began operations yesterday, bringing the Bangladesh Investment Development Authority (BIDA), Bangladesh Economic Zones Authority (BEZA) and Public-Private Partnership Authority (PPPA) under one umbrella.

Operating under the Prime Minister’s Office, the new agency was formed following the publication of the gazette notification under the Invest Bangladesh Act, 2026. The Act came into effect on August 20.

The three agencies will continue to function as before, with existing investor services continuing under the new authority.

Their physical integration is expected to take place gradually, although their functions have already been brought under Invest Bangladesh.

The merger is intended to create a single front office and provide more coordinated support throughout the investment lifecycle.

Invest Bangladesh combines investment facilitation, policy coordination, economic zone development and public-private partnership functions, according to a statement from the agency.

The Act provides an integrated framework for economic zones, free-trade zones and other declared industrial areas, while setting out procedures and timelines for licences, approvals and government services.

A SINGLE WINDOW FOR INVESTORS

“This is more than an institutional merger. It is about organising the government more effectively around the investor,” said Ashik Chowdhury, chairman of Invest Bangladesh.

“By uniting our capabilities, we aim to provide clearer accountability and more coordinated support across the investment journey. We will continue to respect our heritage while forging new chapters as a bigger and stronger team.”

The move aims to give domestic and foreign investors a single point of access to government investment services, according to Invest Bangladesh.

Investors are expected to benefit from more coordinated access to approvals, registrations, import-export services, incentives, industrial zones and other government services.

The law also provides for investment and business services to be brought under a single digital platform, paving the way for single-window clearance and online processing of licences and approvals.

It also simplifies approval procedures for smaller public-private partnership projects and allows underused government land, facilities, shares and rights to be put to productive use.

Economic zones will remain a priority because they offer better access to utilities and transport networks, the agency said.

However, Invest Bangladesh will also facilitate projects outside economic zones, including through the use of underutilised state assets, depending on the project and investor requirements.

MERGER TO PROCEED IN PHASES

The merger will be implemented gradually, with the existing assets, records, agreements, liabilities and other matters of BIDA, BEZA and PPPA transferred to Invest Bangladesh.

Regular officers and employees of the three agencies will be absorbed into the new authority in equivalent positions, with continuity of service and existing benefits protected, according to Invest Bangladesh.

The three agencies have a combined sanctioned strength of 681 posts, of which 297 are currently filled, according to a manpower statement prepared for the merger.

BEZA has 172 employees against 348 sanctioned posts, while BIDA has 117 against 295 posts and PPPA has eight against 38. This leaves 384 vacant posts across the three agencies, with 176 at BEZA, 178 at BIDA and 30 at PPPA.

BIDA and BEZA officials are currently based at Biniyog Bhaban in Agargaon, while PPPA operates from a nearby building. PPPA will continue to operate from its existing premises for now and carry out its functions as before, a PPPA official said. The agency may eventually be relocated to Biniyog Bhaban, the official said.

Under the law, the Invest Bangladesh Authority will operate as a statutory body, with its headquarters in Dhaka. With government approval, it may establish branch offices across the country and liaison offices abroad.

The authority will be governed by a board comprising a chairman and seven members. The chairman will also serve as its chief executive.

Invest Bangladesh is expected to play a role similar to Invest India, Pakistan’s Special Investment Facilitation Council (SIFC) and the Board of Investment of Sri Lanka (BOI), all of which focus on promoting investment in their respective countries.

Around 2.5 lakh yards of chemically treated fabric have been damaged at Tithi Textile in Madhabdi, Narsingdi, after gas pressure remained at zero for the last four days, bringing production and generators to a halt, said Sonet Saha, the factory’s maintenance manager.

The damage is only part of the problem. Buyers from different countries are cancelling orders, while the factory is struggling to pay workers’ wages and may have to compensate buyers for their losses, said production manager Shihabul Islam.
Similar scenes are now common across Narsingdi, where a severe gas shortage is forcing many factories to shut down and leaving large quantities of chemically treated fabric unusable.Narsingdi has more than 3,000 factories, including around 2,500 textile, dyeing, sizing, spinning and garment factories. Around 400 of them depend on gas and need an uninterrupted supply at 10-15 PSI (pounds per square inch), according to local businessmen.

The national gas crisis began on July 21 after a technical fault at a floating LNG terminal off Moheshkhali in Cox’s Bazar disrupted supplies. Repeated supply problems have since affected power plants and factories, hurting industries that serve both export and domestic markets.

Against daily demand of 3,800 mmcfd, gas supply fell from around 2,650 mmcfd (million cubic feet per day) before the disruption to 2,175 mmcfd on August 19. It rose slightly to 2,300 mmcfd on Saturday, according to Petrobangla.

The crisis in Narsingdi began in the first week of August and became much worse over the past five days. More than 100 factories have been forced to shut, said Abdullah Al Mamun, spokesperson for the Bangladesh Textile Mills Association (BTMA) and managing director of Abed Textile Processing Mills Ltd.

A visit to 11 industrial establishments in Narsingdi Sadar and Madhabdi found most boilers shut because of the gas shortage.Technicians said chemically soaked fabric normally has to be processed within 16 hours. But in some areas, gas pressure has remained at zero for three to four days, stopping machines and making fabric left midway through processing unusable.

Nannu Molla, general secretary of the Chowala Textile Owners Association, said the pressure had not improved, leaving piles of chemically treated grey fabric on factory floors.

“The fabric has been lying there for a long time and has started to rot and smell bad. We want the government to resolve the crisis immediately,” he said.

Md Bipul Molla, proprietor of Moslem Weaving in Madhabdi, said production had fallen sharply because factory owners could not predict when gas and electricity supplies would be available.

At Bhai Bhai Sizing Mill in Chowala, only two employees were found during a visit. Owner Ataur Rahman Mithu said he had closed the factory indefinitely because of the lack of gas pressure.

“How can we keep workers idle and continue paying their wages? We have given them leave until further notice. We will resume operations as soon as we get gas,” he said.

“Many of us have taken bank loans to run our businesses. If this situation continues, we will have no choice but to sell our factories and end up on the streets,” he added.

Selim Ahmed, son of the owner of Habib Textile Mills in Madhabdi, said the industry was already struggling with a business slowdown, rising production costs, competition from modern machinery and growing debt.

“The gas and power crisis over the past month has made the situation even worse. Production may stop, but workers’ salaries, fixed costs and loan instalments continue,” he said.

Nizam Uddin Bhuiyan Liton, chairman of the Bangladesh Textile Dyeing and Printing Association, Narsingdi, and owner of Madhabdi Dyeing Finishing Mills Ltd, said Narsingdi supplies around 75 percent of the country’s fabric demand.

“Now that gas and electricity supplies are unavailable, around 80 percent of the mills in Narsingdi and Madhabdi have shut down. If the crisis continues, we will not be able to pay workers’ wages, gas and electricity bills or meet other expenses. We will be left with nothing,” he said.

He said saving the industrial units should be a top priority because thousands of workers and their families depend on them.
Google News LinkFor all latest news, follow The Daily Star's Google News channel.

DAILY LOSSES MOUNT AS COSTS RISE

Abdullah Al Mamun said Narsingdi has gas infrastructure, but industrial factories are not receiving enough gas. As a result, 1-1.5 crore yards of fabric are being damaged during dyeing, printing and processing.

He estimated that industrial units in Narsingdi are losing Tk 400-500 crore a day, leaving factory owners who took bank loans in serious financial difficulty.

“Businesspeople were already frustrated by the natural and man-made disasters the country has faced in recent years. Now we are facing a severe gas and electricity crisis. Earlier, we talked about shortages, but now there is virtually no supply at all,” Mamun said.

“If this situation continues, factory owners will be unable to pay workers’ wages, bank interest, utility bills and other expenses as the end of the month approaches,” he said.

He also warned that prolonged uncertainty could increase worker dissatisfaction and create a risk of unrest and disruption.

Mamun urged the government to set a clear timeframe for restoring gas and electricity supplies to normal.

Rashedul Hasan Rintu, president of the Narsingdi Chamber of Commerce and Industry, said even alternative fuels had failed to keep factories operating at full capacity.

Mohammad Badrul Huda, deputy director of the Department of Environment in Narsingdi, said some factories use jhut, or textile waste, as fuel but are not allowed to use wood.

“Environmental laws require permission from the Forest Department to cut down any government or private tree. In reality, these laws are not being followed, causing environmental damage,” he said.

However, a visit to the Chowala industrial area found workers at some factories burning wood in steam boilers. Md Shakhawat, a boiler operator at Haque Textile, said factories had turned to wood because the price of textile waste had increased.

Each factory is spending more than Tk 12,000 a day on firewood, he said.

Maksudur Rahman, manager engineer of Titas Gas’s Narsingdi office, said the government had ordered priority gas supply to the Ghorashal-Palash Urea Fertiliser Factory. The factory was receiving gas at 200 PSI, while the remaining supply was being shared among CNG stations, industries and residential consumers.

Titas could not meet the demand of factory owners because of the ongoing gas crisis, he said.

“The situation may improve next week,” Rahman added.

The Invest Bangladesh Authority, formed by merging the Bangladesh Investment Development Authority (Bida), Bangladesh Economic Zones Authority (Bepza), and Public-Private Partnership Authority (PPPA), formally began operations by unveiling a new logo yesterday (23 August), its first working day.

Operating under the Prime Minister's Office, the authority will serve as the country's apex investment promotion agency.

The new authority aims to provide investors with a single, coordinated platform for approvals, registrations, import-export services, incentives, industrial zones and other government services.
The Invest Bangladesh Act, 2026, which came into force through a gazette notification on 20 August, provides the legal framework for the merger. It also sets out provisions for defining procedures and timelines for licences, approvals and government services.

The government expects the unified structure to make it easier to attract domestic and foreign investment by providing a one-stop service and reducing fragmentation among investment-related agencies.

Chowdhury Ashik Mahmud Bin Harun, popularly known as Ashik Chowdhury, has been appointed chairman of the Invest Bangladesh Authority for one year on a contractual basis. He previously served as executive chairman of Bida, and Beza and chief executive officer of PPPA.

Nahian Rahman Rochi and Air Vice Marshal (Retd) Md Shaharul Huda have also been appointed members for the same period. Both previously served as executive members of Bida.

The government also promoted Md A Razzaque Sarker, director general of the Government Employees Hospital, to the secretary rank and appointed him as a member of the authority.

The appointments were announced through separate gazette notifications issued by the Ministry of Public Administration on 21 August.

"This is more than an institutional merger. It is about organising the government more effectively around the investor," Ashik Chowdhury said. "By uniting our capabilities, we aim to provide clearer accountability and more coordinated support across the investment journey."

Rochi told TBS that the initiative came from investors' demand for a single point of access to government services.

"Our objective will be to make the Invest Bangladesh Authority that single point of access, providing investors with a more coordinated, seamless and accountable experience throughout their investment journey," he said.

The authority will also continue operating BanglaBiz, the country's single digital platform for investment services, offering online and time-bound access to business licences and permits.

A visit to the authority's office in the capital found officials from Bida and Beza working from their existing rooms and desks yesterday. Former PPPA officials were also continuing to work from the agency's previous office in Agargaon.

Officials said there are plans to eventually bring employees of all three agencies under one roof. For now, however, they are carrying out their new responsibilities from their existing offices.

Regular officers and employees of the stakeholders will be absorbed into the Invest Bangladesh Authority in equivalent positions, with continuity of service and existing benefits protected.

Consultants, outsourced personnel and daily-wage workers will continue under their existing contracts or orders.

Deposits in no-frill accounts (NFAs) increased 23.93 percent year-on-year to Tk 9,010 crore at the end of the April-June quarter of 2026, according to Bangladesh Bank data.

The total number of NFAs stood at 3.66 crore in the June quarter, an increase of 9.98 percent from the same period of the previous year.
NFAs are low-cost accounts opened with initial deposits of Tk 10, Tk 50 or Tk 100 for low-income people, students aged up to 25, street children and working children.

Excluding student banking, street children and working children accounts, the number of Tk 10/50/100 accounts stood at 2.95 crore, with deposits of Tk 5,490.92 crore.

Accounts under social safety net programmes accounted for the largest share, at 36.78 percent, followed by farmers’ accounts at 36.33 percent.

NFAs also play an important role in distributing inward remittances. Cumulative remittances received through these accounts reached Tk 835.43 crore by June.

During the quarter, 7.87 lakh new student banking accounts were opened under Bangladesh Bank’s latest guidelines.

A total of 40,607 accounts for street children and working children were also maintained by 18 banks with support from 49 nongovernmental organisations.

Bangladesh Bank has taken various initiatives to ensure access to financial services for people from all segments of society. As part of these initiatives, the central bank has instructed banks to open accounts for marginalised people with initial deposits of Tk 10, Tk 50 or Tk 100.

These accounts require neither a minimum balance nor any service charge or fee. Relatively higher interest rates than those on existing savings accounts are offered on these accounts to support low-income people.

Generally known as no-frill accounts, NFAs target farmers, readymade garment workers, extremely poor people and beneficiaries of social safety net programmes, among others.

The accounts also include student banking accounts, which allow students aged up to 25 to open accounts with an initial deposit of Tk 100.

Up to the June 2026 quarter, the government had disbursed subsidies or salaries to 7,189,291 NFAs held by various groups of marginalised people.

Runner Automobiles PLC is set to manufacture cars of Chinese electric vehicle maker BYD in Bangladesh, marking a strategic shift for the company beyond its traditional two- and three-wheeler business.

Runner has completed a technical agreement with BYD following a feasibility study, paving the way for local production of BYD electric cars. The company will invest in factory expansion and machinery for EV manufacturing, according to a disclosure on Dhaka Stock Exchange website yesterday.
The move comes as Runner’s financial performance is recovering from a sharp downturn. Standalone revenue rose 28 percent to Tk 563 crore in FY2024-25, while operating profit increased to Tk 110 crore. Net profit recovered to Tk 7 crore from a loss of Tk 70 crore in FY2022-23.

However, high financial expenses continue to weigh on earnings, making the EV investment both a growth opportunity and a financial challenge.

Runner’s board has approved raising Tk 250 crore through preference shares, with at least half of the proceeds to be converted into equity later. The company also plans to double its authorised capital to Tk 400 crore from Tk 200 crore, subject to regulatory approval.

For BYD, local manufacturing would establish a production foothold in Bangladesh after the Chinese EV maker entered the market through imports in 2024.

Runner will continue importing and marketing BYD vehicles until local production begins, said an official of the company.

The market has already responded positively. Runner Automobiles’ share price rose 1.53 percent to Tk 53 yesterday, close to its 52-week high of Tk 54.

The country's premier bourse started the week on a dismal note as the benchmark index shed over 60 points today (23 August), ending a temporary breather from the previous session.

Investor sentiment was severely dampened by the ongoing energy crisis and uncertainty surrounding the upcoming earnings and dividend announcements for June-closing companies, according to market insiders.

The benchmark DSEX index of the Dhaka Stock Exchange (DSE) plummeted by 63 points, or 1.10%, to settle at 5,722. The blue-chip DS30 index followed a similar trajectory, falling 17 points to close at 2,145.

Market breadth was overwhelmingly bearish, with 324 issues declining compared to only 32 advancing, while 30 remained unchanged.

Despite the sharp fall in prices, market participation saw a slight uptick, with total turnover rising 6% to Tk711 crore.

According to EBL Securities' daily market review, the capital bourse resumed its downtrend as the persistent energy crisis continues to stifle industrial production.

Concerns are growing over an increase in factory shutdowns and greater reliance on costly alternative sources of power, which are expected to put further pressure on corporate earnings in the coming quarters, the brokerage said.

Sheltech Brokerage Limited noted that the market witnessed significant intraday volatility.

While buying interest in the early minutes lifted the benchmark index to a high of 5,814.13 points, sellers quickly regained control. Selling pressure intensified sharply in the late session, dragging the DSEX toward its intraday low of 5,715.98 points before closing near that level.

On the sectoral front, the textile sector dominated market activity, accounting for 23.3% of the day's total turnover, followed by general insurance at 13.8% and pharmaceuticals at 11.9%.

Performance across segments was almost entirely negative; the financial institutions sector faced the steepest correction of 2.5%, followed by general insurance and life insurance. In a rare divergence, the ceramic sector emerged as the lone gainer with a marginal 0.8% return.

Individual stock performance featured GBB Power as the top gainer with a 9.55% surge, followed by Sharp Industries and Emerald Oil.

On the losing side, Nurani Dyeing, New Line Clothings, and Tung Hai Knitting were among the worst performers.

The bearish trend was mirrored at the Chittagong Stock Exchange (CSE), where the broad CASPI index dropped by 61 points to settle at 15,429. Trading activity in the port city bourse saw a catastrophic decline, with turnover plunging by 66% to reach only Tk6.46 crore.

India has received 29 foreign direct investment proposals worth 48.95 billion rupees ($511.5 million) under a new automatic route that allows investors from land-bordering countries, including China, to hold non-controlling stakes of up to 10 percent, the government said on Friday.

The investments span information technology, artificial intelligence, manufacturing, pharmaceuticals, data centres and transport services, India’s commerce and industry ministry said.

The disclosures offer an early indication of investor use of rules introduced in May that eased approval requirements for companies with limited, non-controlling ownership from countries sharing a land border with India.

Under the revised framework, investors with non-controlling ownership of up to 10 percent from land-bordering countries, mainly China, may invest through the automatic route, subject to applicable sectoral caps and other conditions.

Previously, foreign investors with any beneficial ownership linked to countries sharing a land border with India generally needed prior government approval under rules introduced in 2020, including where such ownership was small.

“The 29 investments have been reported by investors/entities based in jurisdictions including Mauritius, the United States, the Republic of Korea, Japan, Singapore, Luxembourg and the Cayman Islands,” the ministry said in a statement.

The Bangladesh Securities and Exchange Commission (BSEC) has moved to update the regulatory framework governing merchant bankers and portfolio managers after nearly three decades, aiming to strengthen licensing requirements, eligibility criteria, financial capacity, risk management and fiduciary duties towards investors.

The commission has formed a four-member committee to review and amend the Securities and Exchange Commission (Merchant Banker and Portfolio Manager) Rules, 1996. The BSEC's Law Department's CMRRC Department recently issued an order in this regard.

BSEC Director Md Mahmudul Haque has been appointed chairman of the committee. Its other members are Additional Director Mohammad Golam Kibria, Assistant Director Amit Kumar Saha and Assistant Director Md Mehran Ali, who will serve as member secretary.

The committee has been tasked with reviewing the existing rules and submitting a report containing necessary amendment proposals within 30 working days.

The move comes as the regulatory framework for merchant bankers and portfolio managers, introduced in 1996, has remained largely unchanged despite significant changes in the country's capital market and financial sector over the past three decades.

The framework may also strengthen requirements for managing investors' money and assets, protecting client interests, maintaining confidentiality, managing conflicts of interest and ensuring accountability for failure to discharge responsibilities.

Merchant bankers currently undertake issue management, underwriting and portfolio management. Their role is also expanding into corporate bonds, sukuk, SME listings and other financial products. The revised rules may define the activities that different types of merchant bankers can undertake based on their capacity and risk profile.

BSEC Executive Director and spokesperson Md Abul Kalam told TBS that the 1996 rules are outdated and need to be updated in line with current market conditions. The commission is also reviewing licensing conditions, activities and eligibility criteria for merchant bankers based on national and international practices.

Particular attention will be given to the activities of full-fledged merchant bankers and their fiduciary duties towards investors, he said.

The existing rules were introduced in 1996 based on the capital market structure at the time. Since then, the market has expanded significantly, while financial products, investment patterns and technology-driven services have undergone substantial changes.

Although the rules have been amended at different times, the version available on the Bangladesh Securities and Exchange Commission (BSEC) website was last updated on 24 August 2021.

The revised framework is expected to clarify licensing requirements and the scope of merchant banking activities, strengthen accountability in managing investors' funds and create greater opportunities for capable institutions to introduce new financial products.

Scammers reach people in many ways, including phone calls, text messages and social media advertisements. But recent accounts from victims show that Facebook has become a favourite hunting ground, especially for lower and middle-income people facing financial difficulties and with little knowledge of cybercrime and fraud.

The bait is usually simple -- easy and cheap loans or high, quick returns on small investments.

Take Touhida Akter, a homemaker, who came across a Facebook page offering loans of between Tk 50,000 and Tk 5 lakh. The interest rate was just 5 percent, far below what banks charge now.

As the housewife was struggling financially and badly needed cash, she contacted the page, which identified itself as “Ashar Alo Foundation”. Touhida was asked to pay Tk 450 for a loan application form and stamp.

After making the payment, she was asked to deposit Tk 1 lakh as a refundable security deposit, which would be returned after she paid two instalments. Desperate to get a Tk 5 lakh loan, Touhida deposited her life savings.

“But after the money was transferred, the page stopped responding,” the housewife recounted to The Daily Star.

Embarrassed by what had happened, Touhida said she had not even told her family.

She is among many people who have fallen victim to online loan scams operating through social media platforms.

LOAN APPS HARVEST CASH, PRIVATE DATA

As with social media pages, scammers are also defrauding people through mobile phone applications.

Rabiul Alam, a private-sector employee and one of the victims, said some apps simply steal money, while others offer loans at extremely high interest rates, sometimes as high as 800 percent.

During the installation of those apps, scammers get control of borrowers’ private information, including contacts, photos and videos, from their phones.

When borrowers refuse to pay the inflated interest demanded by the scammers, they face cyber harassment and threats to make their private information public.

Rabiul was defrauded through an app called FinCash, which offered loans of up to Tk 30,000. Similar apps and websites include Money, PopKash, CashNow, Drutoloan, Fast Loan, Shathi Loan and Quickloan.

The Bangladesh Bank says such loan-offering apps are illegal.

ONLINE TRAPS SPREAD TO GAMBLING, CRYPTO

Loans are not the only bait of online scam. Numerous websites and social media pages offer gambling, betting and cryptocurrency trading, all of which are illegal in Bangladesh.

Law enforcement agencies say they have found some mobile financial service providers allegedly facilitating loan transactions and other unauthorised dealings during their investigations.

A Bangladesh Bank inspection found that Fasset, a UAE-based virtual asset platform established in 2019, operates in Bangladesh through its website, mobile app and social media channels.

The inspection report said the company is licensed by Dubai Virtual Assets Regulatory Authority (VARA), but is not authorised or licensed to operate in Bangladesh.

Although its primary markets include the UAE, Indonesia, Malaysia, Pakistan, Turkey and Bangladesh, Fasset reportedly allows Bangladeshi users to access its services.

Bangladeshi users can register on the Fasset app and use its peer-to-peer (P2P) marketplace, a senior central bank official said.

He said users can purchase USDT (Tether) by transferring Bangladeshi taka through local bank accounts or mobile financial services.

“Users can then use the USDT to buy cryptocurrencies such as Bitcoin and Ethereum, or sell them back for taka,” he said.

In a recent notice, the Bangladesh Bank said some entities are using social media and other online and offline channels to lure people with promises of unusually high returns and defraud them.

“In many cases, fraudsters steal money by tricking customers into sharing one-time passwords (OTPs) or by falsely claiming to offer refunds, social safety net payments, Hajj-related funds, or other government benefits. As a result, many people are suffering financial losses.”

The central bank advised the public not to engage in financial transactions with such entities, saying that customers who choose to transact with them will bear responsibility for any resulting losses.

SCAMMERS TARGET PEOPLE WITH FEWER OPTIONS

Md Ezazul Islam, director general of the Bangladesh Institute of Bank Management (BIBM), said illegal apps target lower and middle-income people, particularly those facing financial difficulties and with little knowledge of cybercrime and fraud.

The central bank and the government should raise awareness of such fraud and illegal websites and apps through notifications and other means, said Ezazul, a former Bangladesh Bank official.

Law enforcement and intelligence agencies should also be more active in detecting such fraud and taking action against those involved, he said.

Arief Hossain Khan, executive director and spokesperson of the Bangladesh Bank, told The Daily Star that financial intelligence matters are handled by the Bangladesh Financial Intelligence Unit (BFIU), while criminal investigations fall under law enforcement agencies.

The central bank becomes directly involved when banks are implicated, he said.

Payment service providers (PSPs) and mobile financial service (MFS) operators are regularly inspected by the Payment Systems Department, while operators themselves often identify suspicious transactions and take action, according to the central bank spokesperson.

“However, it is impossible for operators to screen every transaction, meaning some suspicious transactions may go undetected,” he said.

NEW LAW TARGETS ONLINE GAMBLING

The government recently enacted the Gambling Prevention Act, replacing the colonial-era Public Gambling Act, 1867, to tackle online gambling, sports betting and digital gambling networks.

The new law criminalises not only conventional gambling but also various activities conducted through digital and virtual platforms. These include online and remote gambling, online betting, sports betting, live betting, casino betting, virtual betting, fantasy betting and e-sports betting.

The law also covers placing bets involving money through digital games or platforms, as well as using digital wallets, mobile apps, websites and servers for gambling purposes.

The offence carries a prison sentence of two to seven years and a fine ranging from Tk 2 lakh to Tk 5 crore under the law.

The BFIU is also working to combat gambling, betting, cryptocurrency trading and other forms of fraud conducted through e-commerce.

Iqtiaruddin Md Mamun, head of the BFIU, told The Daily Star that the agency is taking strict action against gambling, betting and other forms of digital fraud.

The BFIU detected and closed more than 20,000 mobile financial service accounts last month that were linked to gambling, betting and cryptocurrency trading, he said.

Syed Harun Or Rashid, joint police commissioner of the Cyber Security and Support Centre (South) at Dhaka Metropolitan Police, told The Daily Star that police take complaints seriously and investigate them to identify those involved and bring them to justice.

“When victims approach us, we advise them to file cases, and we investigate based on verified information rather than complaints alone. We also monitor social media for online gambling and other forms of fraud. In some cases, we initiate cases based on our own findings.”

Harun said currently they have around 4,000 general diaries (GDs) and more than 250 pending cases related to such crimes.

“Online fraud has become so widespread that people must also remain vigilant,” he said.

Energy experts, industry representatives and renewable-energy advocates have opposed a proposed "cross-subsidy surcharge" on customers buying electricity directly from private merchant power plants, arguing that they should not have to bear the financial losses of state-run utilities.

The issue came up at a public hearing of the Bangladesh Energy Regulatory Commission (BERC) yesterday (23 August) at the International Mother Language Institute in Dhaka on proposed charges for merchant power plants.

Under the open-access framework, large industrial consumers will be able to buy electricity directly from privately owned merchant power plants, including renewable-energy projects, while using state-owned transmission and distribution networks.

Distribution companies have proposed the cross-subsidy surcharge to compensate for potential revenue losses as large customers shift to merchant power.

Stakeholders said they were willing to pay reasonable transmission and distribution charges based on actual network use but opposed additional fees intended to compensate utilities for lost revenue.

They warned that such charges could make merchant power commercially unviable and discourage private investment, particularly in renewable energy.

Professor M Shamsul Alam, energy adviser to the Consumers Association of Bangladesh, questioned the assumption that distribution companies would face a major revenue crisis if consumers bought electricity directly from private generators.

He said the distribution companies were profitable and collectively earned at least Tk1,500 crore between 2021 and 2025.

Abdul Hasib Chowdhury, a professor at Bangladesh University of Engineering and Technology, also questioned the basis of the surcharge.

"The cross-subsidy is arising from government policy. It seems that there is an attempt to recover that from merchant power. I find that problematic," he said.

Technical committee proposed lower charges

Stakeholders also raised concerns over differences between the charges proposed at the hearing and those recommended by a technical committee formed by the Bangladesh Power Development Board.

The committee submitted its report in February. An evaluation committee later reviewed the proposals before the BERC hearing.

The evaluation committee recommended an overall open-access tariff of Tk0.70-1.43 per kilowatt-hour, depending on the distribution utility and voltage level. The proposed transmission charge was Tk0.37-0.38 per unit.

Where a merchant power plant and its customer fall under different distribution utilities, an additional injection charge of Tk0.70-1.14 per unit was recommended.

Prof Shamsul criticised a proposed transmission charge of Tk0.47-0.48 per unit for merchant power users, compared with about Tk0.38 for government and private power plants.

He also questioned a proposed Tk0.50 energy management and settlement charge, calling for it to be based on actual service costs.

Mohammad Nure Alam, vice-president of the Merchant Power Plant Developers Association, urged the government to provide a favourable regulatory environment for renewable-energy-based merchant power.

He proposed waiving the cross-subsidy surcharge and other key charges for 10-15 years to help the emerging market develop.

Mostafa Al Mahmud, chairman of the Bangladesh Solar and Renewable Energy Association, said the government should allow the sector to grow without sovereign guarantees or subsidies.

Power Division representative Md Solaiman said the government wanted merchant power to remain commercially viable without creating an unsustainable financial burden.

BERC Chairman Jalal Ahmed, who presided over the hearing, said stakeholders could submit further observations and proposals in writing by August 27.