Toyota is forecast to report its first increase in operating income in six quarters on Thursday, as a weaker yen and robust demand for its more profitable hybrid vehicles offset slumping sales in China and the Middle East. The absence of US tariff-related costs that hit earnings a year earlier will also help.

Operating profit for the world’s biggest automaker in the July-September quarter is predicted to surge 18 percent to 992 billion yen ($6.3 billion), according to the median estimate of nine analysts surveyed by LSEG.
Revenue was predicted to rise 8 percent to 13.4 trillion yen. Global sales of Toyota and Lexus vehicles fell 4 percent to just over 2.5 million units during the period, hit hard by a 22 percent decline in China and a one-third drop in the Middle East.

But the Japanese automaker saw higher-margin electrified vehicle sales in North America jump more than 30 percent to almost 430,000 vehicles, although overall sales volumes in the US rose less than 1 percent.

With gasoline prices rising, there is demand for more fuel-efficient hybrids, said Yuya Takahashi, an analyst at Marusan Securities. The key is how many of those more profitable hybrids are being sold. Toyota’s performance in China, the world’s largest auto market, is likely to remain a key concern for investors as fierce competition from domestic brands amid a rapid shift to EVs is challenging its gasoline-powered and hybrid-heavy lineup.

The pain was visible at supplier earnings with Denso last week reporting a more than one-third drop in operating profit in Asia for the six months through September, hit by weaker vehicle sales in China and higher material costs. Investors will also be looking at Toyota’s growing investments in factory automation, vehicle software and autonomous driving. Toyota has estimated it could cost 1 trillion yen annually from 2028 to modernise its factories as it steps up automation and robotics deployment.

Islami Bank Bangladesh PLC, a sponsor of CAPM IBBL Islamic Mutual Fund, has expressed its intention to sell 20 lakh units out of its total holding of 4.45 crore units in the fund through the public market of the Dhaka Stock Exchange (DSE) at prevailing market prices within the next 30 working days.

Following the disclosure filed on the DSE today (3 November), the closed-end mutual fund emerged as the top loser on the Dhaka bourse, with its unit price plunging 9.46% to close at Tk13.40.

According to the monthly shareholding report for September, sponsors and directors hold 66.56% of the fund's total units, institutional investors hold 5.88%, and the remaining 27.56% is held by general investors. Listed on the bourse in 2018, the fund is managed by CAPM Company Limited.

At the close of operations on Monday, the fund reported a net asset value (NAV) of Tk7.79 per unit based on current market prices and Tk11.35 per unit on a cost-price basis against the face value of Tk10. Total net assets stood at Tk52.11 crore at market price and Tk75.87 crore at cost price after considering all assets and liabilities.

For the fiscal year ended 30 June 2026, the trustee board declared no dividend, marking the third consecutive year without a payout for unitholders.

The fund reported an earnings per unit (EPU) of Tk0.35, an NAV per unit at market price of Tk8.31, an NAV at cost price of Tk11.34, and a net operating cash flow per unit (NOCFPU) of Tk0.12 negative for FY26. In comparison, for the year ended 30 June 2025, the fund had reported an EPU of Tk0.71 negative, an NAV per unit at market price of Tk7.96, an NAV at cost price of Tk11.48, and an NOCFPU of Tk0.64.

The Dhaka South City Corporation (DSCC) has proposed a Tk 7.14 billion project to repair and develop damaged roads, drains and footpaths in 10 selected thana areas under its jurisdiction.

The draft project is awaiting approval at the next meeting of the Executive Committee of the National Economic Council (ECNEC) on Wednesday.

Prime Minister and ECNEC Chairman Tarique Rahman will preside over the meeting at 10:30am tomorrow at the Cabinet Room (Room No. 1000) of Bangladesh Secretariat.

According to a project summary prepared by the Planning Commission’s Physical Infrastructure Division for consideration at the ECNEC meeting, the project aims to improve urban connectivity, reduce waterlogging and enhance the living standards of city residents.

The proposed project will cost Tk 7.14 billion. The government will provide Tk 4.99 billion, while the DSCC will contribute Tk 2.14 billion from its own resources. Of the government allocation, Tk 2.99 billion will come as loans and Tk 1.99 billion as grants.

The Local Government Division under the Ministry of Local Government, Rural Development and Cooperatives will sponsor the project, while the DSCC will implement it over three years, till September 30, 2029.

Under the project, the authorities will develop 28.45 kilometres of roads at a cost of Tk 1.41 billion, 48.63 kilometres of drains at Tk 4.97 billion and 48.7 kilometres of footpaths at Tk 460.6 million.

The project will also include the renovation of 5.18 kilometres of road medians at a cost of Tk 20.7 million.

Drainage development accounts for the largest share of the proposed expenditure, at around 69.5 percent of the total project cost.

The project will cover Dhanmondi, New Market, Shahbagh, Ramna, Paltan, Shahjahanpur, Lalbagh, Bangshal, Jatrabari and Motijheel under DSCC’s administrative zones 1 to 5.

Explaining the need for the project, the Planning Commission said Dhaka’s growing population and increasing number of vehicles had intensified traffic congestion while heavy rainfall had damaged roads and inadequate drainage facilities had worsened waterlogging.

“Recent heavy rainfall has damaged most of the roads in Dhaka metropolis, while inadequate drainage facilities have increased public suffering due to waterlogging,” the commission observed in its project summary.

It also said that damaged footpaths had disrupted safe pedestrian movement in the capital.

Describing the condition of the selected project areas, the commission said the road and drainage systems there were “extremely poor” and even moderate rainfall caused waterlogging.

The project aims to improve communication facilities through road development, drainage construction and footpath development, alongside improving the urban environment and the quality of life of city residents.

SPIN Consultancy Services conducted the feasibility study for the proposed project, according to the Planning Commission.

The project has also been included in the list of unapproved new projects (green pages) of the Annual Development Programme for the 2026-27 fiscal year.

Bangladesh and the United Arab Emirates (UAE) have stressed the need for early materialisation of the Comprehensive Economic Partnership Agreement (CEPA) to boost trade, investment and economic cooperation between the two countries.

Acting Foreign Minister Humaiun Kobir met UAE State Minister for International Cooperation Reem bint Ebrahim Al Hashimy on November 2 on the sidelines of the 28th Commonwealth Heads of Government Meeting in St John's, Antigua and Barbuda.

They discussed a wide range of bilateral and multilateral issues to advance relations between Bangladesh and the UAE.

In particular, the two sides discussed facilitating the employment of skilled and semi-skilled Bangladeshi workers in the UAE labour market, safeguarding the interests of Bangladeshi expatriates living in the UAE, UAE investment in port facilities in Bangladesh and reciprocal support at multilateral forums, according to the Ministry of Foreign Affairs on Tuesday.

The UAE side also expressed particular interest in supporting Bangladesh in addressing the Rohingya crisis, including tackling its root causes.

State-owned fuel oil distributor Meghna Petroleum Limited has recommended a 210% cash dividend, which is equivalent to Tk21 per Tk10 share, for the fiscal year ended on 30 June 2026, marking the highest payout in the company's listing history.

In the previous fiscal year, the company had paid a 200% cash dividend to its shareholders.

According to financial disclosures filed on the Dhaka Stock Exchange (DSE) yesterday, the company's board of directors approved the proposed payout alongside the annual financial statements. To seek shareholder approval for the record dividend, the company has scheduled its annual general meeting for 2 January 2027, with 25 November 2026 set as the record date.
Meghna Petroleum reported an earnings per share (EPS) of Tk63.32 for FY26, up from Tk61.39 recorded in FY25. The company's net asset value per share rose to Tk321.83 as of 30 June 2026, compared to Tk278.51 a year earlier. Its net operating cash flow per share also expanded significantly to Tk164.04 for FY26.

Following the corporate announcement, there was no circuit breaker or price limit on the trading of Meghna Petroleum shares during yesterday's trading session. Driven by the record dividend announcement and strong earnings performance, the company's stock price rose by 2.10% to close at Tk213.90 on the DSE.

Europe is entering winter with its lowest level of natural gas reserves since 2013, which could extend pressure on the international market into 2027, the International Energy Agency warned Tuesday.

Europe’s natural gas storage reservoirs were 75 percent full at the end of October, well below the minimum target of 80 percent fixed by the European Union and at its lowest level in more than a decade, the IEA said.

Several factors explain the situation.

Natural gas liquifaction facilities in the Gulf have been damaged in US-Iran war, while transit through the Strait of Hormuz has been reduced.

Moreover European nations are filling their storage reservoirs from low levels at the end of the heating season in the spring.

Buyers had initially held off buying stocks in the hope prices would fall. Deliveries stepped up in August, September and October, but not enough to make up for the delay, the IEA said.

The amount of gas injected into storage reservoirs this season was about four percent below the average of the past five years, it added.

That makes European nations more dependent upon securing deliveries of additional supplies of LNG to meet peak demand.

It could also make more vulnerable if the winter is colder than usual, there are technical problems in the gas networi, or supply problems, said the IEA.

Germany insisted Monday that it would have enough gas for the winter despite missing a storage target.

German gas storage facilities are on average 61 percent full, according to the federal agency that oversees Germany’s energy infrastructure and markets.

That is below a legally mandated target for 70 percent by November 1. It also lags behind the European Union average of nearly 75 percent, according to the storage tracking platform AGSI.

Ashiq Ahmed, 27, has a degree and no formal job. He passed post-graduation in political science four years ago; still, he is looking for a decent job. But he is not getting it. He has worked as a salesman, at a little-known regional company, and in a small shop to support his family.

Ashiq is not alone. Lakhs of young Bangladeshis are in the same position, and the World Bank, in its latest report, says time is limited. According to the Labour Force Survey, some 22 lakh people enter the workforce every year. Around 40% are educated youth and most of them fail to get a formal job.

The WB report also reflects this issue. About 80% of prime-age workers are in informal jobs, and informal workers earn far less than formal ones.

The report says Bangladesh's working-age share of the population is projected to peak in 2045, later than India's 2034 but earlier than many assume. Economists call this the "demographic dividend": the period when more people are working than are dependents.

The report says small firms in Bangladesh shed workers on average, while employment in medium-sized firms shrank.

By 2050, the report projects more people available to work than needed to maintain a ratio of 2.5 workers per older adult, raising the risk that job creation falls short.

Titled "Demographic Change in South Asia: From Tailwinds to Headwinds for Development", the report was launched at the Pan Pacific Sonargaon Hotel in Dhaka today (3 November). Franziska Lieselotte Ohnsorge, WB chief economist for Asia, presented the keynote address.

Rapid ageing threatens demographic dividend

Bangladesh's demographic window of opportunity is expected to peak around 2045, while the country is projected to transition from an ageing to an aged society within just 24 years, creating significant economic, social and healthcare challenges, the WB says.

The report warns that Bangladesh has a limited period to capitalise on its growing working-age population by creating productive jobs, improving skills and increasing labour force participation, while building financial and healthcare support systems for its rapidly ageing population.

This extended demographic window offers an opportunity to accelerate economic growth through higher employment, improved skills and greater labour market participation, it says.

However, the transition to an ageing society is expected to begin in 2027, when people aged 65 and above will account for 7% of the population, says the WB. By 2051, their share is projected to reach 14%, marking the country's transition to an aged society, it says.

The pace is considerably faster than in developed economies, the report says.

Demographic dividend gradually declining

According to the report, changes in Bangladesh's age structure contributed approximately 0.4 percentage points annually to per capita GDP growth between 2000 and 2024.

However, this contribution is projected to decline to 0.2 percentage points annually between 2025 and 2044 before turning negative from 2045.

Old-age financial security remains weak

Financial security among older people remains precarious, with limited pension coverage, inadequate social protection and high healthcare costs, says the WB.

According to illustrative figures from 2018 cited in the report, only 3% of adults in Bangladesh reported saving specifically for old age. Although social pensions cover around half of the older population, the benefits remain insufficient to ensure adequate financial security.

Informal employment threatens demographic dividend

According to the report, structural weaknesses in the labour market could prevent Bangladesh from fully benefiting from its demographic window.

Although employment among the working-age population is higher than the South Asian average, it remains below the average for other emerging market and developing economies. The gap is particularly pronounced among women and in non-agricultural sectors.

Around 84% of employment in Bangladesh is informal, limiting workers' access to job security, social protection and retirement benefits.

Healthcare challenges and the silver economy

According to the WB, Population ageing is expected to create new opportunities in healthcare, elderly care and other services catering to older consumers, commonly known as the silver economy.

However, the gap between life expectancy and healthy life expectancy in Bangladesh remains around 10 years, meaning many people spend a substantial part of their later lives dealing with illness and health limitations.

Demographic transition a wake-up call for urgent reforms: Experts

In a panel discussion, Hossain Zillur Rahman, executive chairman of Power and Participation Research Centre, described Bangladesh's demographic transition as a major wake-up call, warning that the country has a limited timeframe to address emerging social and economic challenges. He stressed that healthcare, education and employment must be treated as interconnected priorities rather than isolated sectoral issues.

Nazneen Ahmed, executive director of the Centre for Policy Dialogue, called for greater investment in practical skills, entrepreneurship and workplace training rather than relying solely on expanding higher education.

She also urged policies to improve women's employment through childcare and safe transport, while extending social protection and pension coverage to informal and gig-economy workers.

Cem Mete, regional practice director, WB, emphasised the urgency of preparing Bangladesh for its demographic transition, warning that the country has less time than many other nations to establish the necessary social protection and pension systems.

Social Welfare Minister Abu Zafar Md Zahid Hossain said Bangladesh must mobilise its large population as a national resource while preparing for the challenges of demographic transition.

Zonayed Saki, state minister for planning, said the government is adopting a full life-cycle policy approach, covering people from childhood to old age, to address the challenges of demographic transition.

Recommendations

The WB recommends pursuing two policy priorities simultaneously: maximising the remaining demographic dividend and preparing institutions for an ageing society.

Bangladesh needs to generate more productive jobs, increase women's participation in the labour market, improve education and skills, strengthen healthcare and harness emerging technologies, including artificial intelligence.

At the same time, it must develop stronger pension and social protection systems, promote healthy ageing, extend productive working lives and improve long-term care services.

The report also highlights the importance of early childhood nutrition and development, labour mobility, effective social protection and stronger fiscal capacity to mobilise public and private financing.

With its demographic window expected to peak around 2045 and the transition to an aged society projected to be completed by 2051, Bangladesh has a narrowing opportunity to turn its favourable population structure into sustainable economic growth while preparing for the needs of an older population.

The Bangladesh Bank has allowed resident companies in the country's manufacturing and services sectors to issue preference shares to non-resident investors without prior approval for dividends of up to 5% of the shares' face value.

The central bank issued a circular today (3 November), sending it to all authorised dealer (AD) banks dealing in foreign exchange.

Under the new rules, preference shares can be issued only against foreign currency remitted into Bangladesh through official banking channels. Companies must obtain prior Bangladesh Bank approval if the dividend rate exceeds 5% of the face value.

Preference shareholders receive dividends at a predetermined rate before ordinary shareholders. They also enjoy priority in recovering their investments if a company is liquidated, although they generally do not have voting rights.

The shares must be issued at face value, eliminating the need for company valuation at the time of issuance or redemption. However, if preference shares are converted into ordinary shares, the fair value of the ordinary shares must be determined under existing rules.

Fully convertible and irredeemable preference shares will be treated as equity capital, according to the circular.

Companies must submit the required documents and a report to Bangladesh Bank through their AD banks within 14 days of issuing preference shares. For redemption, banks must submit a post-facto report within 30 days of remitting the proceeds abroad.

Both dividends and redemption proceeds must be remitted to the investor's home country through the same AD bank that received the original investment.

A Bangladesh Bank official said easing the requirement for prior approval to remit dividends and return capital would encourage foreign investors and reduce processing time at banks.

Higher sales, improved production and operational efficiency, better raw material procurement management and lower financing costs helped several listed pharmaceutical companies increase their profits in FY2025-26. However, rising production and operating expenses, along with business disruptions, weighed on the earnings of some companies, while two reported wider losses.

An analysis of the financial results of 15 pharmaceutical and chemical companies listed on the country's stock market shows that nine recorded year-on-year profit growth in FY26, while profits declined at three companies. Two companies reported higher losses, while one managed to narrow its loss.

According to the financial statements and price-sensitive information disclosed to the Dhaka Stock Exchange (DSE), Asiatic Laboratories and Beacon Pharmaceuticals led profit growth, with both companies more than doubling their earnings from the previous fiscal year. Renata, Navana Pharmaceuticals and Beximco Pharmaceuticals also posted notable growth.

However, the performance was not uniform across the sector. While leading company Square Pharmaceuticals increased its profit, ACI and Silva Pharmaceuticals reported wider losses. Profits also declined at Advent Pharma, Silco Pharmaceuticals and Techno Drugs.

Asiatic, Beacon more than double profits

Asiatic Laboratories recorded the highest profit growth among the 15 companies, with earnings rising 123.9% to Tk57.28 crore in FY26, from Tk25.58 crore in the previous fiscal year.

Beacon Pharmaceuticals ranked second, posting a 104.2% increase in profit to Tk194 crore from Tk95 crore a year earlier. The company said higher sales during the fiscal year contributed to the increase in earnings.

Renata's profit rose 64% to Tk364 crore in FY26, from Tk222 crore in the previous year. Its revenue also increased 7.7% to Tk4,620 crore.

According to the company's financial statements, higher sales, improved procurement management, operational efficiency and lower financing costs contributed to the profit growth. The company also reduced interest expenses by shifting from short-term borrowing to comparatively lower-cost long-term financing. Growth in domestic pharmaceutical sales also supported earnings.

Navana Pharmaceuticals posted a 30.8% increase in profit to Tk63.70 crore, compared with Tk48.70 crore in FY25.

Beximco Pharmaceuticals' consolidated net profit rose 30.9% to Tk916.08 crore in FY26, from Tk699.89 crore in the previous fiscal year. Earnings per share (EPS) also increased to Tk20.17 from Tk15.56.

The company's financial results for the first nine months of FY26 showed that net sales increased 13.1% year-on-year. Domestic sales grew 14.4%, although export sales declined 1.2%. Growth in the domestic market therefore appears to have been an important contributor to the company's improved earnings.

The IBN SINA Pharmaceutical Industry recorded a 25.5% increase in profit to Tk79.45 crore. Square Pharmaceuticals' profit rose 15.5% to Tk2,769 crore, while The ACME Laboratories posted a 10.3% increase to Tk268 crore. ACI Formulations recorded a modest 1.4% growth in profit to Tk37.61 crore.

According to Square Pharmaceuticals' financial disclosures, higher export revenue and investment income, along with lower financing costs, supported its profit growth. The company's pharmaceutical export revenue increased to $27 million in FY26 from $18 million a year earlier. Financing costs declined by 55.29% during the period.

ACI, Silva report wider losses

Among the 15 companies, ACI and Silva Pharmaceuticals reported higher losses in FY26.

ACI's consolidated loss widened 16.1% to Tk75.46 crore, from Tk65 crore in the previous fiscal year. Silva Pharmaceuticals' loss increased 22.3% to Tk16.27 crore, compared with Tk13.30 crore a year earlier.

According to ACI's financial statements, the company recorded growth in revenue and gross profit. However, higher operating expenses, business expansion costs and borrowing-related expenses contributed to the wider net loss.

Silva Pharmaceuticals said changes in its sales workforce led to a decline in sales volume. Disruptions in electricity supply, supply-chain difficulties and higher operating expenses also affected its business performance.

Meanwhile, Techno Drugs' profit declined 13% to Tk20 crore. Silco Pharmaceuticals' profit fell 19.7% to Tk3.42 crore, while Advent Pharma's earnings dropped 41.7% to Tk3.91 crore.

In contrast, Central Pharmaceuticals managed to reduce its loss by 7.4% to Tk2 crore, from Tk2.16 crore in the previous year.

Import dependence remains a major challenge

Despite the mixed financial performance of listed companies, Bangladesh's pharmaceutical industry has significant potential in both domestic and export markets.

According to the Bangladesh Investment Development Authority (Bida), local pharmaceutical manufacturers meet around 98% of domestic demand and export medicines to more than 150 countries.

However, the industry's dependence on imported active pharmaceutical ingredients (APIs), the key raw materials used in medicine production, remains a major challenge. More than 85% of the APIs required by the country's pharmaceutical industry are imported.

As a result, fluctuations in the exchange rate, international raw material prices, transportation costs and supply-chain conditions can affect production expenses.

Uncertainty over energy supplies, high interest rates and limitations on adjusting medicine prices also pose challenges for pharmaceutical companies. Since API imports require foreign currency, a depreciation of the taka can further increase production costs.

Improving production efficiency, developing alternative sources of raw materials and investing in higher-value pharmaceutical products will be important for companies seeking to remain competitive in the sector.

Investors traditionally had to visit stock brokerage offices in person to collect and fill out forms and submit documents to open beneficiary owner (BO) accounts.

That process is gradually changing, with some brokerage houses allowing investors to complete the entire process online from home.

Others have gone a step further. Investors who already have bank accounts can open BO accounts with just a click, without submitting any documents.

However, such convenience is not available everywhere. Gaps in digital services are also evident in other activities, such as depositing and withdrawing money, reflecting the uneven pace of technological advancement among brokerage houses.

Saiful Islam, president of the DSE Brokers Association of Bangladesh (DBA), said many brokerage houses struggle to invest in technology because of low market turnover.

“Technological upgrades require huge investments. But market turnover has remained low for years, making it difficult for many brokerage houses to survive, let alone invest in technology,” he said.

Around 70 percent of market turnover is concentrated among just 35 brokerage houses. These firms are expanding as more investors move towards them, Saiful said.

In an increasingly globalised world, there is no alternative to technological advancement, but progress in Bangladesh remains slow, he added.

Against this backdrop, the DBA recently asked the stock market regulator to relax documentation requirements for opening BO accounts. It wants the process to be as simple as opening mobile financial services (MFS) accounts.

“There are some districts where brokerage houses have no branches. How will investors in those areas invest in the stock market?” asked Saiful, who is also a director of BRAC EPL Stock Brokerage.

The DBA is seeking simpler procedures to make all stock market trading activities fully digital within a year, he added.

DIGITAL DIVIDE AMONG HOUSES

The level of technological advancement is broadly similar among brokerage houses owned by banks and non-bank financial institutions, while many other firms are lagging behind. However, some independently owned brokerage houses have also invested heavily in technology to improve their services.

Md Moniruzzaman, senior vice-president of the DBA, said investors could open BO accounts with just a click at his brokerage house, Prime Bank Securities.

The company has also introduced a virtual account system that automatically adds transferred funds to an investor’s share purchase limit.

Some other brokerage houses, particularly those owned by banks, offer similar facilities, he said.

Investors can also submit withdrawal requests online through the back-office system. The company plans to allow them to withdraw up to Tk 1 lakh at any time without delay, he added.

Mobile trading has been available since 2016, when the Dhaka Stock Exchange (DSE) launched its mobile trading app. Since then, around 50 brokerage houses have introduced their own order management systems (OMS) and mobile trading apps.

Yet many investors cannot enjoy these facilities because their brokerage houses do not offer them.

A significant number of investors also continue to place buy and sell orders over the phone. Under existing rules, they must submit a signed physical copy of each order within 24 hours of the trade.

The Bangladesh Securities and Exchange Commission (BSEC) is considering relaxing this requirement. Its chairman has said on several occasions that the commission plans to scrap the need for physical signatures.

TOO MANY PLAYERS, TOO LITTLE BUSINESS

Richard D’Rozario, a DSE director, said the stock market was initially dominated by individual investors. But institutional investors gradually gained a larger share as the market expanded.

Institutional investors can make substantial investments in technology, even when they incur losses, helping them expand their market share.

In contrast, brokerage houses have seen their income shrink as their numbers have grown disproportionately to the size of the market and its investor base, he said.

The DSE currently has 299 registered stockbrokers holding Trading Right Entitlement Certificates (TRECs), according to the BSEC. The regulator approved 55 new licences in 2021.

Richard said 50 to 60 brokerage houses would be sufficient for the market. The large number of firms has intensified competition in an already crowded market.

Instead of issuing new TREC licences, the regulator could allow existing brokerage houses to open sub-branches, he suggested.

A senior DSE official, speaking on condition of anonymity, said some brokerage houses needed to merge to remain competitive.

Otherwise, they risk being pushed out of the market as they fail to keep pace with technological advances and investors move to better-equipped firms, the official said.

Small brokerage houses are gradually disappearing worldwide. But some in Bangladesh continue to operate with only a handful of employees and remain reluctant to form partnerships or merge with others, the official added.

Richard, who is also managing director of Global Securities, agreed that some brokerage houses would need to pursue mergers and acquisitions to survive.

He said higher market turnover and additional sources of income could help brokerage houses sustain their businesses. However, investment in technology remains essential for their survival, even when market conditions improve.

The leading drug makers posted double-digit profit growth year-on-year in FY26, supported by strong sales amid sustained demand for medicines both at home and abroad.

Sales of lifesaving drugs increased due to strong local demand, while leading companies successfully managed to keep operating costs down, securing higher bottom-line growth, say industry insiders.

The sector's performance stands out at a time when most other industries, including multinational companies, are grappling with elevated energy costs amid persistent inflationary pressure.

The growing population, coupled with rising awareness of healthcare needs, has amplified demand for generic medicines in the local market, particularly for chronic diseases.

Moreover, the aftermath of the Covid-19 pandemic has further underscored the importance of healthcare, leading to a heightened focus on medical preparedness and infrastructure, which in turn has positively impacted the pharmaceutical industry over the past few years.

Akramul Alam, head of research at Royal Capital, said people now prioritise healthcare spending more than before. "This resilience allows leading pharmaceutical companies to sustain strong revenue and profit growth."

Recurring outbreaks of diseases such as measles and dengue boosted demand for medicines across the country, said Muhammad Zahangir Alam, chief financial officer (CFO) of Square Pharmaceuticals.

Rising life expectancy and population growth also contributed to the increased consumption of pharmaceutical products.

The aggregate profits of nine major drug makers jumped nearly 26 per cent year-on-year to Tk 47.32 billion in FY26.

Among the companies, Square Pharmaceuticals reported the highest profit of Tk 27.7 billion in FY26, up 15 per cent from the previous fiscal year.

The country's largest drug manufacturer also posted 13 per cent growth in sales to Tk 86.06 billion in FY26.

Square Pharma attributed its sustained growth to rising domestic demand for healthcare products, export earnings and income from subsidiaries.

Alongside domestic sales growth, Square Pharmaceuticals' exports surged 50 per cent year-on-year to $27 million in FY26.

"The drug maker continues to grow in both sales and profit, owing to strong consumer trust in its products," said Akramul Alam of Royal Capital.

He said Square Pharmaceuticals has a competitive advantage in producing high-quality generic medicines at relatively low costs, supporting its long-term growth prospects.

Renata, another major drug maker, posted 64 per cent year-on-year profit growth, supported by stronger operating performance and lower finance costs following a capital restructuring initiative.

The company also cited better gross margins, efficient procurement and tighter control over expenses as drivers of its growth.

Renata's revenue growth remained modest, at 7 per cent year-on-year to Tk 46.2 billion in FY26.

Shahidul Islam, chief executive officer of VIPB Asset Management, said efficient financial management had helped several drug makers reduce costs, leading to strong bottom-line growth.

Referring to Renata's performance, he said the company's revenue growth was not particularly significant in the year, but improved financial management helped restore profitability after a prolonged period of pressure.

Ali Imam, chief executive officer of EDGE Asset Management, said the growth narratives of pharmaceutical companies were quite different from one another.

Following the outbreak of Covid-19, Renata faced financial difficulties due to sharp currency depreciation, which increased the burden of foreign currency-denominated loan repayments.

Although the company has recovered, it has yet to return to its pre-pandemic profit levels.

Beximco Pharmaceuticals recorded a profit of Tk 9.16 billion in FY26, registering a 31 per cent year-on-year increase.

Mr Imam attributed the strong performance to changes in the company's board, saying a reduction in informal expenses might have contributed to higher profitability.

IBN Sina Pharmaceutical Industry also delivered strong results, with its profit rising 25 per cent and sales 17 per cent, reflecting improved operational performance.

Asiatic Laboratories recorded the highest profit growth among its peers, with earnings surging 124 per cent year-on-year. The company said higher sales, lower input costs, efficient production planning and prudent financial management were the main drivers of the earnings growth.

Beacon Pharmaceuticals' profit more than doubled to Tk 1.94 billion in FY26, buoyed by 31 per cent growth in sales.

By contrast, Techno Drugs' profit declined 14 per cent year-on-year to Tk 199 million, weighed down by lower sales and higher operating costs.

Although Advanced Chemical Industries (ACI) remained in the red at the consolidated level, its pharmaceutical segment continued to register growth, supported by higher sales.

Bangladesh's pharmaceutical industry, which meets around 98 per cent of domestic demand, remains one of the country's major industrial success stories.

Mr Alam, of Royal Capital, said continued investment, regulatory compliance and the availability of a skilled workforce would be crucial to sustaining the industry's growth and expanding its presence in overseas markets.

Navana CNG Limited has decided to expand into the electric vehicle (EV) sector, incorporating EV charging stations, battery swapping, dealerships, and solar-related services into its business operations.

According to a price-sensitive disclosure filed with the Dhaka Stock Exchange (DSE) today (3 November), the company approved amendments to its Memorandum of Association at a board meeting on 29 October.

The proposed changes will allow it to install AC and DC fast-charging infrastructure at existing CNG refuelling stations, acquire new sites for EV hubs and offer commercial energy solutions.

The expansion will also cover EV maintenance, battery recycling and lifecycle management, EV showrooms, and the distribution, sales and servicing of electric two-wheelers, three-wheelers and four-wheelers.

To seek shareholder approval for the amendments, the company will hold an extraordinary general meeting (EGM) on 30 December, with 19 November set as the record date.

Following the announcement, Navana CNG's share price jumped 8.48% yesterday on the DSE to close at Tk17.90.

Earlier, the board recommended a 1% cash dividend for general shareholders for the year ended 30 June 2026, excluding sponsors and directors. Of the company's 7.55 crore shares, sponsors and directors hold 3.21 crore, leaving Tk43.45 lakh payable in dividends to general investors.

For FY26, Navana CNG reported consolidated earnings per share (EPS) of Tk0.04, down from Tk0.10 in FY25. Consolidated net asset value (NAV) per share stood at Tk30.26 as of 30 June 2026, compared with Tk30.79 a year earlier.

However, consolidated net operating cash flow per share (NOCFPS) rose significantly to Tk3.02 from Tk0.09 in the previous fiscal year.

Dhaka stocks fell below the 5,300-point mark for the first time in nearly five months today (3 November), as labour unrest in the garment sector, factory closures and escalating geopolitical tensions triggered panic selling.

Textile stocks, however, defied the broader market downturn, emerging as the day's sole gaining sector.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), dropped 49 points to close at 5,284, its lowest level since 21 May, when it stood at 5,264. The market extended its losing streak to four consecutive sessions, shedding 149 points and Tk7,200 crore in market capitalisation during the period.

The blue-chip DS30 index also declined 20 points to settle at 2,021. Of the traded issues, 267 declined, 68 advanced and the rest remained unchanged. Turnover, however, rose 35% to Tk565 crore.

Moniruzzaman, managing director of Prime Bank Securities, told The Business Standard that the absence of positive news was weighing on investor sentiment. Ongoing labour unrest in the readymade garment sector over wage demands, factory closures and fears of a possible major attack in Iran had further unsettled investors, prompting heavy sell-offs.

EBL Securities said in its daily market report that persistent domestic concerns and geopolitical uncertainty had fuelled risk aversion, leaving the market under sustained selling pressure. Investors rushed to offload shares to limit portfolio losses, while a lack of buying support kept the benchmark index in negative territory.

Sheltech Brokerage Limited said uncertainty over corporate earnings, tensions in the Middle East and Europe, and concerns over RMG workers' protests weighed on the market. The DSEX fell to an intraday low of 5,269 before late-session buying, particularly in selected textile stocks, helped it recover towards 5,300 points.

Interestingly, textile stocks gained despite labour unrest in the garment industry, which is a major buyer of textile products. The textile sector rose 1.5%, making it the only sector to post a positive returnTextile stocks also dominated trading, accounting for 30.3% of total turnover, followed by general insurance at

12% and banking stocks at 11.1%. Hwa Well Textile, Prime Textile, Envoy Textile and Matin Spinning were among the notable gainers.

Most other sectors ended in the red. Jute stocks led the decline, falling 3.8%, followed by general insurance, down 2.7%, and ceramics, which lost 2.3%.

The Bangladesh Bank has appointed five independent directors to the boards of Bangladesh Commerce Bank Limited and The Premier Bank PLC, according to separate press releases issued on Tuesday (3 November).

Dr Md Rafiqul Islam and SM Abdul Hamid, FCA, have been appointed independent directors to the board of Bangladesh Commerce Bank Ltd.

The appointments were made under the powers conferred by Sections 45 and 47(3) of the Bank Company Act, 1991. The central bank's Banking Regulation and Policy Department-2 informed the bank's managing director of the decision through an official letter.

Meanwhile, Bangladesh Bank has appointed three independent directors to the board of The Premier Bank PLC under the same provisions of the law.

The appointees are Brigadier General (retd) Jahedur Rahman, Mohammad Mosharraf Hossain and Masudur Rahman Shah.

According to the central bank's notice, Mosharraf Hossain currently serves as an independent director on the board of United Commercial Bank PLC.

To ensure compliance with Section 23(1)(a) of the Bank Company Act, 1991, Premier Bank has been instructed to ensure his resignation from UCB before he joins its board and inform Bangladesh Bank accordingly.

CHATTOGRAM, Nov 02: Chittagong Port Authority (CPA) has extended the contract with Saif Powertec Limited for operational activities of Chittagong Container Terminal (CCT) for next three weeks from today.
In a letter, signed by the traffic officer (South Division) on behalf of the director of traffic issued on November 1, the CPA extended the tenure of operation.

The letter said the CPA had decided to retain the company temporarily to ensure the continuation of terminal operations while the appointment process for a new operator remains ongoing.

Saif Powertec has been operating the CCT under an agreement signed with the port authority on 17 October 2019.

According to the latest decision, the company will continue handling operations at the terminal during the transitional period until a new operator is appointed.

Bangladesh Bank has eased regulations governing the issuance of preference shares, their conversion into ordinary shares, redemption, and dividend repatriation for non-resident investors in Bangladeshi companies.Bangladesh Investment Guide
The Foreign Exchange Investment Department (FEID) of the central bank issued a circular on Tuesday, clarifying the procedural requirements for issuing companies, non-resident investors, and authorised dealer (AD) banks.

Under the new directives, Bangladeshi companies can now issue preference shares to non-resident investors at a dividend rate of up to 5 percent without prior approval from Bangladesh Bank.

Following the issuance, the respective companies are required to submit a report to the FEID.

However, if a company intends to issue preference shares carrying a dividend rate exceeding 5 percent, it may seek prior approval from the central bank by providing proper justification for the proposed rate.

The circular also specified that no prior permission from Bangladesh Bank will be required to repatriate dividends earned on preference shares or to process the redemption of such shares by non-resident investors.Bangladesh Investment Guide

Additionally, the circular outlines clear guidelines for converting preference shares into ordinary shares and details the standardised process for reporting and transaction management.

Bangladesh needs to reduce its reliance on loans and secure more grant-based climate financing, particularly for renewable energy, according to a study presented at a national dialogue organised by Change Initiative at Cirdap in Dhaka today (3 November).

The study found that 92% of the $2.54 billion in climate finance received by the country's energy sector between 2002 and 2023 came as loans. Grants accounted for just 8%.

The dialogue, titled "Navigating Debt Sustainability in Bangladesh's Energy Sector: Channelling Multilateral Development Bank Finance into Renewable Energy through Public Finance Mechanisms", brought together policymakers, researchers and private-sector representatives to discuss sustainable financing for Bangladesh's energy transition.

Research Coordinator Mofazzal Hossain presented the study.

M Zakir Hossain Khan, co-founder and chief executive of Change Initiative, said Bangladesh's dependence on imported fossil fuels had made its energy system vulnerable to external shocks.

"Accelerating renewable energy is essential to achieving energy sovereignty and securing greater control over our energy future," he said.

He said the government's target of generating 10,000MW of solar power would require affordable financing, including grants, concessional loans and responsible investment. This would help households and industries adopt renewable energy without putting further pressure on public finances.

Md Imranul Hoque Chowdhury, deputy director (PIM), Team Asia, International Business Development at Singapore-based ib vogt, said foreign investors look for predictable policies and clear contractual terms before investing in Bangladesh.

Sudden policy changes and uncertainty over contracts could undermine investor confidence, he said.

He called for more private investment and equity financing in renewable energy to reduce reliance on government borrowing. Local banks should also play a bigger role in financing renewable energy projects, while smaller rooftop solar projects could be combined to make them more financially viable.

He also suggested allowing private investors to install solar systems on factory rooftops and sell electricity to factories under contractual agreements.

Dr Dilruba Bedana, chief operating officer of GREENFINITY, said financing opportunities should also be made available to smaller renewable energy service providers. Bangladesh currently has around 8,500 such providers, she noted.

She called for greater involvement from commercial banks and stronger government support to ensure access to finance, maintain quality standards and strengthen monitoring.

Chief guest Shama Obaed Islam, state minister for foreign affairs, said Bangladesh needed an energy sector that reduced dependence on imported fossil fuels without creating excessive debt.

She said the government aimed to generate 20% of electricity from renewable sources by 2030 and 30% by 2040. Achieving these targets would require transparency, coordinated investment and stronger climate diplomacy.

She also called for a unified national position at international climate negotiations, drawing on the expertise of researchers, civil society, the private sector and young innovators.

The study found that renewable energy accounts for only around 1% of grid electricity generation, while more than 60% of power generation depends on imported fuels.

It recommended increasing grant-based financing, expanding affordable local-currency loans, and securing stronger support from development banks to boost renewable energy without significantly increasing the government's debt burden.

The study covered all energy-sector projects, including coal and gas projects such as Matarbari and Bheramara.

Khondkar Morshed Millat, former director of Bangladesh Bank's Sustainable Finance Department, proposed allocating at least 1.5% of total lending to renewable energy. He also recommended gradually raising the overall green finance target to 15-20% by 2030.

Programme chair Sheikh Faridul Islam, state minister for environment, forest and climate change, said Bangladesh should highlight the scale of climate-related loss and damage at COP31.

He also called for greater cooperation with other Global South countries to advance climate justice.

The Bangladesh Securities and Exchange Commission (BSEC) has decided to ease trading restrictions on selected beneficial owner (BO) accounts frozen over the past two years.

Under the decision, account holders will be allowed to buy and sell shares, inject fresh funds and settle claims against their accounts, according to sources.

However, restrictions on fund withdrawals will remain in place.
The commission took the decision at its meeting in Dhaka today (3 November) as part of efforts to regularise stock trading through the affected accounts, sources said.

BSEC spokesperson Abul Kalam told The Business Standard that the regulator had partially unfrozen selected BO accounts after reviewing individual investors' applications. Account holders can now trade actively and adjust their margin facilities, although cash withdrawals remain strictly prohibited.

617 BO accounts frozen after political change

Following the fall of the Awami League-led government in August 2024, the capital market regulator directed the freezing of BO accounts as part of ongoing investigations, either on its own initiative or in response to directives from government agencies, including the Bangladesh Financial Intelligence Unit (BFIU), and court orders.

According to market sources, 617 BO accounts, including those belonging to several high-net-worth individuals and people linked to the Awami League, were frozen and have remained restricted for more than two years.

Around half of the accounts were frozen by the commission over alleged share manipulation. Some of the account holders were also fined substantial amounts for market manipulation, market sources said.

The remaining accounts were frozen following directives from the court and the BFIU.

Investors seek release of frozen accounts

Capital market investor Md Abul Khayer applied to the commission on 27 October, seeking the release of restrictions on BO and bank accounts to enable continued share trading.

In a letter to the commission, he said the bank accounts of several individuals and companies, including Monarch Holdings and its associated businesses, had been frozen under BFIU instructions.

The letter named individuals including Kazi Sadia Hasan, Abul Kalam Matber, Konika Afroze, Aleya Begum, Mohammad Basher, Sajed Matbar, Kazi Farid Hasan and Kazi Fuad Hasan.

It also listed Monarch Mart, Eshaal Communication, Monarch Express, Monarch Hotel & Resorts, Monarch Infrastructure, Monarch Leather Industries, Monarch Food, Monarch Electronics, Monarch Space Exploration, Lava Electrodes Industries and Desh Ideal Trust Cooperative.

The accounts were maintained with different banks, according to the letter.

Khayer said the freezing of the accounts had created considerable difficulties for the individuals and companies concerned in meeting financial obligations, conducting regular business operations and making necessary payments.

The letter also stated that the applicants were committed to complying with all applicable laws, rules, regulations and BSEC directives, as well as fulfilling any outstanding requirements or conditions imposed by the commission.

It requested the regulator to review the matter and facilitate the withdrawal of restrictions on the accounts, subject to compliance with applicable laws and regulatory requirements.

The Chittagong Port Authority (CPA) will have to pay Tk224.70 crore in annual property tax to the Chattogram City Corporation (CCC), following a final appellate ruling that settled a long-running dispute between the two organisations.

Manowara Begum, director of the Local Government Division at the Divisional Commissioner's Office, delivered the final verdict yesterday (2 November), fixing the annual tax at Tk224,70,53,937, effective from the 2025-26 fiscal year.

Earlier, based on a joint survey, the city corporation had assessed the port's annual property tax at Tk264.35 crore. The appellate authority subsequently reduced the amount by around 15% to Tk224.70 crore.

CCC Administrator Shahadat Hossain described the revenue collection from the port as a major achievement for the city corporation.

Speaking to The Business Standard today (3 November), he said, "Receiving such a large amount of revenue from a single institution is a significant event in Chattogram's history. Since taking charge, I have been working to ensure that the port pays its fair share of property tax."

He said the city corporation had reassessed the tax at Tk264 crore after taking all the port's installations into account. Following the port authority's appeal, the Divisional Commissioner's Office reduced the amount by 15%.

Shahadat said the city corporation had liabilities of Tk513 crore when he took charge two years ago. After repaying various loans and meeting other expenses, it now has a surplus of more than Tk100 crore in its treasury.

The city corporation plans to spend the revenue collected from the port on education, healthcare, road construction and repairs, street lighting and waste management. It will also purchase modern machinery and equipment to improve urban services, he said.

The CCC administrator said the corporation operates around 100 educational institutions, where many teachers still receive monthly salaries of Tk10,000-12,000. Their salaries need to be increased, while shortages of teachers and staff also need to be addressed.

He added that the corporation had regularised around 1,500-2,000 employees, increasing its salary and allowance expenditure.

As these expenses have to be met from the corporation's own revenue, generating income from its own sources is crucial, he said, adding that the ministry does not always provide the full amount of funding required.

Contacted by TBS, CPA Secretary (Additional Charge) Syed Refayet Hamim said a hearing on the property tax dispute had been held at the Divisional Commissioner's Office, but the port authority had not yet received the full copy of the verdict.

"We will review the verdict and comment on the matter after receiving a copy. It is not possible for us to comment before that," he said.

Asked whether the port authority had any objections to the assessment or intended to challenge the ruling, he said its position would be clear after reviewing the verdict.

How the tax was assessed

According to CCC data, a joint survey identified a total of 17,346,491 square feet of installations under the port authority.

Of the total, 1,724,106 square feet were residential facilities, 1,635,379 square feet non-residential facilities, and 13,987,006 square feet yards and storage facilities.

The city corporation calculated the property tax by considering these installations, along with the port's revenue from container handling, port dues, berthing and unberthing, pilotage, tugboats and late fees, as well as its overall capacity.

On 10 July 2025, the CCC sent the port authority a bill demanding Tk177.60 crore in property tax, including outstanding dues. Of this, Tk160.16 crore was the assessed tax for that fiscal year.

The port authority objected to the bill, prompting the two organisations to initiate a fresh assessment through a joint survey.

At a meeting of the relevant committee on 24 February, following the survey, the port authority proposed paying Tk50 crore in annual property tax. The city corporation rejected the proposal.

The matter was subsequently referred to the Ministry of Shipping, which said on 20 April that the assessment and payment of property tax fell within the jurisdiction of the relevant authorities under existing laws and regulations.

On 29 June, the port authority paid Tk198.26 crore towards its property tax for FY2025-26, equivalent to 75% of the tax proposed by the city corporation.

However, disputing the assessment, the port authority appealed to the Divisional Commissioner's Office. The appeal was finally disposed of on Monday.

A long-running dispute

According to CCC records, the port's annual property tax was initially fixed at Tk160.16 crore in 2017. However, the then city mayor reduced it to Tk50 crore.

The port authority eventually paid around Tk40.50 crore after receiving a 10% surcharge waiver.

After taking office, current CCC Administrator Shahadat Hossain took initiatives to collect the assessed property tax from the port.

On 15 December 2024, he wrote to the port chairman, requesting payment of Tk115.16 crore in outstanding property tax for FY2024-25. The city corporation had previously fixed the port's annual property tax at Tk160.16 crore from that fiscal year.

The CCC also wrote to the shipping secretary on 22 January 2025. In response, the Ministry of Shipping instructed the port authority on 6 April that year to pay Tk100 crore provisionally.

The dispute dates back several decades. In FY1994-95, the city corporation demanded Tk39.80 crore in property tax from the port, but the authority paid only Tk5 crore.

In FY2001-02, the CCC demanded Tk197.73 crore in outstanding property tax. Following a dispute between the two organisations, the port authority paid Tk112.30 crore through a mutual settlement in 2012.

Saudi oil giant Aramco on Tuesday announced a 34.6 percent surge in third-quarter net profit, as the Middle East war keeps crude prices soaring while the kingdom’s energy infrastructure comes under regular attack.

Yemen’s Iran-backed Houthis have targeted Saudi tankers, pipelines, storage facilities and refineries regularly since hostilities resumed in July, intensifying their strikes in recent weeks.

The kingdom has also had to contend with the Houthis and Iran hampering traffic in the straits of Bab al-Mandeb and Hormuz, complicating exports.

Yet Aramco -- the cornerstone of Saudi Arabia’s economy and one of the world’s most valuable companies -- saw its profits soar during the third quarter thanks in large part to stubbornly high oil prices.

The firm said net profit hit 135.9 billion riyals ($36.2 billion) in the third quarter, compared with around 101 billion riyals in the same period a year earlier. The results come as energy majors around the world have seen earnings surge because of disruptions to oil and gas supplies in the Middle East, pushing up refining margins and prices.

But Aramco’s boss warned that the conflict continued to weigh heavily on energy security.

“Geopolitical uncertainty and attacks on key energy facilities continued to amplify the global energy supply crisis in the third quarter of 2026, with serious implications for global energy security,” president and CEO Amin H. Nasser said in a statement.

Stripping out exceptional items, adjusted net income came in at 116.9 billion riyals. The median analyst consensus for third-quarter adjusted net income was $30.66 billion, according to an external estimate based on 12 analysts forecasts.

In the second quarter, Aramco reported a 44 percent year-on-year increase in net profit to 122.6 billion riyals.

- Pipeline expansion -

Nasser later noted in an earnings call that preliminary engineering had started on the planned expansion of the kingdom’s vital East-West pipeline that can bypass the Strait of Hormuz and move millions of barrels of crude from the Persian Gulf to the Red Sea daily.

The work on the pipeline was part of overall efforts to expand the kingdom’s network of routes to export oil.

Nasser said last month that they hoped to increase the capacity of the pipeline network from 7 million to 10 million barrels a day.

The Middle East war, which began on February 28 with US and Israeli strikes on Iran, has upended global energy markets, led to the widespread drawing down of strategic reserves and spurred inflation.

And while the war rages in the Gulf, Ukrainian drones have also battered Russian energy infrastructure, prompting Moscow to ban the export of certain products -- notably petrol and diesel.

Last month, the Houthis said they targeted Aramco’s headquarters, a vast complex comprising numerous buildings and residential compounds in the kingdom’s east.

Nasser said the company was able to respond rapidly to attacks on its infrastructure, using drones and specially trained teams to address damage at facilities.

“More than 90 percent of the material used to restore operations have been sourced here in the kingdom,” he added, saying Aramco is able to carry out emergency repairs faster than the industry benchmark.

- Dire straits -

With the Strait of Hormuz contested, US military naval escorts have enabled millions of barrels of crude to pass through the crucial waterway each day.

Last month, US Central Command said it had helped Gulf countries export more than 1.5 billion barrels of crude oil through the strait since the summer, and facilitated the passage of more than 3,000 commercial vessels over the past six months.

The increase in Gulf exports, however, has done little to prevent market volatility.

Oil prices tumbled more than seven percent on Monday, as signs that Tehran and Washington were renewing dialogue boosted hopes of ending the Middle East war.

Back in the kingdom, months of uncertainty have added to economic headwinds.

Despite government revenues coming in above initial forecasts, Saudi Arabia has revised up its projected budget deficit for 2026 to 245 billion riyals, or 4.9 percent of gross domestic product, from an initial forecast of 165 billion riyals.

Government spending is expected to exceed initial projections by 9.3 percent, while the finance ministry forecasts the Saudi economy will contract by 3.6 percent in 2026, driven by a 21.8 percent decline in oil-related activity.

The IMF expects Saudi Arabia to end the year with a 3.3 percent contraction in GDP, five percentage points lower than its previous forecast in July.