The lottery system for allocating shares to investors in initial public offerings has been reinstated in Bangladesh’s capital market.

Officials of the Bangladesh Securities and Exchange Commission (BSEC) say shares of companies coming to the market through IPOs will now be distributed through a lottery instead of proportional allotment.

Following reforms to the IPO framework, the “Bangladesh Securities and Exchange Commission (Public Offer of Equity Securities) Rules, 2025” was gazetted on Dec 30.

The revised rules were explained at a press conference at the BSEC office in Agargaon on Wednesday.

Under the amended framework, stock exchanges will give primary approval to IPO proposals, with the BSEC issuing final approval based on their recommendations.

Interested companies will be allowed to apply for listing on one or both of the country’s stock exchanges. To be listed on the main board, a company must have paid-up capital of at least Tk 300 million.

After an IPO, at least 10 percent of a company’s total shares must be floated in the stock market, while the minimum post-IPO paid-up capital must be Tk 500 million.

To enter the market under the new rules, a company will have to offer shares worth at least Tk 200 million.

The regulator may relax this condition in the case of fundamentally strong or multinational companies.

Following an IPO, a company’s paid-up capital will not be allowed to exceed Tk 1.25 billion. Funds raised through the IPO will have to be utilised within five years of completion of the process.

The lottery-based share allotment system was scrapped in 2024, when the BSEC introduced proportional allocation based on investor demand and deposited funds.

Under that system, investors were required to have a minimum investment of Tk 50,000 in the main market to apply for IPO shares, with allotment made proportionately among all applicants.

After the fall of the Awami League government following the July Uprising in 2024, several taskforces were formed to reform the financial sector.Financial planning tools

Structural reforms in the capital market are now under way based on recommendations from those taskforces.

At the briefing, BSEC spokesperson Abul Kalam said the taskforce held discussions with all stakeholders while preparing the amendments.

“Priority has been given to areas where there was consensus and common recommendations,” he said.

“This will make implementation easier. The system will be market-driven. Many aspects of the previous framework were not market-driven.”

China on Wednesday reported a record trade surplus of nearly $1.2 trillion in 2025, led by booming exports to non-US markets as producers looked to build global scale to fend off sustained pressure from the Trump administration.

A push by policymakers for Chinese firms to diversify beyond the world's top consumer market by shifting focus to Southeast Asia, Africa and Latin America paid dividends, cushioning the economy against US tariffs and intensifying trade, technology and geopolitical frictions since President Donald Trump returned to the White House last year.

"China's economy remains extraordinarily competitive," said Fred Neumann, chief Asia economist at HSBC. "While this reflects gains in productivity and the rising technological sophistication of Chinese manufacturers, it is also due to weak domestic demand and attendant excess capacity."

Heading into 2026, the challenges for Beijing are aplenty, including deflecting concerns from an increasing number of global capitals about China's trade practices and overcapacity, as well as their overreliance on key Chinese products.

One of the key questions facing policymakers is for how long the $19 trillion economy can continue to counteract a property slump and sluggish domestic demand by shipping ever cheaper goods to other markets.

"Rising Chinese trade surpluses could raise tensions with trade partners, especially those reliant on manufacturing exports themselves," Neumann said.

The manufacturing juggernaut's full-year trade surplus came in at $1.189 trillion — a figure on par with the GDP of a top-20 economy globally like Saudi Arabia — customs data showed on Wednesday, having broken the trillion-dollar ceiling for the first time in November.

"With more diversified trading partners, (China's) ability to withstand risks has been significantly enhanced," Wang Jun, a vice minister at China's customs administration, said at a press briefing following the data release.

Outbound shipments from the world's second-biggest economy grew 6.6% in value terms year-on-year in December, compared with a 5.9% increase in November. Economists polled by Reuters had expected a 3.0% increase.

Imports were up 5.7%, after a 1.9% bump the month earlier and also beat a forecast for a 0.9% uptick.

"Strong export growth helps to mitigate the weak domestic demand," said Zhiwei Zhang, chief economist at Pinpoint Asset Management.

"Combined with the booming stock market and stable US-China relations, the government is likely to keep the macro policy stance unchanged at least in Q1."

Exports up as China set to gain more global share

China's yuan held steady following the upbeat data even as equity investors welcomed the forecast-beating numbers. The benchmark Shanghai Composite index and blue-chip CSI300 index both rose more than 1% in morning deals.

The Asian powerhouse economy's monthly trade surpluses exceeded $100 billion seven times last year, partially underpinned by a weakened yuan, up from just once in 2024, underscoring that Trump's actions have barely dented China's broader trade with the wider world even if he has curbed US-bound shipments.

Exports to the US slumped 20% in dollar terms in 2025, while imports from the world's top economy were down 14.6%. Chinese factories managed to make inroads in other markets, with exports to Africa jumping 25.8% and those to the ASEAN bloc of Southeast Asian nations up 13.4%. EU-bound shipments grew 8.4%.

China's rare-earth exports in 2025 surged to their highest level since at least 2014, even as Beijing began curbing shipments of several medium to heavy elements from April — a move analysts saw as an effort to showcase its leverage over Washington while negotiators wrangled over soybean purchases, a potential Boeing aircraft deal and the fate of TikTok's US operations.

The world's top agricultural importer purchased a record volume of soybeans in 2025, buoyed by a sharp increase in shipments from South America, with Chinese buyers holding off from US crops for much of the year as trade tensions lingered.

Trump factor still looms large

Economists expect China to continue gaining global market share this year, helped by Chinese firms setting up overseas production hubs that provide lower-tariff access to the United States and the European Union, as well as by strong demand for lower-grade chips and other electronics.

Beijing, however, has shown signs of recognising it must moderate its industrial largesse if it is to sustain its success, and address the image problem outsized exports are causing.

Last week, it scrapped subsidy-like export tax rebates for its solar industry, a long-standing point of friction with EU states.

The Trump challenge to China is not going away in a hurry either, analysts note, even as the US Supreme Court could rule against the president's tariff hikes later on Wednesday.

On Tuesday, Trump said he thinks China can open its markets to American goods, after threatening a day earlier to slap a 25% tariff on countries that trade with Iran, risking reopening old wounds with Beijing, Tehran's biggest trading partner.

"Trump's threat to impose a 25% tariff on countries doing business with Iran underscores the potential for renewed trade tensions between the US and China," said Zichun Huang, China economist at Capital Economics.

The global unemployment rate is expected to hold steady in 2026, the United Nations said Wednesday, but cautioned the labour market's seeming stability belies a dire shortage of decent jobs.

The UN's International Labour Organization said the global economy and labour market appeared to have weathered recent economic shocks better than expected.

But the ILO warned that efforts to improve global job quality had stagnated, leaving hundreds of millions of workers wallowing in poverty, even as trade uncertainty risked cutting into workers wages.

The global unemployment rate was estimated at 4.9 percent last year and the year before, and is now projected to remain at a similar level until 2027, a report from the UN labour agency said.

That amounts to 186 million people out of work this year, it said.
"Global labour markets look stable, but that stability is quite fragile," Caroline Fredrickson, head of the ILO's research department, told reporters, cautioning that the "apparent calm masks deeper and unresolved problems".

At a time when US President Donald Trump has slapped towering tariffs on friends and foes alike, the report cautioned that "disruptions caused by trade uncertainty, combined with ongoing long-term transformations in global trade, could significantly affect labour market outcomes".

Going forward, the ILO said its modelling suggested that a moderate increase in trade policy uncertainty "may reduce returns to labour and, as a consequence, real wages for both skilled and unskilled workers across all sectors", especially in Southeast Asia, Southern Asia and Europe.

The potential of trade to generate new employment opportunities was also being challenged by the ongoing disruptions, the report said, pointing out that 465 million jobs globally depended on foreign demand through exports of goods and services and related supply chains in 2024.

Another major concern highlighted by the ILO was the quality of jobs available.

"Resilient growth and stable unemployment figures should not distract us from the deeper reality: hundreds of millions of workers remain trapped in poverty, informality, and exclusion," ILO chief Gilbert Houngbo said in a statement.

Nearly 300 million workers continue to live in extreme poverty, earning less than $3 a day, Wednesday's report found.

At the same time, some 2.1 billion workers are expected to hold informal jobs this year, with limited access to social protection, labour rights and job security.

Young people remain particularly vulnerable, with unemployment among 15- to 24-year-olds projected to reach 12.4 percent for 2025, with around 260 million young people not engaged in education, employment or training, ILO said.

It warned that artificial intelligence and automation could exacerbate challenges, particularly for educated young people in wealthier countries seeking their first high-skill jobs.

"While the full impact of AI on youth employment remains uncertain, its potential magnitude warrants close monitoring," the report said.

The ILO also highlighted "entrenched gender inequalities", pointing out that women still account for just two-fifths of global employment.

"Stable labour markets are not necessarily healthy," Fredrickson said, stressing the growing need for "domestic policy choices to strengthen decent work outcomes".

"Without decisive action, today's stability risks giving way to deeper inequalities."

High-end department store conglomerate Saks Global filed for bankruptcy protection late on Tuesday in one of the largest retail collapses since the pandemic, barely a year after a deal that brought Saks Fifth Avenue, Bergdorf Goodman and Neiman Marcus under the same roof.

The move cast uncertainty over the future of US luxury fashion, though the retailer said early on Wednesday its stores would remain open for now after it finalized a $1.75 billion financing package and appointed a new chief executive.

Former CEO of Neiman Marcus department store chain Geoffroy van Raemdonck will replace Richard Baker, who was the architect of the acquisition strategy that saddled Saks Global with debt.

The company also appointed former Neiman Marcus executives Darcy Penick and Lana Todorovich as chief commercial officer and chief of global brand partnerships at Saks Global, respectively.

Saks Global estimated in documents filed in US Bankruptcy Court in Houston, Texas, that its assets and liabilities were in a range of $1 billion to $10 billion.

The court process is meant to give the luxury retailer room to negotiate a debt restructuring with creditors or find a new owner. Failing that, the company may be forced to shutter.

A retailer long loved by the rich and famous, from Gary Cooper to Grace Kelly, Saks fell on hard times after the COVID pandemic, as competition from online outlets rose, and brands started selling more items through their own stores.

The original Saks Fifth Avenue store, known for carrying exclusive brands like Chanel, Cucinelli and Burberry and its Christmas light shows, was opened by retail pioneer Andrew Saks in 1867.

Financing deal

The new financing deal would provide an immediate cash infusion of $1 billion through a debtor-in-possession loan from an investor group, Saks Global said. Reuters earlier reported the loan was led by Pentwater Capital Management in Naples, Florida, and Boston-based Bracebridge Capital.

Financing worth $240 million would be available through an asset-backed loan provided by the company's asset-based lenders, according to the company.

The luxury retailer will have access to $500 million of financing from the investor group once it successfully exits bankruptcy protection, expected later this year, Saks Global said.

It asked the court to delay the submission of the group's financial statements by 45 days to 13 March 2026.

Several luxury brands were among the unsecured creditors, led by Chanel, with about $136 million, and Gucci owner Kering with $60 million, the court filing said. The world's biggest luxury conglomerate, LVMH, was listed as an unsecured creditor at $26 million. In total, Saks Global estimated there were between 10,001 and 25,000 creditors.

Paris-based Kering, which also owns such brands as Yves Saint Laurent and Balenciaga, declined to comment.

Chanel, LVMH and Richemont did not respond to requests for comment.

In 2024, Baker masterminded the takeover of Neiman Marcus by Canada's Hudson's Bay Co, which had owned Saks since 2013, and later spun off the US luxury assets to create Saks Global, bringing together three names that have defined American high fashion for over a century.

That $2.7 billion deal was built on about $2 billion in debt financing and equity contributions from investors including Amazon, Salesforce and Authentic Brands, which were listed in the court filing as equity investors in Saks Global.

Neiman Marcus deal added debt

The Neiman Marcus deal was designed to create a luxury powerhouse, but it saddled Saks Global with debt at a time when global luxury sales were slowing.

Saks Global struggled last year to pay vendors, who began withholding inventory.

The thinly stocked shelves may have driven shoppers away to rivals like Bloomingdale's, which reported strong sales in 2025, compounding pressure on Saks Global.

"Rich people are still buying," Morningstar analyst David Swartz said last month, "just not so much at Saks."

Running out of cash, Saks Global last month sold the real estate of the Neiman Marcus Beverly Hills flagship store for an undisclosed amount. It had also been looking to sell a minority stake in exclusive department store Bergdorf Goodman to help cut debt.

On 30 December, it failed to make an interest payment of more than $100 million to bondholders.

Businesses feel unease and inflation frowns while some liquidity-squeezing moves have been in place for months.

The central bank, however, claims its contractionary monetary policy still looks accommodative in current context.

Officials and money-market analysts say the monetary policy is contractionary in terms of value due to higher policy rate but it is very much accommodative as far as the volume is concerned.

Apart from the regular liquidity-feeding instruments of the Bangladesh Bank (BB), the flow of subsidised credits or money injection through irregular arrangements keep rising on the market, which is contradictory to the spirit of contractionary monetary-policy stance taken for holding inflation in check.

As a matter of fact, the BB-guided tight monetary policy is not transmitting into the money market properly and not being able to contain the inflationary pressure at the expected level, which ultimately hurts common people through curtailing their purchasing power.

After the changeover in state power following the 2024 July-August mass uprising that toppled the Sheikh Hasina government, eminent economist Dr Ahsan H. Mansur took the central bank leadership and enhanced policy rate in quick successions by 150 basis points to 10 per cent from 8.50 per cent on October 22, 2024 to contain higher inflationary pressure as part of contractionary monetary policy.

The banking regulator still continues on the policy stance despite criticism from the business circles as the rate of inflation has yet to be brought down to the targeted level of 7.0 per cent.

Contractionary monetary policy is a central bank strategy to slow down an overheating economy and fight high inflation by reducing the money supply, thus making borrowing more expensive, and decreasing overall spending and investment.

But the reality here is different: the volume of quasi-fiscal activities by the BB through which commercial banks avail credits from the regulator at subsidised rates, ranging from 0.5 per cent to 5.0 per cent, is still quite large.

On the other hand, regular government borrowing from the central bank through using ways and means (maximum Tk 120 billion) and overdraft (maximum Tk 120 billion) goes on to operate some 119 accounts at 8.0 per cent and 9.0 per cent respectively, which is against the tight monetary policy stance.

Simultaneously, the central bank keeps injecting high-powered money in the form of assured repo (AR) against special bonds meant for settling accumulated arrears to independent power producers and fertiliser suppliers since February in 2024. Each month, the BB has provided AR facility worth over Tk 50 billion.

As such, the money supply to the market continues rising in recent months. According to the data of the BB, the volume of total money supply was Tk 21.68 trillion by end of July 2025 and the growth was 6.99 per cent from the corresponding period of last year.

Since then, an upturn has been observed in both volume and growth with the money supply rising to Tk 21.82 trillion (7.78-percent growth) and Tk 21.90 trillion (8.14-percent growth) last August and September respectively.

Former executive director (grade-1) of the Bangladesh Bank Dr Md. Ezazul Islam, who was leading the monetary policy department before his very recent joining Bangladesh Institute of Bank Management (BIBM) as its director-general, says there are two criteria through which monetary-policy stance can be judged whether it is contractionary or expansionary. One is quantity and another is price.

He says the central bank has long been pursuing monetary targeting for maintaining price stability but it did not work properly because of various factors, including instability in money demand and dominance of the fiscal policy.

"That's why the banking regulator switched to interest-rate targeting in place of monetary targeting in FY'24. Under this strategy, we raised the cost of funds to control the inflation," he told The Financial Express.

Since January last, the central banker mentions, the policy rate has become tight in real terms as the rate of inflation has been staying below the policy or repo rate.

Seeking anonymity, another BB official says the BB took some liquidity-squeezing steps to contain inflation by limiting the repo-backed borrowing facility to once a week from daily operations. The regulator also scrapped assured liquidity support (ALS) to limit money flow. Newspaper subscription service

"Despite the fact, the monetary policy is still accommodative due to growing fund flow through quasi-fiscal operations, government increased bank borrowing and other arrangements," the official told the FE about the balancing tricks.

The central banker mentions that the volume of quasi-fiscal activities through which banks avail funds at subsidised rates through refinancing schemes to support sectors like SMEs and agriculture stood at over Tk 330 billion.

On the other hand, the government recently revised its bank borrowing target to Tk 1.17 trillion from the initial target of Tk 1.04 trillion in the national budget for FY'26.

Assured repo or AR is another factor that is very contradictory to the spirit of tight monetary policy because the BB keeps injecting inflation-fueling high-powered money into the commercial banks for settling accumulated arrears to independent power producers and fertiliser suppliers, according to him.

The accumulated volume of AR-backed money rose to over Tk 550 billion now.

According to the data on reserve money, the growth of high-powered money had been positive since the policy rate was revised upward in October 2024 until September 2025 apart from last June's count (-0.11 per cent).

In fact, double-digit growth in reserve money was observed in three months (November, March and May last). It is another factor that indicates the monetary policy is still accommodative.

The current movement of the yield curve is another indication of the accommodative monetary policy because the yield on government securities normally goes up due to low fund supply in a tight monetary regime. But in Bangladesh, the yield is not moving up.

Professor of Economics at Independent University Bangladesh M. A. Taslim explains that as the money supply keeps increasing on the market in recent months, the monetary policy seems to be an accommodative one, not contractionary in nature.

The economist notes that the banking regulator has been continuing 'tight monetary policy stance' for months to contain higher inflationary burden. Despite the fact, the rate of inflation has yet to be brought down to the level expected.

On the other hand, the pressure from the business circles to cut down policy rate continues mounting to accelerate economic growth from prolonged sluggishness as the rate of poverty is on the upturn.

"If BB relaxes policy rate considering the economic growth, the inflation will not come down. I think BB is in double whammy. The situation is really tough," he says about a double bind the regulator is in.

According to the data with Bangladesh Bureau of Statistics (BBS), headline inflation reached 8.49 per cent in just-passed December, up from 8.29 per cent in November and October's count of 8.17 per cent.

Founding Chairman of Policy Exchange Bangladesh Dr M Masrur Reaz says the central bank keeps the value tight but continues pumping in large amounts of money through various instruments on the other hand.

"It (monetary policy) is contractionary in terms of price but very much accommodative in regards to quantity," he says.

The economist mentions that there is a revenue shortfall of Tk 240 billion in the first five months of this fiscal year (FY'26). So, it is assumed that the figure could cross Tk 500 billion by the end of the fiscal year.

As there is no sign that the revenue mobilisation would increase significantly under the current macroeconomic context, he predicts, the government will have no other option as it discourages budgetary supports from development partners but to rely on domestic bank borrowing.

"It means the money supply is expected to be increasing further in the coming days."

Former lead economist of World Bank's Dhaka office Dr Zahid Hussain finds quantitative easing in the monetary policy as the balance sheet of BB is expanded despite record rise in policy rate.

He mentions positive growth in the movements of reserve money through which the regulator injects high-powered money to the market amid higher policy-rate regime.

"Some months it is increasing, some months it is dropping, but the positive growth continues. As far as volume is concerned, the monetary policy is still accommodative," he concludes.

Contacted, BB deputy governor Dr Md. Habibur Rahman, the lead author of the Monetary Policy Statement (MPS), said the yield curve typically shifts upward in a tight monetary-policy regime. But the situation is completely different in Bangladesh. "It means the monetary policy is not tight enough," he added.

Zant Accessories Limited has signed a land lease agreement with the Bangladesh Economic Zones Authority (BEZA) to produce polyurethane and polyethylene foam at the National Special Economic Zone (NSEZ).

The agreement was signed today (14 January) at the BEZA office, said a press release.

Under the agreement, the company will set up an export-oriented industrial unit on five acres of land at the NSEZ, with an investment of around Tk80 crore. Zant Accessories plans to start commercial production in May 2027.

In the press release, BEZA said the proposed factory would use comparatively less water and electricity and would not require gas. The authority said the project would be export-oriented and in line with environment-friendly industrial development.

Besides polyurethane and polyethylene foam, the factory will also produce recycled foam, mattresses, pillows, comforters and shoe insoles. These products are mainly used in the furniture, home textile, footwear, automobile and packaging industries and are intended for export.

About 90% of the raw materials required for production will be imported from China, South Korea, the United Arab Emirates and Malaysia, according to the company. Zant Accessories Limited currently operates another factory at the Karnaphuli Export Processing Zone.

Saleh Ahmed, executive member (investment development) of BEZA, said the investment by Zant Accessories Limited at the NSEZ was a positive example of export-oriented industrial growth. "Such projects could encourage more local and foreign investors to invest in the zone," he said.

Zant Accessories Limited said the project would focus on sustainable production, environmental protection and skill development. The company also said it expects the project to contribute to foreign exchange earnings by maintaining international production standards.

The land lease agreement was signed on behalf of BEZA by Executive Member (Investment Development) Saleh Ahmed, while Zant Accessories Limited was represented by its Chairman Md Tofazzal Hossain.

According to BEZA, around 17 industrial units are currently operating at the NSEZ, while another 24 units are under construction. The zone is being developed with industrial facilities alongside urban services, infrastructure and sustainable utility systems.

The Dhaka Stock Exchange (DSE) saw a moderate rise yesterday (14 January), driven largely by sharp price hikes in several risky and loss-making stocks, raising concerns among market participants about speculative activity overshadowing fundamentals.

The benchmark DSEX advanced 19 points, or 0.40%, to close at 4,966, while the blue-chip DS30 index gained 9 points to settle at 1,908. Despite the positive index movement, overall trading activity weakened, with turnover slipping 4% to Tk369 crore.

Market observers noted that the day's rally was heavily influenced by aggressive buying in financially weak companies, many of which have a history of losses, poor governance, or regulatory challenges.

Shares of FAS Finance and Peoples Leasing topped the gainers' chart after hitting the upper circuit, while Prime Finance and Fareast Finance also posted near double-digit gains. BD Welding and BD Thai Food joined the rally, continuing a recent trend where low-priced and high-risk stocks attract short-term traders seeking quick gains.

Analysts said such price movements are largely detached from company fundamentals and are often fuelled by speculative positioning than by any meaningful improvement in earnings prospects or balance-sheet strength.

Notably, several of the top gainers came from the non-bank financial institution (NBFI) segment, which has been under prolonged pressure due to weak asset quality, liquidity constraints and, in some cases, regulatory action.

Despite these challenges, their share prices surged as retail investors chased momentum amid a lack of clear direction in fundamentally strong stocks.

In contrast, a number of companies faced selling pressure, with Bangladesh Industrial Finance Co Ltd (BIFC) leading the losers after shedding the maximum allowed limit. Shares of Shyampur Sugar, Bay Leasing, HR Textile and Meghna Cement also declined notably.

Turnover concentration remained limited to a handful of stocks, with ACI, Square Pharmaceuticals, City Bank, Orion Infusion, Dominage Steel and Saiham Textile featuring among the most traded issues.

However, traders pointed out that broader market participation remained subdued, as institutional investors stayed largely on the sidelines.

The Chittagong Stock Exchange mirrored the positive sentiment, with its CSCX index rising 21 points to close at 8,612, while the CASPI index added 30 points to finish at 13,915. Turnover at the port city bourse stood at Tk8.59 crore.

Apex Tannery, a listed leather goods manufacturer, has decided to set up an in-house effluent treatment plant (ETP) at a cost of Tk12 crore to meet regulatory requirements and comply with the environmental standards demanded by international buyers.

The company made the decision at a recent board meeting and disclosed it through the Dhaka Stock Exchange (DSE) website.

Although Apex Tannery had earlier obtained approval to establish its own ETP at its factory premises in the Bangladesh Small and Cottage Industries Corporation Savar Leather Industrial Estate, it is now moving forward with the investment.

Currently, there is a central effluent treatment plant (CETP) at the Savar tannery estate, but due to its technical limitations and inability to treat the full volume of liquid waste generated by all factories, some entrepreneurs have taken steps to set up their own ETPs to support business operations.

According to the disclosure, Apex Tannery's in-house ETP will include a chrome recovery plant and a sewerage treatment plant, and will be built on an area of approximately 12,000 to 15,000 square feet. The facility will be designed to treat effluent generated at all stages of production – from wet blue to finished leather.

The decision comes at a time when Apex Tannery has been struggling financially.

According to its latest financial statements, the company has been incurring losses for three consecutive fiscal years since FY23. Due to the continued losses, the company did not declare any dividend for its shareholders.

The company remained in a loss-making position in the first quarter of the current fiscal year as well. During the July-September period, its revenue edged up to Tk13.97 crore from Tk12.91 crore in the same period of the previous fiscal year, but it still incurred a loss of Tk7.59 crore, with a loss per share of Tk4.98.

Today, the company's shares closed at Tk59.90 each on the DSE, up 4.90% from the previous session.

The Bangladesh Securities and Exchange Commission (BSEC) has approved the draft prospectuses of three closed-end mutual funds, with a combined target size of Tk75 crore, marking a fresh boost for the capital market amid a slowdown in new product launches.

The approval was given at a commission meeting held at the regulator's office yesterday, according to a press release.

The approved funds are Midland Bank Growth Fund, Midland Bank Balanced Fund, and the Shariah-based Sandhani AML SLFL Shariah Fund.

Market participants have welcomed the move, describing it as a positive signal at a time when the introduction of new investment products in the capital market has remained sluggish.

According to the press release, the initial target size of the Midland Bank Growth Fund has been set at Tk25 crore. As the sponsor, Midland Bank PLC has invested Tk2.5 crore in the fund, while the remaining Tk22.5 crore will be raised from general investors. The fund's unit face value has been fixed at Tk10.

Midland Bank Asset Management Company Limited will act as the asset manager of the fund. Sandhani Life Insurance Company Limited will serve as the trustee, while Commercial Bank of Ceylon PLC will act as the custodian.

At the same meeting, the commission also approved the draft prospectus and abridged version of the Midland Bank Balanced Fund. The fund's initial target size has also been set at Tk25 crore. Midland Bank PLC, as the sponsor, will contribute Tk2.5 crore, and the remaining Tk22.5 crore will be offered to general investors. The unit face value of the fund has been fixed at Tk10.

Midland Bank Asset Management Company Limited will serve as the asset manager, while Sandhani Life Insurance Company Limited and Commercial Bank of Ceylon PLC will act as the trustee and custodian, respectively.

In addition, the commission approved the draft prospectus of the Shariah-based closed-end mutual fund Sandhani AML SLFL Shariah Fund. The fund's initial target size has been set at Tk25 crore. The sponsor, Sandhani Life Finance Limited, will invest Tk2.5 crore, while the remaining Tk22.5 crore will be raised from general investors. The unit face value of the fund has also been fixed at Tk10.

Sandhani Asset Management Limited will act as the asset manager of the fund. Bangladesh General Insurance Company PLC will serve as the trustee, and Commercial Bank of Ceylon PLC will act as the custodian.

Market insiders said the approval of three closed-end mutual funds at a single meeting could help channel fresh long-term funds into the capital market. Mutual funds are widely regarded by investors as relatively safer, professionally managed investment vehicles, particularly for long-term investment.

The approval of a Shariah-based fund is also expected to create new opportunities for investors seeking Islamic investment products.

Depositors of five troubled Islamic banks will not receive any profit on their deposits for the years 2024 and 2025, following a decision approved by Bangladesh Bank Governor Ahsan H Mansur.

Bangladesh Bank issued the directive to the concerned banks today (14 January) after the governor's approval.

Confirming the matter to The Business Standard, the governor said that depositors of these troubled banks would not be paid profit for the two years due to the institutions' poor financial condition.

"These banks were merged because of their weak financial health. Under the current circumstances, this decision has been taken," the governor said.

The five banks affected are Social Islami Bank, First Security Islami Bank, EXIM Bank, Union Bank, and Global Islami Bank. Their assets, liabilities, and manpower are being taken over by the newly formed Sammilito Islami Bank PLC. Once the merger process is completed, the five banks will gradually be dissolved, according to the central bank.

In a letter sent by the Bank Resolution Department to the five banks yesterday, Bangladesh Bank said that, to ensure uniform implementation of the Resolution Scheme, all deposit account balances would be recalculated based on their position as of 28 December 2025.

The recalculation will assume no profit on all deposits from 1 January 2024 to 28 December 2025.

The letter further stated that any haircut on deposits would be applied in line with the approved decision, and the final deposit balances would be determined accordingly.

Banks have been instructed to complete the recalculation process as quickly as possible to facilitate the smooth implementation of the Resolution Scheme.

A senior Bangladesh Bank official said audits had found that the five banks did not generate any profit over the past two years, prompting the decision not to pay profit to depositors.

Last year, Bangladesh Bank finalised the Bank Resolution Scheme 2025 for the newly formed Sammilito Islami Bank PLC, created by merging the five crisis-hit Shariah-based banks. The scheme outlines specific steps and timelines for repaying depositors' funds as part of the resolution process.

The interim government has appointed three key officials of the administration to the Board of Directors of Biman Bangladesh Airlines Limited.

The new appointees are National Security Adviser (NSA) Dr Khalilur Rahman, Special Assistant to the Chief Adviser Faiz Ahmad Taiyeb, and Senior Secretary of the Election Commission (EC) Secretariat Akhtar Ahmed.

A gazette notification was issued in this regard by the Ministry of Civil Aviation and Tourism yesterday (15 January). The order, issued by the president's command and signed by the ministry's Senior Assistant Secretary Mst Shakila Pervin, stated that the appointments were made under Section 30(b) of the Bangladesh Biman Act, 2023.

The order comes into effect immediately in the "public interest," according to the notification.

Spending under the Annual Development Programme (ADP) stood at Tk41,876.88 crore during the first six months of the fiscal year 2025–26, from July to December, marking the lowest level in the past eight fiscal years.

The ADP spending in the first half of the current fiscal year was even lower than the same period of the fiscal year 2024–25, when ministries and divisions spent Tk50,002 crore despite political unrest, the fall of the government and administrative instability.

Compared with the first six months of the previous fiscal year, ADP spending in the current fiscal year has declined by Tk8,125 crore.

ADP spending during the first six months of the fiscal year 2023–24 stood at Tk61,739.69 crore.

The information was revealed in a report published today by the Implementation Monitoring and Evaluation Division (IMED).

ADP implementation rate remains weak

According to IMED data, 17.54% of the total ADP allocation for the current fiscal year was spent in the first six months. The rate was 17.97% in the same period of the previous fiscal year.

In the first half of the fiscal years 2023–24 and 2022–23, ADP implementation rates stood at 22.48% and 23.53% respectively, IMED said.

In the current fiscal year, the total ADP allocation, including funds for autonomous bodies, was Tk2,38,695.64 crore.

Contractors yet to return after political transition

Officials of the IMED said that during July–August of the previous fiscal year, the country went through mass student protests that led to the fall of the Awami League government.

They said development activities had almost come to a halt during that period. However, officials said ADP implementation was expected to return to a normal pace this year. In reality, no such momentum has yet been seen.

IMED officials said many contractors who left project sites after the fall of the previous government have not returned, largely due to political reasons. As a result, work on many projects remains stalled.

They also said construction work on several projects was delayed due to the approval process under the new public procurement rules, which has affected overall ADP implementation.

Planning adviser cites structural bottlenecks

After a meeting of the National Economic Council (NEC) on Monday, Planning Adviser Wahiduddin Mahmud explained the slow pace of ADP implementation and the reduction in the size of the revised ADP at a press conference.

He said several structural issues were behind the slowdown. "After the change in government last year, many project directors could not be found, while some stepped aside following corruption allegations. Appointing new project directors also took time," he said.

The planning adviser said many projects had to be revised, which delayed the resumption of work. "Ministries and divisions took time to move forward with tenders under the newly approved government procurement rules," he added.

Due to these factors, project implementation slowed, and demand for allocations under the revised ADP also declined, he said.

Stricter project approval slows implementation

Wahiduddin Mahmud said the interim government has introduced stricter conditions for approving new projects.

"Project authorities are now required to submit progress and quality reports at regular intervals, while large construction projects must undergo mid-term reviews by independent experts," he said.

As a result, he said, the pace of implementation has slowed to some extent.

The planning adviser said several projects have had their development project proposals revised, reducing costs by between Tk1,000 crore and Tk3,000–4,000 crore without affecting project effectiveness.

"A cautious approach has been adopted in some cases. For projects such as Payra Port and the metro rail, it was considered reasonable to move forward in phases after reviewing performance and past experience," he said.

Revised ADP approved earlier than usual

Wahiduddin Mahmud said recent political instability has also affected implementation, while lower demand for funds under the ADP reflected the slower pace of work.

"Meanwhile, due to the decline in ADP implementation in the current fiscal year, the government has moved ahead with revising the ADP earlier than usual," he said.

In a normal fiscal year, revisions to the ADP are finalised in February or March. Considering the situation, the government finalised the revised ADP in January this year, he added.

At a meeting of the National Economic Council (NEC) on Monday, the government approved a revised Annual Development Programme (RADP) for the current fiscal year after cutting the original allocation by 13.04%.

Under the revised plan, the ADP allocation was set at Tk2,00,000 crore, which is Tk30,000 crore less than the original ADP allocation. Including projects funded from the government's own resources, the total size of the revised annual development programme (RADP) now stands at Tk208,935.53 crore.

Smaller ADP, lower spending in taka terms

Former planning secretary Md Mamun-Al-Rashid told The Business Standard that the overall size of the ADP in the current fiscal year is slightly smaller than last year.

"Because the size of the ADP is smaller this year, even if the implementation rate remains similar, the amount of money spent will naturally be lower," he said.

He said development activities tend to slow down in election periods, and the current situation reflects that pattern.

"At the moment, almost everything is election-focused. As a result, development activities have slowed, which is clearly visible," he said. "The biggest negative impact of this slowdown is on employment, as development projects create large-scale job opportunities and have strong multiplier effects on the economy."

He said special measures should be taken in the remaining months of the fiscal year to speed up ADP implementation.

Health, rail, roads among slowest implementers

Meanwhile, an IMED report showed that Tk23,599 crore was spent from government funds in the first six months of the fiscal year, accounting for 16.39% of the allocation.

In the same period of the previous fiscal year, spending from government funds stood at Tk26,130 crore, or 15.84% of the allocation, the report said.

During the July–December period of the current fiscal year, Tk15,981 crore was spent from foreign loans and grants, which accounts for 18.58% of the allocation. In the same period of the previous fiscal year, spending from foreign sources stood at Tk19,609 crore, or 19.61%.

In the first six months of the current fiscal year, Tk2,297 crore was spent from the own funds of implementing agencies. In the same period last year, spending from agencies' own funds amounted to Tk4,264 crore.

In the current fiscal year, 15 ministries and divisions received 74.56% of the total ADP allocation. Overall ADP implementation largely depends on the progress of projects under these ministries and divisions.

Among the ministries and divisions with the highest allocations, ADP implementation remained low in several sectors during the first six months. The implementation rate stood at 2.33% for the Health Education and Family Welfare Division and 6.11% for the Health Services Division.

During the same period, the Railways Ministry spent 9.79% of its allocation. The Roads and Highways Division spent 12%, the Secondary and Higher Education Division 13.22%, the Power Division 16.96%, the Primary and Mass Education Ministry 17.98%, and the Shipping Ministry 18.82%.

Among the top allocation recipients, the Ministry of Science and Technology recorded the highest ADP implementation rate at 35.81%. The Water Resources Ministry implemented 31.17% of its allocation, while the Local Government Division recorded an implementation rate of 30.65%.

Other ministries showed moderate progress, with the Energy and Mineral Resources Ministry implementing 27.69% of its allocation, the Bridges Division 23.13%, the Housing and Public Works Ministry 23%, and the Agriculture Ministry 19.97%.

National Board of Revenue (NBR) Chairman Md Abdur Rahman Khan indicated that the government may reconsider the current VAT and turnover tax system for the country's jewellery businesses, stressing the need for fair taxation and better sectoral discipline.

"If VAT is properly applied on value addition with full input tax credit, the effective burden should not be excessive," he said at a Meet the Business programme with Bangladesh Jewellery Samity (BAJUS) organised by the NBR today (14 January).

The NBR chairman also said that arbitrary rates discourage compliance and are difficult to enforce.

He invited the sector to propose a rational formula for VAT based on value addition, assuring that the NBR is willing to amend laws accordingly, possibly in the next finance act.

Similar flexibility, he said, could be considered for the existing 1% minimum turnover tax if a transparent and reliable recording mechanism is introduced.

He agreed in principle with traders that imposing VAT on the full sales value of high-value products like gold ornaments is unreasonable, as the real value addition lies mainly in labour or making charges.

The NBR Chairman said restoring discipline in the country's jewellery sector is crucial for ensuring better revenue collection, strengthening rule of law and safeguarding the long-term sustainability of the industry.

"We believe businesses should do business and our responsibility is to make their path easier, provide cooperation and ensure transparency," the NBR chief said.

He said that the jewellery sector though one of the oldest trades in the country has long remained outside a disciplined and formal framework.

He said gold is not just a commodity but is deeply linked to people's emotions, social security and financial safety. "Yet, despite various policy initiatives over the years, the sector has failed to move fully into the formal economy."

Recalling past reforms, the NBR Chairman said Bangladesh had gradually moved from an era of complete restrictions on gold imports to a formal import policy including reduced taxes and fixed duties for passenger-carried and commercial imports.

Official records still show negligible formal gold imports despite the market being well supplied, he said.

"This gap between records and reality is a major obstacle to establishing financial discipline, the rule of law and overall governance," he said.

Smuggling and informal practices harm not only revenue collection but also expose traders to serious financial and legal risks.

Rejecting the argument that Bangladesh needs more time to establish discipline because it is a young country, he pointed to examples like Singapore, which prioritised the rule of law and discipline from the very beginning.

Khan said NBR wants to move towards full, real-time transaction recording to eliminate suspicion on both sides.

"We are ready to develop simple, sector-specific digital software for jewellery traders, especially small shops, so that real transactions are recorded, and the real picture emerges," he said.

Once accounts are transparent and verifiable, the need for presumptive or turnover-based taxes will gradually disappear, allowing income tax to be assessed strictly on actual profits or losses.

On import facilitation, the NBR chairman said greater openness and competition would help restore discipline.

He assured that issues related to import licensing, LC opening and banking procedures could be taken up with Bangladesh Bank and the Ministry of Commerce, urging traders to submit formal proposals.

He also reaffirmed the fundamental principle of duty drawback for exporters, stating that exporters are entitled to refunds of duties paid on imported raw materials used for exports. Any practical bottlenecks in audit or verification, he said, would be reviewed to ensure legitimate exporters are not deprived.

Calling for collective responsibility, the NBR chief said discipline in the jewellery sector is essential not only for revenue but also to protect lives, livelihoods and future generations from the dangers associated with illegal trade.

The Bangladesh Shipping Corporation (BSC) must remain a strong and profitable institution, stressing the need to expand its fleet and further strengthen its financial capacity, Chief Adviser Muhammad Yunus said.

"BSC should maintain the profitable status it has achieved in recent years. Future plans should focus on strengthening the institution through its own income and expanding the fleet by adding new ships," he said while speaking at a cheque handover ceremony at the State Guest House Jamuna today (14 January).

Yunus said the addition of more ships to the BSC fleet would boost morale among sailors and create new employment opportunities.

He also emphasised retaining instructors at marine academies with appropriate honorariums to ensure the production of world-class seafarers.

Plans are underway to acquire several ships, including four new large vessels (mother vessels) from China on a government-to-government (G2G) basis, according to the Chief Adviser's Press Wing.

The BSC earned the highest-ever profit of Tk306.56 crore in the last fiscal year, generating around Tk800 crore in revenue, an unprecedented achievement in its 54-year history.

The Press Wing said that the five ships added to the fleet under the recent project have played a significant role in BSC's continued progress.

Following the chief adviser's directives, BSC has already taken steps to acquire additional vessels.

The first ship, Banglar Pragati, acquired under the corporation's self-financed two bulk carrier project, was delivered and deployed in trade on 28 October 2025 and the second ship, Banglar Navajatra, is scheduled for delivery on 30 January 2026.

Meanwhile, the process of acquiring two MR product oil tankers with government funding and one Ultramax bulk carrier with private funding is ongoing.

At the ceremony, the chief adviser received a cheque amounting to Tk203.47 crore, representing dividends declared for the fiscal year 2024–2025 and instalments payable under the Subsidiary Loan Agreement (SLA) for repayment of loans taken for six ship-purchase projects implemented by BSC under the Ministry of Shipping.

Shipping Adviser M Sakhawat Hossain and BSC Managing Director Commodore Mahmudul Malek handed over the cheque.

Commodore Mahmudul Malek said that a Loan Agreement (LA) was signed on 14 October 2016, between the Government of Bangladesh (Economic Relations Division) and the Government of China (China Exim Bank) for the project titled "Purchase of Six New Ships."

The project included the acquisition of three product oil tankers of approximately 39,000 DWT each and three bulk carriers on a G2G basis for BSC.

The principal loan amount was 1,199,999,070 yuan, equivalent to Tk1,457.68 crore.

Subsequently, a Subsidiary Loan Agreement (SLA) was signed between the Finance Division and BSC on 27 October 2024, to facilitate loan repayment.

Under this agreement, BSC will pay a total of Tk2,425.02 crore to the Government of Bangladesh over a period of 13 years.

As per the SLA, the total interest amount accrued during the grace period stood at Tk475.25 crore, for which a cheque was officially handed over to the chief adviser on 26 November 2024.

After a gap of 27 years without any new ship procurement, six commercial vessels were added to the BSC fleet during the 2018–19 period.

Of these, five vessels, MV Banglar Joyjatra, MV Banglar Arjan, MT Banglar Agrajatra, MT Banglar Agradut, and MT Banglar Agragati, are currently engaged in international commercial cargo operations and proudly flying the national flag of Bangladesh.

An unusually high number of mother vessels carrying food imports has created congestion at Chattogram port’s outer anchorages, causing a severe shortage of lighter vessels and delaying the unloading of cargo.

In recent weeks, the shortage of lighter vessels has worsened. Mother ships carrying commodities such as wheat, lentils, chickpeas, raw sugar, and edible oil are now overstaying at anchorages for 10-20 days.

Big traders in the port city said many businesses rushed to ship in food items this year ahead of Ramadan, taking advantage of relaxed import rules and improved dollar stocks. Seasonal importers without their own storage facilities are either taking longer to move goods into the supply chain or leaving cargo on the lighter vessels for extended periods.

“Most of the Ramadan stocks have already been imported and moved to the supply chain,” said Satyajit Das Barman, head of business (Grains and Logistics) at TK Group, a major Chattogram-based conglomerate.

As of yesterday, over 90 mother vessels were at Chattogram and Kutubdia anchorages, almost double the usual 40-50. More than half are carrying food commodities, while the remainder transport industrial raw materials such as cement clinker, slag, limestone, ball clay, scrap, coal, and fertiliser.

Shipping agents said many ships are receiving fewer lighter vessels than required, with some left without any allocation on certain days.

At its latest berthing meeting on Tuesday, the Bangladesh Water Transport Coordinating Cell (BWTCC) could allocate only 59 lighter vessels to the same number of mother ships, leaving at least 30 large vessels without any unloading support.

Cargo agents usually need three to four lighter vessels to unload one mother ship in a day, but the authorities can now provide only one or none for many ships.

The backlog is already pushing up costs. MV Pacific Jesmin, carrying 58,955 tonnes of raw sugar, arrived at the outer anchorage on December 30. Only 27,000 tonnes had been unloaded by yesterday.

Belayet Hossain, proprietor of the ship’s local agent Litmond Shipping, said, “If enough vessels were allocated, the ship could finish unloading in 10-12 days, but now it may need to stay for another 12 days.”

Another vessel under the same agent, MV Ince Kastamon, carrying 55,000 tonnes of wheat imported by Abul Khair Group, arrived on January 7 but received one lighter vessel for unloading only during Tuesday’s berthing meeting.

Hossain said the ship may take a month to complete unloading, with demurrage adding over $20,000 a day to import costs.

BWTCC Convener Shafiq Ahmed said 631 lighter vessels transporting imported cargo from Chattogram are currently at 50 different destinations across the country. Many, including 143 carrying government-imported fertiliser, were allocated 20-25 days ago and remain stuck. About 300 vessels are still navigating the waterways.

Delays at unloading points are compounded by labour shortages and a lack of storage bags, especially for fertiliser. “The main reason for the crisis is the arrival of a large number of mother vessels at the same time ahead of Ramadan,” Ahmed said.

Previously, BWTCC supervised 1,400 lighter vessels moving imported cargo from the outer anchorage to 59 destinations across the country.

Parvez Ahmed, a leader of the Inland Vessels Owners Association of Chattogram, said over 300 vessels shifted to Mongla, Payra, and Indian coastal routes in the past year due to higher rates and declining trade in Chattogram.

China on Wednesday reported a record trade surplus of nearly $1.2 trillion in 2025, led by booming exports to non-US markets as producers ​looked to build global scale to fend off sustained pressure from the Trump administration.

A push by policymakers for Chinese firms to diversify beyond the world’s top consumer market by shifting ‌focus to Southeast Asia, Africa and Latin America paid dividends, cushioning the economy against US tariffs and intensifying trade, technology and geopolitical frictions since President Donald Trump returned to the White House last year.

“China’s economy remains extraordinarily competitive,” said Fred Neumann, chief Asia economist at HSBC. “While this reflects gains in productivity and the rising technological sophistication of Chinese manufacturers, it is also due to weak domestic demand and attendant excess capacity.”

Heading into 2026, the challenges for Beijing are aplenty, including deflecting concerns from an increasing number of global capitals about China’s trade practices and overcapacity, as well as their overreliance on key Chinese products.

One of the key questions facing policymakers is for how long the $19 trillion economy ‌can continue to counteract a property slump and sluggish domestic demand by shipping ever cheaper goods to other markets.

“Rising Chinese trade surpluses could raise tensions with ​trade partners, especially those reliant on manufacturing exports themselves,” Neumann said.

The manufacturing juggernaut’s full-year trade surplus came in at $1.189 trillion - a figure on par with the GDP of a top-20 economy globally like Saudi Arabia - customs data showed on Wednesday, having broken the trillion-dollar ceiling for the first time in November.

“With more diversified trading partners, (China’s) ability to withstand risks has been significantly enhanced,” Wang Jun, a vice minister at China’s customs administration, said ‍at a press briefing following the data release.

Outbound shipments from the world’s second-biggest economy grew 6.6 percent in value terms year-on-year in December, compared with a 5.9 percent increase in November. Economists polled by Reuters had expected a 3.0 percent increase.

Imports were up 5.7 percent, after a 1.9 percent bump the month earlier and also beat a forecast for a 0.9 percent uptick.

“Strong export growth helps to mitigate the weak domestic demand,” said Zhiwei Zhang, chief economist at Pinpoint Asset Management.

“Combined with the booming stock market and stable US-China relations, the government is likely to keep the macro policy stance unchanged at least in Q1.”

China’s yuan , held steady following the upbeat data even as equity ‍investors welcomed the forecast-beating numbers. The benchmark Shanghai Composite index and blue-chip CSI300 index both rose more than 1 percent in morning deals.

The Asian powerhouse economy’s monthly trade surpluses exceeded $100 billion seven times last year, partially underpinned by a weakened yuan, up ‌from just ‌once in 2024, underscoring that Trump’s actions have barely dented China’s broader trade with the wider world even if he has curbed US-bound shipments.

Exports to the US slumped 20 percent in dollar terms in 2025, while imports from the world’s top economy were down 14.6 percent. Chinese factories managed to make inroads in other markets, with exports to Africa jumping 25.8 percent and those to the ASEAN bloc of Southeast Asian nations up 13.4 percent. EU-bound shipments grew 8.4 percent.

China’s rare-earth exports in 2025 surged to their highest level since at least 2014, even as Beijing began curbing shipments of several medium to heavy elements from April - a move analysts saw as an effort to showcase its leverage over Washington while negotiators wrangled over soybean purchases, a potential Boeing aircraft deal and the ​fate of TikTok’s US operations.

The world’s top agricultural importer purchased a record volume of soybeans in 2025, buoyed by a sharp increase in shipments from South America, with Chinese buyers holding off from US crops for much of the year as trade tensions lingered.

Economists expect China to continue gaining global market share this year, helped by Chinese firms setting up overseas production hubs that provide lower-tariff access to the United States and the European Union, as well ‍as by strong demand for lower-grade chips and other electronics.

Beijing, however, has shown signs of recognising it must moderate its industrial largesse if it is to sustain its success, and address the image problem outsized exports are causing.

Last week, it scrapped subsidy-like export tax rebates for its solar industry, a long-standing point of friction with EU states.

The Trump challenge to China is not going away in a hurry either, analysts note, even as the US Supreme Court could rule against the president’s tariff hikes later ​on Wednesday.

On Tuesday, Trump said he thinks China can open its markets to American goods, after threatening a day earlier to slap ‍a 25 percent tariff on countries that trade with Iran, risking reopening old wounds with Beijing, Tehran’s biggest trading partner.

“Trump’s threat to impose a 25 percent tariff on countries doing business with Iran underscores the potential for renewed trade tensions between the US and China,” said Zichun ​Huang, China economist at Capital Economics.

The government is planning to import liquefied petroleum gas (LPG) through the state-owned Bangladesh Petroleum Corporation (BPC) to stabilise the domestic market and protect consumers from artificial shortages and price volatility.

The BPC has already sought approval to import LPG on a government-to-government (G2G) basis, sending a letter to the Ministry of Power, Energy and Mineral Resources on 10 January.

Speaking to The Business Standard yesterday, Energy Adviser Muhammad Fouzul Kabir Khan confirmed the plan and said the government would allow the BPC to import LPG under G2G arrangements to reduce the country's heavy dependence on the private sector for meeting domestic demand.

BPC Chairman Md Amin Ul Ahsan said importing LPG from the same international suppliers that provide fuel oil to Bangladesh would help create a more competitive and stable market environment.

Meanwhile, private sector operators have also welcomed the initiative, saying it could help ease supply constraints if BPC imports LPG at lower prices and supplies it to private operators.

Private operators dominate market

Currently, LPG import and distribution in Bangladesh is entirely controlled by the private sector. There is no system for direct LPG imports by the government or the BPC.

As a result, when artificial shortages or supply disruptions occur, the government has limited capacity to intervene effectively and stabilise the market.

Bangladesh's annual LPG demand is around 17 lakh tonnes and is rising every year. Industry insiders estimate that demand could increase to between 25 lakh and 30 lakh tonnes by 2030.

At present, BPC meets only about 1.33% of domestic demand. This small volume is produced as a by-product during crude oil processing at the Eastern Refinery.

The government's move follows a recent intensification of LPG shortages in the domestic market.

Despite holding several meetings with traders, the government was unable to take effective steps to resolve the crisis. Instead, traders placed various demands, including tax relief, before the authorities.

Fouzul Kabir told TBS that BPC would be authorised to import LPG under G2G arrangements if its existing foreign fuel suppliers are willing to supply LPG.

"Through this, the government will be able to play an effective role in stabilising the LPG market and breaking syndicates," he said.

Azam J Chowdhury, former president of the LPG Operators Association of Bangladesh and chairman of East Coast Group, described the proposal as a positive step.

"It would be very good if BPC imports LPG at lower prices under G2G arrangements. The current LPG supply is low," he said.

He noted, however, that BPC does not have LPG storage facilities and suggested that imported LPG should be supplied to private operators after import.

Infrastructure constraints

In its letter to the energy ministry, BPC Chairman Md Amin Ul Ahsan said the corporation lacks the necessary infrastructure for LPG storage and unloading, including jetty-based pipelines, flow meters and storage tanks.

He noted that private LPG operators currently unload LPG from carrier vessels through lighter ships in the deep-sea area of Kutubdia and store it at their own terminals.

BPC, he said, could adopt the same method by using lighter vessels of interested private operators to unload and distribute imported LPG.

He suggested that, in consultation with the LPG Operators Association of Bangladesh, a list of interested operators could be prepared, along with decisions on import volumes, payment methods, and unloading and distribution processes.

Officials at the Energy Division said at a meeting held on 7 January, chaired by the division's secretary, the issue of importing LPG through BPC and supplying it to private companies was reviewed, and a decision was taken to send a proposal to the ministry.

The BPC, in its letter, further noted that in the past it has imported additional fuel oil by seeking quotations from enlisted G2G suppliers when there was a sudden rise in demand or a supply shortage.

"In the same way, since our listed G2G suppliers are large refiners capable of producing and supplying various petroleum products, including LPG, it is possible to assess the feasibility of importing LPG by seeking quotations from them," the corporation said.

BPC also said it would explore other potential sources in the international market before selecting the most suitable option for LPG imports.

As part of broader policy support for LPG imports, Bangladesh Bank issued a circular on 12 January, classifying LPG as an industrial raw material.

Under the new directive, businesses can import LPG on deferred payment terms through suppliers' or buyers' credit for up to 270 days.

The central bank said the move reflects the multiple stages involved in LPG processing, as the fuel is imported in bulk and later bottled for distribution.

Oil slipped after four days of increases on Wednesday as Venezuela resumed exports and US crude and ‌product inventories rose, though fears of Iranian supply disruptions due to deadly civil unrest loomed over the market.

Brent futures were trading down 20 cents, or 0.3%, at $65.27 a barrel at 0525 GMT. US West Texas Intermediate crude was down 23 cents, or 0.4%, at $60.92 a barrel.

"Oil prices have already priced in quite a bit of geopolitical risk premium over the last few days in the face of rising turmoil in ‌Iran, compounded by drone attacks in the Black Sea," said Suvro Sarkar, an energy analyst at DBS Bank.

"Unless we see further escalation and chances of actual disruption in oil flows, the market could consolidate at these levels and wait for the next moves in a complex world order," he said. He added that large crude ‍and product builds in the US, reported by the American Petroleum Institute (API) late on Tuesday, may also be weighing on prices.

Crude stocks in the US, the world's biggest oil consumer, rose by 5.23 million barrels in the week ended 9 January, the API reported, citing market sources.

Gasoline inventories ⁠rose by 8.23 million barrels, while distillate inventories rose by 4.34 million barrels from a week earlier.

Stockpile data from the ‍US Energy Information Administration will be released later on Wednesday. On Tuesday, a Reuters poll showed that US crude oil stockpiles were expected to have fallen last ‌week, while ‌gasoline and distillate inventories likely rose.

Also weighing on prices, Organization of the Petroleum Exporting Countries (OPEC) member Venezuela has begun reversing oil production cuts made under a US embargo as crude exports were also resuming, three sources said.

Two supertankers departed Venezuelan waters on Monday with about 1.8 million barrels each of crude in what may be the first shipments of a 50-million-barrel supply ⁠deal between Caracas and Washington ⁠to get exports moving again in the wake of the US capture of Venezuelan President Nicolas Maduro.

Mounting protests in Iran, however, have increased fears of supply disruptions from the fourth-largest OPEC producer. US President Donald Trump on Tuesday urged Iranians to keep protesting and said help was on the way, without ‍specifying what that meant.

"Protests in Iran risk tightening global oil balances through near-term supply losses, but mainly through rising geopolitical risk premium," Citi analysts said in a note, raising their outlook for Brent over the next three months to $70 a barrel.

The Citi analysts noted that so far the protests have not spread to the main Iranian oil producing areas, which has ‍limited the effect on actual supply.

"Current risks are skewed toward political and logistical frictions rather than direct outages, keeping the impact on Iranian crude supply and export flows contained," they said.

China said Wednesday trade volumes reached a record last year, as global demand for Chinese goods held firm despite a slump in exports to the US after Donald Trump raised tariffs.

Trade in 2025 "surpassed 45 trillion yuan ($6.4 trillion) for the first time, setting a new historical high," vice customs minister Wang Jun told a press conference in Beijing.

Exports, which have traditionally been the main driver of the world's second-largest economy, rose 6.1 percent in 2025 from the previous year.

Imports were up 0.5 percent, customs data showed.

"Some country has politicised trade issues and limited high tech exports to China, if they hadn't, we would have imported more," Wang said, in a veiled reference to the Trump's tariffs.

Looking ahead to 2026, China's market will "open more" and "still be an opportunity for the world" he added.

Gold climbed on Wednesday to hit a record, while silver breached the $90 mark for the first time, as softer-than-expected US inflation readings cemented bets for interest rate cuts amid ongoing geopolitical uncertainty.

Spot gold rose 1 percent to $4,632.03 per ounce as of 0715 GMT, after hitting a record high of $4,639.42 earlier in the session. US gold futures for February delivery rose 0.9 percent to $4,639.50.

Spot silver jumped 3.6 percecnt to $90.11 per ounce, having shot up nearly 27 percent so far this year.

“US Consumer Price Index figures showed that inflation remained relatively contained at 2.6 percent (year-on-year), and risk assets may be hoping for a similarly benign Producer Price Index reading to keep expectations alive for further monetary policy easing,” said Tim Waterer, KCM Trade’s chief market analyst.

The US core CPI rose 0.2 percent month-on-month in December, falling short of analysts’ expectations of a 0.3 percent m/m and 2.7 percent y/y increase. US core PPI data for December is due later in the day.

US President Donald Trump welcomed the inflation figures, reiterating his push for the US Federal Reserve Chair Jerome Powell to cut interest rates “meaningfully.”

Global central bank chiefs and top Wall Street bank CEOs lined up in support of Powell on Tuesday after news of the Trump administration’s decision to investigate him. The government’s move drew condemnation from former Fed chiefs as well.

Analysts say worries around trust in US assets, such as the dollar, and Fed independence added to safe-haven demand.

Investors expect two 25-basis-point rate cuts this year, with the earliest in June.

Low-interest-rate environment and geopolitical or economic uncertainty traditionally favour non-yielding assets like gold.

ANZ expects gold to trade above $5,000/oz in the first half of 2026, the bank said in a note on Wednesday.

For silver, the next big figure will be the $100 mark, and high two-digit percentage gains for the metal seem likely this year, said GoldSilver Central managing director Brian Lan.