Bangladesh plans to sign a government-to-government (G-to-G) agreement with China to set up a military drone manufacturing facility, enhancing the country's air defence capabilities.

Ahead of the formal signing, the finance ministry on 6 January approved a project proposal – officially titled "Establishment of Manufacturing Plant and Transfer of Technology (ToT) for Unmanned Aerial Vehicles (UAVs)".

The Tk608.08 crore project includes Tk570.60 crore for opening letters of credit (LCs) and making payments to import and install the plant and related technology, according to a copy of the proposal seen by The Business Standard.

Of the total amount, Tk570.60 crore will be disbursed over four fiscal years: Tk106 crore in the current year, Tk155 crore each in FY2026-27 and FY2027-28, and approximately Tk154.60 crore in FY2028-29.

The remaining Tk37.47 crore will be paid in local currency to cover LC opening charges, VAT and SWIFT charges.

When asked about it on Saturday, Finance Adviser Salehuddin Ahmed told TBS, "I will not comment on the establishment of a drone plant or the import of fighter jets."

When asked about the approval of the proposal to set up a drone plant and the import of ToT, he said, "There are many discussions about which country the fighter jets will be purchased from. Therefore, I will not talk about drones or fighter jets right now. Let everything be finalised first."

Bangladesh Air Force will implement the project with technology supplied by China Electronics Technology Group Corporation (CETC) International, a state-owned Chinese defence electronics conglomerate, according to the proposal.

The project is intended to enable the Bangladesh Air Force to manufacture and maintain drones domestically, a move officials say could reduce long-term reliance on imports.

When contacted, Inter-Services Public Relations (ISPR) Directorate officials declined to comment on the matter.

Before the finance ministry's approval, Chief Adviser Muhammad Yunus, who is also the adviser in charge of the defence ministry, approved the proposal.

Officials said the Bangladesh Air Force will not require any additional budget allocation to import the drone manufacturing plant and the transfer of technology. The expenditure can be covered from the annual allocation under the "other machinery and equipment" head in the Air Force budget.

A joint committee formed by the armed forces had earlier given policy approval – following negotiations – to procure the drone manufacturing plant and ToT, with payments to be made over either the FY25 to FY28 period or the FY26 to FY29 period.

According to the minutes of a coordination meeting held in September 2025, chaired by Chowdhury Ashik Mahmud Bin Harun, executive chairman of the Bangladesh Investment Development Authority (Bida), the Bangladesh Air Force (BAF) is partnering with China to establish an unmanned aerial vehicle (UAV) or drone manufacturing plant in Bangladesh through a technology transfer agreement.

Multiple attempts by TBS to contact Ashik, seeking information on the matter last Wednesday, were unsuccessful as he did not answer. He saw the question sent to him on WhatsApp regarding the issue, but did not respond.

Proposal approved on five conditions

The finance ministry approved the proposal, subject to five conditions. These include meeting the current fiscal year's expenditure from existing allocations, without seeking any additional budget for this procurement, according to the approved proposal.

From the next fiscal year to FY2028-29, the required funds must be managed within the Bangladesh Air Force's approved annual budget ceilings. All payments must comply with prevailing financial rules and be executed through letters of credit (LCs).

The ministry also stipulated that the approved funds cannot be used for any purpose other than the proposed contract.

China's state-owned CETC International initially quoted Tk643.61 crore, including shipping costs. However, after discussions between Bangladesh Air Force officials and representatives of the Chinese company in November, the contract value was renegotiated and reduced by Tk35.53 crore to Tk608.07 crore.

According to CETC International's website, the company is China's only large-scale technology corporation covering all areas of electronic information, including defence electronics, security electronics, and informatisation, with its products reaching more than 110 countries.

In defence electronics, CETC has developed seven main product systems: air base early warning, integrated electronic information systems, radar, communication and navigation, electronic warfare, UAV electronic equipment, and integrated IFF.

Its security and electronic information portfolio includes public security, e-government, intelligent transportation, new energy, components, and other related products and services.

Bangladesh's steel and cement industries have spent much of the past two years in survival mode, battered by weak demand, high financing costs and a prolonged squeeze on margins.

Yet, even in this prolonged downturn, a group of large millers have managed to hold its ground, not because of any market recovery, but due to structural advantages built over time.

Industry insiders say the real dividing line is no longer pricing power alone. Companies that invested early in oceangoing vessels, feeder networks and energy-efficient production lines are now better placed to absorb shocks that continue to weigh on smaller producers.

In the cement sector, the advantage begins far from shore.

Large cement producers that own or control mother vessels can import clinker and other raw materials in parcels of 50,000 tonnes or more, significantly lowering freight costs. Brands such as Fresh, Shah, Crown and Akij fall into this category, according to industry insiders.

Smaller millers, by contrast, typically pool shipments, with three or four companies sharing a vessel, or rely on spot freight and lighterage, pushing up per-tonne costs.

"Small millers like us spend around $14 per tonne to import clinker, while large mills with their own vessels manage it at about $12," said Md Shahidullah, managing director of Metrocem Group, which has investments in both cement and steel.

"That difference may look small, but in a low-margin market it determines who survives," he said.

Beyond freight, vertically integrated supply chains, linking mother vessels to feeder ships and in-house logistics, also reduce uncertainty in delivery schedules, allowing larger producers to plan production more efficiently.

Technology has become second line of defence

Cement factories operating vertical roller mills (VRM) enjoy a production cost advantage of about Tk10 to Tk15 per bag compared with traditional tube or ball mills due to lower energy consumption and higher efficiency, Shahidullah said.

Major players including Shah Cement, Crown, Premier, 7 Rings, Akij and Bashundhara have already shifted to VRM-based production, insulating them from some of the cost pressures that continue to batter the industry.

But the entry barrier is steep. Industry insiders say at least Tk1,000 crore is needed to set up a VRM cement factory.

"Setting up a VRM plant requires an investment four to five times higher than a tube mill," said Mohammed Amirul Haque, managing director of Premier Cement Mills and president of the Bangladesh Cement Manufacturers Association.

"A VRM factory consumes less energy and we use power-saving devices to reduce costs. Yet Premier Cement is running at 40-50% capacity because of subdued demand," he told The Business Standard.

Md Khurshed Alam, executive director of Fresh Cement, said big mills are surviving on volume rather than profits.

"There is overcapacity, so there is a price war," he said.

According to the cement association, installed capacity now stands at nearly 100 million tonnes of cement, while annual demand is only around 40 million tonnes. Until the 1990s, Bangladesh was almost entirely dependent on imports.

"Demand from the government has gone down to nearly zero and we are surviving on remittance-driven demand," Alam said.

Steel facing similar squeeze

Many steel mills are operating at just 35-40% capacity amid a prolonged slowdown in construction, including mega projects.

As in cement, large steel producers enjoy a cost advantage by importing raw materials in bulk, often using their own vessels.

"Per-container freight costs are about $30 lower for large mills compared with smaller ones," said Shahidullah of Metrocem Steel.

Data from the Bangladesh Steel Manufacturers Association show the country has around 400 steel mills with a combined capacity of about 9 million tonnes, against demand of roughly 4 million tonnes.

The top ten producers control nearly 70% of the market, with BSRM leading at about 20%, followed by AKS, GPH and KSRM.

Smaller millers fear they may be forced out as three large new plants, together adding almost half the capacity of dozens of existing mills, are set to intensify competition.

Two projects, Bashundhara Multi Steel with an annual capacity of 1.2 million tonnes and Meghna Re-Rolling and Steel Mills with 1.5 million tonnes, are expected to come online this year. Chattogram-based Unitex Group is also setting up a one-million-tonne steel mill.

"The steel market has remained lean for nearly two years, and we expect demand to revive after the election,' said Mohammad Mazedul Islam, head of project at Bashundhara Multi Steel.

"We are preparing to enter the market by the end of this year," he said.

Mazedul said the technology being deployed would reduce production costs by about Tk5,000 per tonne, giving the company a significant competitive edge. Bashundhara has invested Tk4,500 crore in the project, which is expected to create around 1,000 jobs.

Industry insiders say the new entrants are betting on technology and scale to survive in an increasingly competitive market.

Mohammad Firoz, chief executive of Meghna Re-Rolling and Steel Mills, which has secured a $100 million financing package from the IFC, said he remains confident about the company's long-term prospects.

"We are using the latest technology, which will significantly reduce energy costs," he said.

"We can compete on scale, productivity and overheads. We are not worried," he added, while noting that market consolidation is likely as smaller mills struggle to compete with larger players on volume.

Despite long-standing health and environmental concerns linked to plastic factories in Old Dhaka, the government's effort to shift them to Munshiganj has made little progress over the past ten years. Although a modern plastic industrial city was approved in 2015, persistent land acquisition hurdles stalled the project at its outset.

The project was originally approved on 1 December 2015, with a target completion date of June 2018. Following multiple extensions, the deadline was last set for December 2025, but the project has just started and the timeline has now been pushed back again to December 2027, marking the project's fifth extension.

According to the Bangladesh Small and Cottage Industries Corporation (BSCIC) sources, 47% of earth filling work has been completed, while overall project progress stands at only 14-15%. Once land filling is finished, construction will begin in phases, BSCIC Chairman Saiful Islam said.

He said delays occurred mainly because the agency failed to secure the initially allocated land at the start of the project. Strong resistance from local residents prevented land acquisition for nearly seven years, from 2015 to 2022, and five project directors were unable to resolve the issue. Eventually, in 2023, the government decided to abandon the original site beside the expressway and relocate the project near the Chemical Industrial City.

According to BSCIC, the authority finally took possession of the new land on 15 July 2025. Boundary demarcation and pre-leveling work were completed despite adverse monsoon conditions, and earth-filling activities began soon after.

The plastic industrial city's initial estimated cost of Tk133 crore has risen to Tk509 crore, largely due to an expansion of the project area from 50 acres to 95 acres, inflation, and higher construction expenses. Project Director Md Anis Uddin explained that the expanded area doubled the length of roads, drains, and boundary walls, significantly increasing costs.

He also noted that earth-filling costs rose from Tk200 per cubic metre in 2012 to Tk510 in 2023. Despite these challenges, he expressed hope that the project would be completed by December 2027, though low river water levels during the dry season could hamper sand transportation and impede progress.

Industry leaders warn that prolonged delays are taking a toll on the sector. According to the Bangladesh Plastic Goods Manufacturers and Exporters Association (BPGMEA), plastic goods worth around Tk45,000 crore are produced and sold domestically, contributing about Tk3,500 crore annually in internal revenue. In the 2024–25 fiscal year, Bangladesh exported plastic products to 126 countries, earning approximately $1.2 billion – a 20% year-on-year increase. The sector supports around 1.2 million people directly and indirectly.

BPGMEA President Shamim Ahmed said plastic factories operating within Dhaka remain in hazardous conditions, frequently facing fire risks that endanger workers and nearby residents. He expressed frustration that the Munshiganj project has remained unfinished for nearly 10 years, saying the delay is hurting exports, damaging Bangladesh's image, and creating financial and psychological stress for entrepreneurs.

Regarding plot allocations, the BSCIC chairman said plots will only be handed over once the project is fully completed. He said the authority recognises the plastic industry's vast potential and is keen to complete the project swiftly to help the sector grow and attract new investment.

The National Board of Revenue (NBR) has reported an encouraging response to its online income tax return (e-return) system in the 2025–26 tax year, with a marked rise in participation from expatriate Bangladeshis despite the service not being mandatory for them.

According to an NBR media release issued this evening (12 January), around 4.553 million taxpayers have so far registered with the e-return system, while 3.188 million taxpayers have already submitted their income tax returns online for the 2025–26 tax year.

Under a special order issued by the NBR, online submission of income tax returns has been made mandatory for all individual taxpayers, except senior citizens aged 65 years and above, physically challenged and special-needs taxpayers, Bangladeshis residing abroad, legal representatives filing returns on behalf of deceased taxpayers, and foreign nationals working in Bangladesh.

The e-return submission system for the 2025–26 tax year was formally inaugurated on August 4, 2025, by Finance Adviser Dr Salehuddin Ahmed through the NBR's dedicated website, www.etaxnbr.gov.bd.

Although expatriate Bangladeshis are exempt from the mandatory online filing requirement, a growing number of them are voluntarily using the digital platform to submit their tax returns.

The NBR noted that Bangladeshis living abroad are increasingly embracing the e-return system, reflecting rising trust and confidence in the country's digital tax services.

To facilitate overseas taxpayers, the NBR has introduced a simplified registration process.

Non-resident Bangladeshis can apply for access to the e-return system by sending their passport number, national identity card number, email address and other relevant information to ereturn@etaxnbr.gov.bd.

Upon verification, the applicants receive a one-time password (OTP) and a registration link via email, enabling them to complete registration and submit their returns online from abroad.

So far, nearly 5,000 expatriate Bangladeshis have successfully completed registration using OTPs sent to their email addresses.

Of them, around 3,300 non-resident taxpayers have already paid income tax online from overseas and submitted their e-returns for the current tax year.

The NBR also reported that, on average, around 100 expatriate taxpayers per day are seeking e-return-related services via email from abroad, which are being handled by the e-Tax Management Unit under the revenue board.

Officials said the strong participation of expatriate Bangladeshis, alongside domestic taxpayers, is providing a significant boost to the NBR's digital transformation drive and strengthening the momentum of its technology-based taxpayer services.

The revenue authority expressed optimism that the growing acceptance of the e-return system would help improve tax compliance, reduce administrative hassles and ensure greater transparency in tax administration.

The NBR has urged all individual taxpayers, including expatriate Bangladeshis, to submit their 2025–26 income tax returns by January 31, 2026, through the e-return system, while pledging to enhance the platform and expand digital services for easier, faster, and more taxpayer-friendly compliance.

Unilever Consumer Care, a listed multinational company formerly known as GlaxoSmithKline, has been removed from the Dhaka Stock Exchange’s (DSE) main index, the DSEX, after failing to meet eligibility criteria.

It was excluded alongside 15 other companies during the latest periodic review. The removal means their share prices will no longer factor into the calculation of the market’s overall performance.

At the same time, nine companies were added to the index after meeting the same criteria. Six belong to the DSE’s Z category -- stocks considered non-performing due to weak fundamentals or governance issues. One is from the low-performing B category, and only two are A-category companies, generally regarded as financially sound.

The inclusion of such stocks in the benchmark index, alongside the exclusion of a stable multinational, sends a troubling signal to institutional and foreign investors, say experts.

The DSE said the reshuffle was based on objective indicators.

To qualify for the DSEX, a company must have a float-adjusted market capitalisation above Tk 10 crore and an average daily trading value of at least Tk 10 lakh over the previous six months. Unilever Consumer Care fell short on the latter, with its shares traded too infrequently to meet the liquidity threshold.

In contrast, several Z-category stocks comfortably exceeded the minimum trading requirement despite weak financial performance and minimal dividend payouts.

A MARKET DRIVEN BY SPECULATION

The review highlights a striking trend of investors showing greater interest in speculative, low-quality stocks than in a multinational company that paid a 520 percent cash dividend in 2024.

Six of the newly included Z-category firms -- BD Welding, DESCO, Dulamia Cotton, Safko Spinning, Standard Ceramics, and Zeel Bangla Sugar Mills -- returned little or nothing to shareholders in the last fiscal year.

Dulamia Cotton, for instance, paid a 3 percent dividend, its first in at least 15 years, according to DSE data.

Analysts say the rush into non-performing stocks is driven more by speculation than fundamentals.

Many of these Z-category stocks trade actively on persistent rumours of future gains, often without verifiable evidence. Their relatively small paid-up capital also makes them easier to manipulate, as modest trading volumes can sharply move prices.

Saiful Islam, president of the DSE Brokers Association (DBA), said the trend reflected “blatantly illogical” investor behaviour.

“It indicates our investors take decisions on their own without relying on professionals. The market also lacks educated, professional brokers. It’s been a dry market for a long time,” he said.

Saiful added that the removal of a company like Unilever sends a “ruinous message to foreign investors” and called for the DSEX inclusion criteria to be reconsidered.

The trading pattern has also been reinforced by the absence of foreign and institutional investors. “Foreign and institutional investors are not active in the market, which has allowed small investors to drive up the prices of certain companies,” said Iftekhar Alam, president of the Bangladesh Merchant Bankers Association.

BEXIMCO AND FLOOR PRICE DEBATE

Among those excluded from the index is Beximco Ltd, a large-cap stock that remains subject to a regulatory floor price -- a minimum level below which its shares cannot fall.

At present, only Islami Bank and Beximco continue to enjoy such protection. Market analysts say Beximco’s share price could decline sharply if the floor is lifted, particularly amid concerns over ownership and governance.

Regulators had previously hesitated to remove Beximco’s floor price because of the company’s heavy weight in the index, which could have dragged the market lower.

With Beximco now removed from the DSEX, that constraint has eased, increasing the likelihood that the floor price could be withdrawn.

Prices of mild steel (MS) bars in Bangladesh have begun to rise as a rebound in global ferrous scrap prices pushes up replacement costs for local re-rolling mills, raising concerns over construction expenses for homebuilders and contractors.

Industry insiders said imported scrap prices have increased by around $25-30 per tonne over the past week, reversing a prolonged downward trend seen over the last year.

The higher replacement cost is now feeding into the domestic market, with several small and mid-sized mills already raising rod prices by up to Tk1,000 per tonne in different regions.

Large producers are also expected to adjust prices soon, according to Bangladesh Steel Manufacturers Association (BSMA) President and GPH Ispat Chairman Jahangir Alam.

"Due to weak demand, steel prices have been declining in Bangladesh for nearly a year. At present, MS rods are selling at the lowest levels in the last five years," Jahangir told The Business Standard. "With the onset of winter, global scrap prices have risen sharply, leaving local manufacturers with no option but to adjust prices."

He further noted that rod prices in the Dhaka market rose by Tk1,000-1,500 per tonne on Thursday alone, adding that companies may eventually need to raise prices by Tk3,000-4,000 per tonne to remain aligned with international costs.

Data from international price reporting agency Argus show Turkey's deep-sea heavy melting steel (HMS) 1/2 (80:20) scrap benchmark falling to around $336 per tonne during the summer downturn before rebounding to the $360-370 range in early December.

Turkey, the world's largest seaborne scrap importer, often sets the direction of global prices. Market participants said renewed Turkish buying, combined with winter-related supply disruptions in Europe and North America, has tightened availability and pushed prices higher.

Moreover, during winter, scrap collection, transportation and port operations slow significantly in Western markets, reducing spot supply.

In parallel, India's increased presence in the import market has intensified competition for scrap cargoes, making it harder for Bangladeshi mills to secure material on favourable terms.

However, despite some wholesale price increases by producers, retail prices in Dhaka and Chattogram remained largely unchanged until Thursday, market checks found.

Chattogram-based trader Asaduzzaman, proprietor of Zaman Enterprise, said premium-grade BCSR rebar was selling at Tk80,000 per tonne, AKS and KSRM at Tk78,000, and GPH Ispat at Tk76,000.

"No company has officially announced a price hike yet, but we have been informally informed that prices will be raised within this week," he said.

While a few mills have already increased wholesale prices, major producers such as BSRM and AKS have so far refrained from immediate adjustments. Company officials said demand remains relatively weak compared to previous winter seasons, forcing cautious pricing decisions.

BSMA Secretary General and Rani Re-Rolling Mills Chairman Sumon Chowdhury said seasonal price increases during December to February are common due to higher international scrap demand.

"Bangladesh has no coordinated pricing mechanism. Mills are forced to react individually to global price movements," he said.

Anwar Group Chairman Manwar Hossain said the steel sector has faced prolonged financial stress since the pandemic.

"Negative returns over an extended period caused severe capital erosion, eventually forcing many factories to shut down," he said. "With scrap prices rising globally, local manufacturers now have no alternative but to raise prices."

During the Covid-era global scrap shortage, premium-grade rebar prices in Bangladesh surged to as high as Tk110,000 per tonne. A global slowdown and weak domestic demand later pushed prices down to Tk70,000-80,000 per tonne last year, the lowest level in five years.

Bangladesh's annual steel demand is estimated at 8-9 million tonnes, driven mainly by housing, infrastructure and industrial construction. The country's installed steelmaking capacity exceeds 11 million tonnes, indicating significant overcapacity amid slowing demand.

The sector has seen investments worth tens of thousands of crores of taka over the past decade, including major expansions by BSRM, GPH Ispat, AKS and KSRM. Despite this, capacity utilisation has remained under pressure due to subdued construction activity and volatility in raw material prices.

Bangladesh produces around 7 million tonnes of steel products annually and imports more than 4.2 million tonnes of scrap and billet to support production, industry data show.

Traders said sustained firmness in global scrap prices could keep local rebar prices under upward pressure in the coming weeks, even if domestic demand remains modest.

Bangladesh's four local airlines are preparing for an aggressive push into international markets in 2026 despite a global shortage of aircraft and tight leasing conditions slowing their plans to take on foreign rivals that dominate the country's skies.

The carriers are targeting South Asia, Southeast Asia, the Middle East and Europe, where demand from migrant workers and leisure travellers remains strong.

International passenger numbers are rising. Dhaka's Hazrat Shahjalal International Airport handled about 12.5 million international passengers in 2024, nearly 7% more than a year earlier. Yet, airlines say the post-pandemic recovery, coupled with manufacturing bottlenecks and delivery delays, has made it difficult to secure aircraft for new routes.

More than 70% of Bangladesh's international air travel market is currently controlled by 37 foreign airlines.

Industry insiders said the three private carriers, US-Bangla, NovoAir and Air Astra, together plan to open at least 15 new international routes. State-run Biman Bangladesh Airlines also aims to add more destinations beyond its Dhaka to Karachi relaunch on 29 January, subject to aircraft availability.

At present, only US-Bangla and Biman operate international flights, while NovoAir and Air Astra remain focused on domestic services.

Between 2021 and 2025, about 50 lakh Bangladeshis migrated overseas for work, according to the Bureau of Manpower, Employment and Training. Although domestic air travel has softened on some routes due to improved road and rail links, overall passenger traffic continues to grow, driven mainly by outbound labour and regional travel.

US-Bangla targets Europe and the Middle East

US-Bangla has spent several years preparing to enter the European market.

"We have been working extensively to start operations on the London and Rome routes," Kamrul Islam said. "It is not just about submitting applications. Airlines must meet strict international standards. Our target is to launch European flights within this year."

The airline also plans to begin flights to Madinah this year and needs at least three to four additional aircraft to support its expansion.

Capacity constraints, however, limit how quickly it can respond to changes in demand. "If India suddenly relaxes its visa regime, we will not be able to scale up flights immediately on high-demand routes like Chennai or Kolkata," Kamrul Islam said. "Earlier we operated daily flights to Chennai, which have now fallen to three a week. Kolkata has dropped from 14 flights a week to just three or four."

NovoAir eyes six new international routes

After three years of attempts to secure aircraft, NovoAir is hoping 2026 will mark its entry into international markets.

The airline has been trying to lease planes since 2023 but has struggled due to the global shortage of lease-ready aircraft. Its original plan was to acquire Airbus A321s, later revised to include A320s, but it has yet to secure any jets. Efforts to lease aircraft under the ACMI model, which includes crew, maintenance and insurance, have also been constrained by limited availability.

Managing Director Mofizur Rahman said a delegation would travel to Dublin later this month to hold talks with leasing firms. "If we can secure aircraft there, we hope to launch our international network by mid-year," he said.

NovoAir's initial targets are Bangkok, Kuala Lumpur and Singapore in Southeast Asia, and Dubai, Sharjah and Muscat in the Middle East.

Air Astra targets South and Southeast Asia

Air Astra also plans to enter international markets once it expands its fleet.

"We expect to receive new aircraft through leasing by the first half of 2026," said Sakib Hasan Shuvo, the airline's deputy manager of public relations. "After that, we plan to launch international routes, with Nepal, Kuala Lumpur, Bangkok and Singapore as our primary targets."

He said the airline has already received frequency allocations for 12 international routes from aviation authorities.

Biman's plans hinge on aircraft

Biman Bangladesh Airlines currently operates 22 international routes and plans to expand into East Asia, Europe and the United States. But aircraft availability remains the key constraint.

"Our expansion depends entirely on acquiring new aircraft through leasing," said Biman spokesperson Boshra Islam.

Although Biman's board has approved the purchase of 14 Boeing aircraft, officials said it would take at least four to five years before the first deliveries. In the meantime, the airline is negotiating with lessors to bridge the gap.

Earlier this year, Biman Managing Director Md Shafiqur Rahman said the airline was directly engaging leasing companies to overcome the shortage, which has so far prevented the launch of new routes.

Aircraft shortage slows expansion

Local airlines began planning route expansions to Southeast Asia and the Middle East in mid-2023, but global supply disruptions have delayed execution, sector insiders said.

The Russia-Ukraine war disrupted supply chains, while production halts and delivery delays, particularly involving Boeing 737 MAX aircraft, have created a worldwide shortage of narrow-body jets. As a result, airlines have struggled to secure planes through leasing.

"We have been consistently adding aircraft, and with recent additions our fleet now stands at 25, mostly leased," said Kamrul Islam, spokesperson for US-Bangla Airlines. "But a post-Covid surge in demand has created a global aircraft shortage. Manufacturers and lessors have not been able to keep up, especially for Boeing aircraft."

He said the company expects conditions to ease gradually as production normalises.

Bank deposit growth in Bangladesh reached its highest level in 20 months, standing at 10.80% at the end of November 2025, driven largely by a strong surge in remittance inflows, even as the domestic economy remained subdued.

According to data released by the Bangladesh Bank today (11 January), the total volume of bank deposits stood at Tk19.53 lakh crore at the end of November 2025, up from Tk17.62 lakh crore in November 2024.

The previous month's growth, recorded at the end of October, was 9.62%, while the last time growth exceeded 10% was in February 2024, when it stood at 10.43%.

Remittance flows as key driver

Economists and bankers largely attribute the strong growth to the robust inflow of remittances.

Zahid Hussain, former lead economist at the World Bank's Dhaka office, told TBS that the remittance flow contributed the most to the deposit growth, noting that flows were "very good" during November and December. He explained that dollars arriving through the banking channel are converted into taka, which then comes into the banking sector.

"The domestic economy is still depressed, so the growth is not coming from there," Zahid said. "Savings increase when domestic income and remittances rise. Remittances increased in the last two months of 2025, but no signs of increasing domestic income were visible."

He also discounted the idea that reduced panic in the banking sector – despite central bank confidence-building measures – was the primary cause, noting that the "currency outside banks" figure shows little change.

Cenbank's dollar purchase aids liquidity

The increase in remittances, which stood at $2.88 billion in November 2025, has positively impacted the commercial banks' Net Open Position. This has led banks to sell their excess dollars to the central bank, resulting in taka flowing from the central bank into the commercial banking system. The Bangladesh Bank has purchased $3.75 billion from commercial banks so far in the current fiscal year.

Md Ahsan-uz Zaman, managing director of Midland Bank, confirmed this view, saying, "The Bangladesh Bank is buying dollars through auction, increasing market liquidity. This influx of funds is helping to boost bank deposits." He also mentioned that some deposits were accumulated due to the formation of a collective Islamic bank.

A private bank's head of treasury noted that deposit growth correlates directly with the remittance flow, stressing that the domestic income situation is currently "not very good."

Data analysis shows that within the first 11 months of 2025, only August and November recorded double-digit bank deposit growth.

Currency outside banking system declines

Adding to the positive trend, Bangladesh Bank data shows that the volume of currency held outside banks fell by 3.04% year-on-year in November 2025 to Tk2.69 lakh crore, compared to Tk2.77 lakh crore in the same month of 2024.

A senior central bank official suggested that money held outside banks is gradually returning to the formal financial system.

Bangladesh government has halted the import of onions from India through the country's largest land port, Benapole, for the past two weeks, raising concern about a price hike.

Importers, however, can continue bringing in onions under previously issued permits until 30 January.

Officials did not grant any new permits for onion imports from India on Saturday.

Shyamal Kumar Nath, Assistant Plant Quarantine Officer at Benapole, confirmed that onion imports from India have been halted for the past two weeks and no new permissions have been issued.

Onions can still be imported under previously issued permits until 30 January, he added.

Since 24 December, no onion shipments have entered through Benapole. The last consignment of 60 tonnes arrived on that date, while 390 tonnes were imported between 15 and 24 December through six consignments carried in 13 trucks.

Royal Islam, an onion importer, said the government usually allows onion imports when local prices rise sharply.

Imports of onion were resumed on 7 December after a three-month halt, initially in limited quantities, which did not meet demand. Later, when import permissions increased, prices began to stabilise, falling to Tk35–40 per kilogram.

Since imports have now been suspended again, prices are rising to Tk50–70 per kilogram, he said.

"If the halt continues, prices could climb to Tk80–85. Even the news of the suspension has already pushed prices up by Tk10 per kilogram at the port," he added.

Because of the harsh environment in Greenland, lack of key infrastructure and difficult geology have so far prevented anyone from building a mine to extract the sought-after rare earth elements that many high-tech products require. Besides President Donald Trump prevails in his effort to take control of the arctic island, those challenges won't go away.

Trump has made reducing China's dominance over the global rare earth supply a top priority since the world's second-largest economy sharply limited access to those materials after the United States imposed broad tariffs last spring. His administration has poured hundreds of millions of dollars into the sector and has even acquired stakes in several companies. Now, the president is suggesting that taking control of Greenland from Denmark could be the answer.

"We are going to do something in Greenland whether they like it or not," Trump said Friday.

Greenland is unlikely to produce rare earths anytime soon, if at all. Although some companies are exploring its estimated 1.5 million tons of deposits, most projects remain at an early stage. Trump's interest in the island may be driven more by efforts to counter Russian and Chinese influence in the Arctic than by access to rare earths like neodymium and terbium used in advanced technologies.

"The fixation on Greenland has always been more about geopolitical posturing — a military-strategic interest and stock-promotion narrative — than a realistic supply solution for the tech sector," said Tracy Hughes, founder and executive director of the Critical Minerals Institute. "The hype far outstrips the hard science and economics behind these critical minerals."

Trump confirmed those geopolitical concerns at the White House Friday.

"We don't want Russia or China going to Greenland, which if we don't take Greenland, you can have Russia or China as your next-door neighbour. That's not going to happen," Trump said.

A difficult place to build a mine

Mining in Greenland faces major hurdles, including extreme remoteness, limited infrastructure, environmental risks, and harsh weather. Rare earths there are locked in complex eudialyte rock with no proven profitable extraction method. While Critical Metals' shares jumped after plans for a pilot plant, it and other companies remain far from building a mine and would need massive investment.

Producing rare earths is a tough business

Even the most promising rare earth projects can struggle to be profitable, especially when China floods the market with excess supply to lower prices and push competitors out, a tactic it has used repeatedly. Currently, most critical minerals are still processed in China.

The US is rushing to increase rare earth supplies outside China during a one-year easing of stricter restrictions that Trump said Xi Jinping agreed to in October. Several companies worldwide are already producing rare earths or magnets and can bring them to market faster than Greenland, which Trump has threatened to take militarily if Denmark refuses to sell it.

"There are very few folks that can rely on a track record for delivering anything in each of these instances, and that obviously should be where we start, and especially in my view if you're the U.S. government," said Dunn, whose company is already producing more than 2,000 metric tons of magnets each year at a plant in Texas from elements it gets outside of China.

The Bangladesh Bank (BB) has set a target to reduce non-performing loans (NPLs) to 25 percent from the current 36 percent by March, according to senior bankers.

In a meeting held at BB headquarters yesterday, banks were instructed to cut the volume of bad debts through loan rescheduling, accelerating legal recovery and implementing a comprehensive follow-up process for defaulters.

A delegation from the Association of Bankers, Bangladesh (ABB), led by its Chairman Mashrur Arefin, attended the meeting. It was chaired by BB Governor Ahsan H Mansur, with deputy governors, executive directors, and other senior officials of the central bank also present. Nazma Mobarek, secretary of the Financial Institutions Division, attended as well.

The meeting included a presentation on monetary policy and the country’s broader economic situation.

Central bank officials said the governor expressed dissatisfaction with banks’ efforts to tackle defaulted loans, despite various initiatives by the government and the central bank.

Defaulted loans in the banking sector rose to Tk 6.44 lakh crore, nearly 36 percent of total loans disbursed, by the end of September 2025, according to BB data.

In September 2024, the ratio of bad loans stood at 16.93 percent of total outstanding loans. It means that the share of NPLs had roughly doubled within a year.

This is the highest level since 2000, exposing vulnerabilities in the banking system and raising concerns about financial governance.

Under the central bank’s policy support, around 300 companies, including some of the largest defaulting conglomerates, applied for loan rescheduling or restructuring facilities worth around Tk 2 lakh crore during the first nine months of 2025.

In January last year, the BB formed a five-member committee, led by the executive director of the Department of Offsite Supervision, to provide policy guidance for restructuring or rescheduling corporate loans affected by circumstances beyond borrowers’ control.

The committee completed its tripartite meetings with borrowing companies and their financing banks on September 30.

Sources present at yesterday’s meeting said about 44 percent of the approved policy support has been implemented so far, with Islami Bank Bangladesh and United Commercial Bank performing at satisfactory levels.

Bankers expressed optimism that they would be able to reduce bad loans by March.

Speaking on condition of anonymity, a chief executive of a private commercial bank told The Daily Star that the meeting also discussed the foreign exchange market, noting that banks currently hold adequate foreign currency reserves.

“The BB governor asked banks to ensure smooth letter-of-credit payments ahead of Ramadan to maintain the food supply chain,” he said.

The CEO added that the central bank has injected around Tk 40,000 crore in local currency against its purchase of $3.50 billion over recent months.

At the meeting, bankers urged the BB to liberalise the inflow and outflow of foreign currency. The central bank asked the commercial lenders to make sukuk bonds tradable ahead of a planned government issuance of Tk 10,000 crore in sukuk bonds, according to sources.

During the meeting, the central bank instructed banks to run campaigns for the upcoming referendum at their head offices and branches.

The secretary of the Financial Institutions Division asked banks to carry out positive campaigns to raise public awareness about the referendum and encourage voter participation. Many banks have already begun outreach efforts at their branches.

The national election and the referendum on the July Charter are scheduled for the same day, 12 February. The interim government has already started campaigning for the referendum.

Vietnam and Japan crossed a major commercial milestone last year as two-way trade turnover exceeded US$50 billion for the first time, underscoring the strength and momentum of bilateral economic ties.

The achievement also reaffirmed Japan’s position as one of Vietnam’s largest and most stable trading partners at a time of continued volatility in the global economy.

The Vietnam Trade Office in Japan reported that bilateral trade delivered positive results throughout the year. Citing statistics from the Department of Customs, total import-export turnover between the two countries reached more than $51.43 billion, an increase of 11.28 percent compared to 2024.

Vietnam’s exports to Japan amounted to $26.77 billion, up 8.77 percent, while imports from Japan reached $24.68 billion, a year-on-year rise of 14.13 percent. As a result, Vietnam recorded a trade surplus of $2.09 billion with Japan last year.

Key Vietnamese export groups to Japan include textiles and garments; transport vehicles and spare parts; machinery, equipment, tools and other spare parts; wood and wood products; mobile phones and components; computers, electronic products and components; footwear; seafood; coffee; fruits and vegetables; cashew nuts and pepper.

Meanwhile, Vietnam imports a wide range of products from Japan, notably computers, electronic products and components; machinery, equipment, tools and spare parts; iron and steel products; fabrics; automobile components and spare parts; and seafood.

Notably, the two largest import categories – computers and electronic components, and machinery and equipment – together accounted for nearly 54 percent of Vietnam’s total import value from Japan.

The structure of Vietnam-Japan trade in 2025 remained highly complementary, reflecting the respective strengths of both economies and their deep integration into global supply chains.

Tạ Đức Minh, commercial counsellor of the Vietnam Trade Office in Japan, said the $50 billion milestone was not only historically significant but also reflected the substantive and sustainable growth of economic cooperation between the two countries amid ongoing global economic uncertainty. He added that these positive outcomes were closely linked to the strategic guidance of Vietnam’s Ministry of Industry and Trade in promoting bilateral economic and trade relations.

The ministry has laid an important foundation enabling businesses in both countries to expand cooperation and integrate more deeply into regional and global value chains, Minh said.

This progress has been driven by the negotiation and effective implementation of free trade agreements, including the Vietnam-Japan Economic Partnership Agreement, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Regional Comprehensive Economic Partnership, alongside policies helping enterprises take advantage of tariff preferences and guidance on developing key export sectors.

To sustain and accelerate growth in bilateral trade, Minh said the trade office would proactively monitor and analyse developments that could affect trade between Japan and Vietnam this year, promptly advising the Government and ministry leaders on policy responses and issuing early warnings to the business community.

Efforts will also continue to intensify trade promotion, diversify export products for the Japanese market, expand market development activities in Japan and invite Japanese business delegations to take part in domestic trade promotion programmes.

In addition, the trade office will support enterprises in boosting competitiveness by providing market information, updating technical standards and import regulations, and assisting Vietnamese companies with brand building and product marketing in Japan, including identifying reputable distribution partners and connecting with suitable retail channels.

The Vietnam Trade Office in Japan has served as a direct and effective bridge between businesses of the two countries. In 2025, it coordinated and supported Vietnamese enterprises in participating in major trade and investment promotion events, including Foodex Japan 2025, the M-Tech Manufacturing Expo, Gift Show, DIY Show, fashion and textile exhibitions, building and decoration fairs, as well as Vietnam festivals in Tokyo and Kanagawa.

The office also hosted Japanese business delegations in Vietnam for trade fairs and market surveys, connecting companies across key sectors. These efforts helped boost trade and strengthen market knowledge, technical standards, and long-term cooperation.

With the support of the MoIT, the direct assistance of the Vietnam Trade Office in Japan, and the proactive efforts of the business community, the Vietnam-Japan trade and investment cooperation is expected to grow strongly in the time to come.

Last week's much-hyped meeting on the listing of state-run and multinational companies delivered little beyond a renewed reminder of the government's intent to their top management.

Despite Finance Adviser Dr Salehuddin Ahmed's claim that 10 companies had agreed to offload shares, meeting participants told The FE in recent telephone conversations that the representatives had only committed to placing the matter before their boards.

Dr Ahmed on Wednesday held a meeting at the Bangladesh Secretariat with three advisers and top officials of targeted state-run and multinational companies, including Unilever Bangladesh, to press the issue.

"But no procedural progress could be achieved at the meeting," said one participant, requesting anonymity.

The FE spoke to three meeting participants, whose accounts corroborated each other regarding the outcome.

Some participants defended their non-listed status, while others openly argued against listing.

A representative of Unilever Bangladesh told the meeting that its subsidiary, Unilever Consumer Care, had already been listed on the bourses and that this fulfilled the obligation to share profits with the public.

However, Unilever Consumer Care was listed when it was GSK Bangladesh. Unilever acquired the company later on in June 2020.

Sources said the finance adviser rebuked companies that expressed reluctance to issue primary shares in the secondary market.

He reminded the representatives that it was the government's decision to offload its own stakes in multinational companies.

"Then why would you not offload your shares?" the finance adviser asked.

He told the Unilever representative that the company must offload shares alongside the government's stake.

According to meeting sources, the adviser said the government had already decided to offload its 5 per cent stake and that the company would have to offload another 5 per cent.

The chairman of the state-run Investment Corporation of Bangladesh (ICB), Prof Abu Ahmed, told the meeting that the government should widen the tax differential between listed and non-listed companies to compel state-owned enterprises and multinational firms to enter the equity market.

He added that companies in the UK are required to offload at least 10 per cent of their paid-up capital, whereas the Bangladesh government was pressing for only a 5 per cent offloading.

Multinational companies, Prof Ahmed said, are sharing profits with the public in other countries. "Then why are they not doing it here?" he asked.

The interim government announced in May last year a plan to bring more companies to the secondary market to improve its depth.

So far, no visible progress has been made in executing the plan, and Wednesday's meeting also failed to move the process forward.

Asked about the meeting outcome, Prof Ahmed told The FE that it was a high-profile meeting attended by four advisers, bureaucrats and top officials of the targeted companies.

"A strong message was delivered, but we cannot speak about execution yet," he said. Two other participants also expressed dissatisfaction over the lack of progress in implementing the government's listing decision.

At Wednesday's meeting, a representative of Nestlé Bangladesh said the government held no stake in the company.

In response, the finance adviser said it did not matter whether the government had a stake and that the company would still have to go public.

The meeting also raised complications regarding the listing of Karnaphuli Fertiliser Company Ltd (KAFCO).

The company's regulations allow shareholders to transfer their shares to existing shareholders. A foreign shareholder is reportedly planning to transfer its stake, which the government could initially receive and later offload in the market.

Another participant, speaking on condition of anonymity, said that while the finance adviser strongly emphasised the need to list multinational companies, the commerce adviser later softened the tone.

Ultimately, representatives of state-run and multinational companies concluded the meeting by saying they would seek board approval for listing after placing the meeting minutes before their boards.

Kay & Que (Bangladesh) Limited has signed an Application-to-Person (A2P) aggregator agreement with Grameenphone, in a move that strengthens the company's push into digital services and deepens its role in the country's telecom value chain.

Under the agreement, signed within the licensing framework of the Bangladesh Telecommunication Regulatory Commission (BTRC), Kay & Que will act as an aggregator for the country's largest mobile operator, enabling enterprises and service providers to send bulk and transactional SMS to Grameenphone subscribers through its platform.

The company disclosed the price-sensitive information on the Dhaka Stock Exchange (DSE) website today (11 January), saying the deal is expected to contribute positively to its business operations and revenue.

Despite the announcement, Kay & Que's share price fell 1.35% to close at Tk387.10 on the day, reflecting cautious investor sentiment amid broader market volatility.

The deal with Grameenphone is the latest in a series of similar agreements the company has signed with mobile operators in recent weeks. On 28 December, Kay & Que entered into an A2P aggregator agreement with Robi Axiata. Before that, it signed separate agreements with Teletalk Bangladesh on 11 December and Banglalink on 8 December.

These partnerships follow the company's receipt of the A2P SMS Aggregator Enlistment Certificate from the BTRC on 29 September, which cleared the way for its formal entry into the regulated A2P messaging business.

Alongside its digital expansion, Kay & Que is also diversifying its traditional operations. The company recently informed the market that retail sales of liquefied petroleum gas (LPG) at its Dakshinpara Dhamrail unit began on 2 September 2025, a move expected to add a new stream of revenue.

Kay & Que, long known for its CNG refuelling stations and stone trading business, has gone through a major transformation since its merger with IT firm MultiSourcing Limited in July 2023.

The merger followed years of struggle in legacy businesses such as carbon rods, coal tar and pesticides, which were eventually shut down due to supply constraints, weak demand and persistent losses.

Recognising the need for a strategic shift, the company decided in February 2022 to refocus on its core CNG operations while building a technology-driven business model through the IT merger.

The shift has begun to show in its financial results. The company reported earnings per share (EPS) of Tk2.73 for the July-September 2025 quarter, up from Tk1.15 in the same period a year earlier.

For the full year ended 30 June 2025, Kay & Que posted EPS of Tk9.49, a sharp rise from Tk0.67 the year before, driven by higher turnover and improved profitability.

Auditors have expressed serious concern over the financial position of Altex Industries Limited, a company listed on the stock exchange, for the fiscal year 2024-25, citing massive debt discrepancies and an inability to meet loan obligations.

As of 30 June 2025, the company's retained earnings were negative, amounting to Tk86.24 crore.

The company failed to repay scheduled loan instalments, and Tk3.07 crore of loans have been classified as "bad and loss," remaining unpaid for a prolonged period.

The company has been unable to arrange funds to settle these loans, raising significant uncertainty over its ability to continue as a going concern.
The share price of the company closed at Tk13.50 on the Dhaka Stock Exchange (DSE) yesterday.

In the case of Prime Bank, bank confirmation indicates that the company's actual loan liability was Tk94.56 crore, while the company's books reported only Tk17.20 crore.

No provision of Tk68.27 lakh for interest was made, resulting in an overstatement of profit before tax and an understatement of bank loan liability.

For Sonali Bank, the company's loan stood at Tk227.52 crore, but interest of approximately Tk22.75 crore was not charged, causing loan liabilities to be understated and profit before tax to be overstated.

Similarly, for ONE Bank, the absence of interest provisions led to an understatement of loan liability by Tk1.56 crore.

Auditors also noted that although the company collected Tk32.51 crore from accounts receivable during the fiscal year, approximately 64% of collections were made in cash, posing a significant operational risk.

Additionally, the company paid Tk5.25 crore in advance to Cube Development Limited for factory construction, and a contingent liability of Tk6.93 crore with Titas Gas remains unsettled. Interest income of Tk1,034,674 from fixed deposits has been recorded as financial expenses, which is inconsistent with accounting standards.

The company's primary raw material is grey fabric, yet its usage rate relative to total sales is only 21%, which appears unusual. During the fiscal year, the company made no export sales, with all sales restricted to the domestic market. Furthermore, approximately 69% of the company's total funds are debt-dependent, increasing financial expenses and raising concerns about its financial stability.

According to the auditors, these circumstances create significant uncertainty regarding the company's ability to continue as a going concern. They emphasised the urgent need for proper loan management, interest provisioning, cash transaction control, and resolution of contingent liabilities.

In December 2024, Sonali Bank decided to sell the mortgaged assets of Alltex Industries through an auction to recover the outstanding loans of the listed textile manufacturer.

To recover the funds, the bank plans to auction 14.7 acres of Alltex's land, its manufacturing facilities and offices, raw materials, and spare parts, all of which were mortgaged for the loan.

Bangladesh saw a robust rise in net Foreign Direct Investment (FDI) during the third quarter of 2025, reflecting growing investor confidence despite global economic uncertainties.

According to Bangladesh Bank data, net FDI inflow for July–September reached $315.09 million, marking a 202% year-on-year increase from $104.33 million in the same period of 2024.

Cumulative net FDI for January–September 2025 stood at $1.41 billion, up 80% from $780 million during the corresponding period of the previous year.

All major components of FDI showed significant improvement in Q3.

Equity investment rose to $101.12 million from $76.79 million a year earlier, while reinvested earnings jumped nearly threefold to $211.47 million from $72.90 million. Intra-company loans also reversed course, moving from a negative $45.36 million to a positive $2.49 million.

The strong Q3 performance built on a solid H1 showing, when net FDI in April–June reached $303.27 million, up 11.4% from $272.22 million in the same quarter of 2024.

Overall, net FDI in the first half of 2025 rose more than 61% compared to H1 2024.

Ashik Chowdhury, executive chairman of Bangladesh Investment Development Authority (Bida), said, "Bida's core focus is improving the business climate and building a credible investment pipeline. It is encouraging to see these pipelines convert into actual inflows.

"While Q4 may see some moderation ahead of elections, we expect a rebound afterward, supported by a strong investment pipeline."

He added that Bida's dedicated investment pipeline for 2025 has already exceeded $1.5 billion, in addition to traditional registered proposals, signaling continued optimism among investors.

The Dhaka Stock Exchange (DSE) suffered a sharp setback on Sunday as heavy selling in banking stocks dragged the key index lower, reversing recent gains and dampening investor sentiment at the start of the trading week.

The downturn was broad-based, with all major large-cap sectors closing in the red, but losses in banks played the most decisive role in pulling the market down.

The benchmark DSEX index fell by 58 points, or 1.17%, to settle at 4,939, while the blue-chip DS30 index dropped 18 points, or 0.97%, to close at 1,896.

Market breadth was heavily skewed toward decliners, with 313 stocks ending lower against just 38 advancers, as selling pressure intensified across the board.

Turnover also slipped to Tk412 crore, reflecting cautious trading activity, while overall market capitalisation shrank by around Tk2,000 crore in a single session.

Banking stocks were at the centre of the sell-off, with the sector shedding 1.77% on the day.

Market participants said the decline was largely driven by short-term investors locking in profits after a strong rally in recent weeks.

Over the past three weeks, the banking sector's market capitalisation had surged by nearly 8%, or about Tk5,000 crore, raising concerns of overbought conditions. As profit-taking set in, most banking shares came under pressure, erasing a portion of those gains.

Out of the 36 banks listed on the DSE, share prices of 27 lenders declined, while the remaining nine ended the session unchanged. The selling spree in banks weighed heavily on overall market sentiment, given the sector's significant weight in the indices and its role as a bellwether for the broader market.

Market analysts said the near-term direction of the market will largely depend on whether banking stocks stabilise after the recent correction. While fundamentals of some large banks remain relatively strong, investors are likely to stay cautious in the coming sessions, closely watching sector-specific developments and broader economic signals before rebuilding positions.

Losses were not limited to banks. Non-bank financial institutions experienced the steepest sectoral decline, dropping 1.95%, amid lingering concerns over asset quality, regulatory actions and the financial health of weaker players.

Engineering stocks fell 1.16%, while telecommunications declined 0.93% and pharmaceuticals slid 0.91%. Fuel and power shares lost 0.66%, and food and allied industries slipped 0.36%, highlighting the extent of the market-wide pullback.

Trading activity was concentrated in a handful of stocks, with Orion Infusion, Dominage Steel, City Bank, Square Pharmaceuticals and Uttara Bank emerging as the top turnover leaders.

Despite the weak overall market, a few stocks managed to post gains. First Finance topped the gainers' list, while Shinepukur Ceramics, Familytex BD, Zaheen Spinning and Union Capital also closed higher.

On the flip side, several troubled non-bank financial institutions, already under liquidation threat, dominated the list of top losers. Shares of Fareast Finance and International Leasing suffered steep declines, reflecting heightened investor anxiety following recent regulatory signals and concerns over the future of non-viable institutions.

The bearish mood extended to the Chittagong Stock Exchange (CSE) as well. The CSCX index fell by 73 points, or 0.84%, to 8,579, while the CASPI index dropped 116 points, or 0.83%, to close at 13,877. Turnover at the port city bourse plunged sharply to Tk4.03 crore, underscoring the subdued trading environment.

Qatar and the United Arab Emirates will soon join a US-led initiative to secure AI and semiconductor supply chains, Undersecretary of State for Economic Affairs Jacob Helberg told Reuters in an interview.

The addition of those two countries is notable given the Middle East’s history of political divisions and reflects a US-led effort to bring Israel and Gulf states into the same technology-focused economic framework.

The programme, dubbed Pax Silica, seeks to safeguard the full technology supply chain, including critical minerals, advanced manufacturing, computing and data infrastructure. It is a key pillar of the Trump administration’s economic statecraft strategy to reduce dependence on rival nations and strengthen cooperation among allied partners.

“The Silicon Declaration isn’t just a diplomatic communiqué,” Helberg said. “It’s meant to be an operational document for a new economic security consensus.”

The group includes Israel, Japan, South Korea, Singapore, Britain and Australia. Qatar is expected to sign the Pax Silica declaration on January 12, followed by the UAE on January 15.

Unlike traditional alliances, Helberg said, Pax Silica is a “coalition of capabilities,” with membership driven by the industrial strengths and companies of each country.

Helberg said he hopes the initiative can help accelerate the Middle East’s economic transition away from energy dependence, toward a more diversified, technology-driven economy.

“For the UAE and Qatar, this marks a shift from a hydrocarbon-centric security architecture to one focused on silicon statecraft,” he said,

The moves come against the backdrop of The Future Minerals Forum, a government‑led global minerals and supply chain conference hosted by Saudi Arabia that will bring together senior officials, industry leaders and investors in Riyadh from January 13‑15.

Helberg said the Pax Silica group will focus this year on expanding membership, building strategic projects to secure supply chains and coordinating policies to protect critical infrastructure and technology.

The group met in Washington last month. Helberg said he hopes it will meet a few times this year.

He said discussions are under way on projects that could modernize trade and logistics routes, including the India-Middle East-Europe Corridor, using advanced US technology to boost regional integration and expand America’s economic footprint.

US and Israeli officials plan to launch a Pax Silica-linked Strategic Framework, including the “Fort Foundry One” industrial park in Israel to accelerate projects. AI cooperation will also be discussed, with a memorandum of understanding tentatively planned for January 16.

The National Board of Revenue (NBR) has introduced an online, real-time system to verify exporters' use of duty-free imported raw materials, effectively ending the long-standing manual verification process.

Under the new system, the NBR's ASYCUDA World software will be digitally connected with the Bangladesh Garment Manufacturers and Exporters Association's (BGMEA) online Utility Declaration (e-UD) platform.

Through this integration, customs authorities will be able to verify exporters' raw material usage online, significantly reducing opportunities for fraud, NBR officials said.

The connectivity between ASYCUDA World and the BGMEA e-UD platform was established today (11 January), according to an NBR press release. As a result, the Utility Declaration verification process will now be fully online and conducted on a real-time basis.

The NBR said the initiative would substantially reduce risks to revenue protection, improve customs bond management, and make import-export clearance procedures faster and more efficient.

A senior NBR official, speaking to The Business Standard on condition of anonymity, said irregularities often occurred in the issuance of e-UD certificates by associations, particularly regarding the declared use of imported raw materials.

"Such irregularities were difficult to detect under the manual system," the official said.

"With the new system, export data and information on raw material usage will be easily accessible even after 10 years," the official added.

"If an exporter shows fake exports or diverts duty-free raw materials to the local market through any means, it will be detected easily. As a result, they will not be able to continue importing raw materials under duty-free facilities at will."

The government allows exporters to import raw materials duty-free on the condition that they are used entirely for export-oriented production.

However, there have long been allegations that some exporters violate these conditions by selling such raw materials in the domestic market.

These practices not only cause significant revenue losses for the government but also create unfair competition for local producers and traders who import similar products after paying applicable duties.

Local textile mills have been among the worst affected. Mill owners claim that duty-free raw materials sold in the open market and goods entering the country through smuggling result in the influx of yarn, fabric and other apparel products worth nearly $5 billion annually, undermining the domestic textile industry.

Bangladesh Telecommunications Company Limited (BTCL) has announced a major upgrade to its internet services, increasing speeds by up to five times across its existing packages while keeping monthly prices unchanged.

The move aims to improve digital services by allowing users to enjoy significantly faster connectivity at the same cost, the state-owned telecom operator said in a press release today.
Under the new offer, BTCL has rebranded its “Sulav” series as the “Sashroyi” series to reflect the enhanced value of the packages.
The increased bandwidth will support a wide range of digital activities, including online education, remote work, high-definition video streaming and gaming, the company said.

As part of the revision, the Tk 399 “Sulav-5” package, which previously offered 5 Mbps, has been upgraded to 20 Mbps and renamed “Sashroyi-20”.

The Tk 500 “Sulav-12” package has been increased to 25 Mbps, while the Tk 500 “Campus-15” package now offers 50 Mbps under the name “Campus-50”.

Mid-tier packages have received even sharper upgrades. The Tk 800 “Sulav-15” package now provides 50 Mbps, the Tk 1,050 “Sulav-20” package has increased fivefold to 100 Mbps, and the Tk 1,150 package now delivers 120 Mbps.

Higher-tier users will also benefit from the changes. The Tk 1,300 package now offers 130 Mbps, the Tk 1,500 package provides 150 Mbps, and the Tk 1,700 “Sulav-50” package has been boosted to 170 Mbps and rebranded as “Sashroyi-170”.
BTCL said the initiative would ensure more reliable and high-quality internet services for consumers and contribute to the country’s ongoing digital transformation.

Customer satisfaction and service quality remain the company’s top priorities, the statement added, noting that BTCL remains committed to introducing further customer-friendly initiatives in the future.