Work is progressing with the target of supplying 300 megawatts of electricity from the Rooppur Nuclear Power Plant to the national grid within the next month, said the Russian Ambassador to Bangladesh Alexander Khozin.

He made the remarks on Wednesday during a courtesy meeting with Fazlul Hoque, administrator of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) at the organisation’s Gulshan office in Dhaka, according to an FBCCI press release.

The meeting also discussed progress on the Rooppur Nuclear Power Plant project.

Khozin said that around 4,000 Russian specialists and engineers are working tirelessly to resolve the project’s technical issues as quickly as possible.

He further stated that the Moscow Chamber of Commerce and Industry has expressed interest in forming a joint "Russia-Bangladesh Business Council" to further intensify and expand trade, investment and economic cooperation between Bangladesh and Russia.

They also have plans to organise a Russia-Bangladesh Business Forum in Moscow, he said.

The Russian ambassador said that an official announcement on this matter may come during the inter-governmental commission meeting scheduled to be held in Dhaka early November.

He said the forum is being organised in Moscow to facilitate direct communication between entrepreneurs from the two countries. Various sessions, including direct business-to-business (B2B) meetings will be arranged based on the profiles of participating businessmen from Bangladesh.

At the meeting, FBCCI Administrator Fazlul Hoque called for greater focus on new and promising sectors alongside the readymade garment sector to boost bilateral trade.

He placed particular emphasis on exporting human resources to Russia, along with pharmaceuticals, leather and leather goods, jute and jute products and ceramics.

The Russian ambassador said the Russian Ministry of Health is already reviewing procedural and legal issues concerning the import of generic medicines from Bangladesh.

He added that there are also strong demand for heavy footwear and leather goods suitable for Russia’s severe winter.

Khozin further said Russia had issued visas to around 3,000 Bangladeshi workers in recent months as employment opportunities had emerged in agriculture, fisheries, shipbuilding and service sector.

মধ্যপ্রাচ্যে চলমান সংঘাত ও গুরুত্বপূর্ণ জ্বালানি পরিবহন রুটে নিরাপত্তা ঝুঁকির মধ্যে সৌদি আরবের ইস্ট-ওয়েস্ট পাইপলাইন ক্ষতিগ্রস্ত হওয়ায় ইউরোপের কয়েকটি রিফাইনারিতে নির্ধারিত তেল সরবরাহ বাতিল হয়েছে। একই সময়ে হরমুজ ও বাব আল-মান্দেব প্রণালিতে জাহাজ চলাচল কার্যত বন্ধ থাকায় বিশ্ববাজারে অপরিশোধিত জ্বালানি তেলের দাম বেড়েছে। তবে এ পরিস্থিতিতে বাংলাদেশের জন্য এখনই সরবরাহ সংকটের আশঙ্কা দেখছে না জ্বালানি বিভাগ ও বাংলাদেশ পেট্রোলিয়াম করপোরেশন (বিপিসি)। দেশে পর্যাপ্ত মজুদ থাকলেও সংঘাত দীর্ঘায়িত হলে এবং পরিবহন রুটের ঝুঁকি বাড়লে আন্তর্জাতিক বাজারে দাম ও পরিবহন ব্যয় বেড়ে বাংলাদেশের জ্বালানি আমদানি ব্যয়ে বড় চাপ তৈরি হতে পারে বলে আশঙ্কা করছেন সংশ্লিষ্টরা।
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সম্প্রতি সৌদি আরবের বৃহৎ জ্বালানি তেলের ইস্ট-ওয়েস্ট পাইপলাইন ক্ষেপণাস্ত্র হামলায় ক্ষতিগ্রস্ত হওয়ায় ইউরোপের তেল পরিশোধনাগারগুলোতে তেল রফতানি বন্ধ ঘোষণা করেছে। ইউরোপের রিফাইনারিগুলোর জন্য সেপ্টেম্বরে সরবরাহের শিডিউল থাকা বেশকিছু কার্গো এরই মধ্যে বাতিল করা হয়েছে। হরমুজ ও বাব আল-মান্দেব প্রণালিতে জাহাজ চলাচল কার্যত বন্ধ থাকায় ফিউচার মার্কেটে অপরিশোধিত জ্বালানি তেলের (ক্রুড অয়েল) দাম ব্যারেলপ্রতি ১০৮ ডলারের বেশিতে ওঠানামা করছে। পরিস্থিতি আরো অবনতি হলে জ্বালানি তেলের সরবরাহ সংকট এশিয়ার বাজারেও বড় ধরনের নেতিবাচক প্রভাব ফেলবে বলে জানিয়েছে জ্বালানির আন্তর্জাতিক বাজার বিশ্লেষণের পূর্বাভাস দেয়া প্রতিষ্ঠানগুলো।

ইউরোপের বাজারে তেল রফতানি স্থগিত কিংবা কার্গো সরবরাহ বাতিল করলেও বাংলাদেশ সরবরাহ বন্ধ-সংক্রান্ত কোনো বার্তা নেই বলে জানিয়েছেন জ্বালানি বিভাগের কর্মকর্তারা। বরং অপরিশোধিত জ্বালানি যে পরিমাণ আমদানি করা হয়েছে তা দিয়ে আগামী চার মাস কোনো অসুবিধা হবে না বলে জানিয়েছেন তারা।

জ্বালানি বিভাগের মুখপাত্র (যুগ্ম সচিব) মনির হোসেন চৌধুরী বণিক বার্তাকে বলেন, ‘সৌদি জ্বালানি সংকটে আমাদের আমদানি বন্ধ-সংক্রান্ত কোনো বার্তা নেই। আমরা জ্বালানি তেলের বড় অংশ এ অঞ্চল অর্থাৎ চীন, মালয়েশিয়া, সিঙ্গাপুর থেকে সংগ্রহ করি। সৌদি থেকে ক্রুড অয়েল আমদানি করি। এখন পর্যন্ত দুটো জাহাজ আমাদের স্টক রয়েছে, যা দিয়ে আগামী চার মাস ক্রুডের কোনো সমস্যা হবে না। এদিক থেকে আমরা নিশ্চিত রয়েছি।’

সৌদি আরবের তেল সরবরাহ কার্যক্রম বন্ধ থাকলে বাব আল-মান্দেব প্রণালি দিয়ে জাহাজ চলাচলে হুমকি, হরমুজ প্রণালি বন্ধ থাকলে তা জ্বালানি তেলের দাম ব্যাপক হারে বাড়িয়ে তুলতে পারে। এতে জ্বালানি আমদানিনির্ভর দেশ হিসেবে বাংলাদেশ ব্যয় বেড়ে যাওয়ার বড় ঝুঁকিতে রয়েছে বলে জানিয়েছেন জ্বালানি বিশেষজ্ঞরা।

এরই মধ্যে অপরিশোধিত জ্বালানি তেলের বিকল্প উৎস খুঁজছে বিপিসি। বিকল্প সরবরাহকারীদের সঙ্গে আলোচনাও করেছে সংস্থাটি। পাশাপাশি ইস্টার্ন রিফাইনারিতে পরিশোধনের উপযোগী চারটি দেশের অপরিশোধিত তেল চিহ্নিত করেছে বিপিসি। নাইজেরিয়ার ‘বনি ক্রুড’, মালয়েশিয়ার ‘মালয়েশিয়ান ব্লেন্ড’, নরওয়ের ‘আলভহেইম ব্লেন্ড’ এবং আলজেরিয়ার অপরিশোধিত তেলের বৈশিষ্ট্য পরীক্ষা করা হয়েছে। বিপিসি জানিয়েছে, বিদ্যমান শোধনাগার সুবিধা ব্যবহার করেই এসব অপরিশোধিত তেল প্রক্রিয়াজাত করে বাজারজাত করা সম্ভব। গত এপ্রিলে ইস্টার্ন রিফাইনারি নমুনা পরীক্ষার প্রতিবেদন বিপিসির কাছে জমা দেয়।

দেশে প্রতি বছর জ্বালানি তেলের চাহিদা ৬৫ থেকে ৭০ লাখ টন। যার মধ্যে অপরিশোধিত তেল আমদানি করা হয় ১৪-১৫ লাখ টন। দুটি দেশ থেকে এ তেল আমদানি করা হয়, যার মধ্যে সৌদি আরবের রাষ্ট্রায়ত্ত ‘অ্যারাবিয়ান লাইট ক্রুড’ এবং সংযুক্ত আরব আমিরাতের ‘মারবান ক্রুড’। এ দুই ধরনের অপরিশোধিত তেল থেকে ডিজেল, বিটুমিন ও পেট্রলসহ ১৩ ধরনের পেট্রোলিয়াম পণ্য তৈরি হয় দেশের রিফাইনারিতে।

বিপিসির নতুন চেয়ারম্যান মো. রফিকুল ইসলাম বণিক বার্তাকে বলেন, ‘বর্তমানে দেশে তেলের পর্যাপ্ত মজুদ আছে, আগামী ডিসেম্বর পর্যন্ত দেশে জ্বালানির কোনো ঘাটতি হবে না। সেই সঙ্গে অপরিশোধিত জ্বালানি তেলের বিকল্প উৎসগুলোর সঙ্গে বিপিসি এরই মধ্যে আলোচনা শুরু করেছে।’

The Moscow Chamber of Commerce and Industry has expressed interest in forming a joint Russia-Bangladesh business council to strengthen trade, investment and economic cooperation between the two countries.

The Russian side also wants to organise a Russia-Bangladesh business forum in Moscow to facilitate direct business-to-business contacts between entrepreneurs from the two countries.

Alexander Grigoryevich Khozin, Russian ambassador to Bangladesh, conveyed the proposals during a meeting with Md Fazlul Hoque, administrator of the Federation of Bangladesh Chambers of Commerce and Industry, at the federation’s Gulshan office yesterday.

A formal announcement on the proposed business council may come at the meeting of the Intergovernmental Commission, scheduled to be held in Dhaka in early November, Alexander said.

The ambassador said the proposed forum in Moscow would bring Bangladeshi and Russian businesses together for direct B2B meetings and other sessions based on the profiles of participating Bangladeshi entrepreneurs.

At the meeting, Fazlul urged both sides to look beyond the readymade garment sector and explore new areas of trade.

He particularly highlighted pharmaceuticals, leather and leather goods, jute and jute products, ceramics and the export of manpower to Russia.

Alexander said Russia’s health ministry was already reviewing procedural and legal issues related to importing generic medicines from Bangladesh.

He also said there was good demand in Russia for heavy footwear and leather goods suitable for its harsh winter.

Russia has issued visas to around 3,000 Bangladeshi workers in recent months as employment opportunities have emerged in agriculture, fisheries, shipbuilding and the services sector, he informed.

The two sides also discussed the progress of the Rooppur Nuclear Power Plant project.

Around 4,000 Russian specialists and engineers are working to resolve technical issues related to the project, Alexander said.

He said work was progressing with the aim of supplying the first 300 megawatts of electricity to the national grid by next month.

Both sides expressed hope that greater cooperation between the government and private sectors would help strengthen commercial ties between Bangladesh and Russia.

SRI LANKA INVITES BANGLADESHI DELEGATION TO ATTEND FAIR

Meanwhile, Dharmapala Weerakkody, Sri Lankan high commissioner to Bangladesh, held a separate meeting with the FBCCI administrator yesterday.

He said the international trade fair Sri Lanka Expo 2027 would be held in Colombo from January 14 to 17 next year.

The Sri Lankan envoy invited a Bangladeshi business delegation, led by the FBCCI, to participate in the fair.

Hoque responded positively to the proposal to send a delegation to the expo.

Md Alamgir, secretary general of FBCCI, along with officials from the Russian Embassy and the Sri Lankan High Commission, attended the respective meetings.

The number of millionaire accounts in Bangladesh's banking sector continues to rise despite the country's ongoing economic slowdown and sluggish business environment.
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The number of millionaire accounts increased by 5077 in the April-June quarter (Q2) of the current year in comparison with the previous quarter, according to the latest report published by Bangladesh Bank (BB).

According to the central bank data, the number of millionaire accounts in the banking sector reached 141,562 at the end of June this year while the figure was 136,485 at the end of March.

Earlier, the number of millionaire accounts was 134,044 at the end of December last year.

The total number of bank accounts stood at 182.61 million (182,612,015) at the end of March this year, the central bank data revealed.

By the end of June, the figure stood at 186.38 million (186,384,588).

Thus, the total number of bank accounts increased by over 3.77 million (3772573) in three months.

According to the BB data, the total balance of deposits held in the banking sector stood at Tk 21.58 trillion at the end of March this year while the amount rose to Tk 22.10 trillion.

Accordingly, bank deposits increased by Tk 524.19 billion during the three-month period.

Apart from the rise in the number of accounts holding at least Tk 10 million, the amount of money deposited with the accounts also increased.

At the end of March this year, the balance of deposits with at least Tk 10 million accounts holding stood at Tk 8.59 trillion.

By the end of June, the balance reached Tk 8.76 trillion, the central bank figure showed.

Accordingly, the amount deposited with at least Tk 10 million accounts increased by Tk 164.98 billion in three months.

People familiar with the development said an account holding Tk 10 million or more does not necessarily belong to a millionaire individual.

The list of accounts holding more than Tk 10 million includes many organisations as well as individuals.

Moreover, there is no specific limit on the number of bank accounts that an individual or organisation can open. As a result, a single individual or organisation may hold multiple bank accounts.

The list also includes accounts holding at least Tk 10 million belonging to various government institutions and agencies.

Gas supply across the country has increased significantly following Prime Minister Tarique Rahman's directive, and the improvement is expected to continue in the coming days, said Prime Minister's Office (PMO) Spokesperson Mahdi Amin today (16 September).

"The implementation of what the prime minister said began within a very short time. Gas flow has increased significantly, and we can see visible improvement in the supply situation. InshaAllah, this positive trend will continue in the coming days," he said.

Mahdi made the remarks at a press conference at the PMO, marking seven months of the government led by Tarique Rahman.

He said the prime minister has recently held meetings with business leaders and the media personalities to address the gas supply crisis and directed the authorities to take the maximum possible steps to restore the situation based on reality and ensure that industries could resume normal operations.

"The objective was to ensure that industries become fully operational again and that Bangladesh's economy can continue on its potential and onward trajectory," the spokesperson said.

He said the government made "positive progress" in public welfare during its seven months in office, although it could not resolve all problems in such a short period.

Mahdi said the government is working with specific action plans and accountability, while tackling challenges ranging from foreign debt pressures and administrative reforms to corruption-free public services, education, healthcare and strengthening Bangladesh's position in diplomacy.

"From every step, the government's commitment to the country and its people is reflected," he said

The PMO spokesperson said the government is rebuilding Bangladesh from what he described as the "ruins" left after 17 years of the previous rule.

"It is difficult to solve all problems 100% within just seven months. But in the current elected and accountable government, whose only source of power is the people, the highest level of sincerity and goodwill is visible in every step," he said.

Mahdi called for unity beyond political and other differences to build a prosperous, self-reliant, humane, safe and people-oriented Bangladesh.

He said the government's measures over the past month could broadly be divided into seven areas: youth empowerment, education, information technology and innovation; overall public welfare and improvement of living standards; women's advancement, universal welfare and social protection; environment-friendly energy and climate-resilient industrialisation; modern health infrastructure and public health; transport infrastructure and traffic management; and institutional good governance, public diplomacy and foreign relations.

The spokesperson highlighted the approval of a new national pay scale for government employees, ranging from Tk20,000 to Tk1.56 lakh, as one of the measures taken to improve the financial well-being of public servants.

Other measures, he said, included extending institutional mobile allowances to government employees of all grades, increasing the maximum net pension of retired employees by up to 100% and providing a monthly allowance of Tk3,000 for their children with special needs.

Mahdi said the government also withdrew the requirement for prior Finance Division approval for recruitment and renewal of outsourced manpower to speed up official activities and took steps to prevent long-term postings of officials at the same workplace in the land administration sector.

He said the government passed legislation ensuring parents' lifetime possession and use of property even after transferring ownership through donation.

The spokesperson also mentioned initiatives to provide special national awards of Tk 1 lakh each to 100 meritorious teachers, increase grants to the Journalist Welfare Trust and expand programmes such as Family Card, Farmers' Card and regular government allowances for imams and muezzins.

On women's welfare, he said the government has taken an initiative to establish a joint institutional framework with an international cyber security network to prevent harassment and violence against women in cyberspace.

Mahdi said plans are also being formulated to provide universal stipends to all female students in primary and secondary educational institutions and ensure nutritious food at schools.

He said 20,000 tea workers in Sylhet, Moulvibazar and Habiganj will receive modern raincoats as part of measures to protect the health and safety of women working in the tea industry.

On the energy sector, the spokesperson said a programme to drill 150 new gas wells nationwide has begun as a medium-term measure to address the gas crisis, with another 150 wells planned in the next phase.

He said plans have been taken to increase the number of floating storage regasification units (FSRUs) from the existing two to five in phases, and efforts are underway to launch a third FSRU before 2028, if possible.

The government has also given in-principle approval to import 18 LNG cargoes through direct procurement from global suppliers, Mahdi said.

For long-term energy security, international financing of $1 billion has been secured for expansion of the Eastern Refinery in Chattogram, and work had begun, he said.

In the power sector, the spokesperson said 1,046.73 megawatts of electricity that remained suspended from the national grid due to technical problems have been restored.

He also highlighted plans for a 500MW power plant and a large fertiliser factory in Bhola, addition of 200MW of solar power to the national grid and a five-year plan to convert all diesel-powered irrigation pumps to solar energy.

Mahdi said the government has taken measures to ensure uninterrupted agricultural production, including maintaining a fertiliser stock of 5.155 million metric tonnes, 1.568 million tonnes above projected demand through February.

He said a central control room has also been planned to monitor fertiliser supply.

The spokesperson also mentioned the return to production of Chittagong Urea Fertiliser Limited after a six-month shutdown and initiatives to gradually reopen factories that had remained closed for various reasons.

In the health sector, he said the government plans to build 15-storey specialised general hospitals in Dhaka and the country's other eight divisional cities.

Mahdi said a policy decision has been taken to operate the newly built super-specialised hospital under a modern international corporate management model.

Plans are also underway to expand affordable dialysis services to every district and upazila and increase the number of beds at Bogura Shaheed Ziaur Rahman Medical College Hospital to 1,800, he said

The spokesperson mentioned the foundation-laying for an international-standard specialised burn and plastic surgery centre at Rangpur Medical College, plans for a national e-health platform and steps to restore the supply of essential medicines and modern medical equipment to community clinics.

He said 19.771 million children have been vaccinated against measles and rubella across the country over the past five months, exceeding the target.

Mahdi also referred to the government's three-month nationwide dengue prevention and cleanliness campaign, which began in the presence of the prime minister, as part of efforts to curb the spread of dengue.

He said a feasibility study and detailed design have been prepared for installing electric traction to operate electric trains on the Dhaka-Chattogram corridor.

Plans are also underway to construct a four-lane uninterrupted expressway from Dhaka to the City Gate in Chattogram and extend the Dhaka-Cox's Bazar intercity express train service, Mahdi said.

He also said the government directed the introduction of a fully cashless automated radio-frequency identification toll system within the next four months.

Among other measures, the spokesperson mentioned plans to relocate Karwan Bazar's wholesale kitchen market to Gabtoli and the Fulbaria bus terminal to Keraniganj to ease traffic congestion in Dhaka.

On governance, he said seven leaders of what he described as the "fascist organisation" have been sentenced to death by a court for genocide-related offences, while orders have also been issued to confiscate 50% of the movable and immovable property of five of those sentenced to death.

Mahdi said the government has also formally handed permanent appointment letters for government jobs to eligible members of 74 families of those killed in the July mass uprising.

He highlighted the formation of parliamentary standing committees, regular parliamentary oversight of ministries, the decision not to use honorific terms such as "Mahamanaya" or "Mananiya" before the president and prime minister in official documents, and the introduction of biometric attendance at land offices in phases.

Mahdi said the government has repaid $2.0476 billion, equivalent to Tk25,163 crore, in foreign loans and interest over the past five months.

He also cited a 13.1% increase in remittances over six months, initiatives to reopen the Malaysian labour market, progress in sending Bangladeshi workers legally to Italy and Oman, and progress in trade negotiations with the European Union.

The spokesperson said Bangladesh has successfully resolved 48 of 61 trade barriers identified by the EU.

He also mentioned a bilateral investment protection and promotion agreement with Hong Kong, financing of up to £2 billion under UK Export Finance for infrastructure development and procurement, and $1 million in emergency humanitarian assistance to Nepal following severe floods.

On defence and aviation, Mahdi said the government has begun the final process of procuring 20 J-10C fourth-generation fighter aircraft from China and is taking steps to equip the Border Guard Bangladesh with surveillance drones.

On fuel prices, the spokesperson said diesel is comparatively cheaper in Bangladesh than in many other countries, particularly neighbouring countries.

He said the government was providing a high level of subsidy on fuel to prevent additional pressure on the people.

At the briefing, Prime Minister's Press Secretary Saleh Shibly and Additional Press Secretary Atikur Rahman Ruman also highlighted various public welfare measures taken by Prime Minister Tarique Rahman.

PM's Speechwriter ASM Mahfuzur Rahman, Deputy Press Secretaries Jahidul Islam Rony and Md Suzauddhowla, Assistant Press Secretaries Md Nazmul Haque Khan, Abdullah Al Mahmud Shahriar,, Asrofa Emdad, Media Coordinator Tariqul Islam and PM's physician ANM Manowarul Kadir Bitu, among others, were present at the briefing.

Bangladesh Bank has instructed banks, mobile financial service (MFS) providers and other payment service providers (PSPs) to immediately suspend payment services to operators of mobile apps involved in unauthorised online lending.

The banking regulator also requested the Bangladesh Telecommunication Regulatory Commission (BTRC) and other relevant authorities to remove mobile apps involved in unauthorised online lending from online platforms, including the Google Play Store, and permanently stop their use and operation.

The central bank issued separate letters to those authorities recently.

BB also asked banks to take effective measures to raise public awareness against such apps and report the steps taken to its Payment Systems Supervision Department.

In the letter, BB said some mobile apps operating on online platforms are providing loans at high interest rates, exposing borrowers to financial losses and harassment.

It said such apps can gain access to users’ phone contacts, personal and sensitive information, photos, videos and text messages without their knowledge.

Borrowers who fail to repay loans may then face blackmail, threats to publish sensitive information and photographs on social media, and other forms of harassment, it added.

Citing Section 15(2) of the Payment and Settlement Systems Act, 2024, Bangladesh Bank said no person can operate an online or offline platform involving investment collection, lending, fund custody or financial transactions without its approval.

As the lending activities of the identified apps are being conducted without Bangladesh Bank approval, they are illegal and constitute a punishable offence under Section 37(1) of the law, it said.

The central bank warned that operators of such apps are directly involved in a punishable offence. It also said scheduled banks, MFS, digital financial service and payment service provider institutions that facilitate transactions related to such lending could be considered involved in the offence as financial transaction channels.

Under Section 19(4) of the law, Bangladesh Bank therefore directed all institutions and individuals concerned, including the operators of the identified apps listed in an attachment, to immediately stop providing payment services to them.

Earlier, the Bangladesh Financial Intelligence Unit warned the public against taking loans through unauthorised mobile apps and digital platforms and named 30 illegal apps involved in extortion, data theft and financial fraud.

The 30 unauthorised apps identified by the BFIU are: Sathi Loan, Pop Cash, FinCash, Quick Loan, Quick Taka, Dhaka Fin, LoanVibe, Dost Loan, Taka Cash Loan, KWANZA Loan, SSH Money, LoanBuddy, Cash-Hora, Alo Cash, Fast Loan, Easy Taka, Dhorjo Loan, Fin Dot Do, Taka Cash Loan, BongoCash, Asha Loan, Subidha Loan, Smart Loan BD, Online Loan BD, City Online Loan, BD Shohoj Loan, Cash Loan, Sonali, Loan Haat and Taka Nao.

Earlier, on August 24, The Daily Star published a report titled “Fake online loans lead borrowers into costly traps”.

The report said people are losing their hard-earned money to online scams that offer cheap loans and quick investment returns. It also said some unauthorised mobile apps are targeting people by offering digital loans.

The Executive Committee of the National Economic Council (ECNEC) has approved 12 major development projects with an estimated total expenditure of Tk 1.689 trillion.
The approval was finalized during an ECNEC meeting presided over by the Prime Minister and ECNEC Chairperson.

Meanwhile, the ECNEC endorsed MRT-5 south project while MRT-5 north and MRT-1 have been revised at the ECNEC meeting today (Wednesday).

Out of the total budget allocated for these 12 projects, BDT 482.56 billion will be sourced from internal government revenues, while Tk 1.22 trillion will be managed through external project loans and foreign assistance, and Tk 577.1 million from the agencies' own fund.

The approved projects consist of 7 entirely new initiatives and 5 revised projects.

The government has once again provided major import tax relief on almost all solar equipment used for renewable energy generation.

According to an order issued by the Internal Resources Division (IRD) of the finance ministry on 16 September, all solar equipment imported for industrial use will be subject to a 1% duty, with the existing 15% VAT and 2% advance tax waived.

For non-industrial commercial importers, almost all solar equipment and components will also be eligible for import at a 1% duty, except for a few components that are manufactured locally.

Import taxes on those components had previously ranged from 23% to 64%.

The facility will remain in effect for six months, according to the order signed by Ahsan Habib, acting secretary of the IRD and chairman of the National Board of Revenue (NBR).

An NBR statement said the measure would reduce the cost of solar power projects, accelerate the expansion of new power-generation capacity, reduce dependence on fossil fuels, and further strengthen the country's energy security and sustainable economic development.

The government will import refined fuel worth Tk12,537 crore from China and Indonesia between September and December under government-to-government (G2G) arrangements.

The fuel will be procured from China's Unipec and PetroChina and Indonesia's BSP, according to the Public Relations Department of the Finance Ministry.

The Cabinet Committee on Government Purchase approved the procurement proposals at a meeting chaired by Finance Minister Amir Khosru Mahmud Chowdhury today (16 September).

Earlier, the Cabinet Committee on Economic Affairs had given in-principle approval to import an additional 695,000 tonnes of fuel oil through the G2G process for the September-December period, beyond the previously approved quantity.

The purchase committee also approved a proposal to procure an additional cargo of LNG from QatarEnergy Trading LLC by 10 November under a long-term contract.

The LNG will be priced at the Japan-Korea Marker (JKM) plus $0.02 per MMBtu, which is lower than the price under the long-term LNG contract signed with US-based Gunvor.

The Cabinet Committee on Economic Affairs has recommended in principle the import of an additional 695,000 tonnes of fuel oil, including gas oil and jet fuel, under the government-to-government (G2G) arrangement for September-December 2026.

The additional quantity is equivalent to 10 percent of the amount already approved for import through the G2G process for the 2026 calendar year.

The Energy and Mineral Resources Division placed the proposal before the committee, which recommended its in-principle approval.

The committee also recommended final approval of contracts for selecting private partners to reopen two textile mills under the Bangladesh Textile Mills Corporation (BTMC) through the public-private partnership (PPP) model.

The first contract concerns Magura Textile Mill, which is under the control of BTMC under the Ministry of Textiles and Jute.

The second involves Darowani Textile Mill in Nilphamari, also controlled by BTMC.

Both proposals were placed by the Ministry of Textiles and Jute and received the committee's recommendation for final approval of the contracts for selecting private partners.

The decisions were taken at a meeting of the Cabinet Committee on Economic Affairs yesterday (15 September).

Laos has suspended approval of new work permits, labour import plans and labour projects for Bangladeshi nationals nationwide from 1 September through the end of 2026, citing concerns over illegal entry, human smuggling and unauthorised labour recruitment.

The suspension was reported by English-language Lao news website Laotian Times on 14 September, citing a directive issued by Laos' Ministry of Labour and Social Welfare on 9 September.

The ministry said the measure aims to curb illegal entry, human smuggling, unauthorised labour brokers and employers who evade responsibility for workers they bring into the country. However, the directive did not explain why Bangladeshi nationals were specifically targeted.

Major government-approved priority projects with fixed contract schedules will be exempt from the freeze.

The order bars individuals, companies, employers and labour operators from independently authorising the entry or employment of Bangladeshi nationals. Laos has also stopped approving Labour Visa (LA-B2) permits for Bangladeshi workers through the end of 2026.

Violators could face fines, deportation and possible revocation of business licences. Employers importing or employing workers without authorisation face a fine of LAK2.5 million, or about $110, per worker per violation. The same penalty applies to those importing workers for redistribution to other labour units.

Employers using or accepting workers assigned to another labour unit face a fine of LAK2 million, or about $89, per worker per violation.

Workers moving to unauthorised worksites without permission face a LAK1 million, or about $44, fine per instance and deportation within 30 days. Employers or other violators must bear deportation and travel costs.

Repeat violations within the same category could result in triple fines and possible legal prosecution, according to the report.

The Lao ministry did not disclose the number of Bangladeshi workers currently employed in the country or the sectors most affected. Bangladeshi workers in Laos have traditionally been employed mainly in construction and manufacturing, according to Laotian Times.

Bangladesh sells garment items to the European Union (EU) at less than half the prices of those from Vietnam because of the lack of high-value garment items in Bangladesh’s export basket.

Among the cheapest suppliers to EU buyers, Bangladesh ranks second-lowest in terms of export prices among major suppliers such as China, Vietnam, India and Cambodia.

In the price chart, Bangladesh is only above Pakistan, the cheapest supplier.

For instance, the unit price of Bangladeshi garment items fell to €13.80 per kilogram (kg) from €15.07 in the corresponding period of 2025, posting an 8.47 percent year-on-year fall, according to data from Eurostat.

However, Vietnam’s average price rose to €29 per kg in the first six months of this year from €25.95 in the same period last year.

In the same period, garment items exported by China experienced a 2.18 percent price fall, Eurostat also said.

Mohammad Hatem, president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), said Vietnam sends high-value garment items to the EU, while Bangladesh still exports low-end items.

The price of low-end garment items is low, but the volume is high, he said. On the other hand, the value of high-end garment items is high, but the volume is low, he added.

For instance, if a T-shirt is sold at $2 from Bangladesh, the price of the same T-shirt from Vietnam is over $4, he said.

He also blamed unhealthy price competition among exporters domestically for lower prices from international clothing retailers and brands.

At the same time, Cambodia’s price rose by 7.86 percent to €18.67, gaining share while charging more, the opposite of Bangladesh’s pattern.

Turkey also saw a price hike of 1.53 percent, hitting €28.31 from €27.88.

Garments from India and Pakistan to the EU both registered a fall in prices. India experienced a 1.76 percent fall in garment export prices, while Pakistan recorded the highest decline, at 14.74 percent year-on-year, to €10.77.

In the first six months of this year, the average import price of garments by the EU was €19.84 per kg, down 1.93 percent from €20.23 per kg in the same period last year, Eurostat also said.

The EU apparel import market shrank overall. Total imports fell 5.10 percent by value to €54.38 billion and 3.23 percent by volume to 2,688.66 million kg. The average unit price across all sources dropped 1.93 percent to €19.84 per kg.

Bangladesh’s exports fell further than the market, declining 13.65 percent to €10.37 billion in value and 5.66 percent in volume to 751.91 million kg in the January-July period. As a result, it lost share rather than simply following the wider pullback.

ঢাকার দুটি পাতাল মেট্রোরেল প্রকল্পের প্রথম সংশোধনী প্রস্তাব অনুমোদন করা হয়েছে। এর মধ্যে বিমানবন্দর-কমলাপুর ‘এমআরটি লাইন ১’-এ ব্যয় হবে ১ লাখ ১৪ হাজার ৩৯৫ কোটি টাকা। অন্যদিকে হেমায়েতপুর-ভাটারা ‘‌এমআরটি লাইন ৫, নর্দান রুট’-এর ব্যয় ধরা হয়েছে ৮৯ হাজার ৮৪৮ কোটি টাকা। এতে প্রকল্প দুটির মোট ব্যয় দাঁড়িয়েছে ২ লাখ ৪ হাজার ২৪২ কোটি টাকায়। গতকাল জাতীয় অর্থনৈতিক পরিষদের নির্বাহী কমিটির (একনেক) সভায় প্রকল্প দুটির প্রথম সংশোধনী প্রস্তাব অনুমোদন করা হয়। একই সভায় ৪৫ হাজার ৫০৩ কোটি টাকা ব্যয়ে এমআরটি লাইন ৫, সাউদার্ন রুট নামে নতুন আরেকটি মেট্রোরেল প্রকল্পও অনুমোদন পেয়েছে।
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এমআরটি লাইন ১ প্রকল্পটি ২০১৯ সালের অক্টোবরে অনুমোদিত হয়। সে সময় ব্যয় ধরা হয়েছিল ৫২ হাজার ৫৬১ কোটি টাকা। তবে অনুমোদনের সাত বছর পার হতে চললেও এখনো মাঠ পর্যায়ে মূল অবকাঠামোর নির্মাণকাজ শুরু হয়নি। এখন প্রকল্পের মেয়াদ সাত বছর বাড়িয়ে ২০৩৩ সালের ডিসেম্বর পর্যন্ত করা হয়েছে।

২০১৯ সালে অনুমোদনের সময় এমআরটি লাইন ৫, নর্দান রুটের ব্যয় ধরা হয়েছিল ৪১ হাজার ২৩৮ কোটি টাকা। এ মেট্রোরেলে হেমায়েতপুর-আমিনবাজার অংশটি উড়ালপথ হবে। আর আমিনবাজার-ভাটারা অংশটি ঘনবসতিপূর্ণ এলাকায় পাতালপথে যাবে। প্রকল্পটি মূলত ২০২৮ সালের মধ্যে সমাপ্ত হওয়ার কথা ছিল। প্রকল্পের মেয়াদ এখন ২০৩২ সালের ডিসেম্বর পর্যন্ত বাড়ানো হয়েছে।

এদিকে গতকাল একনেকে অনুমোদন পেয়েছে এমআরটি লাইন ৫, সাউদার্ন রুট নামে নতুন একটি মেট্রোরেল প্রকল্প। ৪৫ হাজার ৫০৩ কোটি টাকা ব্যয়ের এ প্রকল্পের মেয়াদ ধরা হয়েছে ২০৩৩ সালের আগস্ট পর্যন্ত। গাবতলী থেকে শুরু হয়ে কল্যাণপুর, শ্যামলী, আসাদগেট, কারওয়ান বাজার, হাতিরঝিল, তেজগাঁও ও আফতাবনগর হয়ে দাসেরকান্দিতে শেষ হবে এ মেট্রোরেল।

প্রকল্পের নথি অনুযায়ী, এ রুটে স্টেশন থাকবে ১৫টি। এর মধ্যে ১১টি ভূগর্ভস্থ ও চারটি এলিভেটেড। গাবতলী থেকে আফতাবনগর পর্যন্ত অংশ হবে ভূগর্ভস্থ এবং আফতাবনগর থেকে দাসেরকান্দি পর্যন্ত হবে এলিভেটেড। এ রুটে প্রাথমিকভাবে ছয়টি শীতাতপ নিয়ন্ত্রিত কোচবিশিষ্ট ১৯টি মেট্রোরেল পরিচালনা করা হবে। প্রতিটি মেট্রোরেল সর্বোচ্চ ১ হাজার ৯০৮ জন যাত্রী পরিবহন করতে পারবে। এটি চালু হলে গাবতলী থেকে দাসেরকান্দি পর্যন্ত যাতায়াতে সময় লাগবে ২৮ মিনিট।

এদিকে এমআরটি লাইন-৫ (সাউদার্ন রুট)-এর ডিপিপি অনুমোদন পাওয়াকে একটি বড় ইতিবাচক সুযোগ হিসেবে দেখছেন পরিবহন বিশেষজ্ঞ ড. মো. হাদিউজ্জামান। তিনি বণিক বার্তাকে বলেন, ‘‌এতদিন এককভাবে জাইকার অর্থায়ন ও তাদের নির্দিষ্ট টেকনিক্যাল স্পেসিফিকেশনের ওপর নির্ভর করার কারণে পাতাল অংশের প্যাকেজগুলোতে উন্মুক্ত প্রতিযোগিতা হতে পারেনি। এখন এডিবি ও কোরিয়ার ইডিসিএফের মতো বিকল্প অর্থায়নের ফলে নতুন করে স্পেসিফিকেশন তৈরির সুযোগ মিলবে। এতে ঢাকায় প্রতি কিলোমিটার পাতালপথ নির্মাণের প্রকৃত ব্যয় কত হওয়া উচিত, তার একটি বস্তুনিষ্ঠ ও তুলনামূলক চিত্র সামনে আসবে এবং নির্মাণ ব্যয় নিয়ে দীর্ঘদিন ধরে চলা বিভ্রান্তি কেটে যাবে।’

‘এমআরটি লাইন ১’ ও ‘এমআরটি লাইন ৫, নর্দান রুট’ প্রকল্প দুটির ব্যয় বৃদ্ধির বিষয়টি প্রথম আলোচনায় আসে বিগত অন্তর্বর্তী সরকারের সময়ে। সে সময় বিভিন্ন প্যাকেজের দরপত্রে অংশ নেয়া ঠিকাদারদের সর্বনিম্ন দর ঢাকা ম্যাস ট্রানজিট কোম্পানি লিমিটেডের (ডিএমটিসিএল) প্রাক্কলনের চেয়ে বেশি হয়ে যায়। এরপর প্রক্রিয়া ধীর করে পুনরায় দরপত্র আহ্বান এবং দর প্রস্তাবকারী ঠিকাদারদের সঙ্গে ‘নেগোসিয়েশন’-এর উদ্যোগ নেয় সংস্থাটি। যদিও এ প্রক্রিয়ায় সায় দেয়নি প্রকল্প দুটির ঋণদাতা সংস্থা জাপান আন্তর্জাতিক সহযোগিতা সংস্থা (জাইকা)। চলতি বছরের ফেব্রুয়ারিতে বিএনপি সরকার গঠনের পর মেট্রোরেল প্রকল্পের দর প্রক্রিয়া আবার গতি পায়। এরই ধারাবাহিকতায় গতকাল প্রকল্প দুটির সংশোধনী প্রস্তাব অনুমোদন করা হলো।

সংশোধনী প্রস্তাবে ব্যয় বৃদ্ধির কারণ হিসেবে কভিড মহামারীর সময় নকশা ও দরপত্র প্রস্তুত করতে বিলম্ব এবং দেশের প্রথম পাতাল মেট্রোরেল বাস্তবায়নে জটিলতাকে দায়ী করা হয়েছে।

অন্যদিকে জাপানের কারিগরি ও আর্থিক সহায়তায় বাস্তবায়নাধীন প্রকল্প দুটির ব্যয় বৃদ্ধি ও সুদের হার পরিবর্তনের ব্যাখ্যা দিয়েছেন পরিকল্পনা প্রতিমন্ত্রী মো. জোনায়েদ আব্দুর রহিম সাকি। গতকাল একনেক সভা-পরবর্তী সংবাদ সম্মেলনে তিনি জানান, কাজের পরিধি বৃদ্ধি, স্টেশনের গভীরতা বাড়ানো, মূল্যস্ফীতি, ডলারের বিপরীতে টাকার অবমূল্যায়ন এবং ভ্যাট-ট্যাক্স বৃদ্ধির কারণে প্রকল্প দুটির ব্যয় প্রাথমিক হিসাবের তুলনায় প্রায় দ্বিগুণ হয়েছে।

প্রতিমন্ত্রী বলেন, ‘ব্যয় বৃদ্ধি ও অন্যান্য সংশয় যাচাই করতে সাবেক সচিব, বুয়েটসহ বিভিন্ন প্রতিষ্ঠানের জ্যেষ্ঠ প্রকৌশলী, আইটি ও ফাইন্যান্স বিশেষজ্ঞদের সমন্বয়ে প্রকৌশলী শামীম জেড বসুনিয়ার নেতৃত্বে একটি টেকনিক্যাল কমিটি গঠন করা হয়। কমিটির সুনির্দিষ্ট পরামর্শ ও যাচাই-বাছাইয়ের ভিত্তিতেই প্রাক্কলন সংশোধন করা হয়েছে।’

তিনি জানান, প্রকল্প দুটির ঋণ চুক্তিতে সুদের হারও বাড়ছে। অতীতে জাইকার সুদের হার দশমিক ৭ শতাংশ অনুমিত থাকলেও বর্তমানে তা বেড়ে ৩ দশমিক শূন্য ৫ শতাংশে দাঁড়িয়েছে। আগামীতে প্রতি কোয়ার্টারে এ হার আরো বাড়ার আশঙ্কা রয়েছে। ফলে প্রকল্প গ্রহণে দীর্ঘসূত্রতা হলে ব্যয় ও ঋণের বোঝা আরো বাড়তে পারে।

প্রতিমন্ত্রী বলেন, ‘ঢাকার তীব্র যানজট ও জনসংখ্যা বিবেচনায় ভূগর্ভস্থ মেট্রোরেল ব্যবস্থার বিকল্প নেই। এটি চালু হলে জ্বালানি সাশ্রয়, যাতায়াতের সময় হ্রাস এবং নাগরিকদের কর্মঘণ্টা ও উৎপাদনশীলতা বাড়বে। সামগ্রিক জনস্বার্থ, দীর্ঘমেয়াদি সুবিধা এবং ভবিষ্যতের সম্ভাব্য আর্থিক ক্ষতির ঝুঁকি এড়াতেই সংশোধন সাপেক্ষে প্রকল্প দুটি এগিয়ে নেয়ার সিদ্ধান্ত হয়েছে।’

Since taking office, the current government has taken various initiatives to revitalise the country's capital market.

In an interview with The Business Standard, Prime Minister's Special Assistant for Investment and Capital Market Affairs Tanvir Shahriar Ghani outlined the measures and talked about the country's overall investment environment.

Ghani expressed optimism that visible positive changes will emerge in the capital market within the next two to three months if these initiatives are implemented.
He said Bangladesh's capital market is heavily dependent on retail investors, while institutional investors account for a very small share. As a result, even minor developments can trigger panic in the market and lead to increased selling pressure.

"We are planning measures to increase the participation of foreign institutional investors and expand the involvement of domestic institutional investors. Taken together, we are working to build a better capital market in the future," he said.

Following the new government's assumption of office in February, the capital market returned to an upward trend, with significant changes in both the market index and trading activity.

Nearly four months after the new government took office, changes were made to the top leadership of the Bangladesh Securities and Exchange Commission (BSEC), the capital market regulator.
'Maximum focus on liquidity and institutional investor depth'

Tanvir Shahriar Ghani said the country's capital market faces numerous problems and obstacles at almost every stage.

"Steps have already been taken to remove these obstacles. An efficient team at BSEC is working on them. The finance ministry and Bangladesh Bank are also providing various forms of support. Everything will gradually become visible.

"Our maximum focus is on two areas: first, liquidity, and second, institutional investor depth," he said

"If we can address these two issues, many problems will be reduced, although it will take time," he added.

Ghani said Bangladeshi companies are highly leveraged, with some having negative equity. He said he has prepared a three-year action plan to help convert this negative equity into positive equity.

Ghani pointed out that the plan is not limited to any particular company but will apply to companies across all sectors.

Highly leveraged companies will be able to raise capital through preferred shares, warrants or initial public offerings (IPOs), reducing negative equity and returning to financial stability, he said.

He expects the capital market to grow exponentially.

"Our objectives are to bring foreign fund managers into the capital market and dramatically shift the composition of the investor base towards institutional investors," he said.

He also said the capital market would see greater product diversification, with derivatives and other products to be introduced. Work is also underway on a commodity exchange.
'Long-term projects must come to the capital market'

Ghani said there is currently a major mismatch in the country's bank lending system.

"Banks take deposits with one-year maturities but provide loans for projects with maturities of 12 years or more. This is a major mismatch.

"We are working to bring changes to this. Bangladesh Bank is also working on it. If long-term projects need to raise capital, they will have to come to the capital market," he said.

He said legal changes were being made to bring strong and fundamentally sound companies to the capital market.

"Experienced people have been appointed to the current commission. They are market-friendly and are continuously working on what can be done for the capital market," he said.

He said a lack of confidence remains a major issue in the country's capital market.

"If the measures the government is taking to develop the capital market can be implemented, confidence will increase," he said.

Previously, it took 18-24 months to approve an IPO. This will now be reduced to two to three months, he said.
'Investment-friendly environment essential'

Ghani said attracting foreign investment requires an investment-friendly environment, but there are numerous obstacles to creating such an environment.

"The government is taking initiatives to resolve these problems.

"To improve the investment environment, steps are being taken to address legal issues and obstacles related to the National Board of Revenue (NBR) and Bangladesh Bank. There will be significant improvements in these areas in the future," he said.

"The new government is extremely focused on making all organs of the government function properly and on trying to do the right things. If we can do these things, Bangladesh will be a miracle country, and a $1 trillion economy will really be possible," he said.

Ghani added that the government is taking initiatives every day to create a more investment-friendly environment. Discussions are also underway on which sectors should receive incentives and which incentives should be reduced so that investment in the country can increase.

The Bangladesh Securities and Exchange Commission (BSEC) has urged eligible companies interested in entering the stock market under a proposed direct listing framework to begin preparations for listing.

The initiative is aimed at established companies that do not require fresh capital for business expansion or operations but want to access the capital market.

Under the proposed framework, these companies would not issue new shares to raise funds from general investors. Instead, their existing shareholders would be allowed to sell shares through the stock exchange.

The BSEC has already drafted the Bangladesh Securities and Exchange Commission (Direct Listing of Securities on the Stock Exchange) Rules, 2026 and published the draft for public consultation.

The proposed rules are intended to provide an alternative route for established companies to list on the stock market without raising fresh capital through an initial public offering.

According to the proposed rules, companies meeting the prescribed eligibility criteria would be able to apply for direct listing.

The regulator is encouraging companies that fall within the proposed framework and are interested in listing to take the necessary preparations in advance. This would enable eligible companies to move forward with the listing process once the proposed rules come into effect.

Under the proposed mechanism, a company itself would not raise fresh funds through the listing process. Rather, existing shareholders would get an opportunity to sell or offload their holdings through the stock exchange.

At present, companies seeking to raise funds from the capital market can enter through an initial public offering (IPO). However, established companies that do not require fresh capital but want to become publicly traded would have an alternative route under the proposed direct-listing framework.

The BSEC expects the proposed system to increase the participation of new and capable companies in the capital market. It would also create an opportunity for existing shareholders to offload their shares and help expand the depth and breadth of the market.

The proposed framework could therefore allow companies with different capital requirements to choose different routes to the stock market. Companies requiring fresh capital could use the IPO process, while established companies that do not need additional funds could potentially opt for direct listing.

The BSEC said the draft 'Bangladesh Securities and Exchange Commission Rules, 2026' would be made effective soon through gazette notification.

The regulator said it is continuing policy and regulatory reforms to expand listing opportunities and encourage more capable companies to participate in the capital market, with the aim of developing a deeper, more diversified, transparent and efficient market.

The Dhaka Stock Exchange extended its recovery for a second consecutive session today (16 September) as investors bought beaten-down stocks, while Moody's revision of Bangladesh's economic outlook to stable supported market sentiment.

The benchmark DSEX index gained 21 points to close at 5,494, while the blue-chip DS30 index rose 5 points to 2,092.

Turnover rose 10% to Tk556 crore, indicating broader participation alongside the index gains. Of the 386 issues traded, 180 advanced, 153 declined and 53 remained unchanged.

According to daily market reviews by brokerage houses, trading was marked by a tug-of-war between bargain hunting and profit-taking.

EBL Securities noted that the bourse sustained its upward momentum as investors took positions in undervalued stocks following assurances over the resolution of industrial gas supply constraints and renewed regulatory engagement with leading brokers. However, lingering domestic and geopolitical concerns continued to weigh on sentiment and cloud the outlook for a sustained recovery.

Sheltech Brokerage Limited said strong early buying interest pushed the benchmark index to an intraday high of 5,532 points, before profit-taking pressure quickly emerged to erode early gains and drag the index down to an intraday low of 5,473 points. Buying interest subsequently strengthened and persisted until the closing bell, extending the recovery streak for two consecutive sessions. Market sentiment was also aided by Moody's revision of the country's economic outlook from negative to stable.

Meanwhile, insurance scrips pared back part of their previous-session gains amid uncertain market momentum and weak investor conviction toward a sustained upturn.

On the sectoral front, textiles accounted for the highest share of turnover at 27.6%, followed by general insurance at 15.0% and the banking sector at 10.9%.

Most sectors displayed positive returns, with jute exhibiting the most gain at 2.1%, followed by travel up 1.2% and paper rising 1.1%. Conversely, general insurance experienced the steepest correction, dropping 2.2%, followed by mutual funds down 1.7% and food stocks slipping 0.4%.

Trading activity was heavily concentrated in key counters, with Sharp Industries, Eastern Bank, Envoy Textile, Saiham Textile, and Malek Spinning leading the top-traded stocks list.

Individual scrips witnessed aggressive buying interest near upper circuit limits, led by Orion Infusion, which surged 9.96%, Al-Haj Textile up 9.91%, Information Services Network gaining 9.79%, Meghna PET rising 9.56%, and AB Bank advancing 9.09%.

On the losing side, BD Thai Food suffered the sharpest drop, falling 8.15%, followed by Sena Insurance down 7.50%, Exim Bank First Mutual Fund losing 6.75%, EBL First Mutual Fund dropping 6.66%, and Phoenix Finance First Mutual Fund contracting 5.71%.

Mirroring the positive sentiment on the primary bourse, the port city's Chittagong Stock Exchange (CSE) also closed higher. The CSCX index rose 39 points to reach 8,975, while the all-share CASPI index jumped 74 points to close at 14,673.

The Insurance Development and Regulatory Authority (IDRA) aims to improve the claim settlement rate from 57 per cent as of June to at least 75 per cent, as it faces a mammoth volume of unpaid claims worth Tk 70 billion.
At a programme at the IDRA office in the capital on Monday, IDRA Chairman Mir Nadia Nivin said the regulator had adopted a two-pronged strategy to reach the goal by gradually clearing the backlog of unpaid claims. She, however, did not mention any timeframe within which the target will be achieved.

Under the strategy, she said, IDRA has been holding meetings with owners and chief executive officers of insurers to identify and resolve obstacles to claim settlement, including compliance-related issues. At the same time, it has been monitoring financially distressed insurers.

Monday's programme marked the second phase of a special claim settlement initiative, under which Tk 230.4 million in long-pending claims was paid to 5,868 policyholders of five life insurance companies.

The IDRA chairman, who took office in July this year, said quick settlement of long-pending legitimate claims was one of her top priorities. The initiative was aimed at protecting policyholders' rights and restoring discipline and public trust in the insurance sector, she added.

The payments were made possible by mobilising funds from various sources, including the sale of assets and encashment of security bonds of the insurers concerned.

Ms Nivin said IDRA was conducting one-to-one governance review meetings with insurance companies to determine why legitimate claims remained unpaid and what operational or compliance-related problems were delaying settlement.

"Some companies have ancillary and compliance-related problems," she said, adding that the regulator is working with relevant parties to resolve the issues quickly.

Of the country's 82 insurance companies, roughly eight life insurers are facing serious difficulties, and their failure to settle policyholders' claims on time has eroded public trust across the industry, according to the IDRA chief.

These seven to eight troubled life insurers are being dealt with separately, but IDRA's intervention is not confined to those companies.

"We have taken a holistic approach to improving claim settlement across the entire insurance sector," she said.

Companies facing moderate-level problems are also being brought under close supervision, with their financial capacity being reviewed and pressure applied to accelerate settlement of legitimate claims, she added.Banking Sector Analysis

Finance minister praises IDRA initiatives

Meanwhile, Finance and Planning Minister Amir Khosru Mahmud Chowdhury praised IDRA's ongoing reform initiatives during a visit to its office on Monday, particularly its efforts to strengthen governance, transparency and accountability in the insurance sector.

The minister welcomed the move to settle long-pending legitimate claims, saying payment of policyholders' rightful dues would help rebuild public confidence in insurance.

"Restoring policyholders' confidence is crucial to strengthening the insurance industry," he said, adding that visible steps were already contributing to rebuilding trust.

Mr Khosru also said the government was supporting IDRA in making insurance companies more effective, efficient and dynamic through the introduction of risk-based supervision.

He stressed that protecting the rights and interests of policyholders must remain a top priority, adding that customer complaint resolution and service-monitoring mechanisms should also be strengthened to ensure better protection for policyholders.

The minister underscored the need to increase public awareness of insurance, financial security and risk management, saying IDRA's initiatives should make insurance more accessible, understandable and trustworthy to ordinary people.

He praised the reform measures being pursued under the leadership of Ms Nivin and expressed hope that the reforms would make the insurance sector more robust, transparent and customer-centric, enabling it to play a greater role in the national economy.Stock Market Updates

IDRA steps up claim settlement

In the second phase of the claim settlement initiative, Padma Islami Life Insurance paid around Tk 120 million to 3,600 policyholders.

Homeland Life Insurance settled claims worth Tk 49.8 million for 1,145 policyholders, while Fareast Islami Life Insurance paid Tk 50 million to 580 policyholders.

Sunflower Life Insurance paid Tk 5.53 million to 300 policyholders, and Sunlife Insurance settled Tk 5.01 million in claims for 243 policyholders.

The second-phase payments followed the first phase, executed on September 3, when IDRA facilitated the settlement of claims worth Tk 145.1 million for 2,549 policyholders of seven life insurers.

The first phase covered policyholders of Baira Life, Fareast Islami Life, Golden Life, Homeland Life, Padma Islami Life, Progressive Life and Sunflower Life Insurance.

The latest move is part of IDRA's broader effort to address the sector's chronic claim settlement problem, which has left thousands of policyholders waiting for years to receive legitimate dues.

The IDRA chairman said the effort to pay policyholders back would continue, and the remaining valid but unpaid claims would be verified and scrutinised before being settled.

Oil prices rose more than 2 percent on Tuesday after attacks on Saudi Arabian energy infrastructure left the kingdom’s East-West pipeline offline, raising fears that damage to energy infrastructure and transport routes could take longer to repair.

Brent crude futures rose $2.5, or 2.37 percent, to $108.18 a barrel at 0813 GMT, while US West Texas Intermediate futures were up $2.46, or 2.43 percent, at $103.85 a barrel. Concerns over oil supplies intensified after Iran-backed Houthi forces in Yemen launched fresh attacks on Saudi Arabia on Monday, while Gulf Arab states postponed planned discussions with Iran.

“Fresh attacks by the Houthis targeting Saudi Arabia may be influencing oil market investors’ expectations about the severity and duration of the conflict,” said Hamad Hussain, senior climate and commodities economist at Capital Economics.

The Houthis on Monday said they fired dozens of missiles and drones at a military airbase in Khamis Mushait in southern Saudi Arabia, targeting aircraft hangars, radar systems, runways and ammunition depots in retaliation for Saudi airstrikes in Yemen.

This followed attacks on Friday on Saudi Arabia, which Riyadh blamed on Iranian-backed fighters in Iraq, that disrupted the country’s East-West pipeline, which allows oil exports to bypass the blockaded Strait of Hormuz, through which about a fifth of global oil supplies previously passed.

Saudi Arabia could exhaust crude available for export within days unless the East-West pipeline resumes operations, according to buyers and traders. The pipeline strike threatened up to 4 percent of global oil supply. “The recent attack may be more severe and could threaten the remaining 2mb/d of recent Yanbu exports, with the latest repair assessments ranging from ‘very soon’ to eight weeks,” Goldman Sachs said in a note.

The attacks on oil infrastructure marked a meaningful escalation of the conflict and increased the probability of Brent rising above $120 a barrel, Goldman Sachs said, citing a scenario in which average Gulf oil output in 2027 remains 4 million barrels per day below pre-war levels.

Commodity vessel traffic through the Strait of Hormuz dropped to four on Monday, down from 10 a day earlier, preliminary data from Kpler showed on Tuesday, raising concerns about a route that carried about a fifth of global oil supplies before the US-Israeli war on Iran kicked off on February 28.

“In the absence of an adjustment in demand or greater oil flows through the Strait of Hormuz, several weeks of the East-West pipeline being closed could lift Brent crude prices towards $130 per barrel,” Hussain said.

Separately, in China, official data showed that oil throughput rose for a second straight month in August, boosted by fuel exports after Beijing eased restrictions in mid-July.

AI-linked stocks plunged worldwide on Monday after leaders of the biggest artificial intelligence companies warned of potentially existential risks from the technology, shaking confidence in the industry whose vast infrastructure spending has driven world stock markets to record highs.

The selloff rippled through the industry, where companies are increasingly relying on debt and circular financing to fund ambitious AI spending plans even as global borrowing costs, reflected in multi-year-high bond yields, continue to rise.

Anthropic CEO Dario Amodei, in a lengthy essay shared on X on Saturday, called on AI companies to slow the rate at which they advance model capabilities amid mounting fears AI could be misused.

Both Elon Musk, who runs xAI, and Sam Altman, CEO of OpenAI, said they agree with Amodei. Altman also said the company would not proceed with an IPO this year, citing safety concerns.

CHIP STOCKS LEAD GLOBAL SELLOFF

Wall Street’s major tech index, the Nasdaq 100, slid 1.2 percent to a six-week low in early trading as chip stocks, which have led the AI rally, fell the most, although it pared losses in early afternoon and was last down 0.4 percent.

“If this does lead to sort of a slowdown and a rethink of AI spending, that will have ramifications for the economy and some important sectors of the stock market, because essentially, we’ve been running hot based on AI spending,” said Steve Sosnick, chief market analyst at Interactive Brokers.

The Philadelphia chip index dropped 5.2 percent, with Nvidia down 3 percent, Advanced Micro Devices off 4.5 percent and Micron falling 5.4 percent. Semiconductor equipment makers Lam Research, Applied Materials and tech utility Bloom Energy lost more than 6 percent each.

Earlier in the day, Europe’s tech sector fell 2.2 percent, dragged by ASML’s 6 percent decline, alongside steep losses in Infineon and Siemens Energy, while in Asia, SoftBank plunged more than 10 percent and chipmakers TSMC and SK Hynix also retreated.

WARNINGS OF AI INTERNET TAKEOVER

Alarm about the potential harm from AI spiked earlier this month when Anthropic researcher Jacob Coxon resigned, stating that the AI giants are “gambling with our lives.”

A few days later, the San Francisco-based AI lab released a threat intelligence report detailing how its Claude AI models were used for activities ranging from weapons development and cyber operations to surveillance and fraud.

Over the weekend, Amodei wrote that in six to 12 months, AI agents “could be capable of taking over the entire internet potentially causing hundreds of billions of dollars in damage.”

Separately, OpenAI’s Altman warned in an interview that the risk of human extinction posed by AI was serious enough that AI companies and governments should act.

“The warnings should be taken seriously,” said Gillian Hadfield, Bloomberg Distinguished Professor of AI Alignment and Governance at Johns Hopkins University. “There are real risks of models doing things we don’t want them to do and which we don’t anticipate well.”

Several US lawmakers have raised concern about AI’s rapid progress and called for new rules.

US Senate negotiators are debating legislation that would require AI companies to demonstrate they are taking reasonable precautions, Reuters reported on Monday.

But US President Donald Trump on Monday appeared to dismiss the worries as a “sick conspiracy” against AI and data centers, which have become a flashpoint in the midterm elections.

AI-related trades have powered many of the gains in global equities since OpenAI released ChatGPT in 2022, but more recently cyberattacks by rogue AI agents and public discontent with data centre construction have raised opposition to the development of the industry.

The US and Chinese governments are expected to hold AI safety talks as part of bilateral discussions taking place this month, Reuters reported.

But China’s state-backed Global Times criticized the Anthropic essay in an editorial, calling it a “Cold War playbook” intended to curb the country’s technological development.

A growing concern for OpenAI and Anthropic is the rising competition from more affordable Chinese models such as Moonshot AI’s Kimi K3, Alibaba’s Qwen and DeepSeek’s offerings, which could pressure the pricing of larger, more costly models.

NOT ALL BELIEVE THE WARNINGS

Some investors dismissed the warnings from Anthropic and OpenAI.

Michael Burry, whose successful bets against the US housing market before the 2008 financial crisis were chronicled in the movie “The Big Short”, said in a message on X the warnings were “hype and puffery” and “cover for real uncontrollable slowing growth”.

Others have argued that record capital spending commitments suggest AI development is unlikely to slow.

Morgan Stanley forecast earlier this year that AI spending will surpass $1.3 trillion by 2027.

“The competitive race between companies and countries remains intense, and it’s difficult to imagine firms voluntarily stepping back while rivals continue to push ahead,” Deutsche Bank said in a note.

Meanwhile, Amodei’s Anthropic has pushed ahead with its public debut, expected next month as sources told Reuters that the company is in talks to bring in Nvidia as an anchor investor.

China and India’s LNG imports are likely to rebound from multi-year lows once the Middle East supply crunch ends and prices ease, industry executives expect, reversing a pick-up in coal and oil use to generate power due to the US-Iran war.

The conflict has prevented Qatar and the United Arab Emirates from exporting most of their LNG via the Strait of Hormuz, where a fifth of global supplies used to pass, driving up prices and curbing demand in Asia.

Shell, the world’s biggest LNG trader, estimates the world has lost about 36 million tons of LNG from the Middle East so far this year, President for Integrated Gas Cederic Cremers said.

Asia’s spot prices have surged to nearly $30 per million British thermal units, from a pre-war range around $10 per MMBtu, as the region is competing with Europe for limited supplies ahead of winter.

“The prices have hit through the roof ... and that is definitely impacting the demand insofar as India is concerned because there are a lot of sectors which are price sensitive,” GAIL Chairman Deepak Gupta said at the Gastech conference in Bangkok.

“There are many industries which switch over to different fuels in case gas is not viable for them,” said Gupta, who heads India’s top natural gas distributor by market share.

Both GAIL and PetroChina, China’s top LNG importer, have deployed their trading teams to scour for alternative cargoes to replace Qatari and Emirati supplies since the war broke out.

Luo Yizhou, CEO of PetroChina International (PCI), the trading arm of the state energy major, said the company was working on the Sunday of February 28 in lieu of the Lunar New Year holiday when the US and Israel launched attacks on Iran.

“We had a meeting for something else, planning for this year, and then suddenly we saw the news, and then we switched the topic to how to secure supply,” Luo said.

“We were probably one day ahead of the market because most of the other companies start to work on Monday.”

GAIL’s Gupta said India had to limit gas consumption initially but resumed supplies to almost 90 percent to 95 percent as it ramped up its trading capability to buy LNG from elsewhere.

Exxon Mobil, GAIL and PCI executives expect the Middle East conflict to have a temporary impact on demand, with consumption to rebound once prices fall and global supply recovers.

“We are hoping that all this is very short term, and in the coming days, in mid-term and long-term, things will become normal,” Gupta said, adding that there may be about 150 million to 200 million tons of LNG coming online in the next four to five years which could cool prices.

“The sectors like the power sector in our country, like the various industries, they are going to go for more gas ... because it’s a cleaner fuel,” he said.

In China, PCI’s Luo expects demand from gas-fired power plants to rebound once LNG prices return to a “normal” range of $7 to $9 per MMBtu, citing strong growth in electricity consumption even as LNG imports have fallen.

“I think it is due to the temporary suppression of the demand faced by high price,” Luo said. “I don’t think it will kill the demand in China.”

Exxon expects substantial LNG demand growth in China over the long term, with extensive LNG import infrastructure built along the country’s east coast, the company’s vice president for global LNG marketing, Andrew Barry, told Reuters on the sidelines of the Gastech conference.

There is a lot of latent demand that is price sensitive, he said.

ExxonMobil remains confident in the diversification of its LNG portfolio, which includes assets and interests in the US, Mozambique, Qatar, Papua New Guinea and Australia. It continues to look at new opportunities with a focus on cost of supply.

“We still have an extremely bullish demand forecast out through to 2050,” Barry said.