The country's premier bourse returned to negative territory today (22 July) as a sharp final-hour sell-off erased early intraday gains.

The benchmark DSEX index, which had successfully scaled past the 5,900-point threshold during the mid-session, ultimately succumbed to broad-based selling pressure, ending a volatile day with a 27-point decline.

The DSEX settled at 5,871 points, reflecting the growing anxiety among investors regarding proposed regulatory changes and escalating geopolitical tensions in the Middle East.

The blue-chip DS30 index followed suit, edging down by 3 points to close at 2,216.

Despite the fall in indices, market participation remained healthy, with turnover rising by 7% to reach Tk1,211 crore.

The insurance margin controversy

The market's volatility was primarily driven by controversy over the Bangladesh Securities and Exchange Commission's (BSEC) proposal to tighten margin lending rules for the insurance sector.

The draft rules, recently released for public feedback, have divided market participants.

The managing director of a leading brokerage firm told The Business Standard that influential investors, who have historically driven rallies in insurance stocks, are unhappy with the proposal.

"Rumours that the stricter rules are already a done deal have triggered panic among investors holding insurance scrips," he said.

However, more conservative investors support the move, arguing that excessive margin lending was a key factor behind the 2010 stock market crash.

Amid growing concerns, the BSEC recently clarified in a press release that the rules remain in the draft stage and will be finalised only after reviewing public feedback.

Market pulse and sectoral movement

According to the daily market review by EBL Securities, the market pulse was positive for most of the day, with the DSEX briefly reclaiming the 5,900-mark.

However, the sentiment soured in the final hour of trading.

"Investor caution prevailed due to unsettled policy uncertainties and the renewed escalation of conflict in the Middle East, which continues to weigh on the global risk appetite," the brokerage house stated.

The market breadth remained bearish, with 245 issues declining compared to 100 that managed to advance, while 44 remained unchanged.

The general insurance sector was the day's biggest laggard, dropping by 2.4%, followed by travel and life insurance.

In contrast, the mutual fund sector provided a rare silver lining, surging by 3.8%, while the food and telecommunication sectors posted marginal gains.

Top movers and draggers

The day's downturn was driven by corrections in heavyweight scrips, including LafargeHolcim Bangladesh, Square Pharmaceuticals, Walton, BSRM Limited, and Power Grid.

Textile stocks led turnover, accounting for 16.6% of the day's volume, followed by pharmaceuticals and mutual funds.

Among individual stocks, MBL First Mutual Fund hit the 10% upper circuit, followed by Prime Finance, BIFC, and Exim Bank First Mutual Fund. Premier Bank was the day's worst performer, losing 8.77%, followed by Usmania Glass and Sonar Bangla Insurance.

The bearish mood also prevailed at the Chittagong Stock Exchange (CSE), where the Selective Categories' Index (CSCX) fell 19 points to 9,633 and the All Share Price Index (CASPI) dropped 20 points to 15,778. Turnover at the port city bourse also remained subdued.

A technical glitch at one of the country’s floating LNG terminals has cut gas supply to the national grid by around 450 million cubic feet per day (mmcfd), or nearly 17 percent, worsening an already acute supply crunch across the country.

According to Petrobangla data, total gas supply was around 2,620 mmcfd against demand of nearly 3,800 mmcfd before the problem was detected on Tuesday.

Following the shutdown of the affected floating storage and regasification unit (FSRU), supply has dropped to 2,170 mmcfd.

The disruption has affected industries, power plants, and CNG (compressed natural gas) filling stations in different parts of the country.

In some areas, including Dhaka and its surrounding areas, lower gas pressure has prevented CNG stations from receiving adequate supplies, resulting in long queues and public suffering.

The government said relevant agencies and technical experts were working to fix the FSRU problem. However, it did not say when the terminal would return to normal operations.

At a briefing at the Secretariat yesterday, Monir Hossain Chowdhury, a joint secretary of the Energy Division, said the immediate gas supply disruption was linked to the FSRU malfunction rather than the Middle East conflict.

He said there was no crisis in fuel supply and accused some people of spreading “fake news” in this regard.

The country currently has around 344,000 tonnes of diesel in stock, while another 180,000 tonnes are expected to arrive by July 31, he said.

The stock is enough to meet national demand for about 48 days, he added.

Moreover, another 240,000 tonnes of diesel are scheduled to arrive in August, the joint secretary said.

Bangladesh’s dependence on the Middle East for fuel imports is limited, with crude oil being the main area of reliance.

“We used to bring fuel through the Red Sea, but we have found alternative routes,” he said, adding that there was no immediate risk of a fuel supply crisis.FSRU glitch cuts gas supply by 17%

Star Business Report

A technical glitch at one of the country’s floating LNG terminals has cut gas supply to the national grid by around 450 million cubic feet per day (mmcfd), or nearly 17 percent, worsening an already acute supply crunch across the country.

According to Petrobangla data, total gas supply was around 2,620 mmcfd against demand of nearly 3,800 mmcfd before the problem was detected on Tuesday.

Following the shutdown of the affected floating storage and regasification unit (FSRU), supply has dropped to 2,170 mmcfd.

The disruption has affected industries, power plants, and CNG (compressed natural gas) filling stations in different parts of the country.

In some areas, including Dhaka and its surrounding areas, lower gas pressure has prevented CNG stations from receiving adequate supplies, resulting in long queues and public suffering.

The government said relevant agencies and technical experts were working to fix the FSRU problem. However, it did not say when the terminal would return to normal operations.

At a briefing at the Secretariat yesterday, Monir Hossain Chowdhury, a joint secretary of the Energy Division, said the immediate gas supply disruption was linked to the FSRU malfunction rather than the Middle East conflict.

He said there was no crisis in fuel supply and accused some people of spreading “fake news” in this regard.

The country currently has around 344,000 tonnes of diesel in stock, while another 180,000 tonnes are expected to arrive by July 31, he said.

The stock is enough to meet national demand for about 48 days, he added.

Moreover, another 240,000 tonnes of diesel are scheduled to arrive in August, the joint secretary said.

Bangladesh’s dependence on the Middle East for fuel imports is limited, with crude oil being the main area of reliance.

“We used to bring fuel through the Red Sea, but we have found alternative routes,” he said, adding that there was no immediate risk of a fuel supply crisis.

At a meeting on alternative financing chaired by Finance Minister Amir Khosru Mahmud Chowdhury on June 20, the Bangladesh Bank governor proposed that the country’s first international sovereign bond should be a $50 million panda bond in China’s onshore market. An inter-ministerial committee will weigh it against a conventional dollar Eurobond.

The obvious objection is arithmetic. Against a Tk 9.38 lakh crore budget and external repayments heading towards $6 billion a year, $50 million would fund the government for only a matter of hours. But raising money is the wrong test for a debut. I argued last month that Bangladesh’s problem is not solvency but the absence of any market channel once the concessional cushion thins. The question is not how much to borrow, but what a first transaction is designed to achieve.

A well-designed debut produces things that money cannot buy later. The first is a price: a market rate for Bangladeshi sovereign risk, set by investors rather than inferred from a rating letter. The second is an apparatus: the disclosure and reporting machinery that a bond requires. None of this exists today. A debut is also a rehearsal: the ministry’s first order book and first pricing call, at a size where a mistake becomes a lesson rather than a crisis.

Pakistan has just shown what this looks like. In May, it became the first South Asian sovereign to issue a panda bond: about $258 million, priced with a 2.5 percent coupon and more than five times oversubscribed, more than five percentage points below the average on its outstanding dollar bonds. The difference was structure, not creditworthiness. Partial guarantees from the Asian Development Bank and the Asian Infrastructure Investment Bank lifted the instrument to a domestic AAA rating. Having worked on the privatisation of Pakistan’s state oil and gas companies a decade ago, I recognise the pattern. Its access to international capital has always depended on structure. Indonesia is pricing its own debut this week at around $1 billion, but it is investment grade and needs no guarantee. Bangladesh, rated B+ with a negative outlook, appears to investors much like Pakistan, and the same template applies: a small, credit-enhanced issue with proceeds ring-fenced for a named project.

The standard warning against sovereign bonds invokes Sri Lanka and Argentina. What undermined those borrowers was scale and purpose: billions raised at market rates to plug fiscal deficits, unhedged. A $50 million guaranteed instrument is a controlled experiment that makes failure less likely because the alternative is a debut done in a hurry, at scale, when repayments force the government’s hand.

The caveats should be on the record. A yuan bond will be seen by some as a tilt towards Beijing. A small instrument guaranteed by multilateral banks is a market transaction, not a political alignment, and the dollar Eurobond should remain under consideration in parallel. Yuan debt also creates a currency mismatch because Bangladesh earns dollars, not renminbi. A swap line or hedging against Chinese imports should therefore be built in from the start. And this would genuinely be a first. The Bangla Bond listed in London in 2019 was issued by IFC on its own balance sheet, and the sovereign’s signature has never been tested in international markets.

The committee’s terms of reference should define success in terms of capability rather than proceeds: engage the rating agencies before any mandate is awarded, and negotiate a partial guarantee with the ADB or AIIB based on the Pakistani model. A published debt strategy should identify a benchmark transaction and set a date. The governor’s $50 million figure is right, for better reasons than caution. The first bond is not the financing. It is the door.

Textile millers yesterday urged the government to introduce a special refinancing scheme for existing loans to export-oriented primary textile industries with a maximum interest rate of 5 percent.

The millers made the demand during a meeting with Prime Minister Tarique Rahman at his secretariat office in Dhaka. Bangladesh Textile Mills Association (BTMA) President Showkat Aziz Russell led the delegation.

They also urged the government to quickly implement the announced Tk 20,000 crore working capital support package through simplified procedures, project-based Credit Information Bureau (CIB) assessments, and temporary relaxation of CIB requirements for closed or partially operational industrial enterprises.

The manufacturers made the demand during a meeting with Prime Minister Tarique Rahman at his secretariat office
They also sought the adoption of a competitive policy framework through a coordinated tariff and tax structure, financial support measures, and export promotion policies for the primary textile and export-oriented readymade (RMG) industries in line with those of competing countries.

They also urged the Prime Minister’s Office to ensure the prompt and efficient delivery of government services to export-oriented industries.

In response, the prime minister directed the formation of a high-level committee comprising the commerce minister, the prime minister’s adviser on finance and planning, and the Bangladesh Bank governor, according to a BTMA statement.

The committee will convene its first meeting within one week to review the existing challenges facing the primary textile sector and submit its recommendations.

At the meeting, the BTMA handed over a Tk 5 crore cheque to the prime minister’s relief and welfare fund.

Meanwhile, a delegation of the board of directors of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), led by its president, Mahmud Hasan Khan, met with the prime minister yesterday.

The BGMEA leaders demanded an uninterrupted supply of gas and electricity to keep factories operational and ensure the timely shipment of export orders.

The delegation highlighted the adverse impact of the recent energy crisis on production and the increased operating costs incurred by factories due to their reliance on alternative power sources.

BGMEA also strongly requested the establishment of a dedicated mechanism under the Prime Minister’s Office to facilitate the prompt resolution of issues relating to customs, banking, gas, electricity, and other government services for export-oriented industries, according to a BGMEA statement.

The association also proposed that the prime minister introduce a permanent policy under which annual customs bond audits would be conducted by leading professional audit firms to eliminate the complexities associated with frequent audits by the National Board of Revenue and bond authorities.

In view of the inadequate cargo handling capacity at Hazrat Shahjalal International Airport, which has led to increased lead times, BGMEA requested urgent measures to construct a temporary cargo shed.

The leading trade body also requested the allocation of suitable government land in Gazipur, the country’s largest apparel manufacturing hub, to establish a modern specialised hospital for garment workers, ensuring affordable, quality healthcare services for millions of workers.

Power distribution and petroleum import are set to be privatised under sweeping reforms in Bangladesh's hard-up energy sector as the new government aims to cut subsidies and bring efficiency in the vital field.

Officials say the revamping plan comes as the sector has suffered from years of weak planning and growing dependence on imported fuels.

Power, Energy and Mineral Resources Minister Iqbal Hasan Mahmood disclosed the plans while addressing a policy conclave titled 'Energy Security & Transformation of Bangladesh' organised by Bonik Barta at the Pan Pacific Sonargaon in Dhaka on Wednesday.

The minister said the government received the prime minister's approval in principle to move ahead privatising electricity-distribution companies.

"I want to privatise all our distribution companies," he said. "The government can generate electricity and sell it in bulk, but retail distribution should be handled by the private sector."

He invited local entrepreneurs to submit proposals, saying that private operators would improve accountability, strengthen bill collection and reduce government's financial burden. Referring to India, he said electricity distribution in cities like Kolkata, Mumbai and Delhi was successfully managed by private companies, adding that Bangladeshi firms should also be capable of performing the same role.

Mahmood also said the government was considering allowing private companies to import petroleum products to encourage competition and reduce the state's role in fuel import.

The minister has described Bangladesh's energy sector as one that has been left without an effective long-term strategy over the past 17 years. While power-generation capacity had expanded to around 28,000 megawatts, he said, domestic fuel supplies had failed to keep pace.

"Not a single gas well has been drilled in the country over the past 17 years," he told the meet, adding that Bangladesh had become increasingly dependent on fuel imports.

He mentioned that three gas-fired power plants in the Khulna region remained idle because gas supply had not been secured, while construction of a pipeline from Bhola was continuing.

Referring to the recent disruption to one of the country's two floating LNG-import terminals, Mahmood said gas pressure had fallen across several regions, disrupting household supplies and compressed natural gas stations and triggering protests.

He stresses that Bangladesh must simultaneously increase domestic gas exploration and strengthen LNG-import infrastructure to ensure long-term energy security.

The minister said the government was trying to create greater opportunities for private investment across the energy sector.

He also announced plans to install 10,000 megawatts of solar power during the current government's tenure through utility-scale projects and cluster-based rooftop solar systems operated by private investors under net-metering arrangements.

Building owners installing rooftop solar facility would receive municipal tax rebates, while those unwilling to adopt solar power could face additional taxes.

Land has already been identified for large-scale solar projects, with tenders expected in August or September, he added.

State Minister for Planning Md Zonayed Abdur Rahim Saki attended the conclave as special guest.

Bangladesh Energy Regulatory Commission Chairman Jalal Ahmed warned that Bangladesh's domestic energy resources were steadily depleting.

He said domestic gas production had fallen from around 2,600-2,700 million cubic feet per day in 2016-17 to about 1,700 million cubic feet per day, while uncertainty remained over the country's remaining reserves.

Jalal Ahmed notes that Myanmar recently discovered an estimated 100 trillion cubic feet of offshore gas and India about 29 trillion cubic feet off Andhra Pradesh, whereas Bangladesh had not conducted offshore exploration in the Bay of Bengal for 17 years.

"Even if surveys began immediately," he said, "it would still take at least five years before any commercial discoveries could be confirmed."

During a panel discussion, East Coast Group Chairman Azam J. Chowdhury criticised a lack of transparency in policymaking, particularly changes to tax incentives for the solar sector.

He said investors required a predictable regulatory framework and argued that once businesses committed substantial capital, the government had a moral responsibility to ensure energy connections. Frequent supply disruptions, he added, were affecting industrial production and the wider supply chain.

World Bank Country Director for Bangladesh and Bhutan Jean Pesme described energy as a key driver of private investment, economic growth, employment, competitiveness and fiscal sustainability.

While acknowledging Bangladesh's achievements in expanding electricity access, he said the sector remained vulnerable because of its dependence on imported fuels and the persistent gap between supply costs and consumer tariffs.

According to Pesme, imports now account for around 30 per cent of Bangladesh's gas demand, 95 per cent of fuel-oil demand and 90 per cent of coal demand, exposing the economy to global price volatility and supply disruptions.

He added that declining domestic gas production and expensive power-generation contracts were placing increasing pressure on public finances.

Simeen Rahman, Chief Executive Officer of Transcom Group and Vice-President of the Metropolitan Chamber of Commerce and Industry, said industries required not only adequate electricity but also reliable and high-quality power supplies.

She said voltage fluctuations, outages and unreliable electricity disrupted production, increased operating costs and weakened competitiveness. Rising energy prices also pushed up the costs of running generators, transporting raw materials and distributing finished products, while many companies were unable to pass those additional costs on to consumers because of intense international competition.

Trust Bank Managing Director Ahsan Zaman Chowdhury said commercial banks became heavily exposed to industrial projects affected by gas shortages.

He said Trust Bank alone had between Tk 70 billion and Tk 80 billion invested in projects whose operations had been delayed because of inadequate gas supplies.

The Bangladesh Securities and Exchange Commission (BSEC) met with a visiting International Monetary Fund (IMF) technical assistance mission yesterday to discuss developing Bangladesh’s green and sustainability bond markets as part of efforts to strengthen sustainable finance.

The meeting, held at the BSEC building in Dhaka, was attended by Commissioner Tanwir Habib Rahman and senior BSEC officials. The IMF delegation was led by Suphachol Suphachalasai, team leader of the Climate Policy Diagnostic Technical Assistance Mission, according to a BSEC press release.

Discussions covered progress on a sustainable finance taxonomy, verification processes for bond issuance, impact reporting, external reviews, raising awareness among potential issuers, and identifying investor demand.

The two sides also discussed strengthening the regulatory framework for thematic bonds and agreed to improve coordination between BSEC and the IMF in these areas.

According to the press release, the meeting highlighted the role of the capital market in mobilising long-term financing for sustainable and climate-resilient investments in Bangladesh.

The participants also discussed ways to enhance the capital market’s capacity to channel funds into green investments and strengthen market infrastructure to support sustainable economic growth.

Google News LinkFor all lat

Jamuna Bank PLC has reported that its consolidated net profit jumped by 22% in the first half of this year.

According to its price-sensitive statement approved at a board meeting today (22 July), the bank posted a consolidated net profit of Tk378.29 crore in January-June of 2026, significantly higher than Tk311.25 crore recorded in the same period of 2025.

During the first half, its consolidated earnings per share stood at Tk4.03, which was Tk3.31 a year ago.

The bank said net profit increased due to higher investment income and lower provisions against loans and advances compared to the previous period.

Oil prices rose to a near six-week high on Wednesday, with Brent crude surpassing $95 a barrel, on mounting concerns about disruptions to Middle Eastern supply routes because of escalating hostilities between the US and Iran and threats to shipping by the Iran-backed Houthi militia in Yemen.

Brent crude futures were up $3.82, or 4.2 percent, at $94.83 a barrel at 0938 GMT after hitting a session high of $95.24.

US West Texas Intermediate crude climbed $3.65, or 4.33 percent, to $87.99. Both benchmarks touched their highest levels since June 11.

The US military said it carried out an 11th consecutive night of attacks on Iran. The US attacks came a short while after the Kuwaiti army said its air defences were intercepting Iranian drones.

As well as the renewed conflict over control of the Strait of Hormuz, the Iran-aligned Houthis have opened a new front in the war by threatening to target vessels carrying Saudi oil in the Bab el-Mandeb strait and announced a naval blockade of Saudi Arabia.

“The energy market now has the dual-strait worry, with the Bab el-Mandeb Strait looking like it could join the Strait of Hormuz as a hot spot, as traders closely watch shipping numbers in the Red Sea,” said Tim Waterer, chief market analyst at KCM Trade.

Bab el-Mandeb at the southern entrance to the Red Sea has become an increasingly important route for Saudi Arabian crude exports as traffic through the Strait of Hormuz has fallen sharply again since a ceasefire between the United States and Iran collapsed earlier this month.

Three oil tankers loaded with Saudi crude for China and India made U-turns in the Red Sea on Tuesday, heading towards the Suez Canal rather than braving the Yemeni coast.

“The (Houthi) threat has led tankers to divert which could further pressure the physical market and Saudi exports, contributing to push prices to the upside,” said Frank Walbaum, market analyst at trading platform Naga.com.

In response to the Houthi warnings, Asian refiners are seeking to ship crude oil from Saudi Arabia’s Red Sea port of Yanbu through the Suez Canal and around Africa.

While global oil stockpiles have drawn amid the conflict, the latest US data is showing some building of inventories.

Data from the American Petroleum Institute showed that US crude and distillate inventories rose last week, while gasoline stockpiles fell, market sources said.

The inventory data comes ahead of official figures from the US Energy Information Administration on Wednesday.

Bangladesh Foreign Minister Dr Khalilur Rahman met his counterparts from China, Russia, and the US on the margins of the ASEAN Regional Forum Foreign Ministers' Meeting on Wednesday in the Philippine capital, Manila.

These meetings covered a broad spectrum of bilateral relations, including trade, investment, energy and connectivity, as well as regional and international issues. During these meetings, the Bangladesh side underlined that the ‘Bangladesh First’ policy will guide Bangladesh’s external relations, a spokesman for the foreign ministry said on Wednesday.

The adviser to the prime minister for foreign affairs, Mr. Humaiun Kobir, is accompanying the foreign minister.

At the bilateral meeting with Chinese Foreign Minister Wang Yi, both sides resolved to advance a comprehensive cooperative partnership to jointly build a China-Bangladesh Community for a shared future. The two foreign ministers discussed further cooperation in regard to the repatriation of forcibly displaced Myanmar nationals, multi-modal transport corridors, trade and investment, and energy cooperation.

During the Bangladesh-Russia bilateral meeting, the Russian Foreign Minister Sergey Lavrov congratulated the Foreign Minister of Bangladesh on his election as the President of the 81st UN General Assembly. Both sides agreed to enhance cooperation in the energy sector.

Later in the afternoon, US Secretary of State Marco Rubio received the Bangladeshi foreign minister and discussed further strengthening US-Bangladesh ties. Foreign Minister Rahman invited Secretary Rubio to visit Bangladesh.

The Bangladesh foreign minister is leading the Bangladesh delegation to the 33rd ASEAN Regional Forum Foreign Ministers meeting and the 50th anniversary of the Treaty of Amity and Cooperation of Southeast Asia.

The Executive Committee of the National Economic Council (ECNEC) on Wednesday approved eight development projects involving an estimated cost of Tk 14,411.21 crore.

Of the total project cost, Tk 10,494.21 crore will come from the government's own funds, while Tk 3,550.44 crore will be financed through project loans.

The approvals came at an ECNEC meeting held at the Cabinet Division in the Bangladesh Secretariat, chaired by Prime Minister and ECNEC Chairperson Tarique Rahman.

Of the eight projects, three are new and five are revised.

The meeting was attended by Finance and Planning Minister Amir Khasru Mahmud Chowdhury, Local Government, Rural Development and Cooperatives Minister Mirza Fakhrul Islam Alamgir, Industries, Textiles and Jute and Commerce Minister Khandaker Abdul Muktadir, Law, Justice and Parliamentary Affairs Minister Md. Asaduzzaman, Home Affairs Minister Salahuddin Ahmed, Disaster Management and Relief Minister Asadul Habib Dulu, Power, Energy and Mineral Resources Minister Iqbal Hasan Mahmud, Water Resources Minister Md. Shahiduddin Chowdhury Annie, State Minister for Local Government, Rural Development and Cooperatives Mir Shahe Alam, State Minister for Planning Md. Jonayed Abdur Rahim Saki, and senior government officials.

Among the approved projects, three belong to the Local Government Division: the General Social Infrastructure Development-2 (GSIDP-2) (First Revised) project, the Greater Dinajpur (Dinajpur, Thakurgaon and Panchagarh) Integrated Development Project, and the Rural Road Maintenance and Employment Project.

Other approved schemes include the Disaster Shelter Construction, Renovation and Development Project (Third Revised) under the Ministry of Disaster Management and Relief; the Dhaka-Ashulia Elevated Expressway Construction Project (Second Revised) under the Road Transport and Bridges Ministry; the Power Distribution System Development Project, Sylhet Division (Third Revised) and the Drilling of one appraisal-cum-development well (Begumganj-5) and two exploration wells (Begumganj-6 and Sunetra-2) under the Power, Energy and Mineral Resources Ministry; and the Kidney Dialysis Centre Expansion Project (Second Revised) under the Health and Family Welfare Ministry.

The ECNEC meeting was also informed that Planning Minister Md. Jonayed Abdur Rahim Saki had approved 11 development projects, each costing less than Tk 50 crore, under delegated authority. The projects include regional offices for the National University, transport infrastructure, electricity transmission facilities, airport mobile network installation and vocational education institutes.

A United Arab Emirates-based investment company has expressed interest in investing more than $2.0 billion in Bangladesh's priority sectors, signalling renewed foreign investor interest in the country's infrastructure and capital market.

Abu Dhabi-based Equiline Finance signed a memorandum of understanding (MoU) with Prime Bank Investment on Monday to jointly explore investment opportunities and develop bankable projects across key sectors, according to a statement.

The proposed investment pipeline covers government-backed projects in energy, transport, healthcare, ports and logistics, agriculture and agro-processing, waste and water management, tourism, digital infrastructure and other priority sectors.

Market operators said the partnership comes at a time when Bangladesh is actively seeking to diversify sources of foreign investment amid pressure on external financing and rising demand for long-term capital to support infrastructure development.

Under the agreement, Prime Bank Investment, a wholly owned subsidiary of Prime Bank PLC, will act as Equiline Finance's local investment banking partner by identifying investment opportunities, conducting bankability assessments, structuring transactions and facilitating capital market financing and regulatory processes.

The collaboration is expected to create a structured platform for mobilising institutional foreign capital into Bangladesh's infrastructure and capital market while strengthening investment ties between Bangladesh and the United Arab Emirates.

"Bangladesh continues to attract serious international capital for infrastructure, energy transition and sustainable development," said Syed M Omar Tayub, Managing Director and Chief Executive Officer of Prime Bank Investment.

He said the partnership would combine Equiline Finance's global financing capability with Prime Bank Investment's domestic market expertise to transform investment interest into well-structured, bankable projects capable of attracting long-term capital.

Equiline Finance Chief Executive Officer Salah Al Nasser said Bangladesh offers strong economic fundamentals and a clear development agenda, making it an attractive destination for sustainable investments.

"Partnering with Prime Bank Investment strengthens our local interface for project origination, structuring and market execution as we explore high-impact investments across priority sectors," he said, adding that the partnership would help establish a durable platform for sustainable and structured finance in Bangladesh.

Prime Bank Investment has over 16 years of experience in Bangladesh's investment banking industry, providing debt and equity capital market services, corporate advisory, portfolio management and trustee services.

Equiline Finance specialises in structured project finance, export finance, sustainable and impact investments, capital structuring, risk management, mergers and acquisitions, and institutional advisory.

If the proposed investment programme materialises, it could become one of the largest recent foreign investment initiatives in Bangladesh, providing a major boost to infrastructure financing, expanding foreign participation in the capital market and deepening the country's economic ties with Gulf investors, market insiders say.

Bangladesh Bank (BB) today (Wednesday) issued a circular easing foreign exchange transactions for freelancers and individual service exporters, in a move aimed at further supporting the country’s growing digital services sector.

The new guidelines allow freelancers to receive payments based on electronic evidence—such as platform statements, emails, and other digital communications—removing reliance on conventional export documentation and making the process more adaptable to digital trade, BSS reports citing a press release.

To facilitate small-value transactions, inward remittances up to US$ 20,000 can be credited without formal declaration requirements. Payments through Online Payment Gateway Service Providers (OPGSPs) are permitted up to $10,000 per transaction, with provisions ensuring timely repatriation of funds to Bangladesh.

The circular also enables issuance of dual-currency freelancer cards and expands the use of Mobile Financial Service Providers (MFSPs) and Payment Service Providers (PSPs), thereby widening access to convenient and efficient digital payment channels.

In addition, freelancers in ICT sectors may retain up to 50% of their export earnings in foreign currency accounts, commonly known as Exporters’ Retention Quota (ERQ), while other service exporters may retain up to 30%, providing greater flexibility in managing international business expenses.

Market participants view the move as a timely and forward-looking step, aligning the regulatory framework with the evolving nature of digital trade and freelance work.

By simplifying procedures and expanding access to formal payment channels, the circular is expected to encourage greater formalization of service export earnings, improve transparency, and strengthen foreign exchange inflows.

As per business insiders, the initiative is expected to enhance ease of doing business for freelancers, promote formal remittance channels, and further integrate Bangladesh’s service exporters into the global digital economy, while also supporting the country’s broader ambition of building a robust knowledge-based and digitally driven export ecosystem.

Rupali Bank, a state-owned commercial bank, posted a consolidated loss of Tk640.56 crore in the first half of 2026, as lower interest income and higher borrowing costs weighed heavily on its financial performance.

According to a price-sensitive disclosure approved at the bank's board meeting today (22 July), Rupali Bank recorded a consolidated loss per share (LPS) of Tk13.13 for the January-June period of 2026.

The bank said the substantial loss was primarily driven by a decline in interest income alongside a sharp increase in borrowing costs.

Bangladesh Jewellers Association (Bajus) has raised the prices of gold for the second consecutive day, pushing the rate of 22-carat gold up by Tk 2,741 per bhori to Tk 2,24,182, inclusive of VAT.

In a notice issued today (22 July), Bajus said the revision followed a rise in the price of pure gold in the local market, prompting the fresh adjustment. The new rate came into effect from 10am today (22 July).

Under the revised pricing, each bhori (11.664 grams) of 21-carat gold will now cost Tk 2,14,093, while 18-carat gold has been set at Tk 1,83,883 per bhori. Traditional gold will sell at Tk 1,50,232 per bhori, the notice said.

Bajus said the new prices will remain effective at all jewellery outlets until further notice, though making charges will continue to apply depending on ornament design.

Since VAT is already included in the selling price of gold and silver ornaments, jewellers cannot charge it separately from customers.

The association added that its existing rules on exchange and repurchase of ornaments, excluding specified VAT, making charges and stone costs, will remain unchanged.

The previous adjustment came on the morning of July 21, when Bajus raised the price of 22-carat gold by Tk 1,633 per bhori to Tk 2,21,441, inclusive of VAT.

So far in 2026, the price of gold has been revised 93 times in the domestic market, increased on 45 occasions, decreased on 47, and adjusted once for VAT.

Alongside gold, the price of silver was also raised.

The rate of 22-carat silver went up by Tk 175 per bhori to Tk 4,782. Similarly, 21-carat silver is now selling at Tk 4,549 per bhori, 18-carat at Tk 3,907, and traditional silver at Tk 2,974 per bhori.

Silver prices have been adjusted 57 times so far this year, with 29 increases and 28 decreases.

Southeast Bank reported that its consolidated net profit jumped by 64% in the first half of this year.

According to its price-sensitive statement approved at a board meeting held today (21 July), the bank posted the consolidated net profit of Tk218.77 crore in January-June of 2026, which was significantly higher from Tk133.53 crore in the same period of 2025.

During the first half, its consolidated earnings per share stood at Tk1.64, which was Tk1 a year ago.

The bank said net profit increased due to higher investment income and lower provisions against loans and advances compared to the previous period.

US President Donald Trump unveiled 50 per cent tariffs on a wide range of imports from Canada on Monday in response to ​what the US administration called its discriminatory treatment of American-made cars, alcohol and dairy goods, threatening a new front in a global trade war.
Advertisement

In slapping import taxes on goods ranging from ‌wine to cement and ice hockey gear, Trump invoked Section 338 of the Tariff Act of 1930, which permits a president to impose punitive tariffs of up to 50 per cent against trading partners deemed to have discriminated against US goods. That marked the law's first known usage in nearly a century of existence.

The new tariffs, set to take effect in 30 days, would also apply to dairy products, swimming pools, furniture, fishing rods, seeds, clothing and wigs, among other items.

The US Trade Representative's office said that the tariffs would ​apply to nearly $20 billion of imports from Canada. That's about 5.2 per cent of the $382 billion worth of goods that the US imported from Canada in 2025, according to US Census Bureau data.

"While the Administration continues ​to secure fair and reciprocal trade deals with our trading partners, Canada, unlike other partners and allies, continues to retaliate against the United States for its efforts to ⁠rebalance trade and protect U.S. industry in national-security sensitive sectors," US Trade Representative Jamieson Greer said in a statement.

Canadian Prime Minister Mark Carney said in a statement that his government has made comprehensive proposals to resolve trade ​disputes with Washington, asserting that Trump's past tariffs violated the North American trade pact.

"This trade dispute has raised costs for families, particularly in the U.S.," he said. "Canada stands ready to engage intensively to address outstanding issues with the U.S. ​to the mutual benefit of our citizens."

The Trump administration has long complained that Canada and China implemented retaliatory measures in response to the barrage of tariffs Trump has tried to impose since returning to the White House last year.

Greer has pointedly left Canada out of negotiations under way with Mexico on changes the US wants in the US-Mexico-Canada Agreement on trade. He holds bilateral talks on USMCA in Mexico City this week.

When Trump and Carney met at the FIFA World Cup Final in New Jersey on Sunday, ​Trump demanded that Carney take action to contain wildfires that have sent smoke billowing across swaths of the US. The US president last week threatened to add the "incalculable cost" of dealing with the pollution to existing tariffs on ​Canadian goods.

FIRST USAGE

The Tariff Act of 1930 and its Section 338 are better known for massive US tariff increases and subsequent retaliation that economic historians say worsened the Great Depression of the 1930s.

Section 338 was intended to ensure countries apply tariffs ‌equally and don't ⁠give preferential rates to some countries at the expense of US exports, said John Veroneau, a US trade official in President George W. Bush's administration who has extensively researched the statute.

He said that some presidents, including Franklin D. Roosevelt, considered imposing tariffs under Section 338, but no record could be found of any president taking such action until Trump's proclamations on Monday.

"It is ironic, to say the least, to use this authority to impose tariffs to retaliate against tariffs that were imposed in response to actions taken by the U.S.," said Veroneau, senior counsel with the Covington and Burling law firm.

"These tariffs may be lawful under Section 338, but they at a minimum violate the spirit ​of Section 338, which was to create a world ​where countries apply the same tariffs on the ⁠same goods to all countries," he said, adding Trump has moved away from this principle "in a maximalist way."

After World War Two, major countries created the "most-favored-nation" tariff system through the General Agreement on Tariffs and Trade to try to prevent a return to the pre-war "beggar-thy-neighbor" economic policies marked by competitive trade restrictions and currency devaluations.

Trump's new levies are ​set to take effect on August 19 and apply regardless of whether goods qualify for tariff exemptions under USMCA, although Trump exempted a range of key goods ​including energy, potash, fish, critical ⁠minerals and products already covered by Section 232 tariffs.

Among grounds for the tariffs, the White House cited Canada's "protectionist" dairy supply management system as well as tariffs and quotas on cars imported to Canada from the U.S. but not from other countries. Carney said that Canada "as is its right, merely matched" US tariffs on the auto sector that were in violation of the USMCA.

Washington also highlighted that most Canadian provinces have halted the sale of US alcohol, which they did in response ⁠to prior US ​tariffs.

The White House said Canadian imports of US motor vehicles dropped by 22 per cent and of US alcoholic beverages by 81 per cent over the ​past year.

Diamond Isinger, a former senior adviser to ex-Prime Minister Justin Trudeau on US-Canada relations, said Carney would have limited ability to compel provinces to start selling American alcohol again.

“Unless there are some sort of extraordinary measures invoked here, the premiers of those provinces are the ones ​who decide whether to restock alcohol,” Isinger said.

Bangladesh's GDP growth slowed to 2.22% year-on-year at constant prices in the third quarter (January-March) of FY2025-26, down from 4.53% in the corresponding quarter of the previous fiscal year.

The Bangladesh Bureau of Statistics (BBS) released the third-quarter GDP estimates for FY26 today (20 July).

According to the quarterly data, the economy grew by 4.96% and 3.03% in the first and second quarters of FY26, respectively, compared with 3.91% and 3.53% in the corresponding quarters of the previous fiscal year.

At current prices, the size of the economy reached Tk15.391 trillion in the third quarter of FY2025-26, up from Tk14.192 trillion in the same quarter a year earlier.

BBS data show that growth slowed across all three major sectors – agriculture, industry and services – compared with the same period of the previous fiscal year.

Agricultural sector growth declined to 1.74% in the third quarter, from 4.61% a year earlier. The sector had grown by 2.11% and 3.68% in the first and second quarters of the current fiscal year, compared with -0.12% and 1.90% in the corresponding quarters of FY2024-25.

The industrial sector recorded negative growth of 0.28% in the third quarter, a sharp reversal from 3.33% growth in the same period last year. However, the sector had expanded by 6.82% and 1.27% in the first and second quarters of FY2025-26, compared with 4.80% and 5.78% in the corresponding quarters of the previous fiscal year.

Growth in the services sector slowed to 3.52% in the third quarter from 7.32% a year earlier. During the first and second quarters of the current fiscal year, the sector grew by 4.51% and 4.45%, compared with 4.49% and 5.84%, respectively, in the same quarters of FY2024-25.

Economists said the slowdown across all three major sectors in the third quarter, particularly the contraction in industry, signals growing concerns for the economy.

Dr Sayema Haque Bidisha, professor of economics at the University of Dhaka, said it would be inappropriate to draw policy conclusions based on GDP growth data from a single quarter.

"Quarterly growth figures are heavily influenced by the base effect – the level of growth recorded in the same quarter of the previous year. If growth was unusually high or low in the base period, the current year's growth rate may appear disproportionately different. Therefore, one quarter's data alone should not be used to assess the overall state of the economy," she said.

Bidisha added that the broader economic context of the January-March quarter should also be considered.

"National elections were held during this period, which may have affected normal economic activity and, consequently, GDP growth," she said.

However, she identified the negative growth in the industrial sector as the most worrying development.

"This is a warning signal for the economy and calls for prompt policy intervention. While very high agricultural growth is not expected, post-election changes in supply chains may also have had some impact," she said.

According to Bidisha, the performance of the industrial sector in the April-June quarter will be crucial. "If growth remains weak, major policy and strategic measures will be needed to revive the sector, as industrial growth is directly linked to employment, industrialisation and the country's overall economic expansion," she said.

Regional bloc Bimstec is pursuing alternative mechanisms to boost trade and investment among its seven member-states while negotiations on a long-pending free-trade agreement (FTA) continue, says its chief executive.
Advertisement

The forum's Secretary-General, Indra Mani Pandey, explained the trade-promotion programme to journalists on Tuesday during an interaction with members of the Diplomatic Correspondents Association of Bangladesh (DCAB) at the headquarters of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (Bimstec) in Dhaka.

He said the FTA negotiations remained a complex process involving multiple countries with differing priorities, but expressed optimism that progress could be made on several constituent agreements in the coming months and years.

The Bimstec FTA framework agreement was signed in 2004. Subsequently, a Trade Negotiation Committee (TNC) was established along with six working groups to negotiate six constituent agreements covering different areas of the proposed trade pact.

"The working groups have been meeting from time to time, and in some subgroups we have made significant progress. We are quite hopeful that in the coming months and years we will see progress in the finalisation of some of the constituent agreements," Pandey said.

He noted that multilateral trade negotiations naturally take longer than bilateral FTAs because member-countries seek to balance regional trade liberalisation with their respective national priorities and concerns.

"FTA is one mechanism for enhancing trade, but it is not the only mechanism."

To strengthen economic cooperation while the negotiations continue, Bimstec is promoting several complementary initiatives aimed at facilitating business and investment across the region.

Among the proposals are establishing a Bimstec Chamber of Commerce and Industry to strengthen business-to-business links, creating a platform for investment-promotion authorities to encourage cross-border investment, and exploring cooperation on common standards to reduce non-tariff barriers to trade.

Pandey said differences in standards remain a significant obstacle to expanding intra-regional trade, and member-states are examining whether greater harmonisation could help facilitate commerce.

"The goal is very clear. We need to have more trade and investment in our region. There are many opportunities to pursue, and that's where Bimstec is fully focused."

Bangladesh, which recently assumed the Bimstec chairmanship, intends to accelerate the negotiation process by convening meetings of the Trade Negotiation Committee and its working groups more frequently to provide "the much-needed push" towards concluding the pending agreements, he told the reporters.

On regional connectivity, Pandey said member-states are also working on a visa-facilitation scheme to promote business travel, tourism and people-to-people exchanges.

An expert group on visa measures agreed last year to work towards such a framework. However, discussions are continuing as the members have yet to reach a consensus on the specific provisions of the proposed scheme.

"All member-states fully understand that if we need to have more trade, more travel, more tourism and more exchanges among our member-states, ease of travel through visa facilitation is very important," he observed.

Looking ahead, Pandey has noted that Bangladesh's second year as Bimstec chair in 2027 will coincide with the organisation's 30th anniversary, raising the possibility that the next Bimstec Summit could also serve as a platform to commemorate the milestone.

He notes that Bimstec continuously reviews the implementation of its programmes through regular meetings of experts, senior officials and ministers.

Action plans are updated periodically to incorporate new areas of cooperation, with all initiatives undertaken on the basis of consensus among the seven member-states.

The global leather industry is changing rapidly. Environmental sustainability, resource efficiency, traceability and responsible production have become essential for competing in international markets. For Bangladesh, which has one of the world’s largest supplies of naturally available hides and skins, this shift presents both challenges and opportunities. At the centre of this changing landscape is the Leather Working Group (LWG), the world’s leading sustainability assessment system for leather manufacturers.

A common misconception is that LWG imposes foreign environmental standards on leather-producing countries. In reality, it does not set environmental laws. Instead, it assesses whether a tannery complies with the environmental regulations of its own country while adopting internationally recognised best practices. LWG certification should therefore be seen as internationally accepted verification of environmental compliance and responsible manufacturing.

For Bangladesh, this distinction matters. The Environment Conservation Act and the Environment Conservation Rules 2023 provide the legal framework for pollution control, environmental clearance, wastewater discharge, waste management and environmental monitoring. Many requirements assessed under the LWG protocol closely match these regulations. As a result, investment in complying with Bangladeshi environmental laws also strengthens readiness for LWG certification.

The LWG Leather Manufacturer Audit covers environmental and operational indicators including environmental management systems, chemical management, traceability, water use, energy efficiency, air emissions, waste management, occupational health and safety, emergency preparedness and governance.

Modern leather production depends on a wide range of chemicals throughout tanning and finishing. International buyers expect manufacturers to maintain strict control over chemical storage, handling, use and disposal. Effective chemical management reduces environmental risks, improves workplace safety, enhances product quality and supports sustainable production.

Water management is another key part of the certification process. Leather manufacturing requires large amounts of water. Tanneries that monitor consumption, adopt cleaner production techniques, recycle water where practical and reduce waste demonstrate environmental responsibility and operational efficiency. Buyers are also placing greater emphasis on energy efficiency as they seek suppliers with lower carbon footprints.

Traceability is one of the fastest-evolving parts of the LWG framework. Global brands increasingly want visibility across their supply chains to ensure responsible sourcing and meet sustainability commitments. Bangladesh has a natural advantage because most raw materials come from domestic livestock. Stronger traceability systems can improve transparency and increase buyers’ confidence.

Waste management and effluent treatment remain the biggest environmental challenges for Bangladesh’s leather industry. The tanning process generates large volumes of wastewater, sludge and other by-products that require proper treatment, disposal or recovery.

The relocation of tanneries from Hazaribagh to the Savar Tannery Industrial Estate was a major environmental reform. The estate was designed to support cleaner leather production through shared infrastructure, including a CETP. Although progress has been made, further improvements are needed in CETP performance, sludge management, hazardous waste handling, chromium recovery and environmental monitoring. These issues increasingly shape how international buyers judge a country’s commitment to sustainable leather production. Better environmental infrastructure strengthens not only regulatory compliance but also industry reputation, market confidence and long-term competitiveness.

The future of Bangladesh’s leather sector will depend on its ability to demonstrate environmental responsibility. Sustainable production is no longer optional. By strengthening compliance with national environmental regulations and expanding LWG certification, Bangladesh can establish itself as a trusted source of responsibly produced leather.

The writer is former director of the Institute of Leather Engineering and Technology

The ongoing forensic audit of key official statistics disclosed during the previous governments, including gross domestic product (GDP) and the consumer price index, is likely to be completed this month, according to an official.

A seven-member committee, led by Statistics and Informatics Division (SID) Secretary Md Firoz Sarker, is carrying out the audit on data produced by the Bangladesh Bureau of Statistics (BBS). The panel includes five government officials and two Dhaka University professors.

Once completed, the report will be submitted to Prime Minister’s Finance and Planning Adviser Rashed Al Mahmud Titumir. The audit comes after debate over Bangladesh’s official economic growth figures during the Awami League government.

The interim government had formed an expert taskforce to assess the quality, transparency and accessibility of official statistics. After taking office, the BNP-led government said it was prioritising an in-depth investigation and review to determine whether any official data had been incorrect or distorted.

The committee is reviewing historical GDP and consumer price index data, cross-checking BBS figures against the Bangladesh Bank records to verify sector-wise estimates

As part of that process, the SID-led committee was due to submit its report by July 15. However, it missed the deadline and now needs more time, according to planning ministry sources.

The committee is reviewing historical GDP and consumer price index data, cross-checking BBS figures against the Bangladesh Bank records to verify sector-wise estimates. It is also assessing progress on the Open Government Data initiative.

“It is a very challenging exercise because we are tracing the figures back to the source data,” said a committee member on condition of anonymity.

The committee is revisiting the GDP estimates for each financial year based on the 2005-06 base year. “Given the debate surrounding these figures, this work will be very important,” the member said.

He said the review is taking longer than expected because of the scale of the verification.

“This is a huge research exercise. We are sitting down to examine where every figure came from,” he said, adding that the team hopes to finish within the month.

Another committee member said the review is focused on strengthening the methodology rather than revisiting past growth figures.

“Our main objective is to identify methodological loopholes in GDP estimation and determine how they can be closed so that the statistics are produced more accurately,” he said.

As part of that work, the team is tracing how estimation methods evolved from the 2005-06 GDP base year to the 2015 base year and through later revisions to identify where weaknesses may have emerged.

“Our task is not to validate the populist speculative claims but to ensure the methodology is strong enough so that such concerns cannot arise in future.”

He said the review has already uncovered cases of incomplete documentation.

“In many cases, there are no records explaining how certain figures were generated. We are trying to identify those gaps so the process becomes more transparent and reliable,” he said.

“If the methodology or the process is weak, any government could face the same problem. Our objective is to strengthen the system itself,” he said.

In June, State Minister for Planning Zonayed Abdur Rahim Saki said that all past data was being re-examined.

“It is being looked into whether any information has been manipulated. The government is now emphasising in-depth investigation and review to identify incorrect and distorted data,” he said.