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.

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.

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.

Saudi Arabia will run out of oil stocks for exports if it doesn’t restart its major pipeline to the Red Sea within days, leading to a loss of up to 4 percent of global supply, Saudi oil buyers and traders said.

A further decline in Saudi flows will worsen the global supply crunch, which has already pushed global fuel prices to record highs, spurred inflation around the world and sent US bond yields to the highest levels since the 2008 financial crisis.

Since drone attacks forced Saudi Arabia to shut its huge east-west oil pipeline on Friday, Riyadh has not given full details about the extent of the damage or how long the route will stay off-line.

Sources that spoke to Reuters gave varying estimates, with one saying the damage could take as long as five to six weeks to repair, while another said it could be fixed sooner and could resume pumping partially while repairs are ongoing.

Saudi Arabia’s government media office and energy ministry did not immediately respond to requests for comment.

For the past six months, the pipeline running through the desert across the Arabian Peninsula has spared Saudi Arabia from the brunt of the impact of the wartime shutdown of the Strait of Hormuz that has crippled exports from its neighbours.

The world’s biggest exporter has used the pipeline to reroute around 4 million barrels per day — around 4 percent of global supply — to the port of Yanbu on the Red Sea.

But with the pipeline out of service, Yanbu now has stocks to maintain exports for just five to seven days, according to three industry sources familiar with Saudi exports.

Saudi Arabia also has stocks to supply customers for several days from Egypt’s ports of Ain Sukhna on the Red Sea and Sidi Kerir on the Mediterranean, a fourth source said.

Yanbu storage capacity stands at around 35 million barrels, according to industry estimates, with Ain Sukhna and Sidi Kerir able to store 18 million and 20 million barrels respectively.

Stocks are not full and will ultimately run out without the east-west pipeline resuming operations, the four sources said.

Saudi oil supply has already fallen to a more than three-decade low in August on reduced flows via Hormuz and the Red Sea, the International Energy Agency said on Friday.

World oil supply will decline this year by 5.7 million bpd, or about 6 percent, the IEA, which coordinates Western energy policies, said.

In addition to the attack on the pipeline, Houthi fighters in Yemen who have threatened Saudi oil shipments seized an island on Friday in the mouth of the Red Sea.

The Middle East supplied around 22 million barrels per day of oil before the war. Flows through the Strait of Hormuz have slowed to just 6 million to 9 million bpd, industry sources say.

Saudi Arabia told OPEC last week that its oil production had dropped to just 6.2 million bpd in August from 10.9 million bpd in February before the start of the war.

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.

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.

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.

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.

Bangladesh Bank has issued guidelines to authorised dealer (AD) banks for implementing the Import Policy Order 2026-2029, which allows permissible industrial and commercial goods to be imported without opening letters of credit (LCs), subject to existing foreign exchange regulations.

The Ministry of Commerce introduced the new Import Policy Order through SRO No. 308-Ain/2026 on 24 August 2026. It will remain effective until 31 December 2029 or until a new import policy order is issued, whichever comes first, Bangladesh Bank said in a circular today (13 September).

Under paragraph 6(3) of the order, all permissible goods for industrial and commercial purposes can be imported through purchase and sale contracts without opening LCs, regardless of the value of the imports.

However, authorised dealer banks must ensure that all such transactions comply with applicable foreign exchange regulations, the central bank said.

The circular also outlined provisions under paragraph 25 of the new order concerning the import and procurement of production inputs by export-oriented industrial enterprises.

Such enterprises may procure production inputs from local sources in local currency through back-to-back LC arrangements and on a free-of-cost (FOC) basis, according to the guidelines.

The circular also provided guidance on the applicability of the bonded warehouse system for importing and procuring production inputs.

Bangladesh Bank instructed AD banks to ensure compliance with the Import Policy Order 2026-2029 and relevant foreign exchange regulations when settling import transactions and payments related to locally sourced production inputs.

The central bank said the guidelines are intended to align foreign exchange procedures with the new import policy framework and provide greater flexibility in trade transactions, particularly for export-oriented industries.

Stocks on the Dhaka bourse plunged in the opening week of trading as concerns over the nationwide electricity and gas crisis, coupled with escalating tensions in the Middle East, triggered widespread selling and pushed the benchmark index to a three-month low.

The DSEX fell 96 points, or around 1.7%, over the week to close at 5,418, extending its losing streak to four consecutive sessions. The blue-chip DS30 index also declined 23 points to settle at 2,072.

Market breadth reflected the depth of the sell-off, with 336 issues losing value against only 27 gaining, while 21 remained unchanged. Despite the sharp fall in share prices, average daily turnover rose 5% to Tk571 crore, suggesting investors were actively offloading holdings amid mounting fears of further losses.

The market's total capitalisation fell by around Tk6,700crore during the week.

EBL Securities, in its daily market review, said the capital market showed no sign of reversing its bearish momentum as investors remained deeply concerned about the near-term economic outlook.

Persistent gas and power shortages have raised concerns over industrial production and corporate profitability. The escalating conflict in the Middle East has added another layer of uncertainty, prompting investors to adopt a defensive stance and sell shares to limit portfolio losses, EBL Securities noted.

Market insiders said Bangladesh could face additional pressure on its import-export trade and fuel supply if disruptions in the Red Sea worsen. Growing Houthi control over parts of Yemen's Red Sea coast could threaten shipping through the Bab el-Mandeb Strait, an increasingly important alternative route amid disruptions around the Strait of Hormuz.

Any prolonged disruption to shipping routes could raise transportation and fuel costs, put further pressure on gas and energy supplies, and disrupt exports to major markets in Europe and North America, they said.

Such risks could further squeeze corporate profitability and place additional pressure on the broader economy, fuelling panic among already cautious investors, they added.

The sell-off was broad-based, with all sectors posting negative returns. Travel stocks suffered the steepest correction, falling 5.4%, followed by ceramics at 4.1% and jute at 3.7%.

Textile stocks dominated trading, accounting for 25.9% of total turnover. General insurance followed with 15%, while banks accounted for 11.5%.

United Commercial Bank, Eastern Bank, Islami Bank, BRAC Bank and Beximco Pharmaceuticals were among the major stocks weighing on the benchmark index.

A handful of mutual funds and insurers bucked the broader decline. First Prime Finance Mutual Fund gained 9.95%, followed by EBL First Mutual Fund, which rose 9.30%, while Reliance Insurance advanced 6.99%.

On the other hand, Orion Infusion suffered the biggest decline, falling 9.91%. Lub-rref (Bangladesh) dropped 8.82%, while Sharp Industries lost 8.42%.

The bearish trend was also reflected on the Chittagong Stock Exchange. The CSCX index fell 79 points to 8,993, while the CASPI declined 150 points to settle at 14,715.

Bangladesh Bank yesterday instructed banks to follow new rules allowing businesses to import goods through open-account arrangements, giving importers greater flexibility to pay for shipments without opening letters of credit (LCs).

Under an open-account arrangement, sellers ship goods with the understanding that payment will be made at a later date.

The BB issued the clarification two weeks after the commerce ministry issued the Import Policy Order (IPO) 2026-2029, which allows buyers and sellers to enter into direct purchase and sale contracts without opening LCs, irrespective of the value of the transactions.

The order will remain in force until December 31, 2029.

For export-oriented industries, the BB said the import policy order contains specific provisions governing the import and procurement of production inputs.

Under the provisions, such enterprises may procure inputs from local sources in local currency through back-to-back LC arrangements and on a free-of-cost (FOC) basis.

The BB said the new order also provides guidance on the applicability of the bonded warehouse system for the import and procurement of production inputs.

The central bank advised authorised dealer banks -- lenders permitted to buy, sell and manage foreign currencies -- to comply with the provisions of the new order and relevant foreign exchange regulations when settling import transactions and payments for locally sourced inputs.

“The latest guidance is expected to further harmonise foreign exchange procedures with the new import policy framework, enhance flexibility in trade transactions, and facilitate export-oriented industries through simplified sourcing and payment arrangements,” said a senior BB official.

Maritime trackers received new reports of an attack on a ship in the Strait of Hormuz on Sunday, adding to concerns about Iran-related threats to energy supplies after Saudi Arabia shut down a vital oil pipeline.

The British navy-affiliated agency ‌UKMTO said it had a report of a projectile hitting a vessel as it moved through the Strait of Hormuz. The amount of damage and the status of the crew were unknown as of early Sunday, the agency said.

UKMTO's report came the day after Saudi Arabia said it had temporarily closed its East-West pipeline as a precaution after a drone attack that both Baghdad and Riyadh said had originated in Iraq, where Iranian-backed militias operate.

Ongoing attacks in the widening Middle East war could send energy prices even higher after a week that saw the cost of Brent crude surge back above $100 a barrel.

The 1,200-km (745-mile) East-West pipeline running across the Arabian Peninsula has served as the main route out for global supplies of Middle East oil for the past six months while the Strait of Hormuz has been largely shut by war.

It has been moving 4 million to 5 million barrels per day, amounting to 4% to 5% of global supply, sparing Saudi Arabia the brunt of the disruption that has crippled other Gulf oil and gas exporters.

There was no immediate claim of responsibility for the strikes on the pipeline. Satellite images showed black smoke rising from an area of the pipeline south of Medina. The attack resulted in some injuries and damage that was being assessed, the Saudi Foreign Ministry said without detailing the impact on exports.

US President Donald Trump, visiting Ireland to attend a golf tournament at one of his resorts, said Iran was probably to blame.

On Saturday, the Saudi Civil Defence said in a statement that a projectile fired by the Houthis had injured two people in Jazan region, and damaged several buildings, including a mosque.

SAUDI LEADER ASKS FOR MILITARY HELP

Oil prices shot up over the past week and the retail price of diesel in the United States surged past a record $6 a gallon as the United States and Iran both fired on tankers and the Iran-aligned Houthis in Yemen advanced along the Red Sea, potentially extending disruptions to another major oil route.

Washington now faces a dilemma over whether to help the Saudis fight the Houthis, risking further expansion of the war.

Saudi Arabia's de facto ruler, Crown Prince Mohammed bin Salman, phoned Trump on Thursday and asked for US military help fighting the Houthis, three sources told Reuters. They said the prince was told that Washington would not intervene directly for now but would help with intelligence.

Trump confirmed on Saturday that he had spoken to the crown prince, and said the Houthis had also phoned his administration and asked Washington not to become directly involved in the conflict.

Four Yemeni government sources told Reuters that the Houthis had seized the strategic island of Perim on Friday in the middle of the Bab el-Mandeb strait — the "Gate of Tears" at the mouth of the Red Sea.

IRANIAN OFFICIAL PLAYS DOWN OMAN MEETING

There have been no talks between the United States and Iran to end the conflict since a June agreement that collapsed within weeks.

In a post on X on Saturday, Ebrahim Azizi, head of the Iranian parliament's national security committee, said: "As long as the American side does not accept all of Iran's conditions, dialogue and negotiation are of no use."

Iran's Foreign Ministry announced on Friday that Iran would be attending a meeting with Gulf Arab states in Oman on Monday, at which the future of the Strait of Hormuz would be discussed.

But a senior Iranian official, speaking to Reuters on condition of anonymity on Saturday, played down the chances of a breakthrough, saying the meeting, called at Oman's initiative, was intended to discuss issues including the strait but was not expected to yield a signed agreement.

An agreement on routes through the strait between Iran and Oman will be presented at the meeting on Monday, which will also be attended by Iraq, but the strait will not reopen unless seven conditions conveyed by Iran to the US are met, a source told Tasnim news agency, without elaborating.

Iran wants its control of the Strait of Hormuz to be recognised, allowing it to collect fees from ships that use it, which Washington rejects. Oman, which controls the opposite bank of the strait, says it is negotiating with the agreement of other regional states.

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.

The 18th BRICS Leaders' Summit opened in New Delhi on 12–13 September 2026, drawing China's Xi Jinping, Russia's Vladimir Putin, Iran's Masoud Pezeshkian and UN Secretary-General António Guterres. Bangladesh, however, stayed away, citing the wording of the invitation and a trust deficit deepened by Sheikh Hasina's 5 August appearance in the Indian capital, and declined to send any official representative. The empty chair has reignited debate over where Dhaka–Delhi ties now stand. The Business Standard has talked to prominent geopolitics and security experts to weigh what the absence means for Bangladesh, its room for maneuver, and its fraught relationship with New Delhi

'They saw it through a plurilateral prism when we saw a bilateral slight'

M Humayun Kabir, former ambassador

BRICS is a plurilateral organisation. It is where a country such as Bangladesh has, in effect, been invited under a degree of pressure that this term comes into use — plurilateral. And my sense is that it is precisely in this bilateral-cum-plurilateral space that some of our difficulty lies. Take the fact that India invited our head of government as the chair of BIMSTEC.

The BIMSTEC chair, after all, may at any given time be Bangladesh, as it may be under SAARC. So our head of government was invited in that capacity, under the BIMSTEC-chair designation. From their side, technically, that is how they regarded our Prime Minister within the context of that conference or summit.

From our side, we took the view that they had invited the BIMSTEC chair, i.e. the office-holder, and not our Prime Minister as such. That is how we framed it where our Prime Minister was concerned. And it is because the framing on the two sides was somewhat different that, to my mind, this confusion arose and it is out of that confusion that things ended up as they did.

Now, had we gone, what might have come of it? There is something new taking shape there, though the final outcome I have not yet seen. What they are seeking is to deepen cooperation and, in that connection, to bring about a degree of digital-currency alignment, while increasing the use of each country's own currency.

In other words, if you do business in India, you may do it in the Indian currency; in China, in the Chinese currency. So they are attempting to build an alternative economic, or financial, structure. For a country like ours—one that works with everyone and carries a certain exposure, with trade and commerce running to all 11 of these member states—this matters.

In that situation, were we able to plug into this financial network, or something of the kind, our leverage would rise somewhat. I would then no longer have to worry that, having taken a nuclear power plant from Russia, we might be hit with American sanctions, because if my trade with Russia is conducted in taka or in roubles, sanctions imposed through the dollar lose much of their bite.

Then there is the point that was made about resolving matters through dialogue and diplomacy. For Bangladesh this holds especially true, because as a relatively small country, we always carry this kind of security concern.

In that light, if a general principle takes hold that everyone wishes to settle disputes through dialogue and diplomacy, and accepts as much, then there is an advantage in it for us.

And the third point is that the heads of state and government of 11 countries were present there. Our presence, therefore, could have created the opportunity to interact, and to share our thoughts and priorities, and so on. That carries a diplomatic value of its own. But since we were not there, we did not get that opportunity.

So, in that respect, attending would have been the better course. Even so, we tried to send a message: that we now have a spine — that we will not simply go wherever, and however, you wish. The requisite level of dignity and honour must be extended to us; only then do we wish to engage. That is the message that went out from our side.

Yes, in terms of the message, 'we are strong', we did genuinely demonstrate that Bangladesh is no longer the docile, compliant Bangladesh of old. That message has been delivered. The question now is how much we gained in material terms, and that remains to be seen.

And it seems to me that the Indians viewed the matter through a multilateral, or plurilateral, prism, whereas we viewed it from a bilateral angle. That mismatch bred the confusion.

M Humayun Kabir is a former ambassador and President and CEO of the Bangladesh Enterprise Institute (BEI).

'Not going now is temporary, joining BRICS ought to be our top priority'

Maj General (Rtd) Fazle Elahi Akbar, security expert

For Bangladesh, increasing cooperation and dialogue with the BRICS countries is very important, because for all these years our focus has been India-centric — we sat within a South Asia-centric frame. We were never especially serious about multilateralism; even with the OIC our engagement was minimal. Our day-to-day affairs — the economy, diplomacy, even national security, trade and transit — everything was South Asia-centric.

Because we remained South Asia-centric and India-centric for so long, India came to take us almost entirely for granted; and it reached the point where we were gradually losing our sovereign autonomy. From that perspective, we needed to break out of it. We are trying to do so now — but merely breaking out is not enough unless we open other windows. BRICS and the Shanghai Cooperation Organisation are exactly the windows we ought to jump into; and, if required, the OIC platform is very much a format to work through as well.

The more windows we have, the less the pressure from any one bloc or any one country. This, in fact, is how smaller countries survive — they keep their options open and stay in charge of their own course. They do not allow themselves to be sucked into a single black hole; and we were in that black hole for the last 16 years, under the previous fascist regime. So joining BRICS is now vitally important.

As to why we did not go to Delhi — why the invitation was not accepted — I think our state minister for foreign affairs has explained it amply. He was invited as the chair of BIMSTEC, not as Prime Minister, of course; and they also attached certain conditions. Those conditions we know: the return of the fascist leader who is in exile there, having been legally convicted, and likewise the killers of Hadi, who have also been in hiding. This has, in truth, been the pattern for a very long time — anyone wanted in Bangladesh takes shelter there. We have an extradition treaty, and even that has not been reciprocated, whereas in the past, even under the fascist regime, we complied on more than one occasion, several times over, to return their wanted persons into their custody.

Not going now is a temporary matter. But diplomatically, and for Bangladesh's foreign policy, joining BRICS and the SCO ought to be our top priority. We know that even in Hasina's day — in the time of fascism — the government of Bangladesh had applied; and despite our good relations with our neighbour, it was India that vetoed our entry. So we must now make the endeavour once again — to join BRICS, and the SCO as well. If not directly, then we must first become an observer and then, step by step, move into full membership, because this opens avenues to a new economic bloc and new opportunities for trade, for exchange, for technology, for everything.

Both these organisations are, in effect, Russia- and China-dominated; and in a changed, globalised world, this is what we should be looking towards — rather than remaining wholly India-centric, or centred on any single power.

Maj Gen (retd) Fazle Elahi Akbar is Chairman of the Foundation for Strategic and Development Studies (FSDS).

'BRICS is a separate matter, Bangladesh should have gone'

Dr Dilara Choudhury, academic

BRICS is a multilateral organisation. It has many members — around 11 countries, I believe — and these countries cooperate on trade, investment and economic matters. There is no security-pact dimension to it at all.

So the strain over Hasina — set that aside; that is a bilateral problem with India. What is the reason for staying away on India's account? This is not a bilateral issue; it is not a quarrel with India. Declining a bilateral visit to India because of the ongoing tension is one thing — but BRICS is an entirely separate matter. BRICS is a multilateral organisation, and I believe Bangladesh ought to have attended.

For Bangladesh, joining all these multilateral organisations is vital, because the country's economic development depends on trade and investment, and multilateral forums are precisely where that is advanced. So why did we not go? I see no justification for staying away simply because of the strain with India.

In the world now taking shape — as the American-led order gradually declines — bodies of this kind are especially important for the Global South, for what we call the Global Development Initiative. We will need cooperation with these countries on a range of economic issues, so we ought to join the Shanghai Cooperation Organisation.

Why? Because Bangladesh has been making this mistake from the very start. We never joined ASEAN — and we certainly should have, from the beginning. Now we cannot get into ASEAN at all. Our foreign policy was so India-centric that we simply assumed India was our friend, that India would solve all our problems, that staying close to India would deliver us enormous development. That India-centric mindset led us into many mistakes in the past. Now an opportunity has come — so why on earth would we let it slip?

Dr Dilara Choudhury served as a Professor and Chair of the Department of Government and Politics at Jahangirnagar University.

'It is just as well the PM did not go, but the road must stay open'

Parvez Karim Abbasi, academic

There is no point pretending, or telling ourselves, that everything in the Bangladesh-India relationship is sweet and harmonious. From day one after this new elected government took office, there have been push-ins across the West Bengal border, and that many Awami League leaders now in India, convicted absconders before our own courts, have been running all manner of propaganda. Most recently, around 5 August, there were Sheikh Hasina's remarks and the publicity given to them at the Foreign Correspondents' Club. Naturally, then, there is a trust deficit between the two governments. There is the issue of border killings, and a lingering question over the renewal of the water treaty.

So the question is whether the Prime Minister ought to have gone. The event has already taken place, so we can discuss it academically. My personal view is that, for a multilateral event convened at very short notice, and with so many outstanding problems, it is just as well that he did not go. It is not as though Bangladesh is saying we have broken off all contact with India. In future, once adequate diplomatic preparation and homework have been done, a visit between the two heads of government can certainly take place; that road must be kept open, because India is our neighbour and the two countries are, in many respects, interdependent.

But one question does remain. It is perfectly fine for the Prime Minister not to go — yet many countries sent their foreign ministers. Our own foreign minister is a seasoned diplomat; had he gone, there would have been a great deal of engagement to be had. Where else would you find so large a forum? BRICS has a concentrated focus on the Global South. In such a setting we might have met President Xi Jinping, or Vladimir Putin. Russia, after all, is our second-largest lender, for the Rooppur nuclear plant. There is Saudi Arabia, home to many Bangladeshi expatriates; Anwar Ibrahim, the Prime Minister of Malaysia; the UAE crown prince and others. There were opportunities for a great many side meetings.

And since we hold the BIMSTEC chair, the responsibility to raise our standing in global forums falls on Bangladesh. Many are asking what Bangladesh gained by not going. One gain could be the signal it sends to India: that, since we now speak of "Bangladesh First," when we do engage, our self-respect must remain intact, and we should go only in a conducive, enabling and friendly environment, with the groundwork for our outstanding issues laid down in advance.

On the other hand, we are living through an unstable period. The United States — the sole superpower — is gradually facing challenges on many fronts: economically, in trade, in investment, in technology, even in military capability. No one is entirely certain which way the global trend will turn; for the next 10 to 20 years there will be a transition, a period of global instability. At such a time Bangladesh ought to hedge and pursue multiple engagements.

We talk of bilateral free-trade agreements and of entering regional ones, yet ASEAN has closed its door to us. LDC graduation will come in another two years, and we will then lose the duty-free, quota-free access we now enjoy. We must secure our energy supplies, move towards renewables — for which rare earths are needed — and seek out new export markets. At this summit, at least the groundwork for all this could have begun. So I support the Prime Minister not going: there has not yet been adequate time, there is a trust deficit, and there is unease among the public. But we could still have sent the foreign minister, or a capable state minister.

Parvez Karim Abbasi is an Assistant Professor of Economics at East West University, Dhaka, and Executive Director of the Centre for Governance Studies (CGS).

'Little to gain, little to lose'

Md Tanvir Habib, academic

Bangladesh is not a current member of BRICS; it has been clear for some time that India is unwilling to admit other regional nations as equal members, because that would cut against its idea of control over South Asia.

Given that Bangladesh is not a prospective member, the visit would not have gained the Prime Minister, or the country, a great deal to begin with — beyond showing his face and mingling with a number of global leaders. So I do not think the decision carries major implications for Bangladesh. In bilateral terms, the Prime Minister has already made his maiden visits to Malaysia and to China; on the China front the relationship is strong, and he enjoys a good working relationship with the United States and others. Diplomacy is multi-pronged and multi-tiered, and that too will have factored into his calculation of whether joining, or not joining, BRICS carries any real consequence. Had some BRICS members been keen to see Bangladesh join, that might have made a difference — but Bangladesh already has good relations, on its own account, with the likes of Iran and Saudi Arabia.

BRICS has become interesting of late, in that it wants — with Russian assistance — to build a de-dollarised system. So the Prime Minister's staying away is, in a sense, a signal: that Bangladesh is not, at this moment, eager to enter arrangements that are geopolitically contentious. It is the same caution we saw over the Mecca Pact discussions earlier; Bangladesh is following a similarly careful path.

Certainly, attending the summit would have given him the chance to speak to the Indian political leadership and to other global leaders, and it is the bilateral meetings on the sidelines of such events that tend to be the real avenues for a diplomatic breakthrough. With the Indians, it might well have produced one. But before any breakthrough, Bangladesh had to convey its own requirements to India — and those requirements not being met was, I think, a key reason the Prime Minister chose not to go in the first place.

As for the other countries, I do not foresee any significant degradation. We have very good bilateral relations right across the group. With Russia, ties are not at any low ebb — they remain structured and continue in a routine manner. With China, the relationship is moving to a much higher plane, in bilateral trust and in trade, with Xi Jinping speaking of a more cultural, more civilisational approach. With the United States we have a historically good relationship, and with Europe a strong working one. The government has recently signed trade and framework agreements with South Korea, Japan and Australia, and work with the European Union is ongoing. So with every actor, inside BRICS and beyond it, Bangladesh has robust bilateral relations; the summit will not significantly affect them.

And I think every one of these countries would understand why the Prime Minister did not go — because he cannot visit unless something is forthcoming for him. His diplomatic success required a measure of compromise from the Indians, and the absence of that is the major reason he stayed away.

Md Tanvir Habib is an Assistant Professor at the Department of International Relations at the University of Dhaka.

The Ministry of Commerce has suspended its decision to withdraw the bond facility for imports of 10-30 count cotton yarn and require importers to submit bank guarantees, pending further review.

In a letter to the National Board of Revenue (NBR) chairman today (13 September), the ministry said it had suspended the decision for further consideration.

The ministry had asked the NBR on 7 September to withdraw the bond facility for imports of 10-30 count cotton yarn in a move aimed at protecting local industries and facilitating access to raw materials for genuine exporters.

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Mahmud Hasan Khan Babu welcomed the latest decision, saying the BGMEA, the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), and the Bangladesh Textile Mills Association (BTMA) would meet shortly to discuss the issue and work towards a solution.

"I hope we will reach a consensus and make a decision under the leadership of the commerce ministry, in the interest of the country", he added.

The suspension comes amid a broader dispute between textile millers and apparel exporters over restrictions on imported raw materials.

The government previously halted the import of knit fabrics used by knitwear exporters under the new Import Policy Order, prompting concerns in the apparel sector that the restriction could hurt exports.

The BGMEA and the BKMEA had sought withdrawal of the provision in a letter to the commerce minister on 1 September. The Commerce Ministry subsequently held discussions on the issue.

The ministry had said local industries had developed the capacity to meet most of the knitwear sector's demand for raw materials, although some specialised imports were still necessary.

Exporters, however, argue that Bangladesh does not produce every type of knit fabric and that some high-value-added fabrics, buyer-specified materials and cheaper imported inputs need to be sourced from abroad to remain competitive.

Textile millers, on the other hand, maintain that local mills have sufficient capacity to meet the knitwear sector's demand and that restrictions on imports would reduce buyers' ability to dictate where raw materials are sourced.

Bangladesh exports around $39 billion worth of apparel products annually, with more than half coming from knitwear.

The premier bourse has moved to expand its stake in the proposed clearing company and ensure dominance on its board before the company is registered with the securities regulator and comes into operation.

To this effect, a proposal to amend the articles of association of Central Counterparty Bangladesh Ltd. (CCBL) will be placed at the EGM (extraordinary general meeting) to be held on Monday.

Shareholders of the Dhaka Stock Exchange (DSE) said they want a higher stake - currently 45 per cent under the existing rules - in the clearing company, as the CCBL's revenue would mostly come from daily transactions on the premier bourse.

The resolution to be placed at the meeting will also propose changing the board structure of the CCBL and removing other provisions that bar the DSE's dominance in the clearing company.

Under the existing rules, the CCBL's board has 14 members, including its chairman, seven of whom are independent directors. The DSE's proposal seeks a seven-member board, including two independent directors.

Presently, the exchange's shareholder directors are not allowed on the board of the clearing company - a restriction that will change if the DSE's proposal is approved and executed.

Insiders said the DSE's shareholder directors have been opposing the provision excluding them from the CCBL's board, which they say is why the company has not become operational even six years after its formation.

The CCBL would provide clearing and settlement services for Bangladesh's capital market. In the absence of any clearing company, the exchanges currently provide these services themselves.

Some other proposed changes to the articles of association indicate that the DSE wants full control over the clearing company. Speaking to the FE, some shareholders of the prime bourse acknowledged as much.

Minhaz Mannan Emon, a DSE shareholder director, said the CCBL's board has remained non-functional because of too many independent directors.

Under the existing board structure, 12 commercial banks hold a 15 per cent stake in the CCBL, while the Chittagong Stock Exchange holds 20 per cent and the depository authority holds the remaining 20 per cent.

The resolution to be placed at Monday's meeting proposes excluding the banks' representative from the CCBL's board.

The current provision requires approval from the Bangladesh Securities and Exchange Commission (BSEC) for the appointment of independent directors to the CCBL, and stipulates that the chairman be selected from among the independent directors.

But the resolution proposes selecting the chairman from among the DSE's shareholder directors, without BSEC's permission.

As per the existing articles of association, the appointment of the CCBL's managing director and any extension of their tenure should be carried out in line with regulatory approval. The new proposal instead suggests that the managing director's appointment and tenure extension be governed by the appointment contract.

The resolution also seeks the removal of other provisions, such as the requirement for the managing director to serve as member secretary of all board committees except the risk management committee.

Presently, the CCBL's managing director is also required to submit a report to the BSEC and the CCBL's board on the company's administrative activities and functions, and on the implementation status of relevant laws, rules, regulations, bye-laws, directives, or orders. But the DSE's proposal seeks to eliminate the managing director's obligation to submit reports to the commission.

Asked whether the changes to the CCBL's articles of association would be accepted by the securities regulator, DBA President Saiful Islam said the regulator would need to amend the securities rules tied to the clearing company.

The rules for the CCBL were framed and approved after the demutualisation of the stock exchanges. The company's board structure was designed with the ultimate goal of securing institutional independence. Hence, both stock exchanges were restricted from together exceeding a 65 per cent stake in the CCBL, with a single exchange limited to a 49 per cent holding.

Since the CCBL's functions are directly linked to bank transactions, bank representatives were envisioned on the CCBL board to facilitate the clearing and settlement function.

Meanwhile, Mr Saiful Islam said, "The DSE expects that the regulator will accept the [proposed] changes to the articles of association."

The DSE has not yet sought registration of the CCBL with the securities regulator.

Insiders, however, said the CCBL's coming into operation would face more challenges if the BSEC does not approve the changes after they are incorporated into the CCBL's articles of association.

American Chamber of Commerce in Bangladesh (AmCham) and the government have agreed to work jointly to facilitate an additional $5 billion in American direct investment into Bangladesh over the next five years.
The target was highlighted during AmCham's 30th Anniversary gala evening held at a hotel in the capital on Saturday, reports UNB, citing a press release.

Speaking at the event as chief guest, Commerce, Industries, and Textiles & Jute Minister Khandakar Abdul Muktadir reiterated the government’s full support for AmCham’s initiative to attract $5 billion in fresh US investment.

He emphasised that incoming investments should translate directly into employment generation, technology transfer, and expanded economic opportunities for Bangladesh.

Highlighting the need for an investor-friendly environment, the Minister stressed the importance of policy predictability, consistency, ease of doing business, and efficient trade facilitation.

He acknowledged that AmCham’s increasingly vital role in policy advocacy and as a bridge between the government and the private sector.

Speaking as a Special Guest, US Ambassador to Bangladesh Brent T. Christensen praised AmCham's 30-year legacy of advancing bilateral commercial ties.

“I am confident that as Bangladesh delivers on its commitments in the Agreement on Reciprocal Trade, we will see even more positive outcomes in the next 30 years and beyond,” he said.

Earlier in his opening remarks, AmCham President Syed Mohammad Kamal highlighted the Chamber's evolution into a robust platform for business and bilateral economic partnership.

Outlining future priorities, Kamal stressed the need for a clear 2-year energy roadmap with six-month milestones, an enabling investment climate, stronger intellectual property rights, cybersecurity measures, and the tangible implementation of regulatory reforms.

The milestone event also marked the launch of the "AmCham Excellence Award," announced by AmCham Vice President and MetLife Bangladesh CEO Ala Uddin Ahmad, to honor outstanding contributions across sectors.

AmCham Executive Committee Member Habib Bhuiyan delivered the closing remarks, expressing gratitude to participating dignitaries, member companies, and partner institutions for their three-decade-long support.

Government's greater reliance on large taxpayers -- both individuals and corporates -- to achieve its higher revenue target in the current fiscal year is putting additional pressure on the existing taxpayer base.

The Large Taxpayers Unit (LTU) under the VAT wing of the National Revenue Board has been assigned a revenue target 60-percent higher than its collection last fiscal year. And the income-tax LTU's target is nearly 53-percent higher than its collection in FY26.

The government has set an overall revenue-collection target at Tk 6.04 trillion for FY27, which is 46-percent higher than the amount collected in the past fiscal year.

The targets of the income tax and VAT LTUs have increased more than 14fold over the past two decades. In FY08, the government had set revenue targets at Tk 38 billion for the income-tax LTU and Tk 101.44 billion for the VAT LTU. For FY27, the targets have been raised to Tk 550 billion and Tk 1.40 trillion respectively.

The VAT LTU collected Tk 875 billion last fiscal year against a target of Tk 1.08 trillion, while the income-tax LTU collected Tk 360 billion against a target of Tk 440 billion.

Economists and tax officials have aired concerns over the ambitious targets, citing Bangladesh's narrow tax base and sluggish business environment.Bangladesh Economic Report

The number of large taxpayers has not increased significantly in Bangladesh. Rather, several large companies, including multinationals, have exited the country over the past decade.

The number of VAT LTU taxpayers has fallen to 106 companies from 162 in 2005.

The income-tax LTU is also heavily dependent on corporate taxes paid by private commercial banks.

Tax officials say the banking sector is facing multiple challenges, including high non-performing loans, while troubled banks are struggling to repay depositors, leaving limited scope for tax officials to collect additional revenue from them.

Bangladesh Institute of Development Studies (BIDS) Director-General AK Enamul Haque says Bangladesh's low tax-to-GDP ratio is not acceptable given the size of its economy.

"Taxmen should work for expansion of the tax base rather than force existing taxpayers to pay higher taxes," he told The financial Express.

Business Initiative Leading Development (BUILD) Chairperson Abul Kasem has said taxpayers recognised as top taxpayers for paying high taxes and maintaining compliance should not face "arbitrary harassment".Business Consulting Services

Tax officials should categorise compliant taxpayers separately to protect them from unnecessary scrutiny while pursuing the revenue target, he added.

Apurba Kanti Das, former tax member at the National Board of Revenue (NBR), says revenue collection depends on an ecosystem linked to the broader economic conditions of a country.

"Banks are among the largest taxpayers, but many are now under immense financial pressure."

He has suggested accelerating automation in tax administration as he thinks a shift away from manual systems could help increase revenue collection significantly.

Meanwhile, major sources of VAT collection include tobacco, telecommunications, gas and power.

VAT officials have said achieving the "unprecedented" target, which requires a quantum jump in collection, would be nearly impossible.

Such targets demoralise officials and discourage them from intensifying efforts when they know they are unlikely to come close to meeting them, they said.

"It is really frustrating for the tax department that all other departments of the government point fingers at taxmen for failure in achieving the target," says a field-level VAT official.

The NBR alone cannot increase the tax-GDP ratio through reforms unless other government departments undertake complementary reforms, the official adds.Economic Analysis Platform

NBR officials also fear a decline in VAT collection as they will have limited scope to monitor and assess receivable taxes under a new budgetary provision allowing businesses to submit VAT returns quarterly instead of monthly. The provision was introduced to reduce compliance hassles for businesses.

VAT officials feel the new system could make it difficult to assess potential revenue losses caused by power and gas shortages and industrial closures.

They have also said the tax culture among businesses in Bangladesh remains weak, with many businesses reluctant to pay VAT and treating tax payment as a lower priority.

Officials estimate that the VAT wing will lose Tk 14.50 billion due to the exemption of excise duty on deposits of up to Tk 0.4 million. The exemption on SIM cards is expected to result in another Tk 12 billion in revenue loss.

The gas sector is expected to cause a Tk 66-billion shortfall in VAT collection due to declining gas production and lower industrial consumption.

The LTUs were established under the Reforms in Revenue Administration (RIRA) project, with the income-tax unit set up in 2002 and the VAT unit in 2005.Banking Sector Analysis

The LTUs were established following recommendations from the International Monetary Fund (IMF) to boost tax collection from large enterprises.

Prime Minister Tarique Rahman has urged the Ministry of Agriculture to reduce Bangladesh's dependence on imported agricultural and food products by increasing domestic production of items that can be produced locally.

He also called for measures to make agriculture more productive and profitable while ensuring food security.

The prime minister made the remarks during a meeting with officials of the Ministry of Agriculture at the ministry's conference room after visiting the ministry from his office at the Bangladesh Secretariat this afternoon (13 September).

The meeting reviewed the overall situation in the agriculture sector, ongoing activities of the ministry and its future plans, according to the prime minister's Press Wing.

"To achieve this, greater emphasis should be placed on increasing domestic production by quickly taking research, improved varieties, modern technology, irrigation and mechanisation facilities to farmers," Tarique said.

He instructed officials to focus not only on increasing agricultural productivity but also on reducing farmers' production costs and ensuring fair prices for their produce.

According to a presentation by the ministry, mustard production has increased as part of efforts to reduce dependence on edible oil imports.

Mustard production rose from 824,000 metric tonnes in fiscal 2021-22 to 1.534 million tonnes in FY2024-25 and 1.541 million tonnes in FY2025-26.

The ministry also outlined measures to increase onion production and storage capacity, including introducing airflow technology for on-farm onion storage and expanding summer onion varieties.

It is also working to expand climate-resilient crop varieties that can withstand salinity, drought and waterlogging, the meeting was told.

On agricultural research, the ministry said 1,090 crop varieties had been developed, including 155 rice varieties. More than 1,000 agricultural technologies have also been developed, according to the presentation.

The meeting placed emphasis on agricultural mechanisation to reduce labour and production costs while increasing productivity.

The government plans to increase the development and production of locally made agricultural machinery and make equipment such as combine harvesters, reapers and rice transplanters available to farmers at affordable prices.

The ministry also presented plans to expand the use of solar power in agriculture.

There are currently 2,617 solar irrigation systems in Bangladesh. Expanding renewable energy-based irrigation could reduce farmers' irrigation costs and dependence on conventional fuels, officials said.

The meeting also discussed the Farmer Card programme, which aims to deliver government support directly to farmers.

The agriculture ministry has set a target of bringing 4.3 million farmers under the programme in FY2026-27.

It is preparing to distribute cards to around 110,000 farmers in the first phase, according to the meeting.

Agricultural mechanisation, canal excavation, tree plantation, and the storage and marketing of agricultural products were also discussed.

South Korea will support Bangladesh in developing a skilled workforce for the ship recycling, shipbuilding and ship maintenance sectors under a $15 million capacity-building and knowledge-sharing project, a senior official of the Korea International Cooperation Agency (Koica) said today (13 September).

The project, scheduled to run from 2027 to 2031, will focus on modern technology, advanced welding techniques, updated work practices and technical training to improve productivity and value addition in Bangladesh's ship recycling industry, said Hyunwoo Yang, deputy country director of Koica Bangladesh.

"South Korea is interested in supporting the development of modern technology and skills in Bangladesh's ship recycling sector," he said at a meeting with business and ship recycling industry leaders at the World Trade Centre in Chattogram.

Under the project, Koica will support infrastructure development, curriculum modernisation, teacher training and student training at the Bangladesh-Korea Technical Training Centre, according to the agency.

Yang said the Korean and Bangladeshi governments had agreed to work jointly on the initiative.

"Korean ship recycling companies want to recycle ships at yards in Bangladesh. That's why we conducted a study on Bangladesh's ship recycling sector," he said.

The study found a significant shortage of skilled workers in the industry, with only around 1–2% of the required workforce having the necessary skills, he said.

Koica plans to address the gap by expanding training opportunities across ship recycling, shipbuilding and ship maintenance.

The discussion was organised by the Chittagong Chamber of Commerce and Industry to assess the industry's demand for skilled workers and identify areas where Korean assistance could support the development of a smart and green ship recycling industry.

Chamber President Mohammad Amirul Haque said Chattogram was emerging as a major investment and logistics hub, while the government was planning to develop a green shipbuilding hub at Matarbari in Cox's Bazar.

"One of Asia's largest ship recycling industries is located along the coast of Sitakunda in Chattogram. So we welcome Korea's new initiative to build capacity and develop skilled human resources in this sector," he said.

Haque said South Korea had significant experience in technology and technical training, recalling its role in helping establish the foundations of Bangladesh's garment industry.

"We hope Koica's new initiative will help make the ship recycling sector more sustainable and develop a skilled workforce," he said.

He said shipyard owners were increasingly adopting modern technologies and converting their yards into green yards to make the industry more sustainable.

Industry leaders at the meeting said the training programme should not be limited to ship recycling workers. They called for skilled manpower development in shipbuilding and ship maintenance as well, saying these sectors could create wider employment opportunities and strengthen Bangladesh's maritime industrial base.

They also urged the authorities to develop internationally recognised skills so that trained workers could secure jobs in South Korea and other overseas markets.

A documentary on a feasibility study for skills development in Bangladesh's ship recycling industry was presented at the meeting by Koica expert Chung Yup Kim.

Bangladesh Ship Breakers and Recyclers Association President Mohammad Mohsin and adviser Zahirul Islam Rinku, Master Steel and Oxygen Ltd Chairman Master Abul Kashem, HR Ship Management CEO Mohammad Mahbubur Rahman, Bangladesh Technical Training Centre Principal Engineer Palash Kumar Barua, chamber directors and representatives of Koica and ship recycling companies attended the meeting.

The initiative comes as Bangladesh's ship recycling industry faces growing pressure to improve occupational safety, environmental management and compliance with international standards while preparing for greater competition in the global market.