Share markets slid in Asia on Monday, dragged down by AI stocks, while supply concerns in the West Asia caused oil prices to spike anew, and investors braced for likely interest rate hikes in both the United States and Japan this week.

AI-linked shares slumped after the leaders of OpenAI and Anthropic called for a slowdown in development to manage risks and protect humanity.

On the oil front, Brent climbed almost 3per cent as new strikes on Saudi Arabia and on ships in the Gulf strained nerves, after an attack on a Saudi oil pipeline and an advance by Yemen's Houthis threatened to worsen the wartime disruption to global energy supplies.

A meeting in Oman between Iran and Gulf Arab states, scheduled for Monday to discuss a deal on opening the Strait of Hormuz, was postponed.

With shipping through the strait and the Bab el-Mandeb under threat, analysts fear oil prices could stay elevated for a lengthy period, stoking inflation globally.

An uncomfortably hot US consumer price report on Friday led markets to price in an 86 per cent chance the Federal Reserve will lift rates by 25 basis points on Wednesday, and move again by December. It would be the first hike since mid-2023.

"We now expect the Fed to hike twice this year, in September and December," said Michael Feroli, chief US economist at JPMorgan. "At this stage, failing to back up words with action could put the credibility of the institution at risk."

"Whether these actions represent a limited recalibration or mark the start of a more sustained hiking cycle will depend on incoming data," he added. "We anticipate the former scenario but see risks for the latter."

Brent futures were last up 2.6 per cent at $107.36 a barrel, having gained almost 9 per cent last week, while US crude rose 2.4 per cent to $102.48 a barrel.

Japan's Nikkei fell 0.8 per cent, while South Korea dropped 2.1 per cent after the calls for a slowdown in AI development.

MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.8 per cent, while Chinese blue chips eased 0.4 per cent .

In Europe, EUROSTOXX 50 futures lost 0.2 per cent, while DAX futures fell 0.1 per cent and FTSE futures firmed 0.2 per cent. On Wall Street, S&P 500 futures lost 0.4 per cent, while Nasdaq futures fell 1.1 per cent.

High Yields Test Equity Valuations

Yields on 10-year Treasury notes were stuck at 4.974 per cent, having been sold heavily in recent weeks. Just last week alone, 2-year yields rose a steep 26 basis points, while 10-year yields added 19 basis points as the curve flattened.

Ben Snider, chief US equity strategist at Goldman Sachs, said strong corporate earnings should provide support for Wall Street if borrowing costs rise.

"Equities typically struggle when the Fed starts to hike rates, but we expect the bull market to continue," he added. "The S&P 500 has generated an average three-month return of -2per cent at the start of seven hiking cycles during the last few decades."

"Yet the S&P 500 has generated an average return of +9per cent during the 12 months following the first hike."

Markets also imply around a 76 per cent chance the Bank of Japan will lift its cash rate by a quarter point, to 1.25 per cent , when it meets on Friday. The BOJ is also expected to sound hawkish on further tightening as it struggles to prevent a relapse in the yen after market intervention helped to pull it from a 40-year low.

The dollar edged up to 153.98 yen, having fallen around 4 per cent over the last two weeks and away from a July peak of 163.99. The euro was a fraction lower at $1.1586, having found support at $1.1570 on Friday.

Sterling was flat at $1.3513 with the Bank of England expected to hold its rates at 3.75per cent on Thursday, though the decision could again be split.

In commodity markets, gold was flat at $4,347 an ounce, as higher bond yields diminished the lure of the non-interest-paying metal.

The widening of the Mideast conflict into Yemen and drone strikes on a critical Saudi oil pipeline highlight an uncomfortable reality: the Iran war is no longer a short-lived energy supply shock, but a prolonged, unpredictable test of global economic endurance.

With crude oil back above $100 a barrel, markets are adjusting to a new and more volatile phase of the conflict, one in which many of the safeguards that cushioned the initial blow nearly seven months ago have disappeared.

US President Donald Trump predicted last week that the conflict would end only after the US midterm elections on November 3.

This is a notable shift in tone from an administration that initially suggested the war would last weeks, not months.

Whether this new forecast proves correct is impossible to know, but recent developments at two of the world’s most important energy arteries suggest it may be very optimistic.

Yemen’s Iran-aligned Houthis have made rapid advances over the past week, tightening their grip on the Bab el-Mandeb Strait at the southern entrance to the Red Sea.

The group announced a naval blockade of the shipping route in July and has reiterated that transit remains safe for all vessels except those belonging to Saudi Arabia.

At the same time, Saudi Arabia’s vital East-West oil pipeline, the kingdom’s main alternative to the Strait of Hormuz, was temporarily shut after a series of drone attacks launched from Iraq, according to Saudi authorities.

The 1,200-kilometre (745-mile) pipeline has been critical for the kingdom since the Strait of Hormuz began to be disrupted following the outbreak of the war in February.

By more than doubling west coast exports via the pipeline during the first five months of the conflict to 4 million to 5 million barrels per day (bpd), equal to roughly 4 percent to 5 percent of global oil supply, Saudi Arabia was able to offset a significant portion of the losses through Hormuz.

Yet those shipments fell to just 2 million bpd in August, the lowest since January, largely because of the Houthi blockade, according to Kpler data.

In turn, output from what was once the world’s largest oil exporter fell to 6 million bpd in August, the lowest level in more than three decades, according to the International Energy Agency (IEA).

Satellite imagery suggests that at least one pumping station was struck, although the full extent of the damage and the timeline for repairs remain unclear.

Saudi Arabia will also likely be able to draw on stored crude to offset any interruption in pipeline flows for several days. But this escalation comes at a dangerous moment.

Disruption to Middle East oil exports, which accounted for around a fifth of global supplies before the war, has sharply eroded global stocks.

Inventories have fallen by 507 million barrels, or roughly 2.8 million bpd, since the conflict began, according to the IEA.

It’s true that more crude has been exiting Hormuz in recent months compared to the early months of the war, largely because more vessels have been using a route along Oman’s coast under US Navy supervision.

Around 5 million bpd of crude oil and refined products have been exported through the strait since June, around a quarter of pre-war levels, according to Kpler, though the real figure may be higher because many ships switch off their navigation systems during transit.

Iranian strikes on over a dozen tankers attempting to cross Hormuz or inside the Gulf last week were a reminder that transits remain risky.

Regardless, this status quo is unsustainable. The Middle East remains the most important energy-producing region in the world.

Halving crude exports from the Gulf may be manageable for a few months, but certainly not indefinitely.

Moreover, refined products like diesel, gasoline and jet fuel have fared considerably worse than crude, with exports from the region remaining nearly 60 percent below pre-war levels, according to IEA estimates.

This has led to acute fuel shortages, particularly of diesel, pushing prices to record levels.

Further disruption to Saudi Arabia’s Red Sea exports would put additional pressure on global inventories.

This latest flare-up could also cause ship traffic through Hormuz to shrink once again.

Tanker operators remain reluctant to enter conflict zones, freight and insurance costs have surged to all-time highs and naval escorts can only partially mitigate the risks of operating in a war zone.

The question now is just how long these market dynamics can hold.

Iran’s leadership views the conflict as existential and has every reason to maximise economic pressure on both the US and the wider global economy ahead of any eventual negotiations.

At the same time, Washington’s increasingly stringent blockade of Iranian oil exports is inflicting severe damage on the Islamic Republic’s economy, raising the costs of extending the confrontation indefinitely.

The Houthi advances and attacks on Saudi infrastructure may temporarily shift momentum back toward Tehran.

Those competing pressures could eventually bring both sides closer to the negotiating table.

Equally, they could encourage each camp to keep fighting in the hope that economic or military gains will strengthen its bargaining position.

For nearly seven months, markets assumed Trump would find an off-ramp once rising gasoline prices and political costs became too painful.

But that outcome depended on Tehran being willing to cooperate.

So far, it has shown little interest in doing so.

US policymakers and traders may have become accustomed to a conflict that appears manageable.

But if the war drags on for many more months, as Trump now suggests it might, the risk is that new disruption would find the market with far fewer shock absorbers.

The number of bank accounts holding more than Tk1 crore rose by 5,077 in the three months to June, while deposits in those accounts increased by nearly Tk16,000 crore, even as high inflation and prolonged weakness in the financial sector continue to weigh on the economy.

Bangladesh Bank data show that deposits in crore-plus accounts reached Tk8.75 lakh crore at the end of June, up from Tk8.59 lakh crore at the end of March.

Bankers estimate that individuals account for about 30% of these accounts, with institutions making up the larger share. They caution that the rise in crore-plus accounts should not be taken as a direct indication of an increase in the number of wealthy individuals, as institutional accounts dominate the category.

Bank deposits generally rise each year, although the pace varies, making an increase in the number of accounts holding more than Tk1 crore unsurprising, bankers said.

Deposits in these accounts, however, have been growing more slowly than overall bank deposits. Total deposits in the banking sector grew by nearly 11% year-on-year in June, compared with 8.29% growth in crore-plus accounts. The latter figure was 4.52% a year earlier.

The relatively small number of crore-plus accounts also does not appear to reflect the scale of wealth in Bangladesh, bankers said. Many wealthy people prefer to invest in land, houses and other assets rather than keep large sums in banks.

There are also allegations that some wealthy people are syphoning off their earnings abroad, where they may buy houses and cars or maintain lavish lifestyles.

Bankers believe concerns over VAT and taxes, as well as possible harassment, may also discourage wealthy people from keeping large amounts in banks. Some people who do keep substantial deposits divide their money among several accounts instead of maintaining a large balance in a single account.

Political uncertainty and the banking sector's ongoing crisis have also made some wealthy depositors reluctant to keep their money in banks, they said.

A senior official of Meghna Bank, speaking to TBS on condition of anonymity, said the amount held by ultra-rich people in bank accounts remained very small compared with the size of Bangladesh's economy.

Bangladesh's economy is now worth about $475 billion, while wealth inequality remains stark, he said. "But the bank account data do not reflect this inequality," he said.

He said it was difficult to reconcile the country's wealth distribution with the fact that only 120 individual bank accounts held deposits of more than Tk25 crore.

"This could mean that ultra-rich people are not keeping their money in banks, or that they do not feel comfortable keeping large amounts of money in a single bank account," he said.

Crore-plus deposits fluctuate

The number of bank accounts holding more than Tk1 crore stood at about 134,000 at the end of December last year, with total deposits of Tk8.34 lakh crore.

At the end of June 2025, there were about 127,000 such accounts, holding Tk8.8 lakh crore. The figures show that both the number of accounts and the deposits they contain can fluctuate significantly over time.

Bangladesh Bank spokesperson Arief Hossain Khan said the composition of crore-plus accounts was important when interpreting the data. "Therefore, there is no scope to directly equate the increase in the number of crore-plus accounts with an increase in the number of millionaires."

He further said there was no reason to view a rise in personal accounts holding more than Tk1 crore with suspicion if it was consistent with economic growth.

"At the same time, it is necessary to consider how long it is realistically possible for an individual to accumulate Tk1 crore based on their legitimate income, salary and allowances, business income and inflation," he said.

"If the increase in someone's bank balance is not consistent with their income and expenditure, a rapid rise in the amount of money in the account can be a cause for concern," he said.

Arief also said the growing number of crore-plus accounts could point to another economic concern: increasing inequality.

"A larger number of people becoming millionaires may also indicate greater inequality in the distribution of wealth," he said. "The concentration of excessive wealth in the hands of a small number of people is not positive for the economy of any country."

According to Fahmida Khatun, distinguished fellow at Centre for Policy Dialogue (CPD), tax and VAT issues discouraged many people from keeping money in banks.

Some people also try to stay outside the banking system to evade taxes, while others fear keeping even legitimate money in banks because they may face legal complications, the economist said.

To move the economy towards greater prosperity, the culture of fear and distrust surrounding the banking system must be removed, she said.

At the same time, it must be ensured that the misuse of laws does not become a source of harassment or danger for people, Fahmida added.

Bangladesh has issued its first dedicated Air Navigation Order (ANO) on aviation security as the country moves to strengthen its civil aviation rules ahead of an International Civil Aviation Organization (ICAO) audit next month.

The audit is scheduled to begin on October 26, and the dedicated aviation security ANO is one of the major issues auditors will examine, said Air Commodore Md Asif Iqbal, member (security) of the Civil Aviation Authority of Bangladesh (CAAB).

“If I cannot answer that question, I lose marks, and that affects the overall grading,” he told The Daily Star.

The ANO is a legal instrument issued by CAAB under the Civil Aviation Act, 2017, that sets out binding rules and procedures for a specific area of aviation operations. Violations of the order will be treated as offences punishable under the Act.

The security-specific ANO was gazetted on September 3 and came into force the same day. It sets out security responsibilities for airports, aircraft operators, passengers and other stakeholders and gives effect to standards and recommended practices.

The order does not, however, bring major changes to security measures already being followed.

Asif said the National Civil Aviation Security Programme (NCASP) contains detailed security requirements but cannot be made public because it includes sensitive information.

The ANO, he said, is essentially a generalised, publicly available version of the NCASP with classified information removed. “It’s not new.”

Group Captain SM Ragib Samad, executive director of Hazrat Shahjalal International Airport, also said no new passenger screening measures had been introduced following the issuance of the order.

“We are following the existing protocols,” he said.

Screening before entry into airside or security-restricted areas, for instance, was already in practice, he said, but had previously existed through other instructions rather than in the form of a navigation order. “This has basically given it a legal basis through the ANO.”

The order brings together a wide range of requirements concerning passengers, airport staff, baggage, aircraft and cargo.

It classifies disruptive passenger behaviour into four levels, ranging from suspicious or verbally threatening behaviour to an attempted or actual breach of the flight crew compartment.

Under the order, airlines may halt check-in or deny boarding over a passenger’s condition or behaviour. If boarding is denied at the gate, hold baggage should be offloaded, the passenger escorted to the landside area, and their name removed from the flight manifest.

Serious cases may be referred to law enforcement.

The ANO also says liquids, aerosols and gels must be carried in containers not exceeding 100ml each and placed in a transparent, resealable plastic bag with a maximum capacity of 1 litre. Containers larger than 100ml will not be accepted even if only partly filled.

Passengers who refuse security searches or do not allow their cabin and hold baggage to be screened or searched will not be allowed to board.

The order also requires background checks for people implementing security controls, those with unescorted access to security-restricted areas and those with access to sensitive aviation security information. The Special Branch of Bangladesh Police is responsible for conducting the checks.

Asif acknowledged that CAAB still faces shortages of manpower and some security equipment.

“We have some human-resource shortages. Our recruitment process is ongoing,” he said.

He said the Armed Police Battalion had been given responsibility for landside security while recruitment continued. Once CAAB reaches its full staffing strength, it plans to take over those responsibilities itself.

There are also equipment shortages, although procurement is under way, he said.

CAAB recently received 25 explosive trace detectors from China, while dual-view baggage screening machines have also been procured. The authority has recently added four body scanners, Asif said.

He described improvements in manpower, equipment, infrastructure and facilities as a continuous process.

“Even if you reach 100 percent today, tomorrow you may see a new requirement,” he said.

More sophisticated and modern equipment will be available once the third terminal becomes operational, he added.

The publication of the ANO comes as the government moves to replace the Civil Aviation Rules, 1984, which have remained in force for more than four decades.

The new rules are intended to bring the country’s civil aviation regulatory framework in line with international standards and address shortcomings identified in previous assessments.

The upcoming ICAO audit will assess Bangladesh’s compliance with international standards and recommended practices, with the findings affecting the country’s overall audit grading.

Bangladesh aims to add up to 4,000 MW of rooftop solar within one year. The newly announced incentive package, including a time bound Tk 10.50 per unit tariff for eligible surplus rooftop generation, together with the proposed OPEX model and battery storage framework, represents an important further step towards creating that market. The country has a large base of factories, textile and garment facilities, warehouses, commercial buildings, educational institutions, hospitals and public facilities with usable rooftop space. Achieving the target would require an estimated 24 million square meters of usable rooftop space nationwide. Daytime solar generation also aligns well with industrial and commercial electricity demand. Commercial and industrial (C&I) rooftop solar could therefore provide the fastest route towards realising the Government's ambition.

The challenge is converting these incentives and available rooftops into financed, connected and commissioned projects.

India added around 7,100 MW of rooftop solar in 2025 alone, taking cumulative capacity to approximately 23,500 MW by March 2026. Rapid large-scale deployment requires an integrated market architecture covering financing, contracts, utilities, grid connection, developers and execution.

The proposed shift towards third-party financed OPEX models, particularly Renewable Energy Service Company (RESCO) structures, is therefore important. Instead of investing their own capital, factory owners can contract a RESCO to design, finance, build, own and operate the solar plant, while purchasing electricity under a long-term agreement. But delivering 4,000 MW will require more than $2Bn dollars of capital and a much broader enabling framework. Five critical areas need to be addressed.

First, make projects financeable.

Mobilising capital at this scale will require a financing framework capable of attracting domestic and international financial institutions, development finance and foreign investment. Credit enhancement or partial-risk guarantees could help reduce financing costs and enable lenders to finance portfolios of rooftop projects.

The new tariff incentive can improve project economics, but it cannot substitute for access to long-term, competitively priced financing. For C&I projects in particular, the underlying economics will largely depend on electricity consumed directly by factories and businesses, with surplus exports providing an additional revenue stream.

Financing must also be supported by payment security and bankable contracts. If an investor installs a plant under a 15-year agreement, what happens if the factory closes, ownership changes or the electricity purchaser defaults? Standardised rooftop leases, RESCO power purchase agreements, termination provisions, lender step-in rights and payment-security arrangements are therefore essential.

Second, turn distribution utilities into facilitators.

Distribution utilities control critical elements of rooftop deployment, including technical approvals, connections, metering and electricity settlement. The new incentive package makes their role even more important as they will also administer the measurement and settlement of surplus electricity.

Each utility should receive annual and monthly MW targets, supported by measurable service standards for technical approvals, meter installation and commissioning.

Utility-Led Aggregation (ULA) should also be considered. Rather than waiting for customers to originate projects individually, utilities can identify and aggregate suitable rooftops and competitively procure RESCOs to finance and develop them as portfolios. A utility could, for example, aggregate 50–100 MW of commercial, residential or public-sector rooftops into a programme, reducing transaction costs and improving financing. ULA should complement and not replace privately originated RESCO projects.

This creates three parallel engines for deployment: private C&I/RESCO investment, utility-led aggregation and aggregated solarisation of Government buildings.

Third, enable scale and competition.

Local service capability is important, but strong geographic preferences risk fragmenting the market into district-level territories. Large-scale delivery will require experienced developers, strong EPC companies, portfolio financing and economies of scale. National accreditation combined with regional service requirements would be more effective.

Providers should also be classified by capability. The technical and financial requirements for installing a 5 kW household system cannot be the same as those for financing and operating a multi-megawatt industrial portfolio. Separate accreditation categories should therefore cover residential installers, commercial EPC contractors, industrial developers and large RESCO investors.

Fourth, make grid access predictable.

Net-metering and interconnection rules should increasingly be determined by technical grid capacity rather than historical electricity consumption. If a factory has sufficient rooftop space and the local network can safely accommodate the generation, there should be a pathway to install the economically optimal capacity.

The new Tk 10.50 grid-feed tariff should help accelerate deployment, particularly for projects commissioned within the incentive window. However, the February 2027 deadline may be too short to drive meaningful scale, given the time required for project development, financing, approvals, procurement and commissioning. A time-bound incentive should ultimately transition into a transparent long-term pricing methodology that provides investors with durable certainty. Bankability depends not simply on the attractiveness of today's tariff, but on confidence in the rules governing an asset over its operating life.

The inclusion of battery energy storage (BESS) is also welcome. As rooftop penetration increases, storage can play an increasingly important role in grid integration and maximising the value of distributed generation.

Fifth, create one national execution mechanism.

A National Rooftop Solar Mission, supported by a dedicated Programme Management Unit with clear authority and accountability, should coordinate distribution utilities, financial institutions, developers and relevant Government agencies. A single digital platform should cover registration, financing, vendor selection, technical approval, installation, metering, commissioning, settlement and performance monitoring.

The headline target must then be converted into an execution pipeline. Delivering the required commissioned capacity may require a 5,000–6,000 MW development pipeline to account for projects that are delayed, fail to reach financial close or ultimately do not proceed. Monthly milestones should track project identification, approvals, financing, construction and commissioning, with progress transparently reported.

Bangladesh has the rooftop potential and now has an important new incentive framework. But delivering at scale will require substantial private capital. Government's critical role is to establish a clear and predictable policy framework and a bankable investment environment capable of attracting domestic and international financial institutions and foreign investment. The priority now is ensuring that it translates into financed, connected and commissioned megawatts.

The author is a strategic consultant across technology, media and infrastructure industries.

Insurance companies that fail to settle valid claims must sell their own assets, if necessary, to pay policyholders, Finance and Planning Minister Amir Khosru Mahmud Chowdhury has said.

Around 57% of claims in the insurance sector remain unsettled, he said, warning that insurers cannot retain assets or make new investments while failing to pay policyholders.

"Those who have cash problems will have to sell their property and pay the claims of the people," the minister said while briefing journalists after visiting the office of the Insurance Development and Regulatory Authority (IDRA) in Dhaka today (14 September).

Khosru said people buy insurance to protect their lives, assets and businesses, but failure to settle legitimate claims erodes public confidence in the sector.

"No company will be allowed to purchase land or other assets, invest in different sectors or keep money in government securities while failing to pay what it owes to policyholders," he said.

The minister said insurers must prioritise settling valid claims and ensure adequate financial capacity, good governance and accountability.

Claims must be settled within deadlines

The finance minister said insurers that have failed to settle claims have already been given specific deadlines.

If claims are not settled within the stipulated period, action will be taken against the concerned companies, he said.

"The main purpose of the insurance sector is to ensure people's financial security," he said, adding that clearing long-standing legitimate claims is essential to restoring policyholders' confidence.

During his visit to IDRA, the minister was briefed on the current condition of the insurance sector, ongoing reforms and plans. He praised the regulator's reform initiatives, saying IDRA has an important role in establishing good governance, transparency and accountability.

Insurance laws to be amended

The government will amend insurance laws and relevant regulations to address the sector's longstanding problems, the minister said.

"The current condition of the insurance sector requires us to change the insurance laws and regulations. We have to bring these changes, and we hope to implement them in the days ahead," he said.

Khosru also said changes would be made to the management of insurance companies and indicated that the sector may require restructuring, similar to the banking sector.

However, he said it would be premature to comment on possible mergers before the necessary regulations are prepared.

"It would not be right to say anything in advance until the regulations are ready," the minister said.

Once the necessary laws, regulations and regulatory framework are in place, the authorities will assess what measures are required for individual companies, he said.

"The problems in the insurance sector have gone very deep. Irregularities, disorder and corruption have persisted for a long time. So bringing changes here will not be easy. But we have to undertake this difficult task," Khosru said.

Risk-based supervision, automation

The government is taking steps to strengthen risk-based supervision of insurance companies, the minister said.

He attributed part of the sector's current problems to the lack of proper risk-based supervision over a long period.

Going forward, technology, automation and digital systems will be used to monitor insurers' financial strength, governance and risk management more closely.

The government also plans to bring all insurance companies under automation to reduce irregularities and corruption.

Every insurer must have an automated system and conduct transactions online, the minister said. An interconnected digital system will also be developed among relevant institutions, with Bangladesh Bank and the Bangladesh Securities and Exchange Commission expected to be linked to the system.

He said insurers have also been instructed to discontinue the practice of maintaining a "two-server" system. Action will be taken through inspections if any company continues the practice after the deadline.

IDRA capacity to be strengthened

The minister stressed the need to strengthen IDRA's manpower and institutional capacity.

He said the regulator lacks sufficient skilled professionals and that the government plans to reduce its reliance on officials appointed on deputation. Instead, it aims to develop IDRA's own skilled workforce over the next three to five years.

As insurance is a specialised sector, the regulator needs professionals with relevant academic backgrounds and practical experience, he said. Existing officials will also receive training to improve their expertise.

The minister said the government's goal is to make the insurance sector law-abiding, professional, transparent, technology-driven and customer-focused.

He also praised the ongoing reforms under IDRA Chairman Mir Nadia Nivin and expressed hope that the measures would strengthen transparency and public confidence in the sector while increasing its contribution to the national economy.

Bangladesh and Russia's state nuclear energy corporation Rosatom have agreed to accelerate work on the Rooppur Nuclear Power Plant so electricity can be generated and supplied to the national grid as soon as possible.

The agreement was reached at a bilateral meeting between Science and Technology Minister Faqir Mahbub Anam and Rosatom Director General Alexey Likhachev on the sidelines of the 70th General Conference of the International Atomic Energy Agency (IAEA) in Vienna, the Ministry of Science and Technology said in a press release today (14 September).

The two sides reviewed the latest progress of the Rooppur project and discussed steps to ensure electricity reaches the national grid at the earliest possible time, according to the ministry.

They agreed to speed up construction in line with the project's targets and move towards power generation as soon as possible, the press release said.

Anam stressed the need to complete the remaining work as quickly as possible while maintaining international nuclear safety standards and the highest level of safety.

Likhachev assured the minister that Rosatom would continue providing uninterrupted technical and strategic support for the project, according to the ministry.

Following the meeting, Anam and Likhachev exchanged commemorative gifts as a symbol of the friendly relations between Bangladesh and Russia.

Representatives from both countries attended the meeting, which the ministry described as having been held in a cordial atmosphere.

National power supply is expected to remain tight after a technical fault forced a unit of the 1,320MW Rampal coal-fired power plant offline yesterday, offsetting generation gains made from the recovery of Adani Power's Godda plant.

The Rampal plant, which had been generating over 1,100MW, saw its output drop below 600MW following the shutdown of one of its units around 11:30am, according to sources at the Bangladesh Power Development Board and the Power Grid Company of Bangladesh.

Officials said efforts were underway to restore the affected unit at the Rampal facility, a joint venture between Bangladesh and India.

The plant had previously experienced production cuts due to coal shortages and transportation disruptions caused by storms, though generation had recovered recently following improvements in fuel supply.

The setback at Rampal occurred on the same day that Unit-2 of Adani Power Jharkhand's 1,600MW Godda Thermal Power Plant synchronised with Bangladesh's national grid at 12:04pm, three days after a technical issue in its feed unit forced it offline. The

BSS reports that the quantum was increased to 1,450MW at 6pm.

Adani's supply to Bangladesh rose from 758MW at 9am to 1,046MW by 2pm, with Unit-1 contributing 756.66MW and Unit-2 adding 290MW as ramp-up continued.

The Godda plant, which consists of two 800MW units with a combined actual capacity of around 1,496MW, had previously delivered output crossing 1,400MW prior to the shutdown of Unit-2.

The government is importing liquefied natural gas (LNG) at nearly three times the price it paid before the Middle East conflict began, with one cargo approved at $29.795 per million British thermal units (MMBtu).

The Cabinet Committee on Government Purchase today (14 September) approved the proposal to import one LNG cargo from Singapore-based Vitol Asia Pte Ltd for delivery on 27-28 October.

The approval came at a meeting of the committee chaired by Finance Minister Amir Khosru Mahmud Chowdhury, according to the finance ministry's public relations department.

Before the US and Israeli attacks on Iran began, LNG was priced at around $10 per MMBtu.

The committee also approved the import of one LNG cargo from UK-based TotalEnergies Gas & Power Ltd for delivery on 9-10 October. The cargo will be procured through an international quotation process at $28.95 per MMBtu.

In addition, the committee approved the direct purchase of two LNG cargoes from US-based DARAB Inc at $17 per MMBtu and two cargoes from US-based Mind Mingle LLC at $19 per MMBtu.

Earlier, the government decided to import 18 LNG cargoes from France-based energy company TotalEnergies over nine months, with two cargoes scheduled each month from October this year to June next year.

The government may also purchase additional cargoes from TotalEnergies if required, subject to mutual agreement between the two sides.

The LNG will be procured through the direct purchase method for international procurement, with each cargo priced at the Japan Korea Marker (JKM) plus $0.06 per million British thermal units (MMBtu).

The rate is slightly lower than the price agreed with US-based Gunvor for 14 LNG cargoes to be imported between 2026 and 2028. Under that deal, the price was set at JKM plus $0.0875 per MMBtu.

Meanwhile, the government plans to add 1,600 million cubic feet per day (mmcfd) of LNG supply capacity by 2030 to meet rising gas demand, State Minister for Power, Energy and Mineral Resources Anindya Islam Amit said on 11 September.

Under the plan, a 600 mmcfd floating LNG terminal will be established in Maheshkhali by 2028, while a 1,000 mmcfd land-based terminal will be commissioned in Matarbari by 2030.

The state minister announced the plans at the 15th LNG Producer-Consumer Conference 2026 in Tokyo, Japan.

The government is also assessing the feasibility of urgently setting up another floating LNG terminal near Payra or Mongla ports, or at another suitable location along the southwestern coast, Prime Minister Tarique Rahman told parliament on 9 September.

The proposed terminal is part of a broader plan to expand LNG import capacity and increase domestic gas production to reduce the impact of sudden or temporary supply disruptions, particularly on industries.

The government is also progressing with plans for a floating LNG terminal at Kutubjom in Maheshkhali and a land-based terminal at Matarbari. The Kutubjom terminal is expected to start supplying regasified LNG in 2028, while the Matarbari terminal is expected to begin supplying gas by December 2030.

Industries struggling with gas shortages may get some relief from this evening as LNG supplies are expected to rise after a technical fault that disrupted ship-to-ship LNG transfer in July is finally fixed.

The development was revealed at a meeting between Prime Minister Tarique Rahman and business leaders at his Secretariat office yesterday (14 September), where energy supply emerged as one of the key concerns raised by the business community.

LNG supply stood at 764 million cubic feet per day (mmcfd) as of 4pm yesterday. Energy ministry officials said the supply could rise to 950-1,000mmcfd from today.

The meeting also brought another significant development for the country's gas sector.

Chevron has agreed to drill new wells in a joint venture with state-run Bapex, according to businesses who attended the meeting.

The agreement marks a shift from the US energy company's earlier position, when Chevron had denied that it would undertake such joint-venture drilling with Bapex.

Business leaders and government officials also discussed how Bangladesh could make better use of its coal-fired power plants and diversify its energy sources to reduce pressure on the country's increasingly import-dependent energy system.

The business community also raised concerns over the quality of services at Chattogram port. Government officials at the meeting, however, pointed out that the port operates round the clock and urged businesses to make greater use of its 24-hour operating capacity.

Bapex, Chevron joint exploration

Business leaders said the prime minister told them that the formal process for joint gas exploration by Bapex and Chevron would begin soon. Tarique also said the government would soon procure two drilling rigs for Bapex to extract natural gas.

On 13 September, a high-level Chevron delegation led by Javier La Rosa, president of Base Assets and Emerging Countries, met Tarique at the Prime Minister's Office at the Secretariat.

The meeting discussed Chevron's investment in Bangladesh's energy sector, particularly expanding investment in existing and mature gas fields and exploring new ones.

Gas supplies to improve today

The prime minister told business leaders that gas supplies to industries would return by today to their previous level, according to a statement from the prime minister's press wing.

On 21 July, the FSRU operated by Excelerate Energy in Maheshkhali was shut down after a fire damaged its boiler-related system during an LNG ship-to-ship transfer.

The terminal resumed partial operations about 25 days later but stopped supplying gas again on 19 August amid a shortage of LNG cargoes.

Following repairs, the FSRU is now back in operation and can supply up to 600mmcfd of gas. Actual supply, however, will depend on LNG cargo availability and operational conditions.

However, BGMEA President Mahmud Hasan Khan Babu told TBS that the country's two FSRUs would be able to operate at full regasification capacity by Wednesday evening.

It could take another three to four days for the increased supply to reach industries, he said.

Even when both FSRUs were operating at full capacity, industries faced a gas shortage, Babu said. Business leaders have therefore proposed increasing generation from oil-fired power plants and shutting some gas-fired plants to free up gas for industries.

Int'l tender soon for exploration in deep-sea blocks

Bangladesh Chamber of Industries (BCI) President Anwar-ul Alam Chowdhury Parvez said the government plans to invite an international tender soon for energy exploration in deep-sea blocks. It is also reviewing why companies that bought tender documents in the previous round did not participate, he said.

The government also plans to reassess capacity charges and introduce a "no electricity, no capacity charge" policy for power plants whose lease agreements have expired, Parvez said.

The government has decided in principle to extract coal from the Barapukuria mine, he said. Before extraction, authorities will consult residents who need to be relocated.

Another business leader said the government is prioritising foreign companies to operate and manage the country's ports, with Invest Bangladesh working on the initiative.

Tk6,000cr dues released for furnace plants

Business leaders said the government has released Tk6,000 crore of the Tk14,000 crore owed to furnace oil-based power plants. The plants are currently generating 3,000-3,500MW against a combined capacity of 5,637MW across 53 plants.

At the meeting, business leaders proposed running oil- and coal-fired plants while keeping gas-fired plants offline to free up more gas for industries. FBCCI administrator Fazlul said they recommended urgently ensuring full-capacity generation from these plants.

Bankers opposed financing closed factories from a Tk60,000 crore fund set up by Bangladesh Bank, while business leaders backed efforts to reopen viable factories, Fazlul said.

The governor said the fund would balance the interests of banks and businesses, with financing denied to factories if it could put funds at risk or had little prospect of revival.

3rd FSRU by Dec 2027

According to the press wing's statement, Tarique also announced plans to install a third FSRU. Preparations for the terminal have largely been completed, and work will begin soon. The government expects to connect the third terminal by December 2027, he added.

PM's Adviser Mahdi Amin said the government aims to have three FSRUs initially and five eventually, with efforts under way to add the third before 2028.

Businesses satisfied with govt plan

After the meeting, FBCCI administrator Fazlul Hoque said, "The biggest takeaway and relief from today's meeting is the prime minister's assurance that from tomorrow night, we will overcome the fresh gas and power crisis and return to the previous situation."

He said industrial expansion and new investment would create more demand for gas, which the government has a clear roadmap to meet. "Business leaders are satisfied with the plan."

"It was not a case of the government presenting its plans while we simply listened and left. The meeting was scheduled for two hours but ran for nearly three. Business leaders raised various concerns and suggestions, and we left satisfied with the responses," he added.

PM's Adviser Mahdi Amin said the work is under way to drill around 150 gas wells, followed by another 150, he said. Plans also include land-based LNG terminals and expansion of gas transmission and distribution networks.

The government plans to diversify generation through solar power, with greater emphasis on solar energy and domestic resources, Amin said. The goal is to build a diversified power and energy system that ensures uninterrupted supplies to industries, he said.

The Bangladesh Bank (BB) has introduced a commodity price risk hedging facility for importers, moving away from its previous requirement for firms to obtain clearance on a case-by-case basis.

A hedging facility allows businesses to lock in prices or use financial contracts to protect themselves against international market volatility, making future import costs predictable.

In a guideline issued yesterday, the BB said banks will be able to offer eligible importers a range of price risk management facilities without requiring case-by-case approval from the regulator.

The move comes at a time when global markets, especially those for energy commodities such as oil, face volatility amid heightened concerns over the spiralling war in the Middle East.

A hedging facility helps businesses lock in prices or use financial contracts to protect against market volatility and make future import costs more predictable

Iran has kept the Strait of Hormuz effectively shut, while the Houthis have taken control of the strategically significant Bab al-Mandeb Strait, a chokepoint for Red Sea maritime traffic.

Since the beginning of the US-Israel war on Iran on February 28 this year, energy prices have jumped.

Brent crude oil averaged $104.4 per barrel in the April-June quarter this year, up 30 percent from $80.5 in the previous quarter, according to World Bank commodity price data. The oil price was $67.8 a barrel in the April-June period of 2025.

Prices of liquefied natural gas and fertilisers, namely urea, triple superphosphate and diammonium phosphate (DAP), for which Bangladesh is highly dependent on imports, surged amid supply uncertainty caused by the war.

Under the new guideline, importers can use internationally recognised hedging instruments, including commodity futures, swaps, commodity index-based forward contracts and options, against actual import liabilities.

Importers of raw materials, intermediate goods, fuel, edible oil, metals, grains and fertiliser, among other essential commodities for domestic consumption, will fall under this facility, a senior official of the BB said on condition of anonymity.

Public sector entities engaged in strategic or large-scale import operations will also be able to take advantage of hedging.

In its directive, the central bank said businesses can hedge up to 100 percent of their actual underlying commodity exposure. Partial coverage and multiple hedge contracts are permitted, provided aggregate values do not exceed import liabilities.

“This will allow importers to protect themselves against abnormal price spikes in international markets and make cost planning easier for businesses,” said the BB official.

The regulator said hedging products must be used strictly for genuine exposures and not for speculative or leveraged trading. It is solely a mechanism to reduce price volatility risk in international markets.

Banks must ensure proper due diligence, record-keeping, risk disclosure and reporting to the BB.

The central bank official said the scope will help businesses, particularly importers, with cost forecasting and business planning. It will thereby improve their competitiveness amid global price volatility.

According to the BB, importers must operate under a board-approved risk management policy and submit written declarations confirming transactions are solely for risk mitigation.

They must also obtain annual certificates from statutory auditors confirming hedge alignment with exposures.

Hedging gains or losses must be accounted for in accordance with International Financial Reporting Standards (IFRS-9), which set out how companies should record and report gains or losses from financial contracts used to protect themselves against price changes, where applicable.

The BB said banks intending to offer these services must obtain its prior approval by submitting board-approved product specifications and standard operating procedures.

Gas and electricity supplies to industrial units are expected to improve from tomorrow (15 September) evening, as the government says it has resolved the disruption caused by an accident at one of the country's two floating LNG terminals.

Prime Minister Tarique Rahman expressed the hope that gas supplies would return to their level before the recent crisis, while Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Administrator Md Fazlul Hoque said the prime minister had assured business leaders that the situation would improve from tomorrow evening.

"Hopefully, InshaAllah, from tomorrow evening, gas supply will return to the level as it was one-and-a-half months ago," Tarique said during an exchange of views with business leaders and media personalities at the Prime Minister's Office at the Bangladesh Secretariat today (14 September).

Speaking to reporters after the meeting, Fazlul Hoque said, "Prime Minister Tarique Rahman assured us that from tomorrow night, the situation regarding gas and electricity will return to where it was before the recent crisis emerged."

The three-hour meeting, attended by leaders of 21 business organisations and media representatives, focused on the current challenges and future plans for the country's power and energy sector.

Prime Minister's Deputy Press Secretary Hasan Shiplu said participants discussed electricity, gas, energy and mineral resources, with particular emphasis on industrialisation and employment.

Fazlul Hoque said the energy shortage had affected not only business and trade but also wider sections of society. He added that the government had committed to supporting the business community and industrial growth.

Govt working on third FSRU

Explaining the recent gas shortage, Tarique said the disruption followed an accident at one of the country's two floating LNG terminals, affecting industries and other sectors.

He said the government had already resolved the problem and was also working to expand LNG import capacity.

"To address the supply deficit, we have taken an initiative to set up a third floating LNG terminal. The preparations for setting up another terminal on a G2G basis have largely been completed over the past month. The work will begin soon," the prime minister said.

He expressed hope that the third FSRU could be connected to the national gas supply system by December 2027.

State Minister for Power, Energy and Mineral Resources Aninda Islam Amit presented a paper titled Challenges and Future Roadmap of Bangladesh's Power and Energy Sector at the meeting.

Long-term plans for energy sector

Prime Minister's Adviser and Prime Minister's Office spokesperson Mahdi Amin said the government was pursuing several long-term initiatives to address the power crisis, including plans to build five terminals.

He said an energy crisis accumulated over 16 years could not be resolved overnight.

Mahdi Amin outlined a production-oriented and integrated energy framework aimed at achieving greater self-sufficiency by diversifying energy sources.

"We want to diversify our power sector in the coming days so that we become self-sufficient in energy resources while giving the highest priority to solar energy," he said.

The government wants to develop a diversified power generation system based on solar energy alongside oil, gas and coal, he said.

'Inherited problems' need time to resolve

Tarique described the current problems in the power and energy sector as "inherited problems", saying they could not be completely resolved within six months or a year.

"But we have identified the problems, prepared plans and are now at the stage of implementing," he said.

He said the government was working within specific timelines to restore normalcy in power and energy supplies, adding that successful implementation would benefit not only businesses and trade but also the overall economy.

"After assuming office, the government reviewed the problems, held discussions with the relevant stakeholders and prepared plans to address them," the prime minister said.

"Anything needs time, from planning to implementation. The problems in the energy and power sector are inherited. It is not possible to solve them within six months or a year simply by wishing to do so," he added.

The government presented tentative timelines for various planned activities to business leaders. Tarique said there could be adjustments during implementation, but the government had specific plans and timeframes.

Business, media urged to cooperate

The prime minister sought cooperation from business leaders and media representatives in implementing the government's energy plans, warning that instability would ultimately hurt business, trade and the economy.

He said any setback in the business and industrial sectors would have wider economic consequences, making the resolution of the energy crisis a national economic priority rather than merely a business concern.

Uninterrupted and adequate energy and power supplies are essential to achieving the target of turning Bangladesh into a $1 trillion economy by 2034, Tarique said, adding that the government had prepared long-term plans with that objective in mind.

"There is no reason to be disappointed," he said, noting that the business community was already aware of the scale and complexity of the problems.

The government had chosen to present the problems openly rather than conceal them and had also explained its plans for addressing them, he said.

"We wanted to let you know that we are working on this. So, there is no reason to be disappointed," he said.

The prime minister urged the business community to support the government's plans if they considered them logical, saying successful implementation would benefit both businesses and the country as a whole.

Explaining the inclusion of media representatives in the meeting, Tarique said clear communication of government plans was necessary to prevent fragmented information from creating confusion.

He said a better understanding of the plans would enable the media to communicate them accurately to the public.

Tarique also stressed the importance of teamwork in implementing major national initiatives, saying relevant members of the government were working together to improve the lives of people across different sections of society.

The prime minister concluded by calling for cooperation from business leaders and media representatives.

"Please cooperate with us so that we can do something better for you," he said.

Commerce Minister Khandakar Abdul Muktadir, Prime Minister's Adviser on Finance and Planning Rashed Al Mahmud Titumir, Prime Minister's Adviser on Education, Expatriates' Welfare and Labour and Employment Mahdi Amin, Invest Bangladesh Authority Chairman Ashik Chowdhury, Principal Secretary to the Prime Minister ABM Abdus Sattar, Bangladesh Bank Governor Md Mostaqur Rahman, Power Secretary Mirana Mahrukh and Energy Secretary Md. Ziaul Huq were present at the meeting.

Among the business leaders were FBCCI Administrator Md Fazlul Hoque, BGMEA President Mahmud Hasan Khan, International Chamber of Commerce, Bangladesh President Mahbubur Rahman, BKMEA President Mohammad Hatem, Bangladesh Chamber of Industries President Anwar-ul Alam Chowdhury Parvez, Acting president of Bangladesh Jute Mills Association Abul Kamal, Chittagong Chamber of Commerce and Industry President Mohammed Amirul Haque, and Bangladesh Agro-Processors Association President Mahbub Anam, among others.

Editor of Daily Manabzamin Matiur Rahman Chowdhury, BNP Media Cell Moudud Hossain Alamgir Pavel, editor of Daily Wada Shafiqul Alam, journalists Ashraf Kaisar, Mustafa Firoz, Abdun Noor Tushar, Akbar Hossain, Shahed Alam, Rezaul Karim Rony, Azizur Rahman Ripon and Tarikul Islam Sourav, and Jahangirnagar University teacher Dr Nahreen Islam Khan were also present.

For Rasel Hossain, this year’s Aus harvest should have been a source of relief. Instead, the farmer from Uttargram village in Naogaon’s Mohadevpur upazila is counting his losses.

Rasel cultivated Aus on about 11 bighas of land this year, spending Tk 14,000 to Tk 15,000 per bigha. His yield ranged from 12 to 16 maunds per bigha (1 maund = 37.32 kg).

At the current average market price of Tk 725 per maund, his earnings would be around Tk 11,000 per bigha.

“At this rate, I am incurring a loss of Tk 4,000 to Tk 5,000 per bigha,” he said.

Like Rasel, Aus paddy farmers across Bangladesh are facing losses despite a good harvest, with prices falling by Tk 300 to Tk 400 per maund from a year ago while production costs remain high.

Farmers say the low prices are making it difficult to cover their costs, with some selling wet paddy at half price to repay loans taken for fertiliser, pesticides and irrigation.

Rice millers blame weak demand on large stocks built up following excess rice imports during the interim government’s tenure. Ministry of Food data show food grain stocks rose to 23.41 lakh tonnes on September 12, 2026, from 18.67 lakh tonnes a year earlier.

Meanwhile, Directorate General of Food data show that the country imported a total of 12.68 lakh tonnes of rice in fiscal year 2025-26.
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Aus paddy farmers across Bangladesh are facing losses despite a good harvest, with prices falling by Tk 300 to Tk 400 per maund from a year ago while production costs remain high. Photos: Mostafa Shabuj

A visit to local markets in Naogaon’s Mohadevpur upazila found Aus paddy selling for Tk 650 to Tk 750 per maund, compared with Tk 1,000 to Tk 1,200 during the same period last year.

Shamsur Rahman, a seasonal paddy trader in Mohadevpur, said, “Last year, Aus sales started at Tk 1,000 per maund and later climbed to Tk 1,200 to Tk 1,300. This year, I am buying it at only Tk 700 to Tk 750 per maund.”

Explaining the low prices, Shamsur added, “Major mill owners are not purchasing paddy right now, and the government stopped procurement in the last few months. That is driving prices down.”

Nurul Islam, a mill owner visiting Mohadevpur from Bogura’s Sherpur upazila, said a large stock remains unsold in his warehouse.

“Also, a lack of sunlight has made it difficult to dry paddy.”

Acknowledging the high costs and low market prices, Naogaon District Agricultural Marketing Officer Sohag Sarkar said production costs for Aus paddy reached Tk 26 to Tk 27 per kg this year, causing farmers to suffer losses at current selling prices.

“We report the production costs to the government and submit weekly market price updates. However, we cannot fix local prices independently without government intervention,” Sohag added.

Farmer Sukanta Paul of Boalmari upazila in Faridpur district said the production cost of Aus paddy was at least Tk 1,000 per maund, while he sold his paddy for Tk 950 to Tk 1,100 per maund.

He said high fertiliser costs, unreliable electricity and expensive irrigation are among the major challenges he faces as a farmer.

Sirajul Islam, additional director of the Department of Agricultural Extension’s Rangpur regional office, said farmers could not make much profit from Aus cultivation this year as production costs had increased.

Department of Agricultural Extension data show that nationwide Aus cultivation covered 11.59 lakh hectares in FY2021-22, yielding 45 lakh tonnes of paddy.

The area fell to 10.61 lakh hectares in FY2022-23, when production stood at 43.5 lakh tonnes. By FY2024-25, cultivation covered 959,000 hectares, producing 41.91 lakh tonnes.

For FY2025-26, acreage fell further, standing at 945,000 hectares, with a production target of approximately 40 lakh tonnes.

Over the last five years, Aus acreage has declined by 214,000 hectares, reducing production by 500,000 tonnes.

DAE officials said the main Aus varieties in Bangladesh are BRRI dhan-48, BRRI dhan-56, BRRI dhan-65 and BINA dhan-19, with an average yield of 3.15 tonnes per hectare.

Agricultural economist Jahangir Alam Khan suggested that the government’s grain imports should take domestic harvest cycles and market supply into account.

Economist Abdul Bayes, former vice-chancellor of Jahangirnagar University, said increasing Aus paddy production is difficult because of high production costs, limited market demand and low yields.

Bayes stressed that promoting Aus is important for maintaining ecological balance and reducing pressure on groundwater. Excessive Boro cultivation has contributed to groundwater depletion, he said, particularly in regions such as the Barind tract in Rajshahi.

He recommended that the government introduce a procurement price for Aus farmers while increasing investment in research and development.

[Our Rangpur correspondents S Dilip Roy and Jhenaidah correspondents Omar Ali Shohag contributed to this report]

The government is preparing amendments to the Insurance Act 2010 and drafting a crisis-resolution framework for the insurance sector as it moves to address widespread weaknesses in the industry.

Both measures are expected to be placed before Parliament in the coming days, Finance and Planning Minister Amir Khosru Mahmud Chowdhury told journalists yesterday after visiting the head office of the Insurance Development and Regulatory Authority (IDRA) in Motijheel, Dhaka.

The minister acknowledged that legal battles were delaying reforms, with entities “seeking undue advantage” frequently moving the courts, leaving several companies without regular managing directors.

He said amendments to the insurance law and management restructuring were under way to address the problem.

Asked whether mergers were being considered for the weakest firms, he declined to give a definitive answer.

“Until the resolution framework is finalised, it would be premature to comment,” he noted. “Whatever actions are required for insurance companies will be taken.”

WIDESPREAD IRREGULARITIES UNCOVERED

The insurance sector has fallen into the same mire of corruption, mismanagement and regulatory neglect that once crippled the banking industry, the minister said, noting that 57 percent of life insurance claims remain unpaid.

Khosru said the BNP-led government has uncovered widespread irregularities in the sector since taking charge.

He warned that companies that continue to withhold policyholders’ dues could be forced to liquidate assets to settle their obligations.

“Insurance plays a vital role in our economy, offering security for people’s lives, their homes, and their belongings,” he said. “But we have failed to elevate this sector to where it belongs, and today it offers little good news.”

Drawing a parallel with the country’s banking crisis, the minister said insurers had misappropriated policyholders’ funds through similar patterns of exploitation and unchecked corruption.

“Just as the banking sector was exploited through siphoning and corruption, we found the same mismanagement and lack of regulation when we took charge of the insurance sector,” he said.

Many firms had funnelled clients’ money into land, real estate and government securities instead of maintaining the liquidity needed to pay claims, the minister stated.

“Citizens invest a portion of their income in life insurance to protect themselves in hard times. Yet the majority of them have not received their legitimate payouts,” he said.

The minister also said IDRA had been empowered to take a firmer line, with every company that had failed to settle claims now given a strict deadline.

“Companies that fail to pay will face direct consequences,” he said. “If they face cash shortages, they will be forced to sell their properties and land assets to settle public claims.”

Investigations have also found several insurers operating two parallel record-keeping systems, one genuine and another concealed, which were used to process unauthorised transactions, he said.

“Maintaining dual servers is strictly banned. Following a grace period, inspections will begin, and strict legal action will be taken against violators,” he added.

Seven to eight insurance companies have persistently defied regulatory directives and now face serious scrutiny over their continued operation, the minister said, adding that they must resolve their outstanding issues shortly or face severe action.

He also flagged deep structural weaknesses within IDRA, saying the regulator lacked a permanent, specialised workforce and instead relied on commissioners and officers on temporary deputation who leave after their tenures end.

“Our three-to-five-year plan is to reduce dependence on externally deputed staff and build IDRA’s own trained, professional and permanent workforce, with a clear career path,” he said.

The sector, comprising 82 insurance companies, “many of which are weak”, remains a vital national issue that successive governments have failed to harness to its full economic potential, said Khosru.

“Company restructuring provisions will be embedded in the updated insurance laws. Once IDRA’s enforcement steps are implemented, a positive public image will naturally follow,” he added.

A total of Tk 37.54 crore in insurance claims has been paid to 8,417 policyholders of seven troubled life insurers in two phases under an initiative of the Insurance Development and Regulatory Authority (IDRA).

The authority arranged funds from various sources, including the insurers’ assets and government securities, to settle long-pending claims.

In the first phase, Tk 14.51 crore was paid to 2,549 policyholders of BAIRA Life Insurance, Fareast Islami Life Insurance, Golden Life Insurance, Homeland Life Insurance, Padma Islami Life Insurance, Progressive Life Insurance and Sunflower Life Insurance.

In the second phase, Tk 23.03 crore was paid to 5,868 policyholders of Padma Islami Life Insurance, Homeland Life Insurance, Fareast Islami Life Insurance, Sunflower Life Insurance and Sunlife Insurance.

Noor Mohammed Bhuiyan, chief executive officer of BAIRA Life Insurance, said the company had not yet sold any of its assets, treasury bills or bonds, although the process of selling assets was underway.

The company was earning interest income, which was helping it arrange funds to pay insurance claims, he said.

Around Tk 100 crore in claims remained unpaid, affecting about 30,000 customers, Bhuiyan estimated.

He said it was difficult to predict whether it would take one month, one year or two years to settle all the outstanding claims. The company would continue paying policyholders as funds became available, he added.

He later clarified that the company’s assets and current holdings would be enough to cover about 80 percent of the outstanding claims.

A senior official of Padma Islami Life Insurance said the company was currently using interest income from its capital to pay staff salaries and meet other expenses.

The company owes around Tk 80 crore to policyholders and is working to settle the outstanding claims by recovering and selling its assets, the official said.

The Metro Rail project’s acquisition of 8.5 katha of the company’s land in Malibagh is expected to generate more than Tk 40 crore, he said. The company also owns 40 katha of land in Bashundhara.

The reporter also contacted Md Abdur Rahim Bhuiyan, chief executive officer of Fareast Islami Life Insurance, but he did not respond.

CLAIMS SETTLEMENT TO CONTINUE

Mir Nadia Nivin, chairman of IDRA, said ensuring the timely settlement of legitimate claims was one of the authority’s key priorities.

“Faster and more transparent claim settlements are essential to rebuilding public confidence in the insurance sector. IDRA will take all necessary measures to protect the interests of policyholders,” she said.

She said settling the claims would protect the financial rights of policyholders and help restore confidence in the insurance industry.

The initiative will continue beyond the first two phases, she added. The remaining valid and unpaid claims will be reviewed and verified, and payments will be made gradually after the necessary procedures are completed.

“The initiative will continue until the legitimate rights of policyholders are ensured,” the IDRA chairman said.

Barrister Khan Mohammad Shameem Aziz, an advocate of the Supreme Court, said any amount that can currently be returned to policyholders, even if small, should be considered a positive step.

He said efforts should be made to recover and distribute as much money as possible from the companies’ available assets.

Extraordinary legal measures should also be considered within the existing regulatory framework to protect policyholders who had deposited their money with the companies, he added.

Shameem urged IDRA to review the existing laws and introduce stricter enforcement measures to ensure that policyholders’ claims are paid.
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A relentless wave of selling pressure swept through the stock market today (14 September), dragging down the market value of almost all listed mutual funds alongside broader equities.

According to Dhaka Stock Exchange (DSE) data, 33 out of 34 listed mutual funds saw price erosion amid heavy sell-offs, wiping out recent gains across the sector.

Mutual funds bore the brunt of the correction, losing an average of 3.5%, the steepest decline of any category traded on the DSE, according to data from EBL Securities.

Meanwhile, four mutual funds featured among the top ten losers, led by CAPM BDBL Mutual Fund, which saw the steepest decline of 8.76% to close at Tk7.20.

However, the capital bourse witnessed another session of overwhelming selling pressure, with the benchmark index slipping below the 5,400 mark after three and half-months.

DSEX, the broad index of the DSE, lost 39.6 points to settle at 5,379 points. The market extended its volatile trading pattern while buyers and sellers remained active on both sides of the trading spectrum in the early hours.

However, the fragile recovery attempt quickly faded as renewed selling pressure emerged amid prolonged investor anxiety, the market data showed.

Of the 398 total traded stocks, 78% saw price falls amid persistent sell-offs, while 14% surged and 8% remained unchanged.

Furthermore, 85% of A category stocks and 85% of junk stocks declined in price, DSE data showed.

The Dhaka Stock Exchange (DSE) has convened an urgent meeting with the country's top 30 brokerage firms amid a prolonged market downturn and growing investor concerns.

The meeting is scheduled for tomorrow (15 September) at the DSE office, with DSE Chairman Mominul Islam set to preside over the discussion.

The meeting will focus on identifying the key factors behind the ongoing market weakness and exploring measures to restore investor confidence and stabilise the market.

Representatives of the leading brokerage firms are expected to participate in the high-level meeting.

Confirming the development to The Business Standard, DSE Shareholder Director Minhaz Mannan Emon said the meeting aims to analyse the drivers behind the severe price corrections, devise actionable strategies to halt the slide, and explore immediate steps to rebuild investor trust.

The initiative comes against the backdrop of heightened volatility, aggressive selling pressure, dwindling retail participation, and stagnant trading turnover on the capital bourse. Repeated single-session drops have exacerbated panic across the floor. The DSEX index plummeted by 97 points today (14 September), following another steep 103 points drop on 7 September that dragged the benchmark down to 5,558 points while daily turnover shrank by 24% to Tk545 crore.

The sharp corrections in quick succession have triggered widespread risk aversion, forcing many retail investors to liquidate holdings to prevent further capital erosion.

DSE sources indicated that tomorrow's meeting will focus heavily on market liquidity, elevated sell orders, and systemic bottlenecks. Brokerage heads are expected to present their floor observations and outline collaborative measures needed from market operators and regulators to restore order.

The upcoming session follows preliminary discussions between the DSE management and members of the DSE Brokers Association of Bangladesh, where ensuring normal market operations and safeguarding general investor interest were highlighted as key priorities.

The Dhaka stock market extended its losing streak to five consecutive sessions today (14 September), with the benchmark index falling below the 5,400-point mark for the first time in three and a half months as persistent energy concerns and renewed geopolitical tensions in the Gulf drove investors into a defensive retreat.

The DSEX lost 39 points to close at 5,379, taking its cumulative decline over the five-day losing streak to 188 points. The index also hit a three-month low during the session. The market's total capitalisation declined by around Tk6,400 crore.

The blue-chip DS30 index fell nine points to 2,062, while trading activity weakened sharply. Turnover dropped 15% to Tk486 crore, reflecting investors' growing reluctance to take fresh positions amid heightened uncertainty.

EBL Securities said persistent concerns over the energy situation and renewed geopolitical tensions had kept investors on the sidelines. Although buyers and sellers were active during the early part of the session, an attempt at recovery quickly faded as selling pressure returned.

The benchmark index initially climbed to an intraday high of 5,454 points on bargain hunting, according to Sheltech Brokerage Limited. However, selling pressure intensified from the middle of the session as investors opted to reduce their exposure and wait for greater clarity on the market and economic outlook.

The DSEX eventually fell to an intraday low of 5,376 points, close to which it ended the session, highlighting the continuing erosion of investor confidence.

Market insiders said regulatory interventions surrounding unusual price movements in individual stocks were also contributing to investor inactivity. The regulator frequently launches investigations after sharp price rises in particular scrips, and such moves can disrupt normal trading dynamics and make investors more cautious, they said.

Influential investors, in particular, have been reluctant to take positions amid the uncertainty, further reducing buying support in the market, according to market participants.

The sell-off remained broad-based, although a few sectors managed marginal gains. Mutual funds recorded the steepest decline, falling 3.5%, followed by life insurance at 3.2% and miscellaneous stocks at 2.7%. Travel stocks gained 0.6%, while the banking sector edged up 0.2%.

Textile stocks dominated turnover, accounting for 25.4% of total trading, followed by general insurance at 15% and banks at 13.4%.

Renata, Southeast Bank, Beximco Pharmaceuticals, BSRM and Islami Bank were among the major stocks weighing on the DSEX.

Standard Insurance led the gainers, rising 6.79%, followed by Bangladesh National Insurance, which advanced 5.71%. Al-Arafah Islami Bank gained 5.36%, while Premier Leasing and First Finance rose 5.26% and 4.65%, respectively.

CAPM BDBL Mutual Fund suffered the biggest decline, falling 8.86%. Beximco dropped 8.01%, while Standard Ceramic, NCC Bank Mutual Fund 1 and Yeakin Polymer declined 7.24%, 7.14% and 7.10%, respectively.

The Chittagong Stock Exchange also suffered a sharp correction. The CSCX fell 84 points to close at 8,908, while the CASPI declined 161 points to 14,553. Turnover on the port-city bourse stood at Tk21.34 crore.

While Bangladesh has made remarkable strides in expanding access to financial services, ensuring that individuals and businesses can fully participate in and benefit from the formal financial system will define the next chapter of the country’s development journey.

According to a June 2026 report by the Bangladesh Bank, domestic credit card usage increased by 43.24 percent between June 2025 and June 2026, illustrating how rapidly payment behaviour is evolving among existing users. This is a meaningful signal of momentum. Yet financial inclusion is about more than increasing transaction activity among those already inside the formal system. The question today is how widely people and businesses across Bangladesh can participate in that system and use it to transact, save, grow businesses and build economic resilience. In that sense, financial inclusion is not only a social objective; it is an economic growth imperative, one that shapes how resilient households and enterprises are in the face of shocks, and how effectively capital reaches the people who can put it to productive use.

Much of that opportunity lies in reducing reliance on cash. Bangladesh Bank’s latest annual report shows that cash accounted for 67.2 percent of total transaction value in 2025, while digital payment channels represented 32.8 percent. Meanwhile, transaction volume through cards increased by 91 percent between July 2021 and June 2026, underscoring the longer-term shift towards card-based payments even as cash retains a substantial share of everyday commerce.

If the last decade was about building Bangladesh’s digital payments ecosystem, the next should be about ensuring every Bangladeshi can participate fully in it and access financial freedom.

Closing that gap will not happen overnight, but it is a clear and achievable opportunity. Making cards, POS devices, and QR acceptance infrastructure more affordable can help extend this progress across the mass market and encourage wider merchant acceptance, particularly among small retailers and businesses for whom the upfront cost of digital acceptance remains a real barrier. At the same time, well-designed, time-bound incentives for small merchants and consumers, particularly first-time and occasional users, can help turn digital payments into a habit rather than an alternative, nudging behaviour at the margin where it matters most.

Ensuring that inclusion reaches everyone, especially women, must be a national priority. Payroll digitisation has already demonstrated its transformative potential among Bangladesh’s four million ready-made garment workers, most of whom are women, for whom receiving wages digitally becomes far more than a change in payment method. It becomes a gateway to savings, a credit scoring history and greater financial security, benefits that ripple outwards into households and communities. Extending similar solutions to freelancers and SME workers, groups often left at the margins of formal finance, can bring these same benefits to even more people as Bangladesh’s economy continues to diversify.

Government-led programmes are playing their part too. Initiatives such as the Family Card and Farmer’s Card, which channel social safety net disbursements through open-loop digital systems, are similarly helping reach citizens who may not otherwise enter the formal financial system, demonstrating that public and private infrastructure can reinforce one another when designed to work together.

None of this requires reinventing the wheel. It requires keeping financial inclusion, rather than transaction volume alone, at the centre of policy and industry priorities, and sustaining the collaboration between regulators, financial institutions and technology partners that has brought the country this far. Mastercard remains committed to supporting this journey by strengthening the connected infrastructure that enables banks, fintechs, businesses and government programmes to operate together seamlessly. If the last decade was about building Bangladesh’s digital payments ecosystem, the next should be about ensuring every Bangladeshi can participate fully in it and access financial freedom.

A growing consumer push to buy Canadian and boycott US products is reshaping supermarket shelves in Canada, forcing grocers to improve country-of-origin labeling and secure new sources of supply.

In Ontario, the president of independent grocer Vince’s Market, Giancarlo Trimarchi, turned to Facebook to show customers that most produce on the shelves of his stores is Canadian after receiving angry emails and comments about the grocer stocking US produce.
A bitter trade war between the United States and Canada has made consumers more conscious of where their dollars go.

“Buy Canadian” movements started last year after US President Donald Trump imposed tariffs on Canadian goods.

They have intensified in recent weeks after trade talks broke down and Trump signed an executive order to change the name of to Lake America. “It is a lot more aggressive this time around than last year,” Trimarchi said in an interview. Trump told reporters in Dublin on Saturday that Canada is eager to reach a trade deal with the United States and that an agreement could come “fairly soon,” while repeating his complaints that Canada has treated US farmers unfairly and should remove tariffs.

Trimarchi’s four stores, spread across the Greater Toronto Area, now have about 90 percent Canadian produce.

Trimarchi is now sourcing strawberries from Quebec instead of the United States and said he has cut his advertising budget as the changes have pressured operating costs.

“We were always put in a position where you had to balance quality versus price. Now it’s quality versus price versus country of origin,” Trimarchi said.

Loblaw Cos, Canada’s largest food retailer, in August brought back large signs featuring a maple leaf in its produce and fresh-food sections after a brief hiatus to flag the Canadian origins of products.

Loblaw also reintroduced a “T” tag to inform customers which products are affected by tariffs and make Canadian products easier to identify.

Metro, the country’s third-largest grocer, said it would continue to prioritize local Canadian products in the current context.

“There has been a permanent change in the Canadian psyche,” said Gary Sands, senior vice president of public policy and advocacy for the Canadian Federation of Independent Grocers.

Canada is the world’s fifth-largest importer of fresh vegetables by value. The United States is still the biggest supplier of fresh produce, accounting for more than half of the imports, followed by Mexico.

However, the share of Canada’s vegetable imports from the United States fell to 62.6 percent in July, the latest government data showed, from 69 percent in the same month of 2023, before Trump was elected.

More than half of Canada’s fruit imports came from the United States as of July. Trade talks broke down on August 21, spurring a new round of tariffs and counter tariffs.

John Ambard, 27, a software engineer who lives in downtown Toronto, said he has tried to avoid buying American products when possible, preferring to support Canadian brands and businesses.

Ambard said he checks product labels and researches companies online to identify Canadian-made goods.

“I think, honestly, if I can support Canadian products and Canadian institutions through these tough times, I think that’s a way to help in my small way,” Ambard said.

“I’m a little bit mad with America right now with how things are going. The attitude has just not been that of a friend.”

Canada’s harsh winters present a challenge for fresh produce, and grocers typically rely on greenhouses, stocked root vegetables or imports, which are usually more cost-effective.
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But the change in sentiment toward the United States could push grocers to explore more local suppliers, experts say, while Canada invests in building a more self-reliant food system.

The Canadian government is investing about C$3 billion over 10 years to build greenhouses to increase production during the harsh winter months.

It is also trying to lower food inflation — among the highest in the Group of Seven developed nations — by increasing the domestic food supply.

Gordon Dean, the owner of Mike Dean Local Grocer, which operates stores in rural Ontario and Quebec, said his stores are now selling more produce from countries such as Spain, Brazil and Honduras than they previously did.

“There’s nobody running back to the US supply chain because once the new supply chains are established, they’re far more diversified. We’re in a safer position,” Dean said.

However, Dean said restrictions and differing regulations between provinces have made it harder to move food products across Canada, leaving many grocers reliant on suppliers south of the border.

“Nationalism is now trumping economics to a degree that might switch if the relationship improves,” said Mike von Massow, professor of food, agriculture and resource economics at the University of Guelph.

He said the Canada-US relationship may never fully return to where it was, but a future easing of tensions, particularly under a new US administration, could prompt a shift back to American products because they are often cheaper than other alternatives.