Production of Aman rice and onion increased in the 2025-26 fiscal year compared to the previous year, while wheat and potato output declined, according to the Bangladesh Bureau of Statistics (BBS).

The findings were published in the BBS report titled Quarterly Report on Crop Statistics and Agricultural Labour Wages (April-June 2026) yesterday (1 Nov).

According to the report, Aman production rose to 17,358,980 tonnes in FY26, up from 16,514,450 tonnes in FY25. This represents an increase of 844,530 tonnes year on year.

The area under Aman cultivation also expanded from 13,867,342 acres to 14,171,644 acres during the period.

Onion production recorded a significant increase of 18.6% to 3,819,530 tonnes in FY26, compared to 3,221,431 tonnes in the previous fiscal year.

Production of other spices also increased. Garlic output rose to 605,446 tonnes, while winter dry chilli production reached 616,340 tonnes.

Winter maize production increased to 504,8347 tonnes.

In contrast, wheat production declined to 1,028,781 tonnes in FY26 from 1,041,097 tonnes in FY25.

Potato production also fell to 11,272,014 tonnes from 11,573,615 tonnes over the same period.

The report also recorded tomato production at 565,018 tonnes and winter eggplant production at 566,752 tonnes. Among fruits, ripe banana production stood at 986,717 tonnes, while watermelon output reached 2,083,866 tonnes.

The BBS report also presented agricultural labour wage data for March to June 2026, showing a persistent gap between male and female workers' earnings.

Agricultural labour wages for male workers ranged from Tk628 to Tk720 per day, while female workers earned between Tk461 and Tk510 per day from March to June 2026, excluding food benefits.

Bangladesh Bank (BB) is set to introduce an Artificial Intelligence (AI)-based cybersecurity policy to help banks and financial institutions tackle emerging cyber threats arising from the rapid advancement of AI and other new technologies.

The central bank has already formed a committee comprising government and Bangladesh Bank officials, private sector representatives, university teachers and IT experts to formulate a timely policy suited to the evolving cybersecurity needs of the country's financial sector.

The proposed policy is expected to provide necessary guidelines for scheduled banks and financial institutions to strengthen their information technology (IT) infrastructure, improve threat detection and update security arrangements in response to increasingly sophisticated cyberattacks.

"We will formulate the policy soon and give necessary guidelines to the scheduled banks and financial institutions. As per the guidelines, banks and financial institutions will update their IT," Muhammad Zakir Hasan, executive director of Bangladesh Bank's Information and Communication Technology (ICT) department, told BSS.

Regarding the existing cybersecurity arrangements in the financial sector, he said Bangladesh Bank had already issued comprehensive guidelines for banks and financial institutions, which had taken steps to strengthen their security systems.

Hasan said the central bank had a trained team of cybersecurity professionals monitoring threats, adding that cyber risk management is a continuous process requiring constant vigilance and updated security measures.

He said the recent cybersecurity concerns were a global issue, although Bangladeshi banks had not faced any related problems so far.

Strengthening the financial sector's cyber defences

The proposed AI-based policy comes as Bangladesh Bank is pursuing a broader initiative to strengthen cybersecurity across the financial sector.

On 29 March, 2026, the central bank issued its Cybersecurity Framework, Version 1.0 (2026), bringing scheduled banks, finance companies, mobile financial service providers, payment service providers and payment system operators under a common cybersecurity framework.

Bangladesh Bank has set 31 December , 2026, as the deadline for banks and other regulated financial service providers to implement the framework.

The framework requires institutions to strengthen cybersecurity governance, assess and manage risks, protect information and technological infrastructure, monitor threats, manage incidents and improve staff training and awareness.

It also addresses risks arising from third-party service providers and outsourcing arrangements, alongside security audits and compliance monitoring.

The framework follows six functional areas: Identify, Protect, Detect, Respond, Recover and Reporting. These cover the identification of critical systems and vulnerabilities, implementation of protective measures, early detection of suspicious activities, incident response, restoration of services and post-incident assessment.

The approach is designed to help financial institutions improve their preparedness before an attack, limit potential damage during an incident and restore operations more effectively afterwards.

AI presents new opportunities and challenges

The growing use of AI presents both opportunities and challenges for financial institutions.

AI-based tools can help security teams analyse large volumes of data, identify unusual transaction patterns and detect suspicious activities. However, malicious actors can also exploit advanced technologies to develop convincing phishing messages, automate attacks, impersonate legitimate individuals or organisations and create deceptive communications aimed at defrauding customers or compromising banking systems.

Banks, therefore, need to strengthen their technological safeguards while maintaining effective governance, trained personnel, timely software updates and clear incident-response procedures.

The proposed policy could provide a regulatory basis for financial institutions to review their existing systems and adopt appropriate security measures in line with the central bank's forthcoming guidelines. Its specific provisions will depend on the committee's recommendations and the final policy.

Recent cyber alert highlights urgency

The importance of strengthening cybersecurity was underscored when Bangladesh Bank temporarily took its official website offline on 22 October as a precaution following an international cybersecurity alert concerning serious vulnerabilities in PHP, a widely used programming language for web applications.

In a joint alert issued on 21 October, relevant agencies warned that attackers could exploit the vulnerabilities to execute malicious code on affected servers. Organisations were advised to take precautionary measures where security updates could not be applied promptly.

The Bangladesh Bank website was restored at 8:00 am on 25 October after the central bank's IT team monitored the situation and worked to ensure the site's security.

Bangladesh Bank spokesperson and executive director Arief Hossain Khan told BSS that no bank website had been hacked and there was no risk to banking transactions, including digital transactions, at that time.

The temporary shutdown demonstrated the importance of precautionary action, timely security updates and continuous monitoring, even when no confirmed breach has been reported.

Investment and skilled manpower crucial for implementation:

The effectiveness of the proposed AI-based policy will depend on its practical implementation across institutions with varying levels of technological capacity and resources.

Banks will need to review their IT infrastructure, identify security gaps, strengthen access controls, protect sensitive customer information and ensure their systems can detect and respond to suspicious activities.

Investment in modern security solutions, specialised personnel, employee training and secure third-party services will also be important.

Regular vulnerability assessments, security audits, incident-response exercises and business continuity planning can help institutions identify weaknesses and improve their ability to withstand cyber incidents.

Particular attention will be needed to ensure that employees understand common cyber risks, including phishing attempts, suspicious links, unauthorised access and the improper handling of sensitive information.

Banks will also need to assess the security of externally provided technology services, as weaknesses in interconnected systems can create risks beyond individual organisations.

SBAC Bank emphasises continuous cybersecurity measures:

Abdul Quaium Chowdhury, additional managing director (AMD) of South Bangla Agriculture and Commerce (SBAC) Bank PLC, said the bank had taken necessary measures to strengthen its cybersecurity arrangements in line with Bangladesh Bank's guidelines.

"We are strengthening our cybersecurity infrastructure in accordance with Bangladesh Bank's guidelines and giving importance to continuous monitoring, risk assessment and the protection of customers' information. As cyber threats are becoming increasingly sophisticated with the advancement of artificial intelligence and other technologies, banks need to remain vigilant and regularly update their security systems," he said.

He said ensuring cybersecurity required not only advanced technology but also skilled manpower, regular staff training and greater awareness among employees and customers.

"Cybersecurity is a continuous process, not a one-time initiative. Banks need to invest in modern security solutions, identify potential vulnerabilities and ensure prompt responses to suspicious activities. We are committed to maintaining the security of our banking services and protecting customers' interests," he added.

Chowdhury also emphasised the importance of close cooperation between banks and Bangladesh Bank in sharing information about emerging threats, strengthening institutional preparedness and ensuring the safe and uninterrupted delivery of digital financial services.

Maintaining public confidence in digital finance:

Bangladesh's financial sector is becoming increasingly dependent on digital banking, mobile financial services, online payments and interconnected technology platforms.

Protecting these services is essential for safeguarding customer information, maintaining transaction security and ensuring uninterrupted financial operations.

A major cyber incident could disrupt banking services, expose sensitive information and undermine public confidence in digital financial channels.

Strong preventive measures and the capacity to respond to and recover from incidents are, therefore, important for the resilience of the entire financial system.

The proposed AI-based cybersecurity policy, together with the existing cybersecurity framework, represents a further step towards adapting Bangladesh's financial-sector safeguards to rapidly evolving digital threats.

The central bank's challenge will be to ensure that banks and other regulated institutions keep pace with emerging risks through consistent implementation, adequate investment, skilled professionals and continuous improvement of their security systems.

As AI and other technologies continue to transform financial services, closer cooperation between Bangladesh Bank and financial institutions will remain important in building a more secure, resilient and trustworthy digital banking environment.

Big Oil is reaping near record cash windfalls from the eight-month-old Iran war, but Western energy producers’ reluctance to ramp up spending reveals persistent doubts about the industry’s long-term outlook.

BP, Chevron, Exxon Mobil, Shell and TotalEnergies reported combined net profits of $56 billion in the third quarter, driven by surging oil and gas prices, record-high refining margins and strong trading results.

BP posted its highest quarterly profit ever, $8.5 billion, as earnings from its refining business rose tenfold from a year earlier. For the other majors, the quarter was generally their second-strongest on record, behind only the extraordinary gains booked following Russia’s invasion of Ukraine in February 2022.

Market conditions remain incredibly favourable. Brent crude has surged around 60 percent to $114 a barrel since the start of the Iran conflict on February 28, while benchmark European natural gas prices have climbed to their highest levels since late 2022. Diesel prices, meanwhile, remain close to September’s all-time high above $200 per barrel as fuel markets continue to grapple with refinery outages and disrupted trade flows.

Yet, Big Oil has so far shied away from major new spending, suggesting the majors do not see today’s market conditions as evidence that the industry’s long-term outlook has improved.

Entering the year, the energy industry had been bracing for a looming supply glut. Many companies were cutting spending plans, freezing hiring and intensifying cost-saving programmes amid expectations that a flood of new oil and liquefied natural gas (LNG) supplies would pressure prices later in the decade.

The joint US-Israeli strikes on Iran in February and the prolonged closure of the Strait of Hormuz upended the short-term supply picture, as exports from the Gulf ground to a halt and refining capacity shrank. However, energy companies have so far maintained their conservative approach, directing excess cash mostly to strengthening balance sheets and repurchasing shares.

The majors’ combined net debt fell to $117 billion in the third quarter from $204 billion in the first quarter. BP, which entered the conflict carrying one of the highest debt burdens among its peers, nearly halved net debt to $13.9 billion from a year earlier. The company will continue to focus on debt reduction, its CEO said. Share buybacks also rose to $12.3 billion in the third quarter, little changed from the previous quarter. Shell and TotalEnergies announced sharp increases in buybacks over the next three months, while Exxon said it planned to buy back $20 billion of shares in 2027, a similar level to this year.

While debt reduction and share repurchases can be dialled up or down from one quarter to the next, capital spending and dividends are longer-term commitments that are much harder to reverse if market conditions deteriorate. So it is telling that the majors’ dividend policies and capital spending plans have remained largely unchanged since the start of the war.

Shell, for example, reduced its 2026 capital spending guidance by $1 billion to $23 billion to $25 billion despite the sharp improvement in commodity prices. Chevron expects 2026 spending to remain at the lower end of its $18 billion to $19 billion guided range. The extreme volatility and uncertain outlook have also curbed companies’ appetite for large acquisitions, as buyers and sellers struggle to agree on fair valuations for assets. The main exception has been North American natural gas, where abundant supplies and relatively predictable pricing have made it easier to strike deals.

Shell’s $16.4 billion acquisition of Canada’s ARC Resources in April reflected growing confidence in the continent’s expanding LNG export sector and long-term gas demand prospects.

TotalEnergies has also indicated interest in deals that would help raise its US gas production by around 1 billion cubic feet per day, although CEO Patrick Pouyanne said oil assets remained too expensive at current valuations. Boards will review 2027 spending plans before year-end, when companies could decide to increase shareholder distributions or accelerate investment. But all signs so far indicate that any changes will mostly involve returning more capital to shareholders.

What stands out in this bumper earnings season is that energy industry executives appear unwilling to treat today’s elevated prices as the start of a new supercycle. The experience of the past decade, from the 2014 oil price collapse to the pandemic crash and the post-Ukraine boom, has reinforced a preference for financial discipline over production growth.

That is understandable, particularly because the concerns driving the industry’s long-term uncertainty – namely the speed and shape of the energy transition, particularly in Asia – have not improved and may have got worse. The wars in Ukraine and the Middle East have highlighted the risk of being overly dependent on imported fossil fuels.

This could spur stockpiling, but it could also encourage countries to pursue more domestic energy production, from both traditional and alternative fuel sources. In the short term, there are growing signs that oil and gas markets could remain tight, helping to generate more hefty profits for the energy majors.

Over the longer term, geopolitical fracture and energy nationalism appear set to usher in a new era of greater energy market volatility. This suggests today’s caution is warranted.

Bangladesh needs about $2 billion of investment, along with careful planning and skilled workers, to achieve the target of installing 4,000 megawatts (MW) of rooftop solar capacity within a year, according to energy specialists.
While speaking at a discussion at The Daily Star Centre yesterday, they said households will need stronger financial incentives to take up solar, because monthly instalments for a system can exceed their current electricity bills.

The government has announced a rate of Tk 10.50 per kilowatt-hour for surplus electricity that rooftop systems supply to the national grid. But the speakers questioned how many households have enough roof space to generate a surplus worth the investment.

The event, titled “Rooftop Solar: Is adding 4,000MW in a year viable?”, was the ninth in The Daily Star’s “Business & Beyond” series. It took place as the conflict in the Middle East has jeopardised global energy supplies, leaving the government scrambling for clean and renewable alternatives.

Dipal C Barua, founder and chairman of the non-profit Bright Green Energy Foundation, said the country must prioritise decentralised renewable energy alongside conventional power generation to reduce its dependence on imported fuel.

Drawing on his long campaign to bring pollution-free energy to rural communities, he said the push for universal electricity coverage through conventional power slowed the spread of solar home systems, when both could have developed together.
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Achieving 4,000MW will certainly be very challenging, but I do naot think it is impossible. We are seeing growing awareness and momentum across the country, backed by government incentives and financing.
Mohammed Jabed Emran, Chief risk officer, IDCOL

“If both had grown together, Bangladesh would not be facing the situation it is experiencing today, with 2,000MW to 3,000MW of load-shedding,” said Dipal.

He said households, businesses and farmers should be encouraged to generate electricity from rooftop solar, small wind turbines and biogas, with government support through policy, financing and access to technology.

The 4,000MW target is achievable if bureaucratic barriers are removed, he said, calling for time-bound approvals, preferably online, and lower demand charges.

He also identified solar irrigation and agrivoltaics as opportunities for renewable expansion.

Dipal stressed the need for quality control, including regular inspections, battery replacement facilities and recycling. “Refurbished and low-quality equipment can undermine consumer confidence and damage the growing popularity of solar power,” he said.

“Renewable energy is now non-negotiable. We must give it priority,” he said, calling for appropriate policies and effective implementation.

Shafiqul Alam, lead analyst for Bangladesh Energy at the Institute for Energy Economics and Financial Analysis (IEEFA), said industrial consumers are likely to drive a large share of the expansion, as solar becomes increasingly attractive to big industries.
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Industries will drive the solar expansion, but households need capital subsidies, and success depends on trained technicians, long-term maintenance and a smart grid. Expanding capacity is not enough.
Shafiqul Alam, Lead analyst for Bangladesh Energy at IEEFA, South Asia

He said household rooftop solar will stay out of reach for many families without stronger incentives, such as capital subsidies and bulk procurement. “The economics do not work for low-income households with small electricity bills.”

“If someone pays Tk 400-Tk 500 as monthly electricity bills, why would they be interested in paying a monthly instalment of Tk 1,200 or Tk 1,500 for a solar system?” said Shafiqul.

He commented that rural households also tend to use less electricity during the day. That makes battery storage important for meeting evening demand, but it adds to installation costs. As a result, the incentive for selling surplus power to the grid may not be enough to make solar financially attractive in rural areas.

Shafiqul suggested a capital subsidy of 15-20 percent to make household systems more affordable. He also stressed the need for trained technicians to install and maintain them.
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He said that expanding rooftop solar without upgrading the grid could cause instability, because solar generation fluctuates. “An inverter may be smart, but if the meter is not smart, the distribution utility cannot properly see what is happening across its network,” he said.

Tariq Alam, an energy and infrastructure development consultant, said the target should not be judged by its headline capacity alone, because achieving it requires substantial investment, infrastructure and long-term planning.

“The true test of success is mobilising capital and commissioning projects, not simply signing an MoU for a certain number of megawatts of rooftop solar,” he said.

He estimated that installing 4,000MW needs about Tk 25,000 crore, or $2 billion, and more than 20 million square metres of surface area.

Tariq called for a credible strategy and action plan. He said the government should develop a pipeline of 6,000MW of investable projects to reach 4,000MW, as some may face delays or fail to secure financing.

He also called for utility-scale solar projects alongside rooftop installations.
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The true test of success is mobilising capital and commissioning projects, not signing MoUs. Start with commercial and industrial customers, build foundations, and 4,000MW is, if anything, too low.
Tariq Alam, Energy & infrastructure development consultant

He said commercial and industrial consumers are likely to drive most of the short-term growth because they have stronger financial incentives to invest. Industries, particularly in the garment sector, need reliable energy, cost certainty and lower carbon emissions to stay competitive internationally.

“Foreign investors are more likely to be interested in aggregated projects than isolated installations,” he said.

A portfolio of about 100MW, for instance, could attract more interest than a few smaller projects. He suggested bringing multinational companies, local lenders and industry associations together to develop standardised, bankable agreements.
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For households, he said, affordable financing, simple procedures and shorter payback periods are essential. “In my experience, the magic number is three years. You have to offer a payback period of three years or less. Otherwise, people start thinking that five years is too long.”

He proposed capital subsidies and collateral-free concessional loans for small household systems of 2-4kW. Allocating 1,000MW of the target to households, with an average 3kW system, would require installations in around 350,000 homes, he said.

Tariq also proposed a national digital portal where households can apply for financing, get loan approvals and choose from pre-approved solar service providers.

Mohammed Jabed Emran, chief risk officer of Infrastructure Development Company Limited (IDCOL), said the government aims to add 4,000MW of solar power within a year through policy incentives, reduced import duties, higher prices for surplus electricity supplied to the grid and easier financing.

“Achieving 4,000MW will certainly be very challenging, but I do not think it is impossible. We are seeing growing awareness and momentum across the country,” he said.

Jabed said solar alone cannot meet industry’s round-the-clock needs, because systems can supply power directly for only three to four hours a day. Energy storage is therefore essential to hold daytime generation for later use.

The government has so far provided about Tk 1,500 crore in low-interest financing to three institutions, he said. IDCOL and the Bangladesh Infrastructure Finance Fund Limited (BIFFL) each received Tk 500 crore, and PKSF received the rest.

IDCOL has financed 298.57MW of solar projects, with another 300MW-350MW approved. It aims to finance a further 1,000MW by next June, split equally between household rooftop systems and industrial and commercial installations, he said.

According to IDCOL research, Bangladesh has about 3.6 crore households, of which 1.63 crore have pucca or semi-pucca homes suitable for rooftop solar. Installing systems averaging 4kW in just 1.25 lakh homes would generate 500MW. Individual systems could range from 2kW to 5kW.

Emran said interest in rooftop solar is growing, particularly outside Dhaka, where people are struggling with load-shedding. But many remain unsure about the quality of equipment and the availability of reliable service providers.

IDCOL is setting specifications and indicative prices for each configuration, and giving demand aggregators guidelines on approved equipment, technical standards and financing, he said.

It is also developing an app, nearing completion, that will let households monitor solar generation, electricity supplied to the grid and earnings from surplus power, Emran said.

Confidence Cement has decided to sell its entire shareholding in subsidiary Confidence Batteries Limited to Confidence Infrastructure for Tk11.34 crore to meet its immediate financial obligations and pursue its strategic objectives.

The company's board of directors has approved the sale and transfer of its entire holding of 1.03 crore ordinary shares in Confidence Batteries, each with a face value of Tk10, according to a disclosure published on the Dhaka Stock Exchange (DSE) today (1 November).

The proposed transaction is valued at Tk11.35 crore. The two companies have entered into a share purchase agreement outlining the terms and conditions of the transaction.

However, the deal is subject to approval by Confidence Cement's shareholders at a general meeting. The share price of the company decreased by 2.10% to Tk56 on the Dhaka Stock Exchange today.

Sale aimed at meeting financial obligations

In its disclosure, Confidence Cement said the board approved the proposal after considering the company's strategic objectives and the need to meet its immediate financial obligations.

Once the transaction is completed, Confidence Cement will no longer hold any direct shares in Confidence Batteries, as its entire investment in the subsidiary will be transferred to Confidence Infrastructure.

The company, however, did not disclose the specific financial obligations it intends to meet with the proceeds from the sale. It also did not provide details about the potential impact of the ownership transfer on Confidence Batteries' business operations or financial position.

Profit declines, operating cash flow turns negative

Meanwhile, Confidence Cement's consolidated earnings per share declined to Tk10.20 in FY2025-26, from Tk11.23 in the previous fiscal year.

However, its net asset value per share increased to Tk96.89 from Tk88.68 during the same period.

The company's net operating cash flow per share also deteriorated, turning negative at Tk4.79 in FY2025-26, compared with Tk0.07 in the previous year.

Despite the decline in earnings, the board has recommended a 10% cash dividend for FY2025-26. The company's annual general meeting is scheduled to be held on 28 December, while the record date for the dividend has been set for 22 November.

Shareholders' approval pending

Although the board has approved the proposed sale, the transaction is yet to receive final approval. Confidence Cement must obtain shareholders' consent at a general meeting before completing the transfer in accordance with the share purchase agreement.

Investors will be watching how the proceeds from the sale are used to address the company's immediate financial obligations and whether the transaction leads to any changes in its future investment and business strategy.

Bangladesh and Denmark have discussed expanding bilateral investment cooperation in sustainable infrastructure, energy, environment-friendly industrialisation and emerging investment opportunities.

The issues were discussed at a meeting between Invest Bangladesh Authority Chairman Ashik Chowdhury and Danish Ambassador to Bangladesh Christian Brix Møller at Invest Bangladesh office here today, said a press release.

The meeting highlighted the potential of Karnaphuli Fertilizer Company Limited (KAFCO) and explored ways to accelerate the Laldiya Container Terminal project in Chattogram under the agreement signed with Denmark's APM Terminals.

In this regard, a proposal was made to form a joint working team to expedite the project, while both sides stressed effective communication and coordination.

They also discussed the potential for Danish expertise and investment in Bangladesh's energy sector, alongside investment prospects in Swarnadwip.

Invest Bangladesh invited Danish investors to explore investment opportunities in unused and promising land and industrial assets owned by various state-run enterprises.

It particularly highlighted the potential for establishing new industries or making productive use of existing assets at locations where sugar mills and other industrial facilities were previously or are currently operating.

Invest Bangladesh expressed its readiness to provide necessary support if interested Danish investors submit specific proposals.

Food processing was also identified as a promising area for bilateral cooperation.

Invest Bangladesh Director General (Joint Secretary), Investment Development-1, Dr Julia Moin highlighted the potential of food processing industries in the northern region of Bangladesh.

She discussed opportunities for conducting feasibility studies based on seasonal agricultural produce, developing cold storage infrastructure and producing beverages and other food products from fruits.

Such products could cater to the domestic market as well as offer export opportunities in international markets, she said.

Both sides agreed to maintain regular communication and continue discussions to advance investment cooperation in the potential sectors.

Bangladesh received US$11.465 billion in remittances during July-October of the current fiscal year (2026-27), marking a 13 percent increase from US$10.149 billion in the same period of the previous fiscal year.

According to the latest data, expatriate Bangladeshis sent home US$2.874 billion in October 2026, up 12.1 percent from US$2.564 billion recorded in October 2025.

The country received US$218 million in remittances during October 29-31, 2026, the data showed.

The sustained growth in remittance inflows reflects a positive trend in overseas earnings sent through formal channels, strengthening the country’s foreign exchange inflows.

S&P Global Ratings on Friday revised its outlook on Meta Platforms to “negative” from “stable”, citing significant uncertainty around the social media giant’s capital spending and free operating cash flow.

Big Tech has historically spent heavily on cloud computing, online advertising and e-commerce, but the AI boom has pushed capital expenditure to dizzying levels, stoking investor concerns about whether the sector can generate returns quickly enough.

Last week, Meta forecast annual capital expenditure between $135 billion-$145 billion after reporting a free cash flow deficit of $2.12 billion in the third quarter. Meta is also planning to tap public markets and sell $97.5 billion in stock to fund the AI buildout.

Meta’s ability to monetize its AI investments is more limited than that of its peers, S&P said, adding it was unclear when its revenue streams would generate material contributions exceeding their rising costs over the next few years. S&P now forecasts Meta will generate FOCF deficits of $39 billion in 2026 and $71 billion in 2027.

The agency said elevated spending could keep FOCF negative beyond 2028 and expects Meta to fund its 2028 cash shortfall entirely with debt.

“Given the lack of clarity around the company’s future capex and its very ambitious multi-year AI investment plans, we are less certain that it will curtail its spending as previously anticipated,” S&P said.

The ratings agency said it believes Meta’s leverage could rise to above 1.0x as early as 2027, which is S&P Global’s threshold for the “AA-” issuer credit rating. “We respectfully disagree with S&P’s assertion about Meta’s AI monetization capabilities,” a Meta spokesperson told Reuters, adding that the company sees “significant product and business opportunities ahead of us, supporting our very strong credit profile.”

Meta’s leverage increased from 0.1x in 2025, primarily due to its strategy of leasing data-center capacity rather than issuing debt, S&P said.

“If capex remains elevated and continues to grow at a faster pace than we expect, credit profiles will continue to weaken and cash flows will be negative,” Naveen Sarma, US media and telecom sector lead at S&P Global Ratings, said. The company reported long-term debt of $80.92 billion as of September 30.

S&P on Thursday also lowered its outlook on Broadcom to stable from positive, saying the chipmaker’s rapid AI growth was increasing its exposure to a few big customers.

Earlier this year, S&P lowered cloud computing giant Oracle’s credit rating to “BBB-”, one notch above “junk”, due to its heavily leveraged balance sheet.

The Dhaka Stock Exchange (DSE) extended its losing streak for a second consecutive session today (1 November), as disappointing corporate earnings and dividend declarations, coupled with persistent economic challenges, continued to dampen investor sentiment.

The benchmark DSEX index dropped 32.29 points, or 0.60%, to settle at 5,385.15 points, down from 5,417.44 points in the previous session.

The blue-chip DS30 index fell 0.88% to 2,068.43 points, while the Shariah-based DSES index declined 0.45% to 1,045.93 points.

Market turnover also declined, falling 14.6% to Tk482.19 crore from Tk564 crore in the previous session, indicating a slowdown in trading activity.

Textile stocks dominated turnover, accounting for 20.5% of the total, followed by General Insurance at 17.3% and Bank stocks at 11.3%, according to EBL Securities.

Of the 387 issues traded on the DSE, 190 declined, 151 advanced and 46 remained unchanged, reflecting a predominantly negative market trend.

According to EBL Securities' daily market commentary, investor concerns over the market's near-term outlook intensified amid ongoing corporate earnings disclosures and persistent domestic economic headwinds.

Despite intermittent recovery attempts, selling pressure dominated the session as risk-averse investors continued to reduce their equity exposure. Disappointing earnings and dividend announcements by several large-cap companies further weakened market sentiment.

All major large-cap sectors posted negative returns during the session, according to BRAC EPL Stock Brokerage's market commentary.

Food and Allied led the losers, declining 2.69%, followed by Bank stocks at 1.27%, Non-Bank Financial Institutions at 1.06%, Engineering at 0.90%, Telecommunications at 0.64%, Pharmaceuticals at 0.26% and Fuel and Power at 0.25%.

EBL Securities' sector-wise analysis also showed broad-based weakness, with Jute recording the steepest decline of 5.5%, followed by Food at 2.7% and Travel at 1.7%.

However, some sectors bucked the downward trend. Mutual Funds gained 2.9%, General Insurance rose 1.1% and Textiles advanced 0.8%.

Block trades accounted for 4.7% of total market turnover yesterday, according to BRAC EPL Stock Brokerage.

Matin Spinning Mills emerged as the most traded stock, with shares worth Tk17.5 crore changing hands. Its share price gained 9.8% during the session.

Meanwhile, the Chittagong Stock Exchange (CSE) also closed lower. Its Selective Categories' Index (CSCX) fell 45.9 points, while the All Share Price Index (CASPI) declined 82 points.

Person-to-person (P2P) transactions through Bangla QR officially began yesterday, adding a new feature to Bangladesh’s digital payment system.

Under the service, a person can send money to another individual simply by scanning that person’s QR code.
Users will no longer need to type in the recipient’s mobile or account number. They can complete a transaction by scanning the QR code and verifying the required information, BB officials said.

The central bank had earlier directed banks, mobile financial service (MFS) providers, payment service providers (PSPs) and payment system operators (PSOs) to integrate the feature into their mobile apps by October 31.

BB officials said the P2P facility should help reduce reliance on cash in everyday transactions and encourage wider use of digital payments.

“The initiative is also expected to make the country’s payment system more inclusive while playing an important role in promoting cashless transactions,” they said.

The central bank introduced the interoperable QR-based settlement system in 2023 to improve transparency, reduce risks, lower transaction costs and speed up digital payments.

The move is part of the government’s goal of making 75 percent of transactions cashless by 2027. Authorities have already made QR payment facilities mandatory for obtaining or renewing trade licences across the country.

Separately, all banks, MFS providers, PSPs and PSOs were required to replace their proprietary QR codes at merchant points with Bangla QR by June 30 this year.

Financial stress is increasingly affecting employees’ productivity in Bangladesh, with nearly three out of four workers saying money worries are affecting their performance, according to a new survey by MetLife Bangladesh.

The share of employees reporting such effects rose to 72 percent in 2026 from 56 percent a year earlier. The survey also found that employees increasingly expect their employers to help secure their financial future, including saving for retirement and dealing with unexpected expenses.
The findings are part of MetLife Bangladesh’s 2026 Employee Benefit Trends Study, which surveyed 709 people, including 583 employees and 126 employers, across several industries.

These included readymade garments, manufacturing, banking, insurance, telecommunications, retail, information technology, education and non-governmental organisations.

The study found that 86 percent of employees believed employers should help them save enough for retirement, up from 67 percent in 2025. Similarly, 81 percent said employers were responsible for their financial wellbeing, compared with 69 percent a year earlier.

This suggests that employees now expect workplace benefits to go beyond salaries and traditional perks to address their longer-term financial security.

Despite growing financial concerns, job satisfaction improved. Some 83 percent of employees said they were satisfied with their jobs, up from 78 percent in 2025.

However, fewer employees were willing to recommend their organisations as good places to work. The share fell to 35 percent from 42 percent over the same period.

The survey also found a strong link between employees’ job satisfaction and whether they felt valued by their employers. Among those who believed their organisations cared about them, 92 percent were satisfied with their jobs. The figure dropped to 48 percent among those who felt unsupported.

Employees particularly wanted support during major financial difficulties or unexpected expenses, with 72 percent identifying such situations as times when employer assistance mattered.

They also expected support when dealing with chronic illnesses, mental health problems, caregiving responsibilities and serious medical diagnoses.

Among employers, 85 percent said employee benefits helped build and maintain a positive workplace culture. However, less than half had increased spending on such benefits over the past 12 months.

Employers said their main reasons for investing in employee benefits were to improve staff morale, raise productivity, attract talent and support employees’ mental and physical health.

The study also raised concerns about retirement security, particularly among employees aged 40 and above.

The proportion of employees without any retirement plan increased sharply at both local and multinational organisations, suggesting that immediate financial pressures may be taking priority over long-term savings.

AI ADOPTION AT WORKPLACES

The study found that artificial intelligence (AI) is becoming part of employees’ daily work, although support from employers has not kept pace.

Around half of the employees surveyed used AI in their daily tasks, with most reporting positive effects on their productivity and wellbeing.

About 46 percent said using AI made them feel less overwhelmed at work, while 40 percent said it gave them more time to focus on meaningful and engaging tasks.

However, only 58 percent of employers said their organisations encouraged or allowed employees to use AI in their daily work.
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The findings highlight the need for employers to strengthen financial protection, provide benefits that better reflect employees’ needs and offer more support for the use of AI at work.

The country's 31 listed banks collectively posted a net loss of Tk1,424 crore in the July-September quarter of 2026, as mounting losses at distressed lenders wiped out profits generated by financially stronger institutions, highlighting deepening stress in the banking sector.

According to Dhaka Stock Exchange (DSE) data, nine banks reported combined losses of Tk5,126 crore during the quarter, while the remaining 22 profitable banks collectively earned Tk3,702 crore.

The overall loss reflects mounting pressure on the banking sector from rising default risks, higher provisioning requirements and weak lending operations, according to industry insiders.

The results also revealed a growing dependence on investment income from government securities to sustain profitability. Pubali Bank, the quarter's largest profit-maker, posted a record net profit of Tk900 crore, up 170% year-on-year, despite incurring a Tk150 crore loss in its core lending business.

Treasury bond investments and other income sources helped offset the weakness in lending, according to market insiders. With high default risks and sluggish credit demand limiting traditional lending opportunities, banks have increasingly turned to government securities for relatively predictable returns.

Pubali leads profit makers, distressed banks deepen losses

Of the 36 banks listed on the stock exchanges, trading in five remained suspended following their consolidation process with Sammilito Islami Bank. The remaining 31 banks published their third-quarter financial results. Among them, 16 reported higher profits, six recorded lower profits and nine incurred losses.

After Pubali Bank, BRAC Bank was the second-highest profit-maker, earning Tk697.50 crore, up 11% from Tk629.95 crore a year earlier. City Bank ranked third with Tk341 crore, although its profit declined 19%.

Prime Bank posted a 15% rise in profit to Tk251.66 crore, while Dutch-Bangla Bank's earnings increased 21% to Tk182.33 crore. Jamuna Bank reported a 16% rise to Tk123.26 crore, and Shahjalal Islami Bank's profit grew 19% to Tk136.46 crore. Eastern Bank's profit edged up to Tk235 crore, despite a loss in its lending operations.

Islami Bank Bangladesh was the largest loss-maker, reporting a net loss of Tk1,970 crore, against a profit of Tk32.36 crore in the same quarter last year. Its core interest-earning operations incurred a loss of Tk1,499 crore.

AB Bank reported a loss of Tk880 crore, although it was narrower than the Tk1,342 crore loss a year earlier. IFIC Bank's loss widened to Tk838 crore from Tk678 crore, while National Bank's loss increased to Tk729 crore from Tk464 crore. Their lending operations recorded losses of Tk755 crore, Tk746 crore and Tk1,041 crore respectively.

Rupali Bank's loss more than doubled to Tk355 crore from Tk168 crore. Premier Bank, however, narrowed its loss to Tk169 crore from Tk541 crore. Standard Islami Bank swung to a loss of Tk159 crore from a profit of Tk19.92 crore, while ICB Islamic Bank and NRBC Bank also reported losses.

NCC Bank tops profit growth, two lenders turn around

NCC Bank led profit growth among the listed lenders, with earnings surging 771% to Tk107.17 crore from Tk12.30 crore. Bank Asia followed with a 420% increase to Tk207.71 crore from Tk39.90 crore, while Mercantile Bank's profit rose 252% to Tk23.21 crore from Tk6.58 crore.

South Bangla Agriculture and Commerce Bank also recorded a sharp 229% increase, although its profit remained modest at Tk2.70 crore.

Al-Arafah Islami Bank and NRB Bank returned to profitability after reporting losses in the corresponding quarter last year. Al-Arafah Islami Bank posted a profit of Tk5.02 crore against a loss of Tk56.25 crore, taking its January-September profit to Tk104.47 crore.

NRB Bank earned Tk1.39 crore, reversing a loss of Tk53.52 crore a year earlier. Its nine-month profit stood at Tk10 crore.

Bad loans and weak lending weigh on the sector

The weakness in core lending operations was widespread. Sixteen banks incurred losses from their lending businesses, while eight reported declines in net interest earnings. Only three banks recorded increases in interest income, according to the supplied figures.

A senior banker attributed the deterioration to structural weaknesses in the banking sector, including a surge in non-performing loans, governance failures and weak credit oversight. Defaulted loans have exceeded 32% of total outstanding loans across the industry, tying up capital that could otherwise support productive lending.

High inflation and energy supply disruptions have also weakened borrowers' repayment capacity, increasing the pressure on banks to set aside provisions against bad loans. Liquidity shortages and capital shortfalls at distressed institutions have further constrained lending, the banker said.

A managing director of a brokerage firm said banks had increasingly shifted towards government securities as default risks rose and private-sector credit demand remained sluggish.

Treasury bonds offer coupon income and, in some cases, capital gains. Their relatively predictable returns have provided banks with an alternative income stream at a time when traditional lending has become riskier.

IPDC Finance plans to raise Tk400 crore through two bonds to meet its financing needs and strengthen its capital base, according to disclosures published on the stock exchanges.

The board of the non-bank financial institution (NBFI) approved the fundraising plan through private placement at a meeting on 29 October.

The company will issue a Tk200 crore unsecured subordinated bond with a six-year tenure to raise Tier-II capital and a Tk200 crore green zero-coupon bond with a five-year tenure.

Both issuances are subject to approval from Bangladesh Bank, the Bangladesh Securities and Exchange Commission and other relevant authorities.

In a separate disclosure, IPDC said its board had approved holding an extraordinary general meeting (EGM) to seek shareholders' approval for amendments to its memorandum and articles of association.

The proposed amendments include adding a provision allowing the company to conduct Islamic Shariah-based financing and investment activities through an Islamic window, subject to regulatory and shareholder approval. It also plans to introduce provisions for forming a Shariah supervisory committee.

The EGM is scheduled for 15 December through a virtual platform, with 19 November set as the record date for determining eligible shareholders.

Nine-month profit rises 35%

IPDC Finance reported a 35% year-on-year increase in net profit to Tk35.4 crore in January-September 2026, supported by higher operating income and cost management.

Earnings per share rose to Tk0.82 from Tk0.61 in the same period last year, according to a company press release.

Gross interest income increased 5.3% to Tk749.1 crore, while interest expenses declined 0.3% to Tk561 crore. Consequently, net interest income grew 26.6% to Tk188 crore.

Investment income rose 24.2% to Tk116.3 crore, while commission and brokerage income increased 13.5% to Tk12.1 crore.

Total operating income reached Tk319.8 crore, up 25.9% from the corresponding period of 2025. In the third quarter alone, operating income increased 20.7% year-on-year to Tk113.4 crore.

Interest income from its core lending business accounted for 62% of total operating income, the company said.

As of 30 September 2026, loans, advances and leases stood at Tk7,578.6 crore, up 1.6% from December 2025. Deposits increased 9.1% to Tk6,790.9 crore, while the investment portfolio expanded 46.1% to Tk1,556.4 crore.

The company said it had maintained adequate provisions against potential risks to protect its balance sheet.

Rizwan Dawood Shams, managing director of IPDC Finance, said, "Our results reflect stronger operating momentum, disciplined cost management and a deliberate focus on balance-sheet resilience. As IPDC approaches its 45th anniversary, we believe sustainable growth is built on a careful balance between performance, prudent risk management, and long-term financial resilience."

"In a changing market environment, our priority remains strengthening our business fundamentals while upholding the trust of those who place their confidence in us. This commitment guides our decisions today and underpins our ambition to create enduring value for all our stakeholders. We invite you to join us as we mark this milestone," he said.

Established in 1981, IPDC Finance is Bangladesh's first private-sector finance company and holds an AAA credit rating from the Credit Rating Agency of Bangladesh Limited. It provides financing and deposit services to corporate clients, SMEs and retail customers.

Export growth continued for the third consecutive month, with stronger RMG, pharmaceuticals, jute and leather shipments driving earnings up 5.88% in the first four months of FY27.

Bangladesh's merchandise exports rose 4.39% year-on-year to $3.99 billion in October, driven by stronger shipments of ready-made garments (RMG), pharmaceuticals, jute and leather products, according to the latest data from the Export Promotion Bureau (EPB).

Export earnings stood at $3.82 billion in the same month last year. Earnings also rose 1.39% from $3.94 billion in September.

The Export Promotion Bureau (EPB) generally releases export figures. However, the central bank provided the latest figures through a press release today (1 November).

Bangladesh Bank also informed that expatriate Bangladeshis sent $2.87 billion in remittances in October, up 12.18% from the same month a year earlier.

Bangladesh's merchandise exports reached $17.04 billion in the first four months (July-October) of the current fiscal year of 2026-27, up 6% or around $960 million from $16.08 billion in the same period a year earlier, according to Bangladesh Bank data.

RMG exports increased 4.90% year-on-year to $3.17 billion in October, compared with $3.02 billion in the same month last year.

During the first four months of FY27, RMG earnings grew 5.82% to $13.75 billion, up from $12.99 billion a year earlier.

Knitwear exports increased 6.48% year-on-year in October, while woven garment shipments grew 2.96%. During July-October, knitwear exports rose 6.79% to $7.73 billion, while woven garment earnings increased 4.60% to $6.02 billion.

Md Fazlee Shamim Ehsan, vice-president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), told The Business Standard that the export growth being reported does not reflect the actual situation.

He said while exports were showing 4.4% growth compared to the same period last year, the cost of importing raw materials had risen by 15-20% during the same period, while wages had to be increased by 9%. "Taking these factors into account, we are actually experiencing negative growth," he said.

Major non-RMG sectors also recorded growth

Pharmaceutical exports posted the strongest performance among the major sectors, rising 25.67% year-on-year in October. During the first four months, the sector's earnings surged 36.44%.

Jute and jute goods exports increased 9.64% year-on-year in October, while cumulative earnings grew 24.88% during July-October. Leather and leather products exports rose 4.70% in October and 12.47% over the four-month period.

Agricultural products and frozen and live fish recorded declines during the July-October period.

By destination, the United States remained Bangladesh's largest export market, with shipments rising 11.51% year-on-year to $3.35 billion during the first four months of FY27, compared with $3 billion a year earlier.

The United Kingdom ranked second with exports worth $1.74 billion, followed by Germany at $1.57 billion and Spain at $1.52 billion. Exports to Spain increased 13.57% during the period.

Among major destinations, Türkiye recorded the fastest growth, with exports surging 82.69% to $292.15 million from $159.92 million a year earlier.

Expatriates send $2.87b in remittances in October

Expatriate Bangladeshis sent $2.87 billion in remittances in October, up 12.18% year-on-year.

In October 2025, remittance inflows stood at $2.56 billion, Bangladesh Bank spokesperson Arif Hossain Khan told reporters.

Bangladesh received $11.465 billion in remittances during July-October of FY2026-27, marking a 13% increase from $10.149 billion in the same period of the previous fiscal year.

Bankers said monthly remittance inflows have remained below $3 billion for five consecutive months, while government payments have increased. This has created a degree of pressure on the country's foreign exchange market.

They noted that remittances had exceeded $3 billion for six consecutive months, from December to May, but have remained below that threshold since.

Bankers said Bangladesh Bank should conduct a proper investigation into the reasons behind the slowdown and publish an assessment to determine whether the decline is linked to the ongoing war or a rise in hundi transactions.

Bank-wise data showed that Islami Bank Bangladesh PLC received the highest amount of remittances, at $365.18 million, accounting for 17.09% of the total. Bangladesh Krishi Bank ranked second, receiving $201.65 million, or 9.44%.

Prime Minister's Adviser on Finance and Planning Rashed Al Mahmud Titumir has said the government has launched a reform initiative bringing together the people of Bangladesh, the private sector, the United Nations, development partners and multilateral development banks to ensure the country's sustainable graduation from least developed country (LDC) status.

He said the government also wants to use the additional three years available for LDC graduation preparations not merely as an extension, but as a period for structural economic reforms, higher productivity, creating new markets and laying the foundation for long-term development.

Titumir made the remarks in an interview at the Secretariat in Dhaka today (1 November).

He said the prime minister has clearly set out the goal of turning Bangladesh into a global manufacturing hub and an export gateway.

The government is working on a plan for a transition from "graduation to a trillion-dollar economy", he said, adding that the transformation must be sustainable.

Bangladesh is the largest economy among the least developed countries, and the PM's adviser added that major reforms are needed to diversify the economy and improve competitiveness and productivity.

Why additional preparation time

Titumir said the government views the extended preparation period as part of a broader strategy.

He pointed to three factors: domestic vulnerabilities inherited from a weak economy, external shocks and economic uncertainty caused by the Middle East crisis, and the lack of earlier preparation to deal with these challenges.

The government began working with these realities in mind, he said, adding that it had supported graduation from the outset.

Reform priorities

Titumir said restoring discipline in the banking sector and ensuring financing would be the first reform priority.

Other priorities include ensuring energy security, finding new markets for investment and developing new product baskets, he said.

The PM's adviser said free trade agreements (FTAs) would be pursued to offset possible losses following LDC graduation.

These goals can only be achieved through a compact with the private sector, he said, adding that private-sector representatives had been involved in every discussion related to graduation.

He said the framework is also part of the government's "Three R" strategy.

Five-party partnership

Titumir said five parties are involved in the initiative: the people of Bangladesh, the private sector, the United Nations, development partners and multilateral development banks.

He said such a partnership based on broad consensus had not been seen before.

On the role of the United Nations, he said a unanimously adopted resolution had called on the entire UN system to provide all forms of support, including technical assistance.

The responsibility has been assigned to the UN resident coordinator, he added.

The International Monetary Fund, the World Bank, the Asian Development Bank, the Asian Infrastructure Investment Bank and the Islamic Development Bank have also expressed support for the government's priority reforms.

Titumir said there is convergence between these reforms and programmes, including the IMF programme.

He said the reforms were being carried out based on the people's mandate, which he described as a key feature of the initiative.

According to him, the involvement of five parties would also give greater confidence to foreign investors.

Banking, energy and trade reforms

Titumir said structural changes in several sectors would be necessary for sustainable LDC graduation.

These include restoring discipline in the banking sector, improving access to finance for investment, ensuring energy security, finding new export markets and signing FTAs with different countries to retain trade advantages, he said.

The PM's adviser said restoring discipline in the banking sector would expand financing opportunities for private investment.

At the same time, reliable and affordable energy supplies would have to be ensured to support the expansion of industry and manufacturing, he said.

After LDC graduation, Bangladesh is likely to lose some duty-free and quota-free access in different markets.

To deal with this, the government is focusing on identifying new markets and pursuing FTAs or Comprehensive Economic Partnership Agreements with trading partners.

Diversified plan for energy security

Titumir identified energy security as one of the main requirements for sustainable industrialisation and investment.

He said the government plans to develop energy infrastructure centred on Matarbari while also expanding infrastructure in other parts of the country.

To increase LNG import capacity, work is under way on land-based LNG terminals alongside floating terminals, Titumir added.

The government is also focusing on increasing solar power generation, reducing waste and system losses in the energy supply network, and diversifying LNG import sources.

Titumir said developing energy infrastructure in the south-west and other regions, alongside Matarbari, could create opportunities for more balanced industrialisation across the country.

The broader aim of the government's plan is to help Bangladesh absorb the possible loss of trade preferences after LDC graduation while strengthening production and exports, he said.

At the same time, it seeks to build the foundation for long-term economic transformation through higher investment, employment and productivity, according to the PM's adviser.

Vietnam’s total goods trade reached an estimated US$1.01 trillion in the first 10 months of 2026, up 32.3 per cent from a year earlier, surpassing the $1 trillion mark for the first time, the Ministry of Industry and Trade’s Agency of Foreign Trade said on Thursday.

Trade turnover in October alone was estimated at $122.2 billion, up 47.6 per cent year-on-year.

Exports continued to post strong growth, reaching an estimated $499 billion in the January-October period, jumping 27.4 per cent. The performance has put Vietnam on track to meet or exceed its full-year 2026 export growth target of 15-16 per cent.

According to the agency, export growth was recorded in both the domestic and foreign-invested sectors. Processed and manufactured goods remained the mainstay, accounting for 87.4 per cent of total exports. Shipments also grew strongly to major markets, including China, the US, the EU, the Republic of Korea and ASEAN.

Vietnam recorded a trade surplus of an estimated $6.8 billion in October, marking the second consecutive month of surplus and narrowing the cumulative trade deficit for the first 10 months to around $12.7 billion.

The results underscore the continued momentum in trade and its important contribution to economic growth.

The agency said that the Ministry of Industry and Trade is drafting a goods import-export strategy through 2030, with a vision to 2045.

The strategy aims to drive strong export and import growth to support Vietnam’s ambition of achieving double-digit economic growth in 2026-30. It targets average annual export growth of 15-16 per cent over the period, with Vietnam aspiring to rank among the world’s 10 largest exporting nations by 2045. Imports are targeted to grow by an average of 12-13 per cent annually in 2026-30, naming Vietnam in the world’s top 10 importers by 2045.

The strategy seeks to establish a sustainable trade surplus in 2026-30, with the surplus equivalent to an average of 3-6 per cent of total exports during the period, rising to 7-10 per cent by 2045.

To improve the quality of trade growth and increase the value added from processing and technology, the draft strategy aims to raise the share of domestic firms in total exports to around 28-30 per cent by 2030 and 38-40 per cent by 2045.

Processed and refined goods are expected to account for 89-90 per cent of total exports by 2030 and more than 92 per cent by 2045. High-tech products are targeted to make up around 50 per cent of processed and manufactured exports by 2030 and more than 55 per cent by 2045.

The strategy also calls for broader market diversification to reduce concentration risks and strengthen resilience to trade shocks.

By 2030, no single export market should account for more than 25 per cent of total exports, while no single import market should represent more than 35 per cent of total imports.

The combined share of Vietnam’s three largest export markets or regions is targeted to fall below 55 per cent by 2030 and below 50 per cent by 2045.

Vietnam aims to export more than $1 billion worth of goods to over 45 markets by 2030 and 55 markets by 2045. The share of exports to emerging markets in South Asia, the Middle East, Africa and Latin America is targeted to reach around 10 per cent by 2030 and 15 per cent by 2045.

For the fourth quarter, the Ministry of Industry and Trade has identified export promotion, market diversification and stronger compliance capabilities as key priorities.

The ministry will seek to make more effective use of existing free trade agreements (FTAs) and expand access to new markets. It will also strengthen early-warning mechanisms for trade defence investigations, tariff barriers, green standards, traceability requirements and rules of origin.

Other priorities include helping businesses improve product quality, develop brands and enhance supply-chain transparency.

The ministry will also promote official export channels, expand agreements and protocols on agricultural quarantine, increase investment in cold-chain logistics infrastructure, and standardise growing areas and packing facilities to meet the requirements of individual trading partners.

Affordable foreign currency financing has become increasingly important for sustaining Bangladesh’s international trade, industrial production and investment amid mounting economic challenges, ICC Bangladesh President Mahbubur Rahman said.

He made the remarks while delivering his closing speech at a workshop titled “Obtaining Import Financing in Foreign Currency – Challenges and Solutions”, jointly organised by the International Chamber of Commerce (ICC) Bangladesh and Germany-based ODDO BHF SE at Renaissance Hotel in the city on Saturday, said a press release on Sunday.

Mahbubur Rahman said Bangladesh is facing inflationary pressures, foreign exchange constraints, subdued private sector investment and uncertainties in global trade.

The Bangladesh Bank's tight monetary policy to contain inflation has also contributed to slower private sector credit growth, he added.

Highlighting the need for innovative trade financing instruments, he said Usance Payable at Sight (UPAS) Letters of Credit allow importers to enjoy extended payment periods while ensuring timely payments to overseas suppliers.

Similarly, Export Credit Agency (ECA)-backed financing can provide longer-term funding at competitive costs for importing capital machinery, advanced technology and industrial equipment, he added.

These financing instruments could play an important role in industrial modernisation, infrastructure development, renewable energy expansion and export diversification, he observed.

Referring to Bangladesh's upcoming graduation from the Least Developed Country (LDC) category, the ICC Bangladesh president stressed the need to strengthen economic resilience, export competitiveness, financial sector reforms and international financing capabilities.

He also underscored the importance of sound risk management, regulatory compliance and stronger cooperation among banks, regulators and international financial institutions.

Highlighting bilateral economic relations, Mahbubur Rahman said Germany remains a major trading and development partner of Bangladesh, offering opportunities for cooperation in trade finance, technology transfer and industrial investment.

He reiterated ICC Bangladesh's commitment to professional capacity-building through workshops and internationally recognised certification programmes offered by ICC Academy and Walbrook Institute London, formerly The London Institute of Banking and Finance (LIBF).

Speaking at the closing ceremony, Muhammad A. (Rumee) Ali, Chairman of the ICC Bangladesh Banking Commission, said bankers are facing growing challenges and need to exercise greater caution in client selection, due diligence and risk assessment.

Thomas Kuerten, Director and Senior Regional Manager of International and Corporate Banking at ODDO BHF SE, Frankfurt, and Ataur Rahman, Secretary General of ICC Bangladesh, also spoke.

The technical sessions were conducted by Karim Dolibois and Uschi Kirchner of ODDO BHF SE, focusing on UPAS Letters of Credit, ECA-backed financing, documentation and risk management.

The Dhaka workshop was attended by 77 participants, including three representatives from KfW and one from the International Finance Corporation (IFC).Buy Maps

Meanwhile, ICC Bangladesh is organising a similar workshop today at Hotel The Peninsula Chittagong, with 35 bankers from 17 banks and 12 corporate clients sponsored by Eastern Bank participating.

The same facilitators are conducting the technical sessions in Chattogram.

Mahbubur Rahman thanked ODDO BHF SE for sponsoring both workshops and appreciated Eastern Bank's support, expressing hope that the programmes would strengthen Bangladesh's international trade financing capabilities.

To avoid a costly economic shock, Bangladesh must spend its newly secured three-year LDC extension overhauling its trade policies, modernising infrastructure, and slashing bureaucratic red tape.
Rather than viewing the delay as a cushion, business leaders and economists argue the government must immediately execute a focused, three-year priority plan centered on six key imperatives: negotiating Free Trade Agreements (FTAs), diversifying exports beyond garments, securing reliable energy, raising domestic tax revenues, modernising port logistics, and boosting industrial productivity.

Without swift implementation, the additional time will do little to prepare the country for the end of vital trade privileges.

UN grants three-year extension

The urgency follows the UN General Assembly's approval on 30 October to move Bangladesh's graduation deadline from 24 November 2026 to 24 November 2029. The decision aligns with recommendations from the UN's Committee for Development Policy (CDP), which backed the extension on the condition that Bangladesh aggressively tackle structural weaknesses in its economy.

The stakes are high: approximately 73% of Bangladesh's export revenue currently depends on preferential trade arrangements granted under LDC status, including duty-free and quota-free market access. The country's primary export engine, the ready-made garment (RMG) sector, faces the greatest exposure when these concessions expire.

From strategy to execution

Economists stress that Bangladesh does not lack a roadmap. The government has already drafted a five-year Smooth Transition Strategy (STS), containing 150 time-bound action items, according to Mustafizur Rahman, distinguished fellow at the Centre for Policy Dialogue (CPD).

However, the core issue remains execution rather than planning. Experts told The Business Standard that the government must condense the STS into a sharply focused three-year priority plan. To ensure accountability, each ministry's targets, strict deadlines, and progress metrics should be made public.

Analysts and industry leaders point to six key pillars that must underpin the country's readiness:negotiating free trade agreements, accelerating export diversification, securing reliable energy supplies, boosting domestic revenue mobilisation, modernising logistics and port infrastructure, and raising industrial productivity.

Time alone will not be enough

Abdur Razzaque, chairman of Research and Policy Integration for Development (RAPID), cautioned that additional time will yield little without decisive action. He called for a concrete plan focused on controlling inflation, restoring macroeconomic stability, and strengthening export competitiveness.

"Without inter-agency coordination and strong political commitment, Bangladesh will struggle to make meaningful use of this extension," Razzaque noted, urging immediate FTA negotiations with the European Union, Bangladesh's largest export destination.

Mustafizur added that the economy must shift from a reliance on preferential market access to a model driven by efficiency, investment, and productivity.

Business leaders call for urgent reforms

Fazlul Hoque, Administrator of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), warned that current preparations remain inadequate. Once tariff preferences end, Bangladeshi firms will compete on equal terms with global rivals.

He urged the government to lower interest rates, reduce red tape, and streamline port operations.

Echoing these concerns, Mahmud Hasan Khan Babu, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), highlighted the strict timelines ahead.

"In the EU market, we effectively have six years, including the standard three-year post-graduation grace period," Babu said. "After that, no further extensions will be granted."

Babu identified five immediate priorities: securing FTAs with major markets, ensuring energy security, constructing the Dhaka-Chattogram Expressway, automating factory production, and completing a deep-sea port.

While the government aims to complete the Matarbari deep-sea port by 2029 and is currently in trade talks with key blocs, Babu stressed that private enterprises must also step up. "Entrepreneurs who fail to adopt modern technology will inevitably be pushed out of the market," he warned.

What changes after graduation?

Graduation will bring significant shifts. Beyond losing tariff preferences, Bangladesh may face patent licensing fees for advanced technologies and lose compliance-related concessions.

To attract Foreign Direct Investment (FDI) to compensate, Mustafizur stressed that the country must reduce the cost of doing business, simplify work permit procedures for foreign experts, and resolve commercial disputes swiftly.

Operating overheads remain a major hurdle. Port congestion, cumbersome customs procedures, and erratic energy supplies continue to drive up costs for exporters.

Masrur Reaz, chairman of Policy Exchange Bangladesh, recommended establishing a LDC-linked competitiveness roadmap with explicit agency targets and regular public progress reports. He also proposed a formal public-private dialogue platform to ensure business feedback directly shapes policy implementation.

Diversification beyond garments

Relying almost entirely on ready-made garments leaves the export basket vulnerable. Broadening the export base requires structural support rather than simple cash incentives.

Razzaque emphasised that emerging sectors need access to modern technology, quality-testing facilities, R&D funding, skilled labour, affordable financing, and overseas distribution networks. He cautioned against limiting diversification efforts solely to garments and pharmaceuticals.

Masrur noted that historical policies have favoured the garment industry, forcing other sectors to operate within a framework not tailored to their needs.

"Bangladesh must select a few high-potential sectors and channel scarce resources towards building their global competitiveness," he said, adding that public funding for innovation should be released in milestone-based tranches to manage risk.

Boosting productivity and skills

Upgrading workforce capabilities requires tight coordination between industry, academia, and vocational institutes. Masrur called for targeted, industry-led training programmes to address specific skill shortages.

At the firm level, Mustafizur noted that manufacturers must invest in automated processes and technology adoption to absorb higher operational costs after LDC exit.

Fiscal and banking sector reforms

Graduation will also alter development financing terms, reducing access to soft loans and concessional international credit. To fund infrastructure, healthcare, and education, Bangladesh must significantly raise its low tax-to-GDP ratio by expanding the tax base, modernising the tax authority, and curbing evasion.

Simultaneously, thorough banking sector reforms are critical to addressing non-performing loans (NPLs), improving governance, and restoring discipline to credit allocations.

A resilient financial sector, coupled with stable economic governance, will be vital to sustaining private investment once preferential trade cushions are gone.

Most multinational companies (MNCs) listed on the Dhaka Stock Exchange (DSE) faced pressure on profitability in the July-September quarter of 2026, as higher energy and operating costs, weak consumer demand and price-sensitive markets weighed on earnings.

Of the 13 listed MNCs, only three – Berger Paints, Reckitt Benckiser and Robi – reported year-on-year profit growth in the third quarter. Six companies recorded lower profits, while four remained loss-making.

The sharpest decline among profitable companies came from British American Tobacco Bangladesh (BAT Bangladesh), whose profit plunged 67% to Tk99.83 crore from Tk305.04 crore in the same quarter last year. The company attributed the fall to volume de-growth.

LafargeHolcim Bangladesh also reported a significant drop, with quarterly profit falling 47% to Tk63.09 crore from Tk118.46 crore. The company said elevated energy, freight and imported raw material costs eroded profitability despite higher sales.

Linde Bangladesh's profit declined 19% to Tk7.96 crore from Tk9.85 crore, mainly due to higher power and energy costs and distribution expenses.

Unilever Consumer Care posted a 33% fall in profit to Tk16.42 crore from Tk24.68 crore. The company said the decline was partly due to a one-off gain recognised in the corresponding period last year following a reassessment of trademark and technology royalty obligations. Lower finance income and reduced sales also played a part.

Marico and Grameenphone, meanwhile, maintained almost unchanged profits. Marico earned Tk153.42 crore, compared with Tk153.57 crore a year earlier, while Grameenphone's profit stood at Tk750.65 crore against Tk751.06 crore.

Among the three companies that managed to increase profits, Berger Paints recorded the highest growth. Its profit rose 28% to Tk76.66 crore from Tk59.76 crore, supported by higher sales, strategic price adjustments, lower finance costs and a reduction in the effective tax rate.

Reckitt Benckiser's profit increased 9% to Tk26.86 crore from Tk24.67 crore, while Robi posted a 4% rise to Tk251.28 crore from Tk242.26 crore.

Robi's revenue grew 7% to Tk2,686.70 crore during the quarter. Its chief executive officer, Ziad Shatara, said 72% of the operator's active customers were now 4G users, reflecting the growing importance of digital connectivity.

The loss-making companies continued to face pressure, although Bata Shoe managed to narrow its quarterly loss. The footwear maker reported a loss of Tk5 crore, down from Tk14.44 crore in the same period last year.

Bata's revenue increased 15% to Tk211.13 crore. The company said profitability improved significantly, mainly due to the write-off of aged payables and cost-management measures. It recommended a 36.31% interim cash dividend for shareholders, setting 25 November as the record date.

Singer Bangladesh's loss widened to Tk77.16 crore from Tk47.93 crore. Although revenue rose 7% to Tk439.33 crore, the company said a stagnant consumer electronics market, high inflation and geopolitical tensions weakened demand. It also struggled to pass higher costs on to consumers because of intense price sensitivity. Net finance costs reached Tk75.68 crore during the quarter.

Heidelberg Materials Bangladesh swung to a loss of Tk20.41 crore from a profit of Tk0.92 crore a year earlier. The company attributed the loss to lower sales volume and reduced margin per tonne.

RAK Ceramics also turned loss-making, reporting a loss of Tk5.09 crore against a profit of Tk2.42 crore. However, its nine-month loss narrowed to Tk2.81 crore from Tk18.60 crore, supported by higher sales volume, improved gross profit margin and lower tax expenses.

Despite the pressure on earnings, some companies announced interim cash dividends. Bata Shoe recommended 36.31%, LafargeHolcim Bangladesh declared 10%, and Marico announced a 350% cash dividend.

LafargeHolcim said its January-September performance remained resilient despite higher costs linked to the conflict in the Middle East and constrained demand amid a slowdown in the domestic economy. Its chief executive officer, Iqbal Chowdhury, said the company had taken cost-efficiency measures and strategic pricing initiatives to navigate market volatility.

Across the 13 listed MNCs, quarterly revenue performance was mixed. LafargeHolcim's revenue grew 13% to Tk758 crore, while Berger Paints recorded 12% growth to Tk690.11 crore. Linde's revenue increased 9% to Tk64.17 crore and Robi's rose 7%.

In contrast, BAT Bangladesh's revenue fell 25% to Tk1,259.56 crore, while Unilever Consumer Care's declined 13% to Tk87.71 crore. Heidelberg Materials and RAK Ceramics also reported revenue declines.

The 13 MNCs have a combined market capitalisation of Tk91,200 crore, accounting for 13.52% of the DSE's total market value, according to DSE data.

A managing director of a brokerage firm said, the third quarter of 2026 revealed a profound profit squeeze across country's corporate sector, driven primarily by an intensifying energy crisis and soaring utility costs. Industrial enterprises and multinational corporations bore the brunt of debilitating gas supply disruptions, escalating power tariffs, and broader inflationary headwinds during the July-September period. The compounding impact of these energy shocks crippled operating margins, pushing quarterly net profits down sharply for a large majority of major listed entities.

According to market insiders, the third quarter of 2026 was marked by an acute energy crisis after a fire in late July disabled the Excelerate floating storage and regasification unit (FSRU) off Moheshkhali, cutting imported LNG supplies by about 450 million cubic feet per day and pushing national gas supplies to multi-year lows in July and August.

The shortage triggered severe load-shedding, peaking at more than 3,500MW, forcing factories, textile mills and consumer electronics plants to scale back production or rely heavily on costly diesel generators. Compounding the crisis, retail electricity prices rose by nearly 16% to 16.7% following policy and wholesale tariff adjustments. Meanwhile, Middle East tensions fuelled global energy price volatility, raising import costs for fuel oil and LNG, straining state finances and adding to domestic energy price pressures.

Bangladesh paid an additional $1.0 billion in October to settle public-sector import payment obligations, particularly for fuel oil, gas and electricity, intensifying pressure on the country's foreign exchange market.Bangladesh Investment Guide
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The taka depreciated by more than Tk 1.00 against the US dollar during the month, falling to Tk 124.00 on Thursday, the last working day of October, from Tk 122.92 on October 1, according to the Bangladesh Bank's (BB) latest statistics.

"We've cleared import payment bills worth around $2.50 billion for fuel oil, gas and electricity in October, compared with the earlier estimate of $1.50 billion, following price volatility in the global market, largely driven by ongoing geopolitical tensions," a senior Bangladesh Bank (BB) official told the FE.

The central banker expects the country's overall import payments through settlement of letters of credit (LCs) to exceed $7.0 billion in October, compared with $6.32 billion in September and $6.18 billion in August 2026.

"The local currency remained under depreciation pressure against the US dollar in October, mainly due to increased pressure on the foreign exchange market from the government's higher import payment obligations," the BB official said.

He also said the central bank intervened twice in the foreign exchange market during October, selling $142 million to commercial banks through auctions to stabilise the exchange rate.

"We expect pressure on the foreign exchange market to ease this week following the central bank's interventions," he added.

Market operators echoed the BB official's view, saying pressure on the foreign exchange market might ease slightly this week following the interventions and a comparatively higher inflow of remittances.

"Remittance inflows normally increase during the first 10 days of each month," a senior treasury official at a public bank told the FE. He said the central bank should monitor both the foreign exchange market and the exchange rates offered by money changers and exchange houses for remittance sales to ensure market stability.

Another treasury official at a leading private commercial bank said the central bank should regularly sell US dollars from its foreign exchange reserves if necessary to ease market pressure.

He also warned that the upward trend in import payment expenses could continue in the coming months, particularly ahead of the holy month of Ramadan.

Large quantities of essential commodities are normally imported to meet additional consumer demand during Ramadan, the month of fasting.

Meanwhile, actual import payments through LC settlements for petroleum products increased by more than 26 per cent to $2.93 billion during July-September of fiscal year 2026-27, from $2.33 billion in the same period a year earlier, according to the central bank's latest statistics.

In FY26, fuel oil imports rose by 6.42 per cent to $10.68 billion from $10.03 billion in FY25.

On the other hand, Brent crude oil stood at $112.33 a barrel on October 30, up 1.38 per cent on the day, 9.79 per cent over the past month and 73.43 per cent from a year earlier, according to global media reports.

Brent settled at $116.72 a barrel on October 23, its highest closing price since April, as Houthi attacks on Saudi energy facilities heightened concerns over supply disruptions. The benchmark was trading at around $72 a barrel just before the Middle East crisis began in late February 2026.

Bangladesh could procure liquefied natural gas (LNG) from some long-term suppliers at around $14 per million British thermal units (MMBtu) under pre-war sales and purchase agreements. Newer long-term contracts, however, are costing more than twice that amount.Bangladesh Investment Guide

The current price is around $30 per MMBTu charged by the new long-term suppliers under JKM-linked pricing formula, which is in use for fixing price on the volatile spot market, according to market insiders.