Summit Power Limited (SPL) reported a significant growth by 173% in its consolidated net profit for the financial year ended 30 June 2026, alongside recommending a 10.50% cash dividend for its shareholders.

According to the price sensitive information approved at its board meeting today (27 October), the company recommended the cash dividend for the 2025-26 fiscal year. To seek shareholder approval for the proposed payout, SPL has scheduled its annual general meeting (AGM) for 30 December. The record date for determining eligible shareholders has been set for 19 November.

The independent power producer reported a sharp rebound in its bottom-line performance, with consolidated earnings per share (EPS) rising to Tk1.04 for FY26, up from Tk0.38 in the previous fiscal year.

The company explained that consolidated EPS increased compared to the previous year primarily due to a lower impairment loss recognised against seven non-operating power plants. The impairment loss stood at Tk94 crore in the current year, down from Tk138.1 crore in FY25, reflecting the plants' updated fair value.

Financial indicators showed that consolidated Net Asset Value (NAV) per share rose slightly to Tk40.73 as of 30 June 2026.

Bangladesh and Malaysia have formally begun negotiations on a free trade agreement (FTA), aiming to conclude a deal by 2027 to boost bilateral trade and investment.

Commerce Secretary Sharf Uddin Ahmed Choudhury inaugurated the first round of talks at the Pan Pacific Sonargaon Hotel in Dhaka on Tuesday. The three-day negotiations will continue until October 29.

Malaysia's 31-member delegation is led by its chief negotiator, Dr Rashidi Said, a senior director at Malaysia's Ministry of Investment, Trade and Industry (MITI), while Bangladesh's chief negotiator is Khadija Nazneen, Additional Secretary (WTO) at the Ministry of Commerce.

The two sides signed the terms of reference (ToR) at the opening session, setting the framework and scope of the negotiations.

Speaking at the inaugural session, the commerce secretary said Bangladesh and Malaysia had built strong ties on the basis of historical friendship and shared cultural and religious values. Although bilateral trade relations were promising, there was considerable scope to diversify trade and expand investment, he said.

He said the two countries had agreed to work towards concluding a sustainable and mutually beneficial FTA by 2027 during Prime Minister Tarique Rahman's visit to Malaysia in June. The first round of formal negotiations marks the beginning of the process to fulfil that commitment, he added.

The commerce secretary said an FTA would help Bangladesh address the challenges of graduating from the least developed country (LDC) category and maintain its competitiveness in international markets.

Located at the crossroads of South and Southeast Asia, Bangladesh offers promising opportunities for Malaysian investors, particularly in the halal industry, semiconductor skills development, digital trade, logistics and joint investment in special economic zones, he said.

He also thanked Malaysia for supporting Bangladesh's aspiration to join the Regional Comprehensive Economic Partnership (RCEP).

Dr Rashidi said the proposed FTA was not merely a tariff-reduction agreement but a strategic initiative to establish a long-term and balanced economic partnership between the two countries.
Bilateral trade between Bangladesh and Malaysia stood at around US$2.84 billion in 2025, he said, adding that the proposed deal could create new opportunities for trade expansion, industrialisation and investment.

He expressed optimism that the negotiations could be completed by 2027 through mutual understanding, flexibility and a practical work plan. An upcoming visit by the Malaysian prime minister to Bangladesh could also give fresh impetus to the process, he added.

Khadija Nazneen said an FTA would facilitate market access in both countries, reduce trade barriers and create new opportunities for investment and employment. It would also make trade procedures more transparent, simpler and more predictable, she said.

She said the negotiations would focus on reaching consensus while protecting the interests of both countries on key issues, including trade in goods and services, rules of origin and customs procedures.

Representatives of both countries reaffirmed their commitment to reaching a balanced and effective long-term agreement through constructive dialogue, mutual respect and flexibility.

The government owes commercial banks Tk1,958 crore in cash incentives for exports of goods and services, with payments for July, August, and September remaining unpaid, according to a Bangladesh Bank document obtained by The Business Standard.

The government cleared export incentive payments up to June, but the subsequent three months' dues remain outstanding, creating financial pressure on exporters who depend on the support to sustain operations and plan new investments.

Unlike the 2.5% incentive on remittances, which banks distribute to senders from their own funds, export incentives are paid to exporters only after the government releases the money through Bangladesh Bank.

Exporters say delays in disbursing the funds undermine the purpose of the incentives, leaving businesses at a disadvantage against competitors in countries such as India and Vietnam, where exporters receive greater support and payments more promptly.

Imran Kader Turjo, director of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) and managing director of Southern Knitwear, said competing countries offer exporters substantially more facilities.

"Exporters in India and Vietnam receive incentives on time, giving them opportunities to expand their businesses and make new investments," he told TBS.

In Bangladesh, exporters remain uncertain about when they will receive government support, delaying budget preparation, investment decisions and business expansion, he said.

Turjo said exporters often receive incentive payments around the two Eid festivals rather than regularly throughout the year.

"This should not happen. The government should release incentives for each month within that month. Even if at least 60% of the incentives were disbursed monthly, the scheme would serve its purpose," he said.

Payments take up to 18 months

BKMEA President Mohammad Hatem said exporters generally receive the incentive money around 18 months after shipping their products.

After export proceeds arrive in Bangladesh, exporters apply for incentives through commercial banks. The banks forward applications to audit firms for verification, after which the certificates are sent back to the banks and then forwarded to Bangladesh Bank for payment.

The process of sending the documents to the central bank alone can take around a year, while receiving export proceeds after shipment takes approximately six months, he said.

"By the time the entire process is completed, exporters have to wait around one and a half years to receive the money," Hatem told this correspondent.

Although the waiting period was previously as long as two years, the delays continue to disrupt business planning, he said.

At one point, outstanding export incentives reached Tk5,000 crore, Hatem said. The arrears have since declined partly because the government reduced the incentive rates.

According to Bangladesh Bank data, outstanding payments include Tk112 crore owed through City Bank, Tk32.45 crore through Mutual Trust Bank, Tk98 crore through Islami Bank Bangladesh, Tk33.86 crore through Dutch-Bangla Bank and Tk100 crore through Eastern Bank.

Support covers 43 export sectors

Under the latest central bank policy, which remains in force for FY27, exporters in 43 sectors are eligible for cash incentives ranging from 0.30% to 10%.

The readymade garment and textile industries are among the largest beneficiaries, with garment exporters receiving a 5% incentive.

The government reduced export incentives in two phases in 2024 under the Awami League regime, citing Bangladesh's scheduled graduation from the least developed country (LDC) category in 2026.

Under World Trade Organization rules, Bangladesh's ability to provide export subsidies will face restrictions following its LDC graduation. The government opted to reduce support gradually rather than withdraw it at once, seeking to limit the impact on exporters.

Bangladesh Bank (BB) has relaxed the shareholding limit in United Commercial Bank PLC (UCB), allowing a single investor or family to hold up to 30 per cent of the bank's paid-up capital.

In a circular issued on Monday, the central bank said the shareholding restriction under Section 14Ka of the Bank Company Act, 1991, would not be applicable to the UCB.

The exemption covers any person, institution, company or family members holding shares in the bank directly or indirectly, individually or jointly with others, according to the circular

The circular, issued under Section 121 of the Bank Company Act, which empowers the central bank to grant such exemptions, said the decision was taken "to strengthen the capital base" of UCB.

However, the central bank did not name any prospective investor or specify how much fresh capital the bank is expected to raise. It also did not disclose the reasons behind granting the exemption.

Seeking anonymity, a BB official said a large portion of UCB's shares had been blocked following a High Court order. The shares were owned by Saifuzzaman Chowdhury, a former director of UCB and former land minister, according to the official.

The relaxation was intended to create an opportunity for the bank to raise fresh capital amid the blockage of a significant portion of its shares, the official said.

The move effectively provides UCB with greater flexibility in bringing in a big investor or investors as part of efforts to strengthen its capital base.

UCB welcomed the BB's latest move, saying it removed a significant legal barrier to large share investments and would widen the participation of strategic investors.

"We expect this to widen the scope for local and foreign strategic investors to participate," Zeeshan Kingshuk Huq, Chief Communications Officer (CCO), of the private commercial bank, said in a statement.

"For us, strategic investment is not just fresh capital. It also brings advanced technology, international expertise, good governance and long-term commitment. We want investors who are not only financially strong, but genuinely committed to the bank's long-term growth," Mr. Huq explained.

The first generation bank said a capital shortage was a well-known problem in the country's banking sector and that strengthening its capital base was a top priority in building UCB into a strong, transparent and trusted institution.

It has already taken two steps with the regulator's approval: a Tk 7.75 billion rights share issue and a Tk 8.00 billion subordinated bond issue.

"Our next goal is to bring reputable, financially strong local and foreign strategic investors into UCB. Shareholders approved this at the bank's last year's Annual General Meeting," the CCO added.

He also said: "We see Bangladesh Bank's decision as a positive sign for the whole sector. This is about building back with fresh capital, credible investors and sound governance, under proper regulatory supervision. Done right, it can bring long-term investment back into banking, and with it, people's confidence." Bangladesh Economic Report

He also informed that the bank's goal is to build UCB into a reliable, customer-friendly and future-ready institution, underpinned by strong capital, transparency, good governance and modern technology.

Mobile operators have urged the Bangladesh Telecommunication Regulatory Commission (BTRC) to further cut proposed spectrum renewal prices, saying spectrum costs relative to revenue in Bangladesh are more than double the global average and are constraining network investment and service quality.

Grameenphone, Robi Axiata and Banglalink are due to renew a combined 79.2MHz of spectrum on 10 November, comprising 32.4MHz for Grameenphone, 22.4MHz for Robi and 24.4MHz for Banglalink.

Lt Col Mohammad Zulfikar (retd), secretary general of the Association of Mobile Telecom Operators of Bangladesh (AMTOB), said operators in Bangladesh spend 15.7% of their revenue on spectrum, compared with the global average of 7.7% and 10.4% in the Asia-Pacific region.

"BTRC carried out a detailed study by an expert researcher on spectrum pricing and proposed a price for the renewal of spectrum that is modestly lower than before. We appreciate the endeavour, but we believe the price can further be reconsidered," he said.

In a letter to the BTRC on Sunday, AMTOB sought further cuts to proposed base prices for the 900MHz, 1800MHz and 2100MHz bands. It also proposed a 20-year renewal period, with payments in 20 equal annual instalments and no price revision during the extended tenure.

The association also called for the annual spectrum charge to be withdrawn.

Zulfikar said lower prices would allow operators to invest more in network expansion, improve service quality and extend coverage, urging the regulator to meet with the industry.

Proposed cuts could lower renewal costs

The BTRC has proposed reducing renewal prices by 10% to 30%. If approved, the cuts could bring the combined renewal cost for the three operators to around Tk13,100.50 crore from Tk16,845.20 crore at existing rates – a reduction of about 22%.

The proposal, submitted to the government in October, is awaiting final approval. It follows a study that assessed spectrum value based on projected income, engineering costs, international comparisons and wider economic benefits.

The study warned that excessive prices could discourage operators from acquiring spectrum, undermining network investment and potentially reducing government revenue. Improved connectivity, it said, could generate economic benefits beyond direct spectrum payments.

High costs raise investment concerns

A TBS report published in September found Bangladesh's spectrum prices among the highest regionally and globally. An industry valuation analysis found local prices were four to six times those in Nordic markets after adjustments for market size and structure.

Bangladesh priced 2.3GHz and 2.6GHz spectrum at around $6 million per MHz in its 2022 auction. By comparison, India's 3.3GHz band cost $1.8 million to $2.1 million per MHz, while Pakistan's 2.3GHz and 2.6GHz bands cost $1 million to $1.25 million. Direct comparisons vary by frequency band, licence duration and auction terms.

In January, Grameenphone acquired 10MHz of 700MHz spectrum at Tk237 crore per MHz, paying Tk2,370 crore. Robi and Banglalink did not participate, citing pricing and auction concerns.

AMTOB has warned that high spectrum costs divert funds from base station expansion, network modernisation and new technologies, potentially slowing the growth of mobile financial services, e-commerce, education and healthcare.

BTRC Chairman Major General (retd) Md Emdad Ul Bari earlier told TBS that spectrum pricing must balance investment incentives with predictable government revenue.

"While lower prices could boost investment and indirect tax, the government still needs predictable direct returns," he said.

Food Minister Afroza Khanam has proposed that Russia build a wheat silo using its own funds on unused land at Payra sea port in Patuakhali.

The proposal followed a suggestion by Russian Ambassador to Bangladesh Alexander Khozin to finance a wheat silo at Moheshkhali in Cox’s Bazar. He made the proposal during a courtesy call on the food minister at the Ministry of Food yesterday.

The ambassador also proposed exporting wheat to Bangladesh on a government-to-government basis.

Responding to the Moheshkhali proposal, the minister said finding suitable land for such a large infrastructure project in the area could be difficult because of a shortage of land.

She suggested Payra sea port as an alternative location, saying it has the necessary port infrastructure and communication facilities to accommodate a large-capacity wheat silo.

The silo could initially have a storage capacity of 200,000 tonnes, which could gradually be increased to 500,000 tonnes, she said.

A silo at Payra would facilitate the transportation of wheat to key distribution and supply hubs across the country, including Narayanganj and Baghabari in Sirajganj, she added.

The minister invited the Russian ambassador to visit Payra sea port to assess the feasibility of the proposal. An on-site visit would help identify a suitable location, assess the available infrastructure and determine how the project could be implemented, she said.

The ambassador welcomed the proposal and expressed interest in it.

A wheat silo is a specialised structure designed to store large quantities of wheat in a controlled environment, protecting the grain from weather and other external factors.

According to food ministry data, Bangladesh currently has 12 silos, of which 10 are operational. Work on the remaining two has yet to be completed. Of the 10 operational silos, six are used for wheat and four for rice. The wheat silos have a combined storage capacity of 350,000 tonnes.

Singer Bangladesh Limited has decided to raise capital by issuing perpetual, non-cumulative, non-convertible and non-voting preference shares worth up to Tk250 crore.

According to the company's disclosure filed with the Dhaka Stock Exchange (DSE) today (27 October), the issue comprises up to 25 crore shares priced at Tk10 each at par.

The electronics manufacturer will issue the shares through a private placement to its sponsor shareholder.

The company plans to use the proceeds to refinance existing debt, ease its debt burden and support its working capital needs.

Dividends on these preference shares will be non-cumulative and payable only if, and to the extent that, they are declared at the discretion of the board of directors. As the shares are perpetual, shareholders will not be entitled to demand their redemption.

Alongside the preference share issuance, the company's board has recommended doubling its authorised share capital to Tk500 crore from the existing Tk250 crore.

Both proposals are subject to approval by shareholders at an Extraordinary General Meeting (EGM) scheduled for 15 December, as well as final consent from the Bangladesh Securities and Exchange Commission (BSEC).

In a separate disclosure, the company said it had incurred a net loss of Tk77 crore in the third quarter of this year.

Following the announcement of the quarterly loss, Singer Bangladesh's share price fell by 5.71% to Tk71 on the DSE today.

Boeing today(27 October) reported a smaller quarterly loss compared with the same period last year when huge costs associated with a plane certification delay weighed heavily on results.

The aviation giant reported a third-quarter loss of $116 million, compared with a loss of $5.3 billion in the year-ago period when delays to the 777X certification led to a $4.9 billion hit.

The results translated into a larger earnings per share loss than analysts expected, but the company pointed to recent commercial aircraft certifications and Pentagon awards as signs of progress in its turnaround.

Chief Executive Kelly Ortberg cited the Federal Aviation Administration's certification of the 737 MAX 7 and 737 MAX 10 as well as a "transformational" Pentagon award for the US Navy's next-generation fighter jets as evidence of momentum.

"Expectations are rising, and they should. We have a stronger foundation than a year ago, but we also have more work to do to deliver on our backlog, strengthen our culture, and improve how we work every day," Ortberg said in a message to employees.

Revenues rose four percent to $24.2 billion behind increased deliveries in defense, space and security business and higher sales in Boeing global services.

Boeing's revenues for commercial aircraft dipped from the year-ago period. The company said it was on track to achieve "stabilized production of 47 per month" for the 737 MAX.

Boeing last week won US certification of the 737 MAX 10, the largest plane in the MAX family. That came on the heels of the August certification of the 737 MAX 7, the smallest jet in the family.

Both approvals have arrived years after the original timetable, but set the stage for increased plane deliveries in the coming years.

Of the still-outstanding 777X, Boeing said the program "continued to progress on 777-9 certification flight testing and remains on track for first delivery in 2027."

The company reported $464 million in free cash flow in the quarter. Wall Street analysts have been tracking the company's progress on attaining positive cash flow after a lengthy period in which it has not only reported frequent quarterly losses, but has also often had negative cash flow.

Boeing executives have said they are confident they will attain $10 billion annual free cash flow but haven't set a specific target date.

Boeing shares rose 0.6% in pre-market trading.

Bangladesh is projected to overtake neighbouring India in nominal per capita gross domestic product (GDP) in 2026, with its per capita GDP expected to reach US$2,886, compared with US$2,749 for India, according to the International Monetary Fund (IMF).Bangladesh Economic Report

The IMF's October 2026 World Economic Outlook projects Bangladesh's per capita GDP to exceed India's by US$137 this year, marking a reversal of the trend in recent years, when India moved ahead of Bangladesh on this measure.

Per capita GDP is calculated by dividing a country's total economic output by its population.

Bangladesh has made significant economic progress over the past two decades, driven largely by the expansion of its ready-made garment (RMG) industry, strong remittance inflows and increased participation of women in the labour force.

Parkway Packaging and Printing Ltd, a concern of DBL Group, plans to raise Tk78 crore through an initial public offering (IPO), offering shares at Tk40 each, including a Tk30 premium over the Tk10 face value.

The company submitted an application with the Bangladesh Securities and Exchange Commission (BSEC) yesterday (26 October), appointing merchant bank Shanta Equity as the issue manager. It plans to issue 1.95 crore shares under the fixed-price method and list on the stock market's main board.

The proposed IPO would make Parkway Packaging one of the few companies to seek capital at a premium through the fixed-price method. Dorin Power Generations and Systems last used this method in 2016, raising Tk58 crore with a Tk19 premium per share.

According to the proposed IPO prospectus, Parkway Packaging plans to spend Tk65 crore on factory buildings and other infrastructure, Tk10.65 crore on machinery and equipment, and Tk2.35 crore on IPO-related expenses.

The move is part of DBL Group's broader plan to bring more of its companies to the capital market to strengthen corporate governance, transparency and professional management. The group's concern Matin Spinning Mills is already listed on the stock market.

Revenue rises 13.5%

Parkway Packaging manufactures cartons and other packaging products, primarily for the readymade garment industry. It began commercial production in 2008 and has a daily production capacity of around 35,000 to 75,000 cartons.

In FY26, the company's revenue increased 13.49% year-on-year to Tk143 crore. It reported a net profit of Tk16.83 crore, earnings per share (EPS) of Tk3.74 and net asset value (NAV) per share of Tk34.04.

The company has an authorised capital of Tk150 crore and paid-up capital of Tk45 crore.

At the proposed issue price of Tk40 per share, the stock is valued at around 10.7 times its earnings per share, while the offer price is approximately 17.5% above its NAV per share.

Another DBL concern eyes listing

Thanbee Print World Ltd, another DBL Group concern serving the garment industry, is also preparing to enter the capital market. The company provides printing services and has a daily printing capacity of around 250,000 pieces.

DBL Group Vice Chairman M A Rahim previously told TBS that the group was preparing to list both Parkway Packaging and Thanbee Print World. However, the amount Thanbee intends to raise through its IPO had not been finalised.

DBL targets 4-5 more listings

Rahim earlier told TBS that the group planned to list another four to five companies over the next four years, provided the proposed IPOs of Parkway Packaging and Thanbee Print World are successful.

He said the objective was not limited to raising funds but also included improving corporate governance and ensuring professional management over the long term.

As the family expands, not all members will be directly involved in business operations. The group therefore wants to place its companies under professional management while allowing family members to remain involved as shareholders, he said.

DBL plans to bring several companies from its textile business to the market after the two proposed listings. However, it intends to wait longer before considering IPOs for its relatively new pharmaceutical business and ceramics operations.

Established in 1991, DBL Group is a diversified industrial conglomerate with interests in garments, textiles, accessories, packaging, ceramic tiles, pharmaceuticals, dredging, retail and technology.

The planned listings could expand the group's presence in Bangladesh's capital market while increasing public disclosure and regulatory oversight of its businesses.

RAK Ceramics (Bangladesh) Limited incurred a net loss of Tk5 crore in the July-September quarter of 2026, reversing from a profit a year earlier, as gas supply disruptions hampered production and increased operating costs.

According to its unaudited consolidated financial statements approved at a board meeting held today (27 October), the tiles manufacturer reported a net profit of Tk2.43 crore in the same quarter of 2025.

Earnings per share (EPS) turned negative at Tk0.12 in the third quarter, compared with Tk0.06 a year earlier. Revenue fell to Tk185.57 crore from Tk206.41 crore in the corresponding period of 2025.

However, the company's nine-month performance improved. Its net loss narrowed to Tk2.81 crore in January-September 2026 from Tk18.61 crore in the same period a year earlier.

Nine-month sales grew 8.38% year-on-year to Tk559.72 crore, driven by higher sales volume.

The company attributed the nine-month loss reduction to an improved gross profit margin of 18.57% and reduced tax expenses following changes in tax regulations regarding Tax Deducted at Source.

Meanwhile, net asset value (NAV) per share stood at Tk14.96 as of 30 September 2026. Net operating cash flow per share for the nine-month period improved to Tk0.90 from Tk0.34 in 2025, supported by better trade receivable collections and negotiated payment terms with suppliers. RAK Ceramics share price closed 1.65% higher at Tk24.40 today at the Dhaka Stock Exchange.

The US dollar rose slightly against the taka yesterday as banks faced mounting pressure to settle letters of credit (LCs) for oil and gas imports.

Eastern Bank PLC quoted the dollar at Tk 123.98 for spot selling and Tk 122.98 for spot buying, up from Tk 123.95 and Tk 122.95, respectively, a day earlier. The rates were considerably lower a week ago.

State-owned Sonali Bank quoted the dollar at Tk 123.90 for spot selling and between Tk 122.63 and Tk 122.90 for spot buying.

In the interbank market, the weighted average dollar rate rose to Tk 123.75 yesterday from Tk 123.73 a day earlier and Tk 123.45 a week ago, according to Bangladesh Bank (BB) data.

Bankers attributed the increase mainly to higher payment pressure for oil and gas imports.

A BB official said dollar inflows and outflows were roughly balanced, but payment pressure usually increases towards the end of a month

A treasury head of a state-owned bank, who wished to remain anonymous, told The Daily Star that government payments for oil and gas imports were putting heavy pressure on the market. His bank was also facing a slight dollar shortage, he said.

Import payments rose 12 percent year-on-year to $12.20 billion in July and August of the current fiscal year, according to BB data. Payments for petroleum products alone doubled to $2.49 billion.

Industry insiders said global fuel prices had risen amid tensions in the Middle East, increasing the country’s import bill.

A BB official said dollar inflows and outflows were roughly balanced, but payment pressure usually increased towards the end of the month, pushing up the exchange rate.

Remittance inflows also tended to slow towards the end of the month, creating a temporary mismatch in the market, the official added.

Expatriate Bangladeshis sent home $2.13 billion between October 1 and 24, up from $2 billion in the same period last year.

Despite some volatility in the foreign exchange market, the country’s reserves remained at a comfortable level. The central bank data showed that reserves stood at $31.54 billion under the BPM6 method on October 19, up from $26.34 billion a year earlier.

Saudi Arabia plans to store crude oil at Singapore’s Jurong Rock Caverns ‌from the second half of 2027 to strengthen supply security in the region, energy ministers from both countries said on Monday.

The move comes after the US-Israeli war with Iran severely disrupted energy supplies to Asia shipped through the Strait of Hormuz, prompting countries to draw ​down inventories and raising concerns about stockpile levels globally. Asia imported two-thirds of its oil supplies from the Middle ​East before the war.

“Saudi Arabia and Singapore are announcing our joint intent to establish an arrangement for Saudi crude oil to be stored at the Jurong Rock Caverns from the second half of ​2027,” Tan See Leng, minister for energy, trade and industry, told the Singapore International Energy Week conference.

“This arrangement enhances the ​resilience of the Saudi crude oil supply chain in Southeast Asia, as well as contributes to Singapore’s energy security and resilience in the event of supply disruptions.”

Tan said Saudi Aramco will sign a memorandum of understanding with the Energy Market Authority and JTC Corp ​on Monday and aimed to conclude negotiations in a few months’ time.

“Bringing supply closer to key Asian markets would ​strengthen the flexibility of our supply network and support Singapore’s security of supply and preparedness,” Saudi Arabia’s Energy Minister Prince Abdulaziz bin ‌Salman Al-Saud said in a video recording at the conference.

Located at a depth of 150 metres (492 feet) below the ground, the rock caverns at Jurong Island can store up to 1.47 million cubic metres, or roughly 9 million barrels of liquid hydrocarbons such as crude oil and condensate.

Saudi Aramco currently stores crude in Japan and South Korea where local governments have priority ​to buy the supplies in ​the tanks in the ⁠event of an unexpected shortage.

The crude storage capacity in Okinawa was expanded to 8.2 million barrels in September 2017 in an agreement with Japan Oil, Gas and Metals National ​Corp (JOGMEC), Aramco Japan said on its website.

In 2023, Aramco inked a deal with Korea National ​Oil Corp to ⁠store 5.3 million barrels of oil in South Korea’s reserve facilities in the port of Ulsan for five years.

Elsewhere, Japan is in talks with Asian countries to boost crude reserves across the region, part of the Partnership in Wide Energy and Resources ⁠Resilience Asia (POWERR ​Asia) initiative proposed earlier this year by Prime Minister Sanae Takaichi ​backed by $10 billion in financial support.

While China, Japan and South Korea have built large oil stockpiles, most other Asian countries have less of a ​buffer in the event of supply shocks.

A trade agreement between the United States and Canada would be reached “pretty soon,” President Donald Trump told a campaign rally on Sunday, nine days ahead of crucial US midterm elections.

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

“We’ll have that settled pretty soon. They’re willing to give us anything at this moment,” the president said of an agreement during the rally in Port Huron, a Michigan town on the US-Canada border hit hard by his tariff war.

Trump once again defended his levies on Canada and accused it of “ripping off the United States for years.”

The tariffs enforced after the August talks broke down impacted around US$20 billion worth of goods, ranging from hockey sticks to cement. In response, Canada imposed tolls on an equivalent amount of American products, leading Trump to retaliate with another round of levies of as much as 50 percent on certain goods.

The White House removed some of them on Friday, in response to a request from Senator Susan Collins, which has been disproportionately impacted by the trade war.

Democrats are targeting Collins’s seat in their attempt to win control of the Senate from the Republicans in next Tuesday’s midterms.

Since the start of his second term, Trump has upended the global trade order by imposing wide-ranging tariffs on friend and foe, saying they had been taking advantage of the United States.

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

Edible oil traders have sought a Tk15 per litre price increase ahead of Ramadan, citing rising international raw material and transportation costs, while date importers have urged the government to cut duties to keep the fruit affordable during the fasting month.

The proposals were raised at a meeting with Commerce Minister Khandaker Abdul Muktadir today (26 October) to review import preparations, supply constraints and prices of essential commodities ahead of Ramadan.

The ministry did not decide on the proposed oil price hike but said it would discuss duty relief on dates with the National Board of Revenue (NBR). Dates currently face duties and taxes of around 55%, importers said, arguing that high valuations and rising freight costs were adding to import expenses.

Importers also warned that instability in the Middle East had complicated transportation, forcing the use of alternative routes and increasing logistics costs. Difficulties opening letters of credit (LCs) could further disrupt supplies.

The commerce minister called for a transparent and rational duty structure for dates that reflects differences in varieties, quality and prices. Bangladesh imports dates of varying quality from around a dozen countries, including Egypt, Saudi Arabia, Iraq and Algeria, and applying uniform valuations could create complications, he said.

Importers want duties to be calculated on the basis of actual quality and prices rather than fixed reference values. They said valuations exceeding the actual prices of ordinary-grade dates increase duties and overall import costs. They also sought more flexible taxes on fruit imports, arguing that high duties make produce less affordable.

Although the NBR determines duties, coordination among government agencies is needed. The meeting discussed implementing existing concessions on date imports without delay, and officials said internal preparations had been completed. Authorities pledged to address the importers' concerns.

Imports rise ahead of Ramadan

The government has urged traders to bring in essential commodities on time and ensure adequate market supplies, as imports of several key items have already risen ahead of Ramadan.

Between 1 July and 25 October, edible oil imports increased to 823,000 tonnes from 705,000 tonnes a year earlier. LCs were opened for 805,000 tonnes, up 131,000 tonnes year-on-year.

Soybean seed imports reached 501,000 tonnes, an increase of 113,000 tonnes. Sugar imports rose by 153,000 tonnes to 687,000 tonnes, while LCs were opened for 810,000 tonnes.

Chickpea imports climbed to 82,000 tonnes from 12,000 tonnes, with LCs opened for 138,000 tonnes. Lentil imports reached 122,000 tonnes, up 64,000 tonnes, while LCs covered 114,000 tonnes. Date imports also rose, reaching 11,000 tonnes compared with 4,000 tonnes a year earlier.

The ministry has pledged support for traders seeking to maintain supplies but warned against hoarding and market manipulation.

A senior commerce ministry official said demand for edible oil, sugar, lentils, chickpeas, dates, chicken and eggs typically doubles or more during Ramadan. The meeting was intended to assess import preparations and address obstacles to keeping supplies adequate and prices stable.

Traders flag pressure on small lentil mills

While traders assured the ministry that they were prepared to maintain normal business operations and keep chickpea and lentil prices stable, concerns were raised about the difficulties faced by smaller lentil mills.

Haji Nesar Uddin, president of the Bangladesh Pulses Traders Association, said the problem was not simply one of supply, as the market was also under pressure from large traders.

"But the problem lies elsewhere. Chickpeas are entirely import-dependent, while around 80% of lentil demand must be met through imports. Ordinary lentil mills can no longer operate because of large traders. The Commerce Ministry needs to understand this," he told The Business Standard.

The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association did not comment on the meeting. Its secretary, Md Nurul Islam Molla, declined to comment.

Poultry sector expects stable supplies

Representatives of the poultry sector said egg and chicken production remained normal and that no major shortages were expected, as disease outbreaks on farms remained limited.

Farm-level egg prices had fallen from Tk11.50 a piece a few days earlier to below Tk10, bringing them close to production costs. Industry representatives expect egg demand to dip slightly during Ramadan as breakfast habits change, while chicken demand could rise after Eid, potentially affecting prices.

Under the existing import policy, eggs and meat cannot be imported without special government permission.

Global prices and Ramadan demand

The Bangladesh Trade and Tariff Commission found that international prices of edible oil and chickpeas had edged up, while lentil prices had fallen. It recommended monitoring global prices, import costs and domestic supplies.

Chickpeas and lentils currently face no import duties or taxes, while rational adjustments to sugar and fruit duties could help contain prices. Fresh fruit prices in the domestic market had also declined slightly.

Ramadan brings a seasonal surge in demand for several essential commodities. Sugar consumption peaks as households prepare drinks, sweets and iftar dishes, with demand reaching nearly 300,000 tonnes. Consumption of soybean and palm oil also rises as households prepare fried snacks.

Lentils are used to make piyaju, beguni and other fritters, as well as dishes served at sehri. Smaller-grain, higher-quality lentils are particularly sought after. Chickpeas and dates also account for a substantial share of annual consumption during the fasting month.

Most of these commodities depend on imports to meet domestic demand, although chicken and eggs are generally supplied locally and eggs may also need to be imported at times. Maintaining adequate supplies during the seasonal surge will be crucial to keeping prices stable.

The meeting was attended by traders and representatives of the Bangladesh Trade and Tariff Commission, NBR, Trading Corporation of Bangladesh (TCB), Directorate of National Consumer Rights Protection (DNCRP), Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), police, Directorate General of Forces Intelligence (DGFI) and National Security Intelligence (NSI).

US consumer sentiment edged down to near a record low in October as rising prices because of the Middle East conflict ​soured households’ views of the economy on the doorstep of midterm congressional elections centering on affordability issues, a survey showed recently.

The University ‌of Michigan’s Surveys of Consumers said its Consumer Sentiment Index dropped to 48.0 this month from a final reading of 48.1 in September. Economists polled by Reuters had forecast the index at 46.3, which had also been the index’s preliminary reading for October.

October’s reading marked the second-lowest on record after the all-time low of 44.8 set in May, not long after the Iran war began.

“Purchasing power ​continues to dominate consumer views of the economy,” said Joanne Hsu, the director of the Surveys of Consumers.

“Sentiment is now 10 percent below a year ago ​and 15 percent less than February, just prior to the Iran conflict.”

The survey results dovetail with political polling data showing voters have a dim view of the economy and President Donald Trump’s and the Republican Party’s stewardship over it.

Millions of US voters have already cast early ballots in the ​fast-approaching November 3 midterm election that will determine control of Congress over the final two years of Trump’s term. Polls show Republicans are likely to lose control of the ​House of Representatives and possibly the Senate as Trump’s approval rating in a Reuters/Ipsos poll sits at a record low thanks to the skyrocketing fuel prices unleashed by his decision to attack Iran in late February.

University of Michigan data broken down by political party affiliation showed the weaker sentiment was led by survey respondents self-identified as independents, who comprise a critical bloc of swing voters. Their ​sentiment score dropped to 42.4 — just above May’s record-low 40.6 — from 47.7 in September, while scores for Democrats and Republicans improved.

The survey showed a significant upswing this ​year among independents — and also notably Republicans — citing high prices as a drag on their personal finances. Since January, the number of independents referencing inflation pressures as hurting their financial situation rose ‌by 27 percent, ⁠while it has shot up by 52 percent among Republicans. Similar citations among Democrats, meanwhile, are up by 15 percent.

Households with no or limited exposure to the stock market — until recently climbing rapidly on enthusiasm for the artificial intelligence investment boom — also have cited high prices as a drag on their finances more frequently than at the start of the year.

STICKY INFLATION EXPECTATIONS

The survey’s measure of consumer expectations for inflation over the next year nudged up to 4.7 percent from 4.6 percent in September. Twelve-month inflation expectations have surged from ​3.4 percent in February before the US-Israeli war ​with Iran started.

Consumers’ expectations for inflation ⁠over the next five years rose to 3.5 percent from 3.4 percent in September and 3.2 percent in March, just after the war’s start.

Hsu, in an accompanying report on inflation expectations released with the October sentiment survey, said the persistence of elevated inflation expectations in ​the post-Covid-19 pandemic era posed a risk for Federal Reserve policymakers’ efforts to return inflation to their 2 percent target — unachieved ​now for more than ⁠five years.

“Consumers broadly expect inflation to accelerate, and this year’s increases in inflation expectations are not limited to one part of the political spectrum,” Hsu wrote.

“The fact that aggregate consumer spending has been relatively resilient despite negative views of the economy provides another reason for caution. If part of consumption currently reflects precautionary spending to avoid future price hikes, disinflation ⁠may be even ​more difficult to achieve.”

Fed officials meet next week in Washington, and despite recent higher-than-expected inflation readings ​in the last two weeks they are broadly expected to leave their policy interest rate unchanged at 3.75 percent-4.00 percent after raising it by a quarter percentage point in September. Most Fed officials have indicated they see ​a need for higher rates, but key leaders also have expressed a willingness to wait for more data before their next move.

Japanese companies are ​moving to pay compensation to users following waves of cyberattacks that have disrupted internet services and raised concerns about economic stability.

GMO Internet Group, ‌a leading provider of online financial services, said customers would be compensated for losses stemming from unauthorised access following a cyberattack on its foreign exchange trading service, and all customers would receive 5,000 yen ($32) as a gesture of goodwill, CEO Masatoshi Kumagai said in a blog post on Sunday.

“The internet itself is now starting to break down,” said Kumagai, whose sprawling group includes internet infrastructure and cryptocurrency ​trading.

On Monday evening, Japanese Prime Minister Sanae Takaichi said the government plans to compile an emergency package of cybersecurity measures against cyberattacks by sometime next ​week.

Japan said on Friday it would set up a team to simulate cyberattacks using AI to identify weaknesses in technology systems as organisations ⁠scrambled to curtail risks from flaws in the PHP programming language that underpins much of the internet.

More broadly, Japanese companies are being roiled by attacks, with experts saying AI ​is helping automate tasks from scanning for software vulnerabilities to crafting phishing campaigns, making cybercrime faster, cheaper and harder to detect.

“The internet is increasingly being transformed into a tool ​that malicious actors use to threaten and rob people,” said Kumagai.

Shares of GMO, which had a market value of $2.6 billion as of Friday’s close, slumped almost 16 percent to a four-month low against a 0.2 percent rise in Tokyo’s benchmark index.

Government and company websites in Japan, Europe and elsewhere went offline last week after the disclosure of critical vulnerabilities in the PHP programming language prompted millions of hacking attempts. Kumagai has urged the Japanese government to apply cyberdefence measures in response to the cyberattack, after the introduction of a cyberdefence system this ​month. The system could involve steps such as attacking hostile servers to neutralise threats.

“Now is the time for the public and private sectors to work together to protect Japan,” wrote Kumagai.

GMO said it ‌received a ⁠demand for money from a party believed to be behind the attack, along with a threat to disclose company and customer information if it did not comply.

GMO said it would not comply with the demand and would respond to the incident in coordination with police and other authorities. It did not mention any connection to PHP flaws.

The company, which will provide a free alternative service to its customers for six months, said it could not currently calculate the impact on earnings from the goodwill payments and compensation ​for losses.

White-hat hackers working for the company ​had identified security issues but the ⁠depth and speed of the response were insufficient, Kumagai wrote.

CUSTOMER DATA PROTECTION WEAKNESSES

The scale of recent cyberattacks has exposed weaknesses in Japanese companies’ ability to protect their wealth of customer data and raised the prospect of surging costs to beef up defences.

“Companies already have ​standard security measures in place, so if they want to strengthen them further, there is a possibility that the additional ​cost burden could be ⁠quite substantial,” said Shoichi Arisawa, an analyst at IwaiCosmo Securities.

There have been 723 cybersecurity incidents in the year to October 20, according to data from TrendAI, exceeding the annual totals in 2025 and 2024.

“Reports may reflect both the threats organizations face and greater visibility into incidents that would previously have gone undetected, been underinvestigated, or remained undisclosed,” said Satoshi Nagano, president ⁠of cybersecurity ​firm ESET Japan.

Park24, which operates the Times car-sharing service, said on Friday it would make 3,000-yen payments ​to customers following a personal data breach last month.

The company said it would no longer retain identity document images after completing registration verification and expects to book an extraordinary loss of 5.5 billion yen due to ​responses to the attack and compensation payments.

The government has approved the appointment of executives from private banks as managing directors (MDs) of two state-owned banks, while also approving the appointment of a Janata Bank deputy managing director to head BASIC Bank.

In a letter dated 26 October, the Financial Institutions Division (FID) of the Ministry of Finance informed the Janata Bank Board of Directors that the government had approved the nomination of Md Mahbub Alam, additional MD and chief risk officer of Southeast Bank, as the state-owned bank's MD.

In a separate letter, the FID informed the chairman of Agrani Bank's board that the government had approved the nomination of Noor Mohammed, deputy MD of Jamuna Bank, as the state-owned bank's MD and directed the board to take the necessary steps.
The division also approved the appointment of Nurul Huda, deputy MD of Janata, as the MD of BASIC Bank, directing the bank's chairman to take the necessary steps.

According to the FID letters, all three executives are to be appointed on a contractual basis for three years.

Meanwhile, the division has withdrawn its order cancelling the remaining term of Sonali Bank Managing Director Md Shawkat Ali Khan's contractual appointment.

On 19 October, the division had written to the chairman of Sonali's board, directing the bank to take the necessary steps following the cancellation of the remaining term of Shawkat's contractual appointment.

On the same date, the division also cancelled the remaining contractual terms of the MDs of Janata Bank and Rupali Bank. Earlier, it had cancelled the remaining terms of the MDs of Agrani Bank and BASIC Bank.

Bangladesh Bank (BB) today (26 October) announced that all scheduled banks across the country will remain closed on 7 November on the occasion of National Revolution and Solidarity Day.

In a circular issued today, the central bank said the decision was taken in line with a memorandum issued by the Ministry of Public Administration on 7 October, 2026, declaring a general holiday on the occasion.

The holiday will apply to all scheduled banks operating in Bangladesh, the circular said.
The central bank issued the directive under the authority granted by Section 45 of the Bank Company Act, 1991, in the public interest.

The government is looking to secure $1 billion in budget support from South Korea to help manage the economic fallout from prolonged unrest in the Middle East, as rising energy costs put pressure on public finances and foreign exchange reserves.

The loan is expected to be sought for the ongoing fiscal year 2026-27 under a programme-based policy loan financed through Korea’s Economic Development Cooperation Fund (EDCF), according to a Finance Division proposal seen by The Daily Star.
Such loans typically support policy reforms and institutional changes over a defined period.

The proposal was prepared ahead of a high-level government delegation’s visit to South Korea from October 31 to November 7.

The proposed financing aims to help Bangladesh withstand external energy shocks and address structural weaknesses in the sector

Finance and Planning Minister Amir Khosru Mahmud Chowdhury is scheduled to lead the delegation. It will meet Korean government agencies, development finance institutions and investors to explore economic cooperation, financing and investment opportunities.

The proposed financing aims to help Bangladesh withstand external energy shocks and address structural weaknesses in the sector. These include the growing fiscal burden of subsidies and outstanding payments to power producers and fuel suppliers.

Bangladesh relies heavily on imported liquefied natural gas (LNG), fuel oil and coal, which leaves the economy exposed to international price movements.

Government officials, experts, and international organisations have repeatedly warned that prolonged instability in the Middle East could intensify those pressures, complicating efforts to contain inflation and maintain macroeconomic stability.

The proposal identifies widening budget deficits, commodity-price volatility, foreign exchange pressure and exchange-rate instability as key risks the programme would seek to address.

As per the proposal, the loan would support three broad reform areas -- adopting a renewable energy policy, enabling government non-bank financial institutions to invest in alternative energy, and improving the financial management of state-owned energy companies.

The Finance Division expects the programme to strengthen the sector’s financial sustainability and improve preparedness for energy-price volatility and supply disruptions. It also aims to address environmental concerns.

The financing is intended to help restore a more stable and affordable energy supply while improving the financial position of state-owned energy companies.

The delegation is expected to meet officials of KEXIM, Korea’s export-import bank, which is relevant to the proposal because of its role in the country’s development finance framework, including EDCF.

The Bangladeshi team is also scheduled to meet SK Gas to discuss the energy sector. The agenda does not specify whether the meeting will cover fuel supply, investment or the proposed budget-support programme.

The draft programme also includes a Bangladesh-Korea investment promotion initiative. It will focus on infrastructure, logistics, industrial development, urban services, digital solutions and public-private partnerships.

Alongside the energy-sector proposal, the Finance Division has outlined a separate capacity-building initiative with support from the Korea International Cooperation Agency (KOICA).

The initiative aims to strengthen Bangladesh’s capacity in budget management, macro-fiscal forecasting and public debt management. Proposed support includes specialised training, technical assistance, study visits and upgraded analytical tools.

The areas of support would include fiscal-risk analysis, debt sustainability assessments, medium-term debt strategy, borrowing plans and negotiations over policy-based loans.Expected outcomes include stronger fiscal projections, more effective debt-risk assessments and greater transparency in public debt and fiscal reporting.