Linde Bangladesh Ltd reported a 19% drop in net profit for the July-September 2026 quarter, as rising power and energy prices squeezed operating margins despite top-line revenue growth.

According to a price-sensitive disclosure filed on the Dhaka Stock Exchange (DSE) today (17 October), the multinational oxygen and industrial gas manufacturer posted a net profit of Tk7.96 crore for the third quarter ended 30 September 2026, down from Tk9.86 crore recorded in the same period of 2025.

Consequently, earnings per share (EPS) fell to Tk5.23 for the quarter from Tk6.48 in Q3 2025.

Profitability declined despite a 9% year-on-year increase in quarterly revenue to Tk64.17 crore. The company attributed the profit erosion to an increased cost of goods sold driven by rising power and energy tariffs, alongside higher product distribution expenses.

For the cumulative nine-month period, Linde Bangladesh logged a 5% decline in net profit to Tk27 crore, with nine-month EPS sliding to Tk17.78 from Tk18.80 in the previous year. Nine-month revenue grew 11% to reach Tk186 crore.

Despite profit pressures, operational cash flow improved significantly. Net operating cash flow per share climbed to Tk11.67 for January-September 2026 from Tk8.25 in 2025, driven by improved trade debtors' collection.

Net asset value per share strengthened to Tk218.08 as of 30 September 2026, up from Tk210.31 on 31 December 2025.

Following the financial disclosure today, Linde Bangladesh shares closed 0.82% lower at Tk649.90 on the DSE.

Bangladesh and Oman on Saturday explored partnerships in trade, investment and skilled migration to broaden bilateral relations beyond their traditional focus on the labour market.

The issues were discussed when State Minister for Foreign Affairs Humaiun Kobir met Omani Under Secretary of Foreign Affairs Sheikh Khalifa bin Ali Al Harthy in Baghdad, a foreign ministry press release said.

The meeting took place on the sidelines of the Organisation of Islamic Cooperation (OIC) Council of Foreign Ministers.

The discussions focused on expanding cooperation in trade and investment, promoting skilled migration and exploring the possibility of establishing an institutional framework for bilateral trade.

The meeting also stressed the importance of increasing business-to-business and people-to-people contacts to make bilateral relations more substantive.

The Bangladesh Export Processing Zones Authority (Bepza) attracts around $3 million in investment per acre of land and generates an annual return of Tk13.82 crore through the efficient use of limited land, the authority said at an investor meeting in Chattogram today (17 October).

Despite challenging conditions, Bepza signed investment agreements with 36 companies in FY26, while exports from its zones reached $8.41 billion, up 2.22% from the previous fiscal year.

The figures were presented at the "Meet the Investors" event at Radisson Blu in Chattogram, attended by more than 100 local and foreign investors from the Chattogram EPZ, Karnaphuli EPZ, Cumilla EPZ, Bepza Economic Zone-1 and Bepza Economic Zone-2.

Bepza Executive Chairman Major General Mohammad Moazzem Hossain said investors had kept economic activity going despite disruptions to energy markets and supply chains caused by global trade uncertainty and geopolitical tensions, as well as power and infrastructure constraints.

"Communication is the highest form of respect. Today's event will help us strengthen our partnerships, listen directly to investors, understand their problems and expectations, and find ways to make our investment environment more competitive and business-friendly," he said.

Praising the skills of export workers, Moazzem said the zones produce a wide range of goods, including footwear, garments, jewellery, eyewear, bags, safety equipment, wedding dresses and uniforms for peacekeeping missions.

He urged investors to expand their operations into Bepza Economic Zone-1, Bepza Economic Zone-2, Jashore EPZ and Patuakhali EPZ, saying the authority would continue to support their businesses.

Bepza Member (Investment Promotion) Md Tanvir Hossain presented the authority's performance in FY26, highlighting export growth, employment, land utilisation and progress in developing new zones.

In a separate presentation, Bepza Additional Executive Director (Enterprise Services and Industrial Relations) Md Nazmul Islam Bhuiyan outlined measures to improve worker welfare and labour standards.

He highlighted 45 online services, a 24-hour helpline (16128) and the implementation of the Employment Injury Scheme. He also discussed proposed amendments to the Bangladesh EPZ Labour Act, 2019, to bring it in line with international labour standards.

An open discussion followed, during which investors and Bepza officials exchanged views on operational challenges, services and labour laws.

Earlier, on 10 October, Bepza launched three specialised country desks in Dhaka for investors from China, South Korea and Japan.

Established in 1980, Bepza oversees eight export processing zones and two economic zones, which have attracted around $7.5 billion in investment from investors across 38 countries. Cumulative exports from the zones have reached approximately $130 billion.

The authority accounts for around 20% of Bangladesh's total exports and 19.17% of its total foreign direct investment (FDI), according to the information presented at the event.

Singapore’s economy grew more than 5 percent in the most recent quarter, continuing an AI-fuelled boom that has made the city-state one of the fastest-growing advanced economies.

Gross domestic product (GDP) grew 5.4 percent year-on-year between July and September, down from a 6.2 percent expansion in the second quarter, according to advance government estimates released on Wednesday.

Manufacturing, which is dominated by the city-state’s semiconductor industry, grew 7.5 percent, according to the estimates from the Ministry of Trade and Industry.

Increased output in “electronics, precision engineering, transport engineering and general manufacturing clusters” drove growth, the ministry said, offsetting declines in the chemicals and biomedical sectors.

Construction, including AI-related investments such as data centres, expanded 8.8 per cent, according to the figures.

Despite the heady expansion, Singapore’s central bank left its monetary policy settings untouched in its latest announcement on Wednesday, citing expectations that AI demand will cool in 2027.

The Monetary Authority of Singapore, which manages monetary policy through currency exchange rates rather than interest rates, said it expected core inflation to average 1.5–2.0 percent in 2026.

“Global AI-driven growth is expected to ease in the latter half of next year from its current exceptional pace, while higher interest rates, amid elevated inflation in the advanced economies, would weigh on final demand growth,” the central bank said in a statement.

Singapore is a major global player in the booming chip sector, a position that has helped it weather choppy economic conditions, including the energy shock prompted by the US-Israel war on Iran.

The Southeast Asian city-state accounts for roughly 10 percent of global semiconductor output and 20 percent of semiconductor equipment production, according to government figures.

Yeow Hwee Chua, an assistant professor of economics at Nanyang Technological University, described Singapore’s economic performance as “impressive for a high-income economy, especially given the uncertain global environment”.

“The global technology investment boom has been an important driver,” Chua told Al Jazeera.

“Strong demand for electronics has supported manufacturing and related wholesale trade, illustrating how Singapore benefits from its position in global supply chains,” he said.

Singapore’s economy is expected to grow 5 percent in 2026, according to the IMF’s latest economic forecast, faster than any other advanced economy except Taiwan.

The city-state’s GDP grew 5 percent in 2025, its second straight year of growth above 5 percent – the first such streak since 2010 and 2011.

On support for young entrepreneurs and talented youths, Prime Minister Tarique Rahman has said the government is working on plans to launch a startup fund worth Tk 5 billion (Tk 500 crore).

The prime minister on Saturday urged young people to take the lead in building a Bangladesh for all, saying national interests must come first to ensure the welfare of every citizen.

“Your goal should be Bangladesh first and Bangladesh for all. Young people must come forward to build such a Bangladesh,” he said.

The prime minister was speaking at the Youth Volunteer Award 2026 and Grant Distribution ceremony organised by the Ministry of Youth and Sports at the Shapla Hall of the Prime Minister’s Office in Tejgaon, reports UNB.

Highlighting the contributions of young people across the country, he said many youths are voluntarily helping others and standing beside people in times of need alongside their studies and professional responsibilities.

Tarique Rahman described their initiatives as important for the country and urged them to use their energy, courage, talent and initiative for national development and public welfare.

Addressing the award recipients, he said young people play a crucial role in advancing a country, noting that most athletes who succeed in competitions such as the Olympics are young.

The prime minister also referred to the War of Liberation and the 2024 mass uprising, saying while senior people might have contributed their wisdom, ideas and advice, young people played a significant role on the ground.

He said the government is working to implement the pledges made before the election, noting that those commitments are now not only the government's but also the people's.

He said the country can progress faster by harnessing young people's talent, innovative thinking and enthusiasm.

The prime minister urged them to look beyond their personal development and consider the welfare of all citizens.

At the ceremony, Tarique Rahman presented the Youth Volunteer Award 2026 to 15 young volunteers and representatives of youth organisations in recognition of their outstanding contributions to voluntary activities in different fields. Each recipient received a Tk 100,000 cheque, a crest and a certificate.

The government also provided grants of Tk 200,000 each to 432 youth organisations to strengthen their activities.

Three award recipients shared their experiences of voluntary work, while State Minister for Youth and Sports Md Aminul Haque spoke about various government plans for young people.

Prime Minister’s Political Adviser Mirza Abbas was present at the event. Youth volunteers from all 64 districts joined the programme online.

The government plans to introduce a single online portal for issuing trade licences and a coordinated inspection system to reduce administrative delays, costs and harassment for businesses, Commerce Minister Khandakar Abdul Muktadir has said.

The government is also considering extending trade licence validity and replacing the existing licence with a "business registration certificate" or a similar document to simplify procedures and improve service delivery, he informed.

Speaking at the first meeting of the National Task Force on "Deregulation and Business Facilitation" at the Finance Division conference room in the Secretariat today (17 October), the minister stressed the need to remove unnecessary barriers to business operations and create a more investment-friendly environment.

The meeting, chaired by Finance and Planning Minister Amir Khosru Mahmud Chowdhury, reviewed progress on initiatives to reduce business costs, remove unnecessary regulations, simplify administrative procedures and improve conditions for domestic and foreign investment.

Currently, trade licences are issued separately by union parishads, municipalities and city corporations. Under the proposed system, businesses would be able to submit applications and required documents, pay fees and obtain licences online through a single portal, without visiting the relevant offices.

The task force also discussed simplifying the renewal of work permits and security clearances for foreign employees.

Muktadir said foreign nationals working in Bangladesh are generally employed by legitimate, registered businesses that pay taxes and whose managing directors or directors are legal citizens of the country.

He said it was unacceptable for such companies to face unnecessary complications in renewing security clearances despite submitting applications and required certifications.

The minister called for discussions and coordination with the Home Ministry to make the renewal process more transparent, efficient and straightforward.

Joint inspections planned

The government is also planning to introduce a coordinated inspection system under the leadership of the Invest Bangladesh Authority to reduce repeated inspections by different agencies.

Under the proposed arrangement, inspections covering building safety, fire safety and environmental compliance would be conducted jointly on a pre-scheduled date, with representatives of the relevant agencies and the Invest Bangladesh Authority participating.

The initiative is expected to reduce the need for multiple visits to the same establishment, saving businesses time and money while reducing administrative hassles.

The meeting identified five priority sectors for reviewing and simplifying business-related approvals, permits and licences, where delays and overlapping responsibilities among agencies have created obstacles. The initiative will gradually be expanded to other sectors.

Muktadir stressed the need to eliminate unnecessary restrictions, lengthy approval procedures and poor coordination among government agencies.

He urged the relevant authorities to work together to ensure transparent, accountable and efficient public services for investors.

Focus on regulatory reform

The meeting was attended by task force members, including Environment, Forest and Climate Change Minister Abdul Awal Mintoo, Law Minister Asaduzzaman and Invest Bangladesh Chairman Ashik Chowdhury.

Senior officials from the National Board of Revenue, Bangladesh Securities and Exchange Commission, Finance Division, Ministry of Shipping and the Registrar of Joint Stock Companies and Firms also attended. Federation of Bangladesh Chambers of Commerce and Industry President and other senior officials were present.

The task force emphasised administrative reforms, expanded digital services and stronger coordination among government agencies to make business and investment services faster and more accessible.

The government expects the proposed measures to reduce the time and cost of doing business and strengthen Bangladesh's investment climate.

Renata, one of Bangladesh's leading pharmaceutical manufacturers, reported a 64% increase in consolidated profit to Tk364 crore in FY26 from Tk222 crore in FY25, driven by operational and management efficiencies, lower financing costs, and strong volume-driven sales.

According to its financial statements, Renata's consolidated revenue grew only 7.7% year-on-year to Tk4,620 crore in FY26 despite the significant increase in profit.

The company recommended a 55% cash dividend, equivalent to Tk5.50 per share, unchanged from the previous fiscal year. At a board meeting today (17 October), the drug-maker approved its annual financial statements and recommended the dividend.

The annual general meeting (AGM) is scheduled for 19 December and will be held virtually. The record date for determining shareholders' eligibility for the dividend is 15 November.

In a press statement, the company attributed the profit growth to operational efficiencies, lower financing costs and higher sales volumes in domestic and international markets, despite persistent macroeconomic pressures, pricing constraints, and global geopolitical uncertainties.

Growth was led by its core domestic pharmaceutical segment, which accounted for more than 70% of total revenue and expanded 11.6%. Its export, consumer and agro businesses also recorded steady growth.

Revenue from animal health remained almost flat year-on-year, while contract manufacturing revenue declined 11.9%.

Revenue at both subsidiaries also increased, with Renata Pharmaceuticals (Ireland) Limited growing 12.2% and Renata (UK) Limited 13.8% from the previous fiscal year.

The company attributed the improvement in profitability to higher gross margins, supported by effective procurement, operational efficiency and disciplined inventory management, alongside significantly lower financing costs following strategic capital restructuring.

Gross profit increased 17.9%, while earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 34.5%, according to the financial statements.

During the year, Renata continued to pursue its long-term growth strategy through investments in manufacturing capacity expansion, automation and renewable energy integration. It also expanded its pipeline of bioequivalent products to strengthen its position in domestic and international markets.

Debt burden declines

Renata strengthened its capital structure during FY26, reducing its total debt by Tk459 crore.

Following the reduction, the company's outstanding debt stood at Tk1,429 crore, comprising Tk978 crore in long-term debt and Tk451 crore in short-term liabilities.

As its debt burden declined, net financing costs fell 22.4% in FY26 compared with the previous year.

The company attributed the reduction to a 24.9% decline in gross interest expenses before interest capitalisation, driven by continued capital restructuring.

This included a shift from short-term borrowing to lower-cost long-term funding, supported by an International Finance Corporation loan facility and the issuance of Tk325 crore in convertible preference shares in October 2025.

Interest capitalisation declined 52.1%, primarily reflecting the capitalisation of major capital work-in-progress projects, including the Kashor General Facility (Solid), and a robotic warehouse. Interest income from surplus funds held in interest-bearing accounts increased 33.4%.

Foreign exchange losses also fell 86.8%, which the company attributed to risk-management measures, including the adoption of hedge accounting, efficient use of forward contracts and relatively stable exchange rates during the year.

Changes introduced in the national budget for FY27, which had a retrospective impact on the income year 2025-26, also generated significant corporate income tax savings. These were recognised in the fourth quarter of FY26, the company said

Should Bangladesh deliberately weaken the taka to make exports more competitive? No. Policymakers should not defend an exchange rate that no longer reflects economic realities. The objective should be a market-responsive taka that supports stability without aggravating inflation or undermining confidence.

The argument for depreciation appears straightforward. A weaker taka raises the local-currency value of dollars earned by exporters and can make Bangladeshi goods cheaper for overseas buyers. Export competitiveness depends on production costs, productivity, quality and delivery reliability, not simply on the number of taka received for a dollar.

Consider a garment exporter earning $100. At Tk 85 per dollar, the receipt is Tk 8,500; at Tk 120, it becomes Tk 12,000. But profit does not rise by the same proportion. Imported cotton, yarn, chemicals, fuel and machinery also cost more in taka. Overseas buyers may negotiate lower dollar prices, capturing part of the exchange-rate benefit. The net gain depends on local value addition, imported input costs, wages and bargaining power.

Bangladesh’s experience since 2022 underlines the point. The taka depreciated amid pressure on foreign exchange reserves. Yet depreciation alone could not guarantee export growth. Global demand, freight and energy prices, access to imported inputs and buyers’ pricing decisions influenced performance. A cheaper currency can provide breathing space, but it cannot replace productivity or reliable logistics.

Nor does the dollar rate tell the story. Bangladesh trades with China, India, the European Union, Japan and the United Kingdom. The nominal effective exchange rate (NEER) measures the taka against a weighted basket of trading-partner currencies. The real effective exchange rate (REER) adjusts this measure for relative prices and inflation, offering a better indication of price competitiveness.

If Bangladesh’s prices and production costs rise faster than those of competitors, depreciation’s advantage can erode. Conversely, nominal appreciation need not damage competitiveness as much if domestic costs rise more slowly. Maintaining an artificially strong currency carries risks. When the exchange rate is held below a sustainable level despite market pressure, foreign currency can become scarce, import payments may be disrupted and reserves come under strain.

But allowing the taka to weaken without restraint would be costly. Bangladesh relies on imported fuel, food commodities, raw materials and capital goods. Depreciation can raise domestic prices, erode household purchasing power and increase manufacturers’ costs. It can also make repayments more expensive for businesses with foreign-currency liabilities. With inflation elevated, policymakers cannot treat depreciation as a painless export subsidy.

The Bangladesh Bank’s move to a crawling-peg arrangement in May 2024, followed by greater freedom for banks to negotiate foreign-exchange rates, marked a shift towards a more market-responsive system. The priority should be consistent implementation, transparent price discovery and adequate liquidity, not defending an arbitrary rate.

Exchange-rate policy must work alongside credible monetary and fiscal policies. A weaker taka cannot correct poor export diversification, high logistics costs, energy disruptions or low productivity. Better ports, predictable access to imported inputs, stronger skills and reliable infrastructure can improve competitiveness without imposing the full burden on consumers. The question is not whether the taka should lose value against the dollar. It is whether the exchange rate can adjust to changing conditions without disorderly volatility. Authorities should address market dysfunction while allowing prices to reflect underlying conditions, rather than resisting every depreciation or appreciation.

Bangladesh needs neither a deliberately weak taka nor an artificially strong one. It needs a responsive currency, supported by sound macroeconomic management and structural reform. Export strength will depend less on how many taka buy a dollar than on how efficiently Bangladesh produces, delivers and competes.

The writer is an economic analyst

Businesses have identified at least 107 obstacles to improving the ease of doing business in Bangladesh, with customs and VAT-related issues accounting for the largest share at 37.

The issues span several government agencies, including the Finance Ministry, Commerce Ministry, customs and tax authorities, Environment Ministry, Bangladesh Bank and Home Ministry.

Business leaders raised the concerns at the first meeting of a committee on ease of doing business yesterday, attended by Finance and Planning Minister Amir Khosru Mahmud Chowdhury, Commerce Minister Khandakar Abdul Muktadir and other ministers.

Sources said a 22-member committee, comprising representatives from the government and private sector, has been formed following the directives from the prime minister to identify barriers to business and coordinate efforts to remove them.

Mahmud Hasan Khan Babu, president of the Bangladesh Garment Manufacturers and Exporters Association, told TBS that 107 issues had been identified, including 37 related to customs and VAT, with some already under consideration for resolution.

Babu said the first meeting had raised expectations among businesses that long-standing problems would be addressed.

Progress will be reviewed at the next meeting, he added.

Mohammad Hatem, president of the Bangladesh Knitwear Manufacturers and Exporters Association, said businesses faced major difficulties involving customs, bonded warehouses, VAT and income tax.

These include alleged arbitrary decisions by customs officials over harmonised system codes and product valuation, delays and harassment during product inspections, seeking illicit financial facilities during audits of bonded-warehouse licence holders, and complications in approving raw material entitlement, the business leader, who was not present at the meeting, told this newspaper over a mobile phone.

He said the problems had been discussed for years but had seen little meaningful resolution.

Hatem said the committee's formation under the prime minister's directive could strengthen accountability and help ensure effective action to remove long-standing barriers to business.

Rupali Haque Chowdhury, president of the Foreign Investors' Chamber of Commerce and Industry, said delays in issuing work permits and processing visas remained major concerns, particularly involving the Home Ministry.

Slow automation at the National Board of Revenue, delayed tax refunds and harassment of compliant companies through audits were also raised at the meeting, the business leaders said.

They also highlighted difficulties and delays in obtaining visas and work permits for foreign nationals.

Businesses welcome quick measures

Meeting sources said the government had directed relevant agencies to address some issues promptly. Officials are expected to present a detailed progress report at the next meeting, planned within a month.

Rupali Chowdhury said one immediate measure would allow industrial facilities to begin operations after receiving the necessary approval, without waiting for separate fire safety and environmental clearances.

Under the proposed arrangement, the relevant departments would conduct inspections in coordination and submit their reports within a specified timeframe, she said.

She said the move could reduce delays and make business operations easier.

Rupali Chowdhury added that applications could be deemed approved if the relevant authorities failed to make decisions within the stipulated timeframe.

Hatem said the committee's formation under the prime minister's directive could strengthen accountability and help ensure effective action to remove long-standing barriers to business.

Bangladesh's foreign exchange reserves stood at US$36.39 billion, according to the latest data released by Bangladesh Bank (BB) on Saturday.

Reserves calculated under the IMF's BPM6 methodology stood at US$31.58 billion.

Changes to customs measures introduced in the FY2026-27 budget are expected to generate an additional Tk 35 billion in import-tax revenue to contribute to an ambitious target.

The gain is estimated despite estimated revenue losses from duty-and tax concessions.

According to a recent estimate by the National Board of Revenue (NBR), the budgetary changes are projected to generate the gross revenue gains from increases in customs duty, regulatory duty (RD), supplementary duty (SD) and value-added tax (VAT).

Among the revenue-enhancing measures, increases in regulatory duty are projected to contribute the largest share -- Tk 13.08 billion. Supplementary duty increases are expected to generate Tk 6.94 billion, followed by customs duty at Tk 3.07 billion and VAT at Tk 1.11 billion.

However, adjustments to minimum values for imported goods are estimated to reduce revenue by Tk 17.75 billion, an internal document, according to a document prepared by a customs taskforce and recently submitted to finance and planning adviser Rashed Al Titumir.

The estimates indicate a net revenue gain from the combined effects of the budget revisions, despite concerns over extensive tax exemptions.

The data show the customs wing of the NBR would lose a total of Tk 24.22 billion in revenue, including adjustments in MV, due to offering tax waivers in the budget.

The NBR has prepared the estimates to present the revenue -mobilisation outlook at the ongoing discussions with the International Monetary Fund (IMF) in Bangkok, Thailand, officials said.

A senior NBR official said that despite repeated recommendations for reducing dependence on import taxes, the government has set an ambitious revenue target for the customs wing for the current fiscal year, to contribute to the national budget of over Tk 9.0 trillion.

For FY2026-27, the government has set a customs revenue target of Tk 1.57 trillion, up from Tk 1.12 trillion in FY2025-26, representing an increase of around 40 per cent.

Customs revenue grew by nearly 12 per cent in the previous fiscal year.

Trade economist Dr Masrur Reaz says Bangladesh's economic growth is expected to slow to dip below 3.5 per cent, according to projections by the IMF, and such slower growth will likely dampen import demand, making the government's ambitious revenue targets, particularly the projected 40-percent growth in customs duty collection, unrealistic.

"Although higher prices of imported fuels and gas may generate more ad valorem taxes, declining import volumes could offset the gains. Moreover, some state-owned entities record tax liabilities in their accounts but do not actually pay the taxes, creating a gap between assessed revenue and actual collection," says Mr Reaz, founder-chairman of Policy Exchange Bangladesh.Buy Maps

Bangladesh's heavy reliance on customs duties for revenue growth is also inconsistent with international best practices and the country's preparations for graduation from the least -developed-country (LDC) category, he points out.

"The government should gradually reduce its dependence on tariffs ahead of graduation rather than maintain high tariff barriers or remove them abruptly, which could create economic disruptions," he suggests.

The customs wing estimates that revenue collection would reach Tk 1.23 trillion through natural growth, leaving a substantial gap to be bridged through policy changes and other revenue-enhancing measures.

The customs wing has also projected the recovery of Tk 200 billion in revenue arrears stuck with government agencies and private organisations.

Of this, the NBR expects to collect Tk 50 billion by resolving cases involving bond licence-holders.

Another Tk 35 billion is projected to come from intelligence operations, crackdowns and preventive measures against the misuse of bonded-warehouse facilities.

The customs wing expects to generate a further Tk 17 billion through post-clearance audits, auctions of pending goods, customs valuation and assessment measures.Economic analysis reports

The senior official, however, described the projected additional revenue as insignificant compared with the ambitious target set for the current fiscal year.

The increases in import taxes cover 171 products, identified by their Harmonised System (HS) codes, across the four tax categories. These include 61 codes for regulatory duty, 33 for supplementary duty, 53 for customs duty

and 24 for VAT.

In contrast, adjustments to minimum values for 210 goods are estimated to reduce revenue by Tk 17.75 billion, offsetting a substantial portion of the gains expected from higher duties and VAT.

"Taxing imports is effectively taxing exports, as it creates an anti-export bias. Consumers in the domestic market are also bearing the brunt of higher prices. This conspiracy against trade must end," said Dr Zaidi Sattar, chairman of the Policy Research Institute of Bangladesh (PRI).

US President Donald Trump has waived key sanctions and tariffs targeting Russian exports a day before they were due to take effect, providing potential economic relief to major buyers of Russian energy, including India and China.

In an executive order, Trump said the waiver was in the national interest of the United States. The decision suspends the implementation of the measures rather than permanently repealing them, leaving the administration with the option of enforcing them later, says NDTV.

"I am hereby waiving the application of such sanctions, restrictions, and duties provided for in the Graham Act. I have submitted to Congress a certification that the issuance of such a waiver at this time is in the national interest of the United States," Trump stated in the executive order.

The waiver came shortly before the 18 October deadline under the legislation.

Sanctions legislation

The Lindsey O Graham Sanctioning Russia and Iran Act of 2026, passed last month, was designed to restrict financial resources supporting Russia's war in Ukraine by targeting Russian officials, financial institutions, energy interests and foreign partners supporting Moscow's military operations.

The legislation provided for tariffs of up to 100% on goods from the five largest buyers of Russian crude oil: China, India, Slovakia, Hungary and Azerbaijan. It also proposed tariffs of 500% on US imports of Russian energy products and direct sanctions against Russian President Vladimir Putin, senior government officials and key Russian entities.

The measures could have exposed up to 10 countries to tariff threats.

India defends energy policy

The proposed 100% tariff on Indian goods would have been added to an existing 10% US tariff imposed over forced-labour concerns, according to the information provided.

The move would have followed earlier trade tensions between Washington and New Delhi over India's purchases of Russian crude. An additional 25% tariff on Indian imports had previously been imposed over those purchases before being removed in February 2026 under a US-India trade framework.

Before the waiver, India had reiterated its determination to protect its trade and economic interests.

"As stated on several earlier occasions, India remains firmly committed to ensuring energy security for its 1.4 billion people. It will continue to do so through diversified sourcing and based on evolving market dynamics," India's Foreign Ministry said.

The ministry also warned of potential consequences for bilateral ties and global energy markets.

"The potential consequences of oil tariffs for not just the bilateral relationship but also the international energy market have been very clearly articulated by the Indian side," it said.

US-Russia energy ties and Ukraine war

The waiver comes alongside a reported agreement for Russia to supply more than 300,000 tonnes of diesel to the United States immediately, with further shipments planned.

Ukrainian President Volodymyr Zelensky criticised the transaction, describing it as "unworthy of our partners" and a "weak decision". He also said Moscow was expressing "thanks" for the deal while continuing its attacks on Ukraine.

Trump has also criticised Zelensky's handling of negotiations to end the war.

"I suggest they get a new leader who can make a deal. For some reason (Zelensky) never does," Trump said.

Dhaka is preparing to seek $100 million in fresh sovereign equity from Saudi Arabia to recapitalise the Saudi-Bangladesh Industrial and Agricultural Investment Company Limited (SABINCO), matching its own proposed contribution, according to official documents.

In this regard, Foreign Secretary Asad Alam Siam, in a letter dated October 5, proposed the finance minister write to his Saudi counterpart, enclosing the draft letter and a strategic paper ahead of the prime minister's possible visit to Riyadh.

The foreign ministry said with regard to the prime minister's possible visit, taking up the initiative quickly could create an opportunity for positive consideration by the Saudi authorities.

According to the letter, the proposed investment areas are aligned with the Saudi Vision 2030.

The draft is accompanied by a strategic paper titled "Capital Expansion, Bilateral Equity Recapitalisation and Joint Sovereign Guarantee Framework (2026-2030)" and prepared in consultation with SABINCO.

It had been provided to the finance minister to take the next course of action, including necessary approval in this regard, a senior official of the Finance Division said last week.

According to the letter, dated October 1 and drafted by the foreign ministry, from Finance Minister Amir Khosru Mahmud Chowdhury to his Saudi counterpart Mohammed bin Abdullah Al-Jadaan, the government has decided to inject $100 million in fresh sovereign equity into the company.

The minister invited Saudi Arabia to make an equal contribution, which would raise the total recapitalisation package to $200 million.

Established in 1984 as a 50:50 sovereign joint venture between Bangladesh and Saudi Arabia, SABINCO has maintained a sound record of commercial operations and development financing over four decades, the letter said.

The proposed capital injection is expected to enhance SABINCO's capacity to finance investments in renewable energy, agro-processing and cold-chain infrastructure, pharmaceuticals and active pharmaceutical ingredients (APIs), healthcare, advanced manufacturing, and other productive sectors, officials at SABINCO believe.

The recapitalisation would also help the company mobilise additional concessional financing from multilateral and Arab development institutions, thereby leveraging the proposed contributions of the two governments, according to the document.

The draft letter outlines several strategic benefits for Saudi Arabia from the proposed investment.

Agro-processing and cold-chain projects in Bangladesh could help ensure reliable food supplies to the Saudi market and support the kingdom's food security objectives, it says.

Expanded pharmaceutical and API production could also create supply opportunities for Saudi drug companies, while SABINCO could act as a local financing and co-investment partner for Saudi firms seeking to expand their presence in Bangladesh and the wider South Asian market, the letter says.

The foreign ministry said in view of the possible visit by the prime minister to Saudi Arabia, an early move on the proposal could create an opportunity for favourable consideration by the Saudi authorities.

The ministry would arrange to send the letter to the Saudi finance minister once the Bangladesh finance minister approves and signs it, according to the correspondence. On October 7, the foreign ministry sent the documents to Finance Division Secretary Dr Md Khairuzzaman Mozumder to take necessary steps.

Bangladesh is going to observe the International Day for Eradication of Poverty today (Saturday) with a worsening poverty situation, as prolonged economic slowdown, persistent inflation and shrinking employment opportunities push more people below the poverty line.

The World Bank (WB) estimates that the country's national poverty rate rose to 22.5 per cent in fiscal year (FY) 2025-26, up from 18.7 per cent in 2022, reversing part of the progress Bangladesh made in reducing poverty over the past decade.

According to the WB's October 2026 Bangladesh Development Update report, around 2.1 million additional people fell below the international poverty line during last FY2026.

The report also warns that nearly 62 million Bangladeshis remain vulnerable to falling into poverty following an economic or personal shock.

The findings came ahead of October 17 (today) observed globally as the International Day for the Eradication of Poverty, highlighting the growing challenge facing policymakers as the country struggles to restore economic growth, protect household purchasing power and generate adequate employment.

The United Nations designated the day in 1992, though the date traces back to 1987, when over 100,000 people gathered in Paris at the Trocadéro to honour victims of extreme poverty. The latest estimates indicate that Bangladesh's poverty has increased for a fourth consecutive year, reflecting the combined effects of elevated living costs, weak labour demand and sluggish economic activity.Economic analysis reports

The WB's estimate of 22.5 per cent is based on its modelling and should not be confused with a new official household poverty survey.

The Bangladesh Bureau of Statistics (BBS), in its Household Income and Expenditure Survey (HIES) 2022, put the national poverty rate at 18.7 per cent and extreme poverty rate at 5.6 per cent.

The BBS survey had recorded a significant decline in poverty from 24.3 per cent in 2016 and 31.5 per cent in 2010, demonstrating the progress made before the recent economic difficulties.

However, the World Bank's latest assessment suggests that the gains have come under increasing pressure.

According to the WB, persistent inflation has emerged as a major threat to poverty reduction, particularly for low-income households that spend a large share of their earnings on food, housing, transport and other essential items.

Although average inflation eased to 8.7 per cent in FY2026 from around 10 per cent in FY2025, prices remained high, continuing to erode the purchasing power of households whose incomes have failed to keep pace, the Bank said.

Employment fell by nearly two million between 2023 and 2024, while a further decline of around 0.8 million was expected in 2025, according to the bank's labour-market assessment, the WB said.

Industrial activity has also suffered from shortages of gas and electricity, forcing some businesses to cut production, reduces working hours or lay off workers. The resulting loss of earnings has left many households more exposed to rising living costs.

Bangladesh's economic growth slowed to 3.4 per cent in FY2026, according to the World Bank's October update, down from 3.5 per cent in FY2025 and 4.2 per cent in FY2024.

The slowdown has weakened the economy's capacity to generate the jobs and income growth needed to reduce poverty.

Bangladesh has made substantial progress in reducing poverty between 2010 and 2022. The World Bank's 2025 Poverty and Equity Assessment said the national poverty rate fell from 37.1 per cent in 2010 to 18.7 per cent in 2022, lifting approximately 34 million people out of poverty.

Extreme poverty declined from 12.2 per cent to 5.6 per cent over the same period.

But the assessment also found that the pace of poverty reduction slowed after 2016 and economic growth became less inclusive, with income gains increasingly favouring better-off households.

The bank estimated that around 62 million people-roughly one-third of the population-were vulnerable to falling back into poverty because of illness, natural disasters, job losses or other unexpected shocks.

The latest deterioration reinforces concerns that progress in poverty reduction remains vulnerable when growth fails to translate into secure employment and sustained improvements in real incomes.

Expressing concern over the effectiveness of government social protection programmes, the WB said Bangladesh operates numerous social assistance schemes, subsidies and cash-transfer programmes, but weaknesses in targeting mean that support does not always reach the households most in need.Economic analysis reports

The bank's latest assessment says the country's social protection system remains fragmented, with overlapping programmes and inadequate benefits limiting its ability to protect vulnerable people.

Evidence from 2022 showed that half of the poorest households did not receive any social assistance benefits, while 35 per cent of the richest households received such support.

The World Bank has urged the government to improve the targeting of cash transfers, consolidate fragmented programmes and strengthen assistance for poor and vulnerable households.

The World Bank has identified productive employment as central to restoring Bangladesh's poverty-reduction momentum.

Its poverty assessment calls for more and better-paid jobs, particularly for young people, women and vulnerable workers, alongside stronger agricultural value chains, improved connectivity and a more supportive business environment.

The challenge is significant for a country where millions of young people enter the labour market and where industrial expansion, private investment and employment generation have weakened.

Economists and development experts have long argued that sustained poverty reduction requires more than economic growth alone.

The International Monetary Fund (IMF) has warned that low-income, energy-importing countries outside the artificial intelligence (AI) value chain are falling further behind, having been vulnerable to begin with.

Speaking at the closing press briefing of the IMF-World Bank Annual Meetings in Bangkok on October 17, IMF Managing Director Kristalina Georgieva said discussions were marked by both optimism and worry.

Mohammed Aljadaan, chair of the International Monetary and Financial Committee (IMFC) and Saudi Arabia's finance minister, said: “There is no room for complacency.”

Asked about calls for fiscal consolidation when poorer countries' needs are rising, Georgieva said the work starts at home: well-calibrated policies, fair revenue collection and spending that protects the most vulnerable and supports growth.

She added that the IMF does not see a need for dramatic adjustment in many low-income countries, crediting them with putting debt on a downward path.

Debt-to-GDP ratios are rising in rich countries and falling slightly in low-income ones, she said. Yet higher inflation and interest rates have pushed debt payments in low-income countries from 8 percent to 14 percent of revenue in recent years.

Georgieva said recent decisions on the IMF’s concessional lending vehicle, the Poverty Reduction and Growth Trust, allow the IMF to more than triple concessional lending compared with before the reform.

Ten partners—France, Germany, Ireland, Italy, Japan, Kazakhstan, Luxembourg, the Netherlands, Spain and Switzerland—committed over $100 million for capacity development.

Members also reaffirmed support for timelier, more predictable and coordinated debt restructuring, including through the G20 Common Framework.

Georgieva urged central banks to stay “laser-focused” on price stability, noting that inflation remains stubborn and rising interest rates are adding to debt-service pressure. “Inflation is like a tax on the poor.”

On AI, she said the boom is the main support for the global economy but also a risk because dependence on one growth driver is “like we stand on one leg.”

The IMF managing director said policymakers want guardrails to protect people and businesses.

She also said regulators should watch risks from rising leverage, non-bank financial institutions, cyberattacks and fraud, and noted that Thai authorities led members towards the Bangkok Blueprint, a step towards a framework for digital finance.

Georgieva cited the dynamism of Asia among the sources of optimism. She held up host Thailand, now integrated into the global AI supply chain, as proof that good policies and strong institutions can expand opportunities.

She named no South Asian country, but her description of energy-importing economies outside the AI value chain is one that many in the region will recognise.

Georgieva also congratulated Aljadaan on his one-year extension as IMFC chair.

On monetary policy, Aljadaan said central bank independence is essential to price stability and policy credibility. He said AI could widen economic disparities, especially in low-income countries and fragile states.

Brent touched $110 a barrel for the first time since May on Friday on worries that escalating tensions in the Middle East could further tighten supplies, while investors assessed how much diesel Russia could supply to the global market.

Brent crude futures settled $3.94, or 3.7 percent, higher at $109.86, the highest since May 19, while US West Texas Intermediate crude futures closed $3.44, or 3.5 percent, higher at $101.41, the highest since September 17.

So far this week, Brent has risen 4.9 percent and WTI 10.4 percent. “WTI and Brent reversed earlier losses as escalation fears resurfaced amid rumours of attacks on Saudi energy infrastructure,” research and consultancy Energy Aspects said in a note.

Israeli reports suggest Iran may be preparing a pre-emptive strike following unusual military movements detected by Western intelligence.

Although unverified, these developments reinforce our view that persistent escalation risks will keep flat prices supported,” Energy Aspects added. A Saudi-led coalition said it intercepted and destroyed a ballistic missile launched towards the Red Sea city of Yanbu.

The port is critical for Saudi Arabia’s efforts to bypass the Strait of Hormuz and keep oil flowing to international markets.

Initial reports indicated no damage to Yanbu’s infrastructure, consultants Rapidan Energy Group said.

Supply concerns also increased as attacks around the Strait of Hormuz surged over the past 10 days,

with Iran saying it was stepping up strikes in response to the US blockade of its ports and tougher sanctions introduced last month.

“Intensified Iranian attacks drove Gulf crude flows sharply lower,” Kpler analysts said in a report on Thursday, adding that they expected a slower and more uneven recovery in Hormuz flows in the absence of a comprehensive political deal.

Ukraine struck a Russian oil refinery on Thursday after President Volodymyr Zelenskiy declared that Kyiv was abandoning a ceasefire covering energy sites announced by US President Donald Trump and criticized Trump’s willingness to strike deals with Moscow.

Russia’s Ryazan oil refinery has suspended operations at a primary crude distillation unit following a drone attack in the region on Thursday, two industry sources told Reuters.

“Conflict in the Middle East still keeps coming back and I think it’s questionable how much diesel fuel Russia can actually deliver to the markets.”

“Those two factors are just continuing to have traders be buyers,” said Dennis Kissler, senior vice president of trading at BOK Financial.

To boost supply, the International Energy Agency agreed on Thursday to release more than 20 million barrels of fuel to the market.

The United States also issued a request for proposal for an exchange of up to 17 million barrels of crude oil from the nation’s Strategic Petroleum Reserve, the Department of Energy said on Friday.

Washington previously agreed to loan 172 million barrels of oil from the SPR as part of a wider deal with about 30 countries in the International Energy Agency to release 400 million barrels from reserves around the world.

Brent crude was little changed on Thursday, while WTI settled up more than 3 percent after news that the US was weighing plans to ease restrictions on the world’s shadow fleet of tankers and after a big US crude stock draw on hurricane production shut-ins.

Turnover at the Dhaka Stock Exchange (DSE) today (17 October) fell to its lowest level in more than nine months as trading activity weakened.

The day's turnover dropped 36% to Tk317 crore from the previous session, marking the lowest level since 29 December 2025.

Meanwhile, the benchmark DSEX index fell 0.35% to close at 5,433 points, while the blue-chip DS30 index dropped 0.29% to settle at 2,090 points.

Market breadth remained negative, with 229 issues declining, 96 advancing, and 61 remaining unchanged.

Most sectors posted negative returns, with mutual funds and jute recording the steepest corrections. Insurance and fuel and power were among the sectors that posted positive returns.

Evince Textile was the day's most traded stock, followed by Saiham Textile, Matin Spinning, and Sonali Aansh.

Bangladesh Building Systems topped the gainers' list, while Apex Footwear was the biggest loser.

State-owned submarine cable operator Bangladesh Submarine Cables Limited (BSCL) posted a 37.47% year-on-year rise in net profit for the FY2025-26, reaching Tk283 crore. The company's board has recommended a 47.50% cash dividend for shareholders.

The board approved the annual audited financial statements at a meeting on Thursday, according to a price sensitive information (PSI) disclosure.

Total revenue grew 25% to Tk496 crore, up from Tk396 crore in the previous fiscal year, the disclosure said.

The company attributed its top-line growth to increased demand across core business segments – including International Private Leased Circuit (IPLC) rent, IP transit services, and co-location services – supported by management initiatives and favourable government policies.

Its diluted earnings per share (EPS) stood at Tk13.61, up from Tk9.93 in the prior fiscal year, driven primarily by operational business growth alongside higher interest and other income, with no significant extraordinary transactions recorded during the period.

The record date for determining shareholder eligibility for the dividend has been set for 17 November, and the company will hold its annual general meeting (AGM) virtually on 20 December 2026. Following the dividend declaration, its share price rose 1.43% to Tk148.90.

Labour and Employment Secretary Md. Abdur Rahman Tarafder today (17 October) said that a wage board will be formed soon to determine new wages for the workers in the garment sector.

He said that the process of nominating representatives from both the workers and the employers for the wage board is underway.

Expressing the hope that a gazette notification could be published within this month, he said once the nominations are received from the respective parties, the Ministry will issue the gazette, following which the board will commence its operations.

The labour secretary made these remarks while talking to the state-run news agency, BSS.

He explained that the wage board will consist of a chairman, an independent member, a representative for the workers and a representative for the employers. Additionally, representatives specifically from the relevant industrial sector one from the workers and one from the employers will be included. In the case of the ready-made garment (RMG) industry, representatives from this specific sector will serve in the board.

The labour secretary noted that in determining wages for RMG workers, factors such as Bangladesh's overall economic situation, wage rates in neighboring countries and the ground-level realities within various factories will be taken into account.

The board will review these aspects before reaching a decision on wage levels; in other words, the Ministry will not unilaterally set the wage amount through administrative action, he added.

Abdur Rahman Tarafder further mentioned that the Department of Labour has already been instructed to initiate the formation of the wage board. The department has, in turn, requested both the workers' and employers' sides to nominate their respective representatives. Upon receiving these nominations, the Ministry will issue the official gazette.

Regarding the ongoing labour unrest, he said that the government maintains a positive stance toward the workers' demands and is engaged in regular dialogue with them. Labour leaders have also been kept informed about these developments.

The secretary added that the government has undertaken various initiatives to safeguard the workers' rights. Tripartite discussions involving representatives from the workers, employers and the government are going on now concerning the Labour Rules, with several meetings already held on the matter.

The labour secretary informed that a meeting of the National Tripartite Consultative Council (TCC) will be held on 27 October, chaired by the minister of Labour and Employment. The meeting will feature detailed discussions on the current labour situation including the formation of a wage board and the drafting of labour rules with participation from representatives of workers, employers and the relevant ministries.

He said, alongside addressing the demands of the workers, the government remains vigilant to ensure that no external vested interest groups can incite unrest in connection with the ongoing protests.

Bangladesh’s garment exports to Poland are rising as the Russia-Ukraine war disrupts direct trade with Russia and buyers shift sourcing from China, even as shipments to several major markets face pressure.

Garment exports to Poland grew 9.8 percent year-on-year to $1.86 billion in fiscal year 2025-26 (FY26), according to Export Promotion Bureau (EPB) data.

In contrast, Bangladesh’s total garment exports fell 1.64 percent during the fiscal year.

The slowdown has continued in major destinations. Bangladesh’s garment exports to the US fell 5.3 percent in the first half of 2026, while shipments to the European Union declined 11.67 percent in the first eight months, according to World Bank and Eurostat data.

Industry leaders attribute the growth in exports to Poland partly to Polish buyers re-exporting garments to neighbouring Russia, where sanctions-related payment difficulties have complicated direct trade.

They also cite demand for basic garment items and opportunities created by Chinese suppliers losing orders.

A GROWING MARKET

Bangladesh exported garment items worth $1.38 billion to Poland in FY21, with the amount rising to $2 billion in FY22, according to EPB data.

Exports fell to $1.40 billion in FY23 before recovering to $1.54 billion in FY24 and $1.69 billion in FY25.

In contrast, garment exports to Russia have declined since the war began in February 2022.

Before the war, Bangladesh exported more than $665 million worth of garment items to Russia in FY21, with industry players considering it as a rising market for Bangladeshi apparels.

Exports to the country have since continued to fall, standing at $257.26 million in FY26.

POLAND AS A ROUTE TO RUSSIA

Mahmud Hasan Khan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said a significant volume of garment items was being re-exported from Poland to Russia.

Before the Russia-Ukraine war, Turkish traders also imported Bangladeshi garments for re-export to Russia, he said. Exports to Turkey declined after the country imposed a 17 percent duty on Bangladeshi garment items in 2011, according to him.

After the war began, Polish importers started re-exporting garments to Russia, contributing to the growth in Bangladesh’s exports to Poland, said Mahmud.

Salah Uddin Ahmed, managing director of IFS Texwear (Pvt) Ltd, which exports nearly $2 million worth of knitwear a month, also said some Polish buyers sourcing garments from Bangladesh also re-export products to Russia.

He, however, said he did not have specific evidence confirming that the garments being re-exported to Russia were sourced from Bangladesh.

Mohammad Hatem, president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), said Poland could serve as a third country for exporting garments to Russia.

Western sanctions imposed after Russia’s invasion of Ukraine restricted several Russian banks’ access to the SWIFT international financial messaging system. The restrictions complicated some cross-border payment arrangements, making it harder for Bangladeshi exporters to receive payments from Russian buyers.

The war has also disrupted payments involving buyers linked to Russia. 28 Bangladeshi garment exporters have been struggling to recover $5.2 million from a Polish buyer for nearly two years, said Mijanur Rahman, managing director of Fabrica Knit Composite Ltd and a vice-president of the BGMEA.

Mijanur, who has been coordinating efforts to resolve the payment issue, said the buyer’s business had been disrupted by the war.

CHINA’S LOST ORDERS, BASICWEAR DEMAND

Exporters say the rise in shipments to Poland is not solely linked to the Russia-Ukraine war.

According to Mijanur, the loss of work orders by Chinese suppliers was one of the reasons behind the increase in Bangladesh’s garment exports to Poland.

Demand for basic garment items in the market was also strong, he added.

IFS Texwear’s Salah Uddin, meanwhile, noted that Poland was a growing market for Bangladeshi exporters because they enjoy zero-duty access under the European Union’s trade arrangements.

The duty advantage, combined with demand for basic garments and possible shifts in sourcing from China, has supported Bangladesh’s exports to Poland, exporters said.