Trading on the country's two bourses resumes today (Sunday) after a five-day Durga Puja holiday, but geopolitical tensions, economic uncertainty and disappointing corporate earnings have kept investors cautious despite relatively attractive share prices.

Investors have largely stayed on the sidelines in recent weeks, with many waiting for corporate earnings and dividend announcements before making fresh investment decisions. The prolonged uncertainty has dampened buying interest, leaving the market vulnerable to further pressure.

The cautious mood was reflected in last week's trading, as the benchmark DSEX of the Dhaka Stock Exchange (DSE) shed 1.4 points, or 0.03 per cent, to close at 5,451, down from 5,452 a week earlier. Average daily turnover plunged 17.9 per cent to Tk 3.9 billion, signalling subdued participation

Market insiders said investor sentiment remained fragile as the ongoing earnings season had failed to generate much optimism. Downgraded economic growth projections, renewed inflationary risks and concerns over remittance inflows have further clouded the outlook, while escalating geopolitical tensions pose additional risks.

"The potential escalation of conflicts involving Iran and other parts of the Middle East is a major risk, particularly because higher global oil prices could intensify Bangladesh's existing energy crisis," said Md Ashequr Rahman, managing director of Midway Securities.

However, he identified several factors that could support the market, including the resumption of initial public offerings (IPOs) after a prolonged hiatus, relatively low interest rates, an attractive market price-to-earnings (P/E) ratio of around 8.6 and the anticipated introduction of the T+1 settlement system, potentially in December.

"Once the IPO pipeline reopens, it will definitely be good for our equity market," he said.

Mr Rahman said interest rates remained relatively low despite a recent rise from 7.5 per cent to 8.5 per cent. Lower interest rates could encourage investors to move funds into equities, providing a boost to the market, he added.

These developments could gradually stimulate investment and improve trading activity, although persistent uncertainty may delay a recovery in buying interest.

"It's taking some time, as people are hesitant to invest amid all the uncertainties, but I believe the money will eventually come into the market," Mr Rahman said.

Despite adequate liquidity at stronger banks, sluggish private-sector credit growth suggests businesses remain reluctant to borrow and invest amid an unpredictable economic environment.

As a barometer of economic conditions and domestic and international developments, the capital market is likely to remain vulnerable to geopolitical tensions and mounting economic pressures, making a sustained recovery difficult, market participants said.

However, recent price corrections have created potentially attractive entry points for fresh investment, particularly in fundamentally strong companies whose shares have become cheaper.

Market insiders said bargain hunters could selectively accumulate stocks with sound fundamentals and short-term gain potential.

A sustained recovery, however, will require higher turnover, broader investor participation and stronger market confidence.

Geopolitical instability, inflationary risks, energy pressures and economic uncertainty are likely to remain the dominant influences on market direction, potentially limiting the impact of positive domestic developments until clearer signs of economic stability emerge.

Overall, the market is expected to remain cautious and stock-selective, with its direction depending on corporate disclosures, fresh fund inflows and a recovery in trading activity, market analysts said.

Over the past two weeks, investors have largely stayed on the sidelines, waiting to assess companies' financial results and dividend announcements before making fresh investment decisions.

Consequently, companies reporting stronger profit growth and attractive dividends are likely to attract greater investor interest.

A UK-based chemicals group backed by Shell is exploring an $8 billion sale as the energy major tries to refocus on its core oil and gas operations by offloading more peripheral parts of its business, reports Financial Times.

According to the report, Infineum, which is owned by Shell and ExxonMobil as a 50:50 joint venture, has tapped advisers at Bank of America to run a sale of the business, with the process launching in recent days, according to people familiar with the matter.

The owners of the Oxfordshire-headquartered business are aiming for a valuation of about $8b from a sale that may attract interest from private equity suitors, the people said, cautioning that the process remains in the early stages and may not result in a transaction.

Infineum was founded in 1999 and generated about $700m-$800m of annual earnings before interest, taxes, depreciation and amortisation, one of the people added. The speciality chemicals company is a leader in manufacturing "additives for the fuel and lubricant industry", with its products sold in 90 countries.

The company says its products are used in a third of all vehicles worldwide, and 70 per cent of electric vehicles.

A deal for Infineum would come on the heels of BP's sale of its Castrol lubricants division to US infrastructure group Stonepeak last year in a $10b deal.

Lubricants companies are coming under increasing pressure from the rise of EVs, which has reduced the need for engine oil, though the growth in hybrid vehicles could limit the demand erosion.

At the same time, global production of base oils, the main ingredient in finished lubricants, has increased, raising concerns of oversupply in the market.

The potential sale of Infineum is Shell's latest push to sell downstream assets and comes alongside other mooted transactions such as the disposal of its other US and European chemicals businesses, the FT previously reported.

Shell said in March last year that it did not feel it was the "natural owner" of its chemicals portfolio and that it wanted to reduce its exposure by 2030.

The company has been refocusing on the oil and gas business, agreeing this year to buy Canadian shale producer ARC Resources for $16.4b in its largest acquisition for a decade.

In 2024, Infineum restructured into two business units, with one concentrating on electrification and battery-related projects. It has also focused on production of its e-fluid technology, used in electric cars.

Shell and Bank of America declined to comment. Exxon and Infineum did not immediately respond to requests for comment.

Finance Minister Amir Khosru Mahmud Chowdhury on Saturday said the government wants to establish creative industries as a mainstream economic sector and a source of Bangladesh's soft power on the global stage.

"Arts and culture, rural handicrafts, music, films and theatre must be integrated into mainstream economic activities to become key drivers of the country's future GDP growth and strengthen Bangladesh's soft power internationally," he said.

The finance minister made the remarks while speaking as the chief guest at the unveiling ceremony of the book Creative Footprints, jointly organised by Standard Chartered Bank and Bengal Foundation at a city hotel.

He said traditional economic thinking had consistently placed arts and culture behind other economic activities. The present government has decided to move beyond that approach and incorporate the creative economy as a new driver of the country's economic aspirations and growth, said a Finance Ministry press release.

The minister said the government alone could not implement all the initiatives required to develop the sector. Strong partnerships with the private sector and non-governmental organisations (NGOs), alongside appropriate policies and financing, would therefore play a crucial role in advancing creative industries.Climate Finance Consulting

He said the government had already allocated necessary funds for the sector in the national budget, while private-sector organisations had also shown interest in making substantial investments.

Outlining the government's plans, Amir Khosru said it would provide financial assistance to local artisans, painters and cultural workers, alongside support for skills development, design, branding and marketing through international e-commerce platforms such as Amazon, eBay and Alibaba.

"These initiatives would help marginalised artists and artisans secure fair prices for their products and convert their creative work into sustainable income," he said.

The measures would also improve their living standards, create employment opportunities and contribute to foreign exchange earnings, the minister added.

Emphasising the international significance of Bangladesh's cultural heritage, he said creative industries represented more than art, handicrafts or business; they also served as an important source of the country's soft power.

"Through music, theatre, films and handicrafts, we want to strengthen Bangladesh's position on the global stage," he said.

The finance minister thanked Standard Chartered Bank and Bengal Foundation for their initiative and expressed optimism that joint efforts by the government and private sector would bring about a cultural and economic transformation in the country.

British High Commissioner to Bangladesh Sarah Cooke attended the event as a special guest.

Bengal Foundation Chairman Abul Khair Litu and Standard Chartered Bank Chief Executive Officer Enamul Haque were also present.

Global crude oil prices surged to a six-month high as investor anxieties mounted over potential US military strikes against Iran in the coming weeks alongside escalating regional conflict in the Middle East.

Brent crude futures rose by 3.1% (+$3.55) to settle at $116.72 per barrel yesterday (23 October)—the highest closing level recorded since 29 April. US West Texas Intermediate (WTI) crude similarly jumped by 3.8% to close at $103.27 per barrel.

The sharp uptick marks the third consecutive week of gains across international benchmark contracts, with Brent logging a 6.2% weekly advance and WTI expanding by 2%.

Market sentiment turned sharply bullish following escalated political rhetoric. US President Donald Trump stated on 21 October that Washington was not holding negotiations with Tehran, adding that "something will happen soon." Citing senior US officials, the global media reported that the US and Israel are considering joint targeted operations against Iranian assets following the upcoming US midterm elections.

Adding to market jitteriness, Iran's media cited the nation's military chief asserting that Iranian forces are fully prepared for asymmetrical warfare following recent upgrades to defense capabilities.

Concurrently, persistent drone and missile strikes by Iran-backed Houthi rebels against energy targets in Saudi Arabia have heightened supply vulnerability fears. In response to the escalating threats, the US Department of State directed non-essential government personnel to evacuate Saudi Arabia.

According to Saudi state media, a drone strike targeting the eastern Shaybah oilfield on 21 October left two people dead and two injured. A separate attack on King Fahd International Airport in Dammam killed at least two people and injured eight others.

Following the series of strikes, Saudi state energy giant Saudi Aramco instructed employees at its Dhahran headquarters to relocate to secure positions and transition to remote operations.

Bangladesh has called on developed nations to honour their long-overdue climate finance commitments, stressing that predictable and adequate funding is essential for climate-vulnerable countries to tackle global warming.

The government has also urged greater attention to the needs of women and children and stronger diplomatic engagement ahead of the upcoming UN climate change conference (COP 31).

State Minister for Foreign Affairs Shama Obaid Islam made the call at a national dialogue held at the CIRDAP auditorium in the capital on Saturday.

The event was jointly organised by a platform comprising 33 national and international civil society organisations in the lead-up to the COP 31.

Addressing the dialogue, the state minister highlighted the disproportionate burden borne by developing countries such as Bangladesh as a result of climate change.

She emphasised that predictable and adequate financial assistance from major carbon-emitting developed nations was essential for mitigation, adaptation and addressing loss and damage.

Shama Obaid also stressed the need to prioritise vulnerable groups in climate action policies.

"Special importance must be given to addressing the specific challenges faced by women and children," she noted, adding that climate resilience efforts could not succeed without addressing gender-based and social vulnerabilities.

Participants at the dialogue also underscored the need for a unified national position and stronger diplomatic engagement ahead of COP 31.

Representatives of non-governmental organisations, climate experts and civil society leaders attended the session.

Bangladesh is missing opportunities to boost export earnings from Japan by relying heavily on garment shipments while struggling to tap demand for products such as footwear, leather goods and food items, industry insiders say.

Garments account for more than 80 percent of Bangladesh’s exports to Japan, leaving considerable scope to diversify into higher-value products. However, exporters need to address energy shortages and meet Japan’s stringent quality and compliance requirements to turn that potential into higher export earnings.

Bangladesh already exports jute and jute goods, leather products, fish and shrimp, plastic goods, and information technology and IT-enabled services to Japan, according to the Export Promotion Bureau (EPB). Sector leaders say exports could be expanded by shipping more agricultural products, higher-value garments and man-made fibre apparel.

Food and vegetable products offer another potential avenue for growth, particularly given demand among Japanese consumers and expatriate Bangladeshis. However, Bangladesh has struggled to capitalise on this opportunity because exporters have difficulty meeting Japanese quality and compliance standards.

Mostafa Abid Khan, chief executive officer of the Bangladesh Foreign Trade Institute (BFTI), said Bangladesh needed to diversify its exports to Japan, including within the garment sector.

The country should increase shipments of man-made fibre garments, while footwear and leather goods also hold significant potential in the Japanese market, he said.

Bangladesh could substantially increase earnings from these sectors over the next few years if exporters diversified their products and improved quality and compliance with Japanese standards, Mostafa said.

However, energy shortages in the domestic industrial sector could constrain production and limit the country’s ability to tap the market, he added.

Attracting more Japanese investment could also create opportunities for export diversification. More than 350 Japanese companies currently operate in Bangladesh across various sectors, including trading, manufacturing and infrastructure development, according to business leaders.

Japanese manufacturers, ranging from motorcycle producers to apparel companies, contribute to employment generation and industrial development through technological upgrading.

Japanese small and medium-sized enterprises are also exploring opportunities in Bangladesh’s IT, logistics and other service sectors, industry insiders have said.

Business leaders in both countries expect more Japanese companies to enter Bangladesh following the implementation of the Economic Partnership Agreement (EPA). The two countries signed the agreement on February 6 this year, but it has yet to come into force.

Japan is already a significant destination for Bangladeshi exports. Bangladesh’s annual exports to Japan have exceeded $1 billion since fiscal year 2015-16 (FY16). Two-way trade between the countries crossed $3 billion in FY18, according to the EPB.

Japan also supplies Bangladesh with a wide range of products, including iron and steel, vehicles and accessories, ships, machinery, mineral fuels, medical and surgical instruments, plastics and electrical machinery, according to Bangladesh Bank data.

Prime Minister Tarique Rahman is expected to visit Japan from October 26 to 29, During the visit, the two countries are expected to elevate their existing strategic partnership to a comprehensive strategic partnership (CSP), The Daily Star has learnt from officials involved with the proceedings.

Japanese companies could invest in manufacturing cars and parts in Bangladesh for the local market, which currently relies entirely on imports for Japanese brands such as Toyota, Honda and Nissan.

Ahead of Prime Minister Tarique Rahman’s visit to Japan on October 26, and amid reports of $6.35 billion in potential Japanese private investment, Kazuiki Kataoka, country representative of the Japan External Trade Organization (JETRO) in Bangladesh, said vehicle manufacturing could become an important area for Japanese investors.

Bangladesh would, however, need to begin by assembling vehicles using imported components before moving towards full-scale manufacturing.

“Building a competitive industry would require stronger local supply chains and access to high-quality steel,” Kazuiki said.

He identified steel quality as a major constraint, adding that the automotive industry would eventually need stronger domestic capabilities in steel, chemicals and precision engineering.

“Without these, local assembly could create jobs and technical expertise, but much of the value generated by manufacturing would remain dependent on imports,” he added.

Reports that Japan is preparing to facilitate ¥1 trillion, or about $6.35 billion, in private-sector investment in Bangladesh over five years come as the island nation looks to deepen industrial ties with Bangladesh under Tokyo’s “China Plus One” policy.

Over the past decade, trade between the two countries has grown steadily due mainly to rising demand for competitively priced Bangladeshi garments in Japan. Bangladesh’s exports to the Japanese market have more than tripled during this period.

Recently, senior executives from three major Japanese companies, Toyota, Mitsui and Marubeni, have visited Bangladesh and met top government officials. Representatives of Marubeni and Toyota have discussed investment opportunities.

In February this year, Japan and Bangladesh signed an economic partnership agreement. Bangladesh has relatively low labour costs and a favourable environment for manufacturing. With a population of about 170 million, it is the world’s eighth-most populous country and offers a large consumer market with a sizable young population.

On the eve of the prime minister’s visit, Kazuiki said Toyota Tsusho Corporation is planning to invest $40 million in two sales, servicing and spare-parts centres in Dhaka and Chattogram, with construction scheduled to begin in November 2026.

Separately, he said the company is planning a hybrid electric vehicle manufacturing facility in the National Special Economic Zone. Development is expected to begin in 2027, with full-scale production targeted for 2029.

The service centres in Dhaka and Chattogram would strengthen Toyota’s sales and after-sales network, while the proposed plant could provide a base for local vehicle production.

However, Kazuiki said the plant’s investment value, capacity, location and model line-up have not yet been finalised.

ENERGY COULD ATTRACT MORE INVESTMENT THAN CARS

Prime Minister Tarique Rahman will visit Japan from October 26 to 29. During the stay, he will hold a meeting and lunch with Japanese Prime Minister Takaichi Sanae. The visit is expected to provide an opportunity to advance economic cooperation alongside efforts to strengthen strategic ties.

Kazuiki said the potential $6.35 billion in Japanese investment reflects the interests and plans of Japanese companies, especially those already operating in Bangladesh.

He said energy infrastructure could attract even more investment than the auto sector.

Bangladesh’s energy shortages, particularly liquefied natural gas (LNG), could create opportunities for Japanese companies to expand their operations, Kazuiki said.

JERA, Japan’s largest power generation company, already runs an LNG-based power plant in Meghnaghat and is interested in energy supply and other energy-related businesses in Bangladesh, he said.

Kazuiki said the proposed Matarbari deep-sea port in Cox’s Bazar could offer another avenue for investment.

The port is being developed with support from the Japan International Cooperation Agency (JICA). The construction is expected to be completed around 2030.

Kazuiki said energy-related businesses, including an LNG terminal, could form part of those operations, although specific investment decisions have yet to be finalised.

‘BANGLADESH MUST OFFER POLICY PREDICTABILITY’

Kazuiki said low labour costs alone will not secure long-term industrial investment as wages rise. Manufacturers need predictable regulations, reliable energy supplies, efficient customs clearance, access to foreign exchange and the ability to repatriate profits.

Tareq Rafi Bhuiyan (Jun), immediate past president of the Japan-Bangladesh Chamber of Commerce and Industry (JBCCI), said manufacturing, particularly automobiles and components, electrical appliances and light engineering, could attract significant Japanese investment, alongside energy and logistics.

Higher-value textiles, agro-processing and healthcare also offered promising opportunities, he said.

“The proposed $6.35 billion investment over five years is achievable if Bangladesh ensured policy stability, reliable utilities and commercially viable projects.”

Tareq said uncertainty over tax and customs rules, slow approvals, unreliable energy supplies, and difficulties with foreign exchange and profit repatriation weaken Bangladesh’s competitiveness.

“Japanese investors need predictability,” he said.

To compete with Vietnam and Thailand, Bangladesh must offer reliable infrastructure and efficient administration alongside competitive costs, he added.

Tareq called for a joint Bangladesh-Japan mechanism with named investors, commercially viable projects and clear deadlines for approvals, land, utilities and financing.

Large companies can now list their existing shares directly on the main boards of the country’s stock exchanges without going through the traditional initial public offering (IPO) process, following the introduction of new rules by the Bangladesh Securities and Exchange Commission (BSEC).

The regulator gazetted the Bangladesh Securities and Exchange Commission (Direct Listing of Securities on the Stock Exchange) Rules, 2026, last week, replacing the previous provisions under the Dhaka and Chittagong stock exchanges’ 2015 listing regulations.

The move reopens a route to the stock market that was introduced in 2006 but subsequently restricted following concerns over pricing and trading practices.

Under direct listing, a company makes its existing shares available for public trading on a stock exchange without issuing new shares.

An IPO, by contrast, involves offering shares to the public as part of a company’s entry into the stock market, typically to raise fresh capital.

Direct listing therefore offers companies that do not need additional funds a way to bring their shares to the market, while giving investors access to businesses that might otherwise remain privately held.

The new rules allow specified categories of companies to apply, including government enterprises, entities in which the government holds at least 51 percent of the shares, companies with government ownership of at least 10 percent, and enterprises wholly or majority-owned by foreign shareholders.

Large financial institutions, scheduled banks and insurance companies with a net worth of at least Tk 500 crore are also eligible, as are companies with annual turnover of at least Tk 1,000 crore.

Iftekhar Alam, president of the Bangladesh Merchant Bankers Association (BMBA), welcomed the initiative, saying it would give large companies that do not need fresh capital an opportunity to enter the stock market.

“This is a positive step. There needed to be an opportunity for direct listing, particularly to help expand the market,” he said.

Iftekhar is optimistic that the eligibility criteria would help bring fundamentally sound companies to the market. Companies with annual turnover of Tk 1,000 crore or more, in particular, could be valuable additions, he said.

He also expects the prescribed valuation methods to reduce the risk of companies entering the market at excessively high prices, provided the institutions involved perform their roles professionally.

“As the valuation methodology has been specified, there should be no repetition of the previous instances of inflated valuations. I hope valuation will no longer be a problem if the institutions concerned act professionally,” he said.

STRICT ENTRY REQUIREMENTS

Companies seeking to use the direct listing route must meet a series of operational, financial and governance requirements.

An applicant must be a public limited company that has been in continuous operation for at least five years. It must also have earned a profit from its core operations in each of the preceding two financial years, have no accumulated losses and report positive operating cash flow in its latest financial year.

Its financial statements must comply with International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA), and it must have an investment-grade credit rating.

Neither the company nor its sponsors or directors can be classified as loan defaulters in the Credit Information Bureau (CIB) of Bangladesh Bank.

However, meeting the eligibility criteria alone may not guarantee that a company’s shares will be fairly priced or that its business will grow after listing.

Prof Al Amin, acting dean of the University of Dhaka’s Faculty of Business Studies, said the benefits of direct listing would depend on the objectives of the companies entering the market and whether their shares were valued appropriately.

Investors could suffer losses if shares were overpriced, while listing would offer limited benefits if a company had no plans to expand its business, he said.

Many companies that previously entered the market through direct listing failed to sustain even their indicative prices. The route would benefit investors and the market if it attracted sound businesses with growth potential, he added.

PRICING AND TRADING SAFEGUARDS

The new rules set out a valuation framework intended to reduce the risk of inflated share prices.

The rules mandate that a company’s equity must be valued independently using at least two approaches, including one absolute valuation method and one relative valuation method. The company must also set a minimum asking price at least 25 percent below the reference price determined through the prescribed process.

The rules also introduce a price discovery period during the first two hours of trading on the first day. During this period, buy orders cannot be placed below the minimum asking price, while sellers cannot place sell orders. No circuit breakers apply on the first trading day.

Circuit breakers are mechanisms that temporarily halt or restrict trading when share prices move beyond specified limits. Their absence on the first day means the usual price-movement restrictions will not apply, making the initial trading process particularly important.

The rules also prescribe limits on share sales and purchases to regulate the supply of shares entering the market and curb potential trading abuses.

Sponsors, directors and primary shareholders must collectively offload at least 10 percent of the company’s paid-up equity within 30 trading days of the first trading day.

Sponsors and directors cannot buy shares of the company for one year after listing. They are also barred from selling more than 50 percent of their holdings until the conclusion of the first annual general meeting held after a full financial year.

Individual and institutional investors, meanwhile, cannot purchase more than 1 percent of the total shares being offloaded during the initial 30-day period.

A RETURN AFTER PAST CONTROVERSIES

Bangladesh introduced direct listing in 2006. Several major state-owned power and energy companies, including Dhaka Electric Supply Company (DESCO), Power Grid Company of Bangladesh, Jamuna Oil, Meghna Petroleum and Titas Gas, entered the market through the mechanism.

Private companies, including ACI Formulations, Shinepukur Ceramics and Navana CNG, also used the route.

However, concerns over aggressive price discovery and irregular trading prompted regulatory investigations and led the authorities to impose restrictions in 2010.

By 2016, direct listing provisions had been restricted to state-owned enterprises. The new rules reopen the route to eligible private companies as well.

Chinese company Alu Hi-Tech Industries Ltd is investing $100 million to establish a beverage can manufacturing plant at Kaliakoir Hi-Tech Park in Gazipur, with plans to export around 90% of its annual output.

The factory is expected to produce 100 crore beverage cans yearly, supplying the remainder to the domestic market, according to the company's Managing Director Yuan Dingyan.

The company began work on the project and registered at the hi-tech park in 2024. It has completed the basement construction and aims to finish the remaining infrastructure work and begin production within the next eight months.

The company has taken around 13 acres of land for the facility and will import machinery and raw materials for production from China.

Yuan told TBS that Bangladesh's relatively small market meant the company planned to export most of its production.

As beverage cans are currently imported into Bangladesh, local manufacturing could reduce import dependence and save foreign currency, he added.

Gas connection major challenge

Securing a gas connection remains a major challenge for the project as the company prepares to begin production. It has sought assistance from the Bangladesh Hi-Tech Park Authority to resolve the issue.

Md Fazlur Rahman, managing director of the Bangladesh Hi-Tech Park Authority, told this newspaper that the company had applied for a gas connection.

"We have held a meeting with the company this month and collected information about its gas requirements. Work is underway to address the issue," he said.

He expressed hope that the factory would receive a gas connection by the time production begins, adding that the authority was in contact with the relevant government ministries.

Beverage can market offers growth potential

Aluminium cans are increasingly used in Bangladesh to package soft drinks, energy drinks and juices. Brands such as Mojo, Coca-Cola, Pepsi, Mirinda, Sprite, Power and Mountain Dew are available in cans in the local market.

Globally, demand for aluminium beverage cans is growing as manufacturers and consumers increasingly favour durable, recyclable packaging as an alternative to plastic bottles.

Industry players are also adopting new technologies to improve packaging appeal and functionality, including augmented reality-based designs and temperature-sensitive inks that change colour.

According to Fortune Business Insights, the global beverage can market was valued at $30.79 billion in 2025. It is projected to grow from $32.87 billion in 2026 to $55.47 billion by 2034, registering a compound annual growth rate of 6.76%.

North America accounted for 35.44% of the global market in 2025.

The proposed investment could create an export-oriented manufacturing base in Bangladesh while reducing the country's reliance on imported beverage cans.

Bangladesh's telecom regulator has recommended authorising US-based Viasat to provide satellite-based internet connectivity to foreign aircraft operating in the country's airspace, with a proposed annual fee of $2,000 that a regulatory committee has suggested reconsidering.

The Bangladesh Telecommunication Regulatory Commission (BTRC) has recommended allowing Viasat to provide in-flight connectivity (IFC) using Ka-band frequencies on a shared, non-exclusive basis, subject to security clearances and compliance with regulatory conditions, according the document of the regulator.

The proposed annual charge, plus applicable value-added tax (VAT), remains open to review following the recommendation of the Spectrum Management Committee (SMC) that the commission reconsider the previously fixed $2,000 fee in view of current circumstances.

Headquartered in Carlsbad, California, Viasat is a global communications company serving aviation, maritime, enterprise and government markets. Its aviation business provides passenger internet connectivity and satellite-based services for aircraft operations and safety.

In its 2024 impact report, the company said it provided passenger connectivity for more than 60 airlines and connected aircraft services for more than 200 airlines worldwide.

Viasat applied to the BTRC for authorisation to provide internet connectivity as a value-added service for passengers travelling on foreign airlines flying over or landing in Bangladesh.

The proposed authorisation would cover an uplink frequency range of 27.5–30 GHz and a downlink range of 17.7–20.2 GHz.

The service would be restricted to aircraft interiors, and Viasat would not be allowed to establish associated telecommunications infrastructure in Bangladesh or connect its network to any public telecommunications network in the country.

The recommendation is conditional on security clearances of agencies concerned and the Ministry of Home Affairs, as well as payment of the applicable charges against the demand note.

Payment may be made in US dollars or the equivalent amount in Bangladeshi taka, calculated at Bangladesh Bank's foreign currency selling rate on the payment date.

Ground terminal operations at Bangladeshi aerodromes would be permitted only for short periods while aircraft remain on the tarmac.

The network would also be prohibited from being used for emergency or life-saving operations during flights.

Viasat would have to comply with technical standards including ITU-R S.2233, ITU-R S.2357 and ITU-R S.524, as well as ETSI EN 303 978.

The company would be required to submit reports to the BTRC on the total number of aircraft using Ka-band in-flight connectivity within Bangladesh's airspace. The stipulated reporting requirements include annual and quarterly submissions.

The commission would retain the authority to modify technical parameters, revise annual fees and levies, or suspend or revoke the authorisation at any time.

The recommendation draws on earlier resolutions of the 51st and 78th meetings of the Spectrum Management Committee and the 213th BTRC Commission meeting, under which similar in-flight connectivity permissions were granted to Switzerland-based provider OnAir and Biman Bangladesh Airlines at an annual fee of $2,000.

The recommendation does not constitute final approval. Viasat's proposed service remains subject to the required security clearances, financial conditions and the commission's final decision.

Bangladesh Bank has kept its official website offline to mitigate potential cyber attack risks following the identification of two critical security vulnerabilities in the PHP programming language.

Technical teams are reviewing the security risks to safely restore access as quickly as possible. Although the central bank's website was shut down on 22 October, it remained offline till today (24 October).

A senior Bangladesh Bank official stated that the shutdown is not an isolated issue affecting Bangladesh Bank alone, but rather part of a global precautionary measure. The website will be restored once the risk assessment is complete.

Speaking on 22 October, Bangladesh Bank Spokesperson Arif Hossain Khan confirmed that the central bank's website was offline due to an urgent security issue.

Central bank sources revealed that IT specialists are actively working to detect and patch the vulnerabilities. Due to the same issue, several commercial banks utilizing PHP-based websites have also temporarily suspended their online platforms.

According to a report by international news agency AFP, attackers can exploit these PHP flaws to remotely execute unauthorized commands on servers without requiring passwords. This poses significant risks of compromising server files, databases, and sensitive information. Consequently, government institutions and digital services across France, the Netherlands, and Belgium have taken similar preventive actions.

Experts noted, however, that not all websites built on PHP are vulnerable, as the degree of risk depends on the specific version in use, security updates applied, and server security configurations.

Officials from the government's Aspire to Innovate (a2i) project clarified that around 36,500 websites under the National Portal Framework are not built on PHP, meaning they are not directly exposed to this specific vulnerability. Nevertheless, the underlying technologies of other government portals are being thoroughly audited.

Meanwhile, the Bangladesh Government Computer Incident Response Team (BGD e-GOV CIRT) has issued a security alert. The agency advised relevant organizations to audit their servers to identify PHP usage and versions, ensuring immediate installation of necessary security patches. If immediate updates are not feasible, institutions have been urged to restrict server access and closely monitor unauthorized connections.

Samorita Hospital Limited, the country's only listed healthcare provider, reported an 80% year-on-year increase in net profit for FY26, driven by higher patient admissions and outpatient visits amid measles and dengue outbreaks in the capital.

The company's board recommended a 10% cash dividend for the financial year ended 30 June 2026, double the 5% paid for FY25. According to its price-sensitive information (PSI), the board approved the audited financial statements on 22 October.

The annual general meeting (AGM) is scheduled for 27 December, with the venue to be announced later. The record date is 17 November.

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Net profit after tax rose to Tk2.43 crore in FY26 from Tk1.35 crore a year earlier, while earnings per share (EPS) increased to Tk1.12 from Tk0.62.

Net asset value (NAV) per share edged up to Tk48.74 as of 30 June 2026 from Tk48.39 a year earlier, while net operating cash flow per share (NOCFPS) improved to Tk2.49 from Tk1.72.

A senior company official attributed the earnings growth to increased patient visits following a measles outbreak that began in mid-March, followed by a surge in dengue cases.

The momentum continued into the July-September quarter of FY27, when revenue rose 18% year-on-year to Tk15 crore. Income from medical services increased 22% to Tk7.26 crore, diagnostic earnings grew 11% to Tk1.43 crore, and pharmacy sales rose 19% to Tk3.09 crore.

First-quarter net profit increased 21% to Tk1.81 crore, with EPS at Tk0.83. NAV per share stood at Tk49.57 and NOCFPS at Tk1.62.

Despite the improved performance, statutory auditors issued a qualified opinion on the FY26 financial statements, citing non-compliance with the Bangladesh Labour Act, 2006, as amended in 2013.

Although the hospital recognised Tk2.06 crore for the Workers' Profit Participation Fund (WPPF), it failed to form a Board of Trustees as required under Section 235 or contribute the mandatory 10% of the fund to the Workers' Welfare Foundation Fund under Section 234. The auditors also noted the absence of a provision for employee gratuity, potentially leaving an unrecognised liability.

Samorita Hospital shares closed at Tk87 on the Dhaka Stock Exchange, giving it a market capitalisation of Tk189.66 crore. Its price-to-earnings ratio stood at 84.74 based on recent unaudited quarterly figures and 140.32 based on full-year audited results.

Established in 1984 and listed in 1997, the hospital operates a 250-bed facility in Panthapath, Dhaka, with 25 departments, more than 100 medical consultants, and intensive care, high-dependency and dialysis units.

Founded by the late Mockbul Hossain, an Awami League lawmaker for Dhanmondi-Mohammadpur from 1996 to 2001 who died in 2020, the hospital is associated with his son, Ahsanul Islam Titu, a former Awami League MP for Tangail-6 and former state minister for commerce. Titu is currently absconding following the fall of the Awami League government.

Bangladesh's government debt-to-GDP ratio is projected to remain significantly lower than those of India, Pakistan and several other South Asian countries, highlighting the country's relatively moderate public debt burden amid challenging global economic conditions.

According to the IMF-based figures for 2026 provided in the dataset, Bangladesh's government debt is estimated at around 40 percent of gross domestic product (GDP), compared with around 83 percent for India, around 70 percent for Pakistan, around 95 percent for Sri Lanka, around 131 percent for the Maldives and around 116 percent for Bhutan.

Nepal's ratio is projected at around 49.36 percent.

The comparison places Bangladesh in a relatively favourable position among several major South Asian economies in terms of government debt relative to the size of their economies.

The figures indicate that Bangladesh's projected debt ratio is less than half of India's and substantially below those of Pakistan and Sri Lanka.

The gap is even wider compared with the Maldives and Bhutan, where government debt is projected to exceed the size of annual economic output.

The figures are based on the IMF-related dataset supplied for this comparison. They should be interpreted as estimates or projections for 2026 rather than final audited outcomes.

A comparatively lower debt-to-GDP ratio can provide a country with greater flexibility to finance essential public services, infrastructure, education, healthcare and other development priorities, provided that borrowing remains sustainable and public resources are used efficiently.

For Bangladesh, maintaining this relative position will depend on strengthening revenue mobilisation, improving expenditure efficiency, expanding productive investment and ensuring that new borrowing generates adequate economic and social returns.

The comparison also highlights the importance of managing debt-servicing costs, particularly as governments across the region face pressure to finance development needs while responding to inflation, external economic uncertainty and competing demands on public spending.

Indonesia cut exports of natural gas to Singapore on Saturday to prioritise domestic demand, an official said, with the two countries at loggerheads over regional air pollution emanating from wildfires on the vast archipelago.

The head of SKK Migas, a state agency supervising the oil and gas sector, told AFP Indonesia would cut a total of 31 million standard cubic feet per day from its supply to Singapore.

Fifteen million standard cubic feet per day was being cut from Natuna in Indonesia’s Riau island, and 16 million from Sumatra, SKK Migas chief Djoko Siswanto said in a statement. He said the move was “to maintain the reliability of domestic gas supply for electricity”.

“We will continue to monitor developments on a daily basis,” he added.

Only Singapore is affected for now.

Indonesia is one of Singapore’s main sources of natural gas, providing it with 145.3 billion cubic feet in 2024, according to data from the US Energy Information Administration.

The cut represents about eight percent of that total. The Singapore government has not commented on the development.

The move comes amid a diplomatic spat between Indonesia and countries in the region over haze from wildfires on Borneo and Sumatra islands choking cities in neighbouring states.

On Thursday, Indonesian energy minister Bahlil Lahadalia said he was mulling curbing gas exports to prioritise domestic consumption, while warning Jakarta would act against countries that “do not respect” Indonesia.

Indonesian President Prabowo Subianto on Wednesday berated “countries that like to insult” his nation over the haze crisis. He did not name specific countries.

The Southeast Asian giant has for months struggled to contain fires that deforestation monitor Nusantara Atlas said have consumed more than 1.9 million hectares in the nine months to September.

The haze has sent air pollution levels surging to dangerous levels not only in Indonesia, but also in Malaysia, Singapore and East Timor, prompting the ASEAN regional bloc to call a meeting over the crisis.

Singapore has promised legal action against companies responsible for the fires.

Bangladesh could feel renewed volatility in the foreign-exchange market as higher international prices of fuels and fertilisers fatten their import bills that increase demand for the US dollar, financial experts say.
One of the domino effects of higher price indices exposes private-sector importers to higher costs in local currency, people familiar with the matter told The Financial Express.

The risk is growing as import payments rise faster than export earnings, leaving the country increasingly dependent on remittances to cushion external-sector pressures, said the people working at the central bank.

Bangladesh Bank data show merchandise-import payments increased 12.1 per cent year on year to US$12.20 billion in July-August of the current fiscal year, while export earnings grew by a modest 5.8 per cent to $8.38 billion.

The resulting trade deficit widened to $3.82 billion from $2.96 billion a year earlier, according to the central bank's balance-of-payments statistics.

"Higher global energy and fertiliser prices on the back of Middle-east crisis could intensify the pressure if they persist or rise further," said a senior official at the central bank.

He notes that Bangladesh relies heavily on imported petroleum products, liquefied natural gas and chemical fertilisers, making its import expenditure vulnerable to international commodity-price movements, shipping costs and geopolitical disruptions.

"When pressures come on current account, then the forex market becomes volatile, and we have to sell the dollars to ease the volatility," the official told the FE, wishing anonymity.

He also mentioned that volatility on the forex market might snowball to the commodity import and further impact the inflationary pressure on the economy.

Petroleum-related import payments more than doubled to $2.49 billion in July-August last, from $1.25 billion in the same period a year earlier, according to Bangladesh Bank data.

The increase highlights how a rise in global prices can inflate the import bill even without a comparable increase in the physical volume of goods purchased.

Higher import bills translate into greater demand for dollars as importers need more foreign currency to settle payments for the same quantities of fuels, fertilisers and other commodities.

If export receipts and other dollar inflows do not keep pace, the resulting imbalance could put upward pressure on the exchange rate.

Bangladesh's foreign-exchange market has already shown sensitivity to import-payment requirements.

The interbank dollar rate reached around Tk 123.82 on July 30, according to published reports, amid increased demand for the greenback, particularly for fuel and fertiliser imports.

Bangladesh Bank's exchange-rate sheet subsequently reported a weighted-average dollar rate of Tk 123.65 on October 19.

Although the exchange rate is determined by market demand and supply, further increases in import-related dollar demand could make the market more restive.

The pressure would extend beyond government agencies and state-owned importers.

Private-sector businesses importing raw materials, machinery, fuel and other intermediate goods would have to pay more local-currency taka for each dollar if the exchange rate rises.

"That would increase working-capital requirements, raise production costs and potentially squeeze profit margins, particularly for businesses unable to pass higher costs on to consumers," says Dr Zahid Hussain, an independent economist..

For example, an importer settling a $1.0-million bill would pay Tk 123 million at an exchange rate of Tk 123 per dollar.

If the rate rose to Tk 125, the same payment would cost Tk 125 million, adding Tk 2.0 million to the BDT a bill before accounting for bank charges or other costs.

Md Abul Bashar, a leading commodity importer in Chattogram, has said businesses could face a double burden if international commodity prices and the dollar exchange rate rise simultaneously.
Bangladesh economic report

"Higher fuel prices would increase transport, electricity and production costs."

The strong growth in remittances is helping Bangladesh finance its import requirements.

The $5.83 billion received in July-August exceeded the $3.82 billion merchandise-trade deficit during the period. However, this comparison alone does not establish that the external account is fully covered, as the country must also pay for services, interest, dividends and other external obligations.

Bangladesh Bank's data showed the current account remained surplus at about $599 million in the first two months of FY2026-27, compared with $197 million a year earlier, largely supported by remittances.

Nevertheless, the overall balance-of-payments deficit widened to around $694 million from $53 million, reflecting deterioration in other external transactions.

A sustained increase in energy-and fertiliser-import costs could, therefore, weaken the benefit of strong remittance inflows, particularly if export growth remains subdued or external financial inflows fail to improve.

President Donald Trump’s administration lifted some tariffs on Canadian imports Friday, two weeks ahead of midterm elections, after a vulnerable Republican candidate said she’d lobbied for the change.

The easing of tariffs will apply to products including “plywood sheets, some paper products, certain machinery and refrigeration equipment,” the White House said in a statement.

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The change could help Senator Susan Collins, who faces a strong challenge from a Democrat in the US-Canada border state of Maine, which has been hit hard by Trump’s trade war.

She posted on social media that she had “secured” the exemptions for “products crucial to Maine’s agricultural industries, including blueberry, potato, apple, and seaweed producers.”

Democrats are targeting Collins’s seat in their attempt to win control of Congress from the Republicans in the November 3 midterms.

- US-Canada trade -

The economies of the United States and Canada are heavily inter-connected, with roughly 70 percent of all Canadian exports heading to the United States.

Tensions between the North American neighbors have been high since trade talks broke down in August, with Trump imposing a slew of new tariffs in response.

Friday’s action lifts tariffs on certain goods, but imposes levies on new ones, including carpets, certain valves and waste products, the White House said. The new measures will take effect on October 30.

“The Canadian government takes note of these recent tariff measures adopted by the United States,” Dominic LeBlanc, Ottawa’s minister in charge of US-Canada trade, said in a statement to AFP.

“While evaluating these recent measures, Canada remains ready to work together in a constructive and good-faith manner” with the US, he added.

Collins said many farmers in her state “rely on specialised equipment, packaging materials, and other products from Canada that are either unavailable from American suppliers or cannot be replaced without incurring significant expense.”

Previous Trump levies on autos, steel, aluminum and lumber have hit Canada hard, forcing job losses and stunting growth. Canada has entered a technical recession this year after two consecutive quarters of economic contraction.

Trump’s tariffs enforced after the talks broke down impacted around $20 billion worth of goods, or 5.5 percent of Canadian exports to the United States, targeting products ranging from hockey sticks to cement.

Since taking power in his second term, Trump has upended the global trade order by imposing wide-ranging tariffs on friend and foe alike, saying that other countries have been taking advantage of the United States.

He has also explicitly tied some threatened tariffs to political or foreign policy objectives.

Japan will agree to arrange 1 trillion yen ($6.36 billion) in private-sector investments in Bangladesh over the next five years, the Nikkei newspaper reported on Thursday.

Prime Minister Sanae Takaichi will host her Bangladesh counterpart Tarique Rahman for a summit in Japan this month, and a joint statement will mention the arrangement, the report said.

The investments are expected to go into automobile and other manufacturing industries, as well as the construction of energy facilities, Nikkei reported.

It will also involve companies entering the Bangladesh Special Economic Zone being developed by parties including Japanese trading house Sumitomo Corp, opens new tab, the newspaper added.

Reuters could not immediately verify the report.

($1 = 157.1900 yen)

Qatar's state-owned energy company QatarEnergy has signed two long-term agreements with Cheniere Energy, the largest US exporter of gas and liquefied natural gas (LNG), to purchase up to 4 million tonnes of LNG annually, QatarEnergy announced on Thursday (22 October).

Under the sale and purchase agreements, QatarEnergy will source LNG from Cheniere's Sabine Pass facility in Louisiana and Corpus Christi facility in Texas, the company said in a statement.

Deliveries are expected to begin in 2031 and continue through 2054 on a free-on-board basis, meaning QatarEnergy will handle shipping from the US loading ports.

The agreements were signed by Qatar's Minister of State for Energy Affairs Saad Sherida Al-Kaabi, who is also QatarEnergy's president and chief executive, and Cheniere Energy Chairman and Chief Executive Jack Fusco.

QatarEnergy said the agreements reflected its confidence in LNG's long-term role in the global energy mix and its efforts to build a more flexible, diversified and competitive international LNG portfolio.

Stocks on the Dhaka Stock Exchange (DSE) ended almost flat in the holiday-shortened week ahead of the Durga Puja break, as cautious investors largely stayed on the sidelines amid uncertainty over earnings and dividend declarations.

With trading sessions reduced to three from the usual five, market activity weakened, with the benchmark index edging down, most stocks losing ground and daily average turnover falling nearly 18%.

The DSEX, the broad index, shed 1.43 points, or 0.03%, to close at 5,450.57. The blue-chip DS30 index, however, gained 7 points to settle at 2,103, supported by selective buying in large-cap stocks.

Total turnover stood at Tk1,185 crore over the three sessions, while daily average turnover fell nearly 18% to Tk395 crore, according to DSE data.

Market insiders said uncertainty over upcoming earnings reports and dividend declarations weighed on investor risk appetite. Technical glitches at several brokerage firms' trading terminals during the initial sessions further dampened activity, briefly dragging daily turnover to a nearly 10-month low.

The market came under selling pressure early in the week as gains from previous sessions faded. The DSEX fell 29 points over the first two sessions before bargain hunting in the final session ahead of the holiday helped it rebound 27 points, recovering most of its midweek losses.

In its weekly market review, EBL Securities said investor caution over ongoing financial statement disclosures continued to constrain market momentum. Intermittent buying support failed to sustain an upward trend, leaving the market largely range-bound.

Market breadth remained negative, with 213 stocks declining, 126 advancing and 42 remaining unchanged.

Trading activity was concentrated in a handful of sectors, with textiles accounting for 23.5% of total weekly turnover. General insurance followed with 12.6%, while banking contributed 11.3%.

RSRM Steel topped the weekly gainers' list, followed by Phoenix Finance, Purabi General Insurance, ICB AMCL Sonali Bank 1st Mutual Fund and Provati Insurance.

Sharp Industries led the losers, followed by Apex Footwear, ML Dyeing, Desh Garments and BD Lamps.

BRAC Bank is set to issue a Tk1,000 crore green bond, becoming the first bank in Bangladesh to do so, according to the bank.

Tareq Refat Ullah Khan, managing director and chief executive officer of BRAC Bank, will announce the launch of the initiative at a press conference tomorrow afternoon (25 October) at the Pan Pacific Sonargaon Dhaka, according to a press invitation.

According to the bank, the bond will follow Bangladesh Bank's green bond guidelines. It will finance renewable energy projects, environmentally friendly buildings and energy-efficiency improvements in the industrial sector.

Green bonds are financial instruments used to raise funds for environmentally sustainable projects, while offering investors regular income payments.

A disclosure published on 23 May said BRAC Bank PLC plans to issue its green bond worth up to Tk1,000 crore at face value to support its green financing activities.

The bank's board of directors approved the issuance at a meeting held two days earlier.

According to the disclosure, the bond will be non-convertible and fully redeemable, with a three-year tenure.

BRAC Bank offers specialised financing for green projects. These include renewable energy initiatives such as solar and wind power, energy-efficient technologies, eco-friendly construction and responsible waste management through effluent treatment plant (ETP) facilities, according to its website.

In October 2025, the bank secured regulatory approval to raise Tk1,000 crore through a social bond, the first of its kind in Bangladesh. The proceeds were intended to strengthen the bank's Tier-II capital under Basel III and support social development.