Gold broke through $4,600/ounce for the first time on Monday, while silver also hit a record high, as investors snapped up safe-haven assets amid heightened geopolitical uncertainties and a criminal probe into Federal Reserve Chair Jerome Powell.

Spot gold jumped 1.7 percent to $4,584.74 per ounce by 0752 GMT. Bullion hit a record high of $4,600.33 earlier in the day. US gold futures for February delivery added 2.1 percent to $4,595.30.

“So, between events in Iran, and potential US involvement, and the (Fed) chair being the focus of a criminal probe... US futures turned lower on the Powell news, which was a green light for gold to take a run higher,” said Tim Waterer, KCM Trade’s chief market analyst.

Unrest in Iran has killed more than 500 people, a rights group said on Sunday, as Tehran threatened to target US military bases if President Donald Trump carries out his renewed threats to strike the country on behalf of protesters.

Iran’s unrest comes as Trump flexes US muscles internationally, having ousted Venezuelan President Nicolas Maduro, and discussing annexing Greenland by force or by purchasing the island.

Powell said on Sunday the Trump administration had threatened him with a criminal indictment over Congressional testimony, an action the Fed Chair called a “pretext” to further pressure the central bank into lowering rates. This sent the dollar and US equity futures lower.

Though Goldman Sachs pushed back its forecast for Fed rate cuts on Sunday, it is now expecting two 25-basis-point reductions in June and September 2026 instead of the earlier anticipated moves in March and June.

Non-yielding assets tend to do well in a low-interest-rate environment and during geopolitical or economic uncertainties.

“If things remain as they are, I think (silver) prices will be soon pushing towards $90/oz... while there is still policy uncertainty and now there are some restrictions from China of which we are (yet) to see the impact,” said ANZ commodity strategist Soni Kumari.

Oil prices are likely to drift lower this year as a wave of supply creates a market surplus, although geopolitical risks tied to Russia, Venezuela and Iran will continue to drive volatility, Goldman Sachs said in a note on Sunday.

The investment bank maintained its 2026 average price forecasts of $56/$52 per barrel for Brent/WTI, and expects Brent/WTI prices to bottom at $54/50 in the last quarter as OECD inventories build up.

"Rising global oil stocks and our forecast of a 2.3mb/d surplus in 2026 suggest that rebalancing the market likely requires lower oil prices in 2026 to slow down non-OPEC supply growth and support solid demand growth, barring large supply disruptions or OPEC production cuts," Goldman Sachs said.

Brent crude futures were trading around $63 a barrel, as of 0412 GMT, while US West Texas Intermediate crude holds ground at $59. Last year, both the benchmarks posted their worst annual performance since 2020, with an almost 20 percent decline.

US policymakers' focus on strong energy supply and relatively low oil prices will keep sustained oil price upside in check ahead of the midterms, analysts at the bank noted.

Prices are expected to gradually start recovering in 2027, with the market returning to a deficit as non-OPEC supply slows down and solid demand growth continues, Goldman analysts said in a note.
The investment bank expects Brent/WTI to average at $58/54 in 2027, although $5 lower than its prior estimate, citing upgrades to 2027 supply in the US, Venezuela and Russia by 0.3, 0.4 and 0.5mb/d, respectively.

Goldman said it expects a substantial price recovery later this decade as demand grows through 2040 after years of low long-cycle investment, with 2030–2035 Brent/WTI prices averaging $75/$71, $5 below its previous estimate.

Risks to the price forecasts are skewed modestly to the downside given a further increase in non-OPEC supply, Goldman said, adding that it expects no OPEC production cuts, despite geopolitical risks and low speculative positioning.

"We still recommend investors short the 2026Q3-Dec2028 Brent time-spread to express the 2026 surplus view, and oil producers hedge 2026 price downside."

The stock market closed mixed on Monday as the benchmark index of the Dhaka Stock Exchange (DSE) edged up marginally, while the Chittagong Stock Exchange (CSE) ended lower amid broad-based price declines.

Despite remaining under pressure for most of the session, the DSE’s key index DSEX managed to close 2 points higher, UNB reports.

Among the other indices, the Shariah-based DSES remained unchanged, while the blue-chip DS30 gained 1 point.

Market breadth, however, stayed negative on the DSE, with prices falling for 175 companies against gains for 140, while 78 issues remained unchanged.

The turnover on the premier bourse declined by Tk 6 crore to Tk 352 crore, down from Tk 412 crore in the previous session.

In the block market, shares of 20 companies worth Tk 13 crore were traded, with Fine Foods Limited accounting for the highest turnover of Tk 4 crore.

Chartered Life Insurance PLC topped the DSE gainers’ list after its share price rose 7 percent, while Premier Leasing and Finance Limited plunged 10 percent to become the worst performer of the day.Financial planning tools

The CSE extended its losing streak for a second consecutive session, with the All Share Price Index (CASPI) shedding 20 points.

Most stocks closed lower on the port city bourse as prices declined for 83 companies, rose for 43, and remained unchanged for 19.

The turnover on the CSE, however, increased to Tk 7 crore from Tk 4 crore a day earlier.

S. Alam Cold Rolled Steels Limited topped the CSE gainers with a 10 percent rise, while FAS Finance and Investment Limited ended at the bottom of the chart, losing 10 percent.

President Donald Trump said on Monday any country that does business with Iran will face a tariff rate of 25% on trade with the US, as Washington weighs a response to the situation in Iran which is seeing its biggest anti-government protests in years.

"Effective immediately, any Country doing business with the Islamic Republic of Iran will pay a Tariff of 25% on any and all business being done with the United States of America," Trump said in a post on Truth Social.

Tariffs are paid by US importers of goods from those countries. Iran has been heavily sanctioned by Washington for years.

"This Order is final and conclusive," Trump said without providing any further detail. Top export destinations for Iranian goods include China, the United Arab Emirates and India.

There was no official documentation from the White House of the policy on its website, nor information about the legal authority Trump would use to impose the tariffs, or whether they would be aimed at all of Iran's trading partners. The White House did not respond to a request for comment.

Iran, which had a 12-day war with US ally Israel last year and whose nuclear facilities the US military bombed in June, is seeing its biggest anti-government demonstrations in years.

Trump has said the US may meet Iranian officials and that he was in contact with Iran's opposition, while piling pressure on its leaders, including threatening military action.

Tehran said on Monday it was keeping communication channels with Washington open as Trump considered how to respond to the situation in Iran, which has posed one of the gravest tests of clerical rule in the country since the Islamic Revolution in 1979.

Demonstrations evolved from complaints about dire economic hardships to defiant calls for the fall of the deeply entrenched clerical establishment. US-based rights group HRANA said it had verified the deaths of 599 people – 510 protesters and 89 security personnel – since the protests began on 28 December.

While air strikes were one of many alternatives open to Trump, "diplomacy is always the first option for the president," White House press secretary Karoline Leavitt said on Monday.

During the course of his second term in office, Trump has often threatened and imposed tariffs on other countries over their ties with US adversaries and over trade policies that he has described as unfair to Washington.

Trump's trade policy is under legal pressure as the US Supreme Court is considering striking down a broad swathe of Trump's existing tariffs.

Iran, a member of the OPEC oil producers group, exported products to 147 trading partners in 2022, according to World Bank's most recent data.

US President Donald Trump on Monday announced a 25 percent tariff on any country trading with Iran, ramping up pressure on Tehran over its violent crackdown on a wave of protests.

"Effective immediately, any Country doing business with the Islamic Republic of Iran will pay a Tariff of 25% on any and all business being done with the United States of America. This Order is final and conclusive," Trump said on Truth Social.

Iran's main trading partners are China, Turkey, the United Arab Emirates and Iraq, according to the economic database Trading Economics.

The tariffs announcement comes as Trump mulls possible military action against Iran over the protests. Rights groups have reported a growing death toll.

"Air strikes would be one of the many, many options that are on the table," White House Press Secretary Karoline Leavitt said earlier Monday.

But she said Iran also had a diplomatic channel open to Trump's special envoy Steve Witkoff, adding that Iran was taking a "far different tone" in private than it was in its public statements.

A Japanese mining ship departed on Monday for a remote coral atoll to probe mud rich in rare earths, part of Tokyo's drive to curb its reliance on China for critical minerals as Beijing tightens supply.

The month-long mission of the test vessel Chikyu near Minamitori Island some 1,900 km (1,200 miles) southeast of Tokyo, will mark the world's first attempt to continuously lift rare-earth seabed sludge from 6 km (4 miles) deep onto a ship.

Japan, like its Western allies, has been reducing its dependence on China for the minerals vital to the production of cars, smartphones and military equipment, an effort that has taken on urgency amid a major diplomatic dispute with Beijing.

"After seven years of steady preparation, we can finally begin the confirmation tests. It's deeply moving," Shoichi Ishii, the head of the government-backed project told Reuters, as the vessel departed the port city of Shizuoka on a bright sunny day, with a snow-capped Mount Fuji in the background.

"If this project succeeds, it will be of great significance in diversifying Japan's rare earth resource procurement," he said, adding that recovering the key minerals from 6 km below sea level would be a major technological achievement.

The vessel, with 130 crew and researchers, is scheduled to return to the port on 14 February.

Reducing reliance on China won't be easy

Last week, China banned exports of items destined for Japan's military that have civilian and military uses, including some critical minerals. The Wall Street Journal reported Beijing has also begun restricting rare-earth exports to Japan more broadly.

Japan has condemned China's dual-use ban but declined to comment on the report of a broader ban, which China has not confirmed or denied. Chinese state media, though, have said Beijing was weighing the measure.

Finance ministers from the Group of Seven industrial powers will discuss rare-earth supplies at a meeting in Washington on Monday, sources familiar with the matter told Reuters.

Japan is no stranger to facing China's wrath over rare earths. In 2010, China held back exports following an incident near disputed islands in the East China Sea.

Since then, Japan has reduced its reliance on China to 60% from 90% by investing in overseas projects like trading house Sojitz's tie-up with Australia's Lynas Rare Earths, and promoting rare-earths recycling and manufacturing processes that rely less on the minerals.

The Minamitori Island project, however, is the first to attempt to source rare earths domestically.

"The fundamental solution is to be able to produce rare earths inside Japan," said Takahide Kiuchi, executive economist at Nomura Research Institute.

"If this new round of export controls ends up covering a lot of rare earths, Japanese companies will again make efforts to move away from China, but I don't think it will be easy," he said.

For some heavy rare earths, such as those used for magnets in electric- and hybrid-vehicle motors, Japan is almost totally dependent on China, analysts say — a major risk for its key automotive industry.

Long-term project

Since the 2010 scare, the Japanese government and private companies have built stockpiles of the minerals, though they do not disclose volumes.

At a New Year's party for Japan's mining industry on Wednesday, several executives said they were better prepared than before to cope with the potential disruption, citing Japan's diversification efforts and stockpiles.

But Kazumi Nishikawa, principal director of economic security at the trade ministry, said the government had to continually remind companies to diversify their supply chains.

"Sometimes, you know, some event happened, then the business reacts, but the event finishes, the business forgets. We have to maintain continuous efforts," Nishikawa said on the China Talk podcast this week.

The Minamitori Island project, into which the government has sunk 40 billion yen ($250 million) since 2018, is also a long-term play.

Its estimated reserves have not been disclosed and no production target has been set. But if it succeeds, a full-scale mining trial will be conducted in February 2027.

Mining the mud was previously viewed as uneconomical due to high costs. But if supply disruption from China continues and buyers become willing to pay higher prices, the project could become viable in coming years, said Kotaro Shimizu, principal analyst at Mitsubishi UFJ Research and Consulting.

China is keeping a close watch. When the ship was conducting surveys around the island in June last year, a fleet of Chinese naval ships sailed nearby, Ishii said.

"We feel a strong sense of crisis that such intimidating actions were taken," he said. China said its actions were in line with international law and called on Japan to "refrain from hyping up threats".

Health and education sectors have taken the major brunt of a sizeable cut in the current development budget halfway through the fiscal year.

The ongoing Annual Development Programme (ADP) outlay for the fiscal year 2025-26 has been cut by 13.04 per cent to Tk 2.0 trillion.

With Chief Adviser Professor Muhammad Yunus in the chair, the National Economic Council (NEC) in its meeting Monday endorsed the pared-down RADP.

The size of the RADP has been reduced by Tk 300 billion from the original ADP allocation of Tk 2.30 trillion, Planning Adviser Professor Wahiduddin Mahmud told journalists.

In the trimming meant to make two ends meet, the health sector emerged as the hardest hit by the fiscal tightening. The government has withdrawn approximately Tk 134.29 billion from the original allocation, representing a staggering 73-percent cut.

The allocation for healthcare services plummeted from an original Tk 181.48 billion to a mere Tk 47.18 billion in the RADP following the deepest cut.

Health Services Division saw its budget slashed by 73 per cent while Health Education and Family Welfare Division faced a 77-percent reduction.

Major initiatives like the establishment of cancer, kidney, and heart-treatment centres in eight divisional cities and the construction of 500-bed medical college hospitals in Jashore, Cox's Bazar and Pabna may face delays or downsizing, Planning Commission officials said.

They cited "poor implementation capacity" and a "shortage of projects" as the primary reasons for withdrawing over Tk 130 billion from the sector.

Another priority sector, education, is not spared, too. Its development budget slashed by approximately 35 per cent or roughly Tk 100 billion, bringing the final figure down to about Tk 185 billion. Secondary and higher education specifically witnessed a 55-percent cut.

Prof Mahmud explains the budgetary arithmetic that determines the revised allocations. "Health and education sectors have been passing through a transition from the sectoral development-programme approach to project-based approach."

Furthermore, transport and communications sector-traditionally the highest recipient of funds-saw a 35-percent reduction. A notable feature here is the Airport-Kamalapur MRT Line-1 project faced a drastic 90-percent cut after implementing agencies failed to submit fund demand.

The highest government economic body approved cut in the allocations from government funds by Tk 160 billion (11.11 per cent) while foreign loans and grants by Tk 140 billion or 16.27 per cent.

Government funding has been reduced from Tk1.44 billion to Tk1.28 billion (64 per cent), while allocations from foreign loans and grants have been cut from Tk 860 billion to Tk720 billion (36 per cent).

Officials at the commission say demands from ministries and divisions are also lower in the revised ADP.

According to officials, the lower RADP demand is mainly due to slow implementation during the current fiscal year that witnesses spillover impacts of political upheavals surrounding the upsurge and election frays.

They say many projects are progressing slowly because of the absence of project directors and delays in appointing new ones.

The government is also reviewing several large projects, which has led to reduced allocation demands for many projects.

Additionally, as the current year is an election year, ministries and divisions have shown relatively lower demand for allocations.

According to Planning Commission data, the transport and communications sector has received the highest allocation of Tk385.09 billion, or 19.25 per cent of the total RADP.

Power and energy sector received the second-highest allocation of Tk 261.86 billion, or 13.09 per cent of the total RADP allocations.

Other major allocations include housing and community amenities with Tk227.30 billion (11.36 per cent) education with Tk 185.50 billion (9.27 per cent), and local government and rural development with Tk 15143 billion (7.57 per cent).

Social-protection sector has also faced a substantial fund cut. While Tk 20.18 billion was allocated in the original ADP, the RADP reduced the sum by 73 per cent to Tk 5.45 billion.

Planning Commission sources say allocations to the power sector have been reduced by 19 per cent, while the agriculture sector has seen a 21 per cent cut.

Among ministries and divisions, the Local Government Division (LGD) received the highest allocation, amounting to Tk375.34 billion, or 18.77 per cent of the total RADP. Its allocation is 4.0-percent lower than in the original ADP.

The Road Transport and Highways Division received the second-highest allocation of Tk 199.49 billion (9.97 per cent), although allocation got reduced by 38 per cent compared to the original ADP.

Power Division ranks third, with an allocation of Tk148.96 billion (7.45 per cent), reflecting a 27-percent reduction from the original ADP.

The Ministry of Science and Technology has received Tk120.29 billion (6.0 per cent), followed by the Ministry of Water Resources with Tk 105.32 billion, the Ministry of Primary and Mass Education with Tk 80.54 billion, and the Secondary and Higher Education Division with Tk61.90 billion.

A total of Tk 301.59 billion has been allocated under development assistance for special needs.

In addition, Tk 31 billion has been allocated for five development-assistance items under the Local Government Division, Tk5.30 billion for the Ministry of Chittagong Hill Tracts Affairs and Tk1.00 billion for special areas.

Besides, the NEC allocated Tk 89.35 billion for projects implemented by autonomous bodies and corporations through their own financing. Including these self-financed projects, the total size of the RADP stands at Tk 2.089 trillion.

The revised development budget holds a total of 1,330 projects, including 1,108 investment projects, 35 feasibility studies, 121 technical-assistance projects and 66 self-financed projects.

Planning officials say the revised ADP includes 664 new unapproved projects for implementation with government financing, 157 new unapproved projects aimed at facilitating foreign financing and 35 projects to be implemented by autonomous bodies or corporations through their own financing.

A total of 286 projects have been earmarked for completion under the RADP.

The Bangladesh Bank has doubled the licence renewal fee for money changers to Tk10,000 from the existing Tk5,000.

The central bank issued a circular through its Foreign Exchange and Policy Department on Monday (12 January), sending it to all authorised dealers and licensed money changers in the country.

The directive for the revised fee will take effect from 15 January.

A Bangladesh Bank official said the licence renewal fee for money changers had remained unchanged at Tk5,000 since 2002.

In view of rising prices and inflation in the country, the fee has now been increased to ensure consistency.

Money changers are required to renew their licences once a year.

Stocks on the Dhaka Stock Exchange (DSE) ended marginally higher today, though trading activity weakened as turnover fell sharply, reflecting continued caution among investors amid lingering market uncertainties.

The benchmark DSEX inched up by just 2 points, or 0.04%, to close at 4,942, while the blue-chip DS30 index gained 1.54 points to settle at 1,897.

Despite the slight rise in indices, market breadth remained negative, with 175 issues declining against 140 advancing, while 78 securities closed unchanged.

Total turnover dropped by around 15% from the previous session to Tk352 crore, snapping a six-day streak of trading above the Tk400 crore mark. Market participants said investors largely stayed on the sidelines, opting for selective buying in a few stocks while booking profits in others, resulting in subdued trading momentum.

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

Sector-wise performance was mixed, reflecting the lack of clear direction in the market. The pharmaceutical sector led the gainers, rising 0.33%, supported by selective buying in heavyweight stocks.

Banking shares also posted modest gains of 0.29%, while food and allied industries advanced 0.23%. Fuel and power stocks edged up slightly by 0.04%.

On the losing side, non-bank financial institutions continued to face selling pressure, with the sector shedding 0.31%. Telecommunication stocks fell 0.38%, while the engineering sector posted the steepest decline of the day, dropping 0.45%.

Volatility remained pronounced among individual stocks, particularly in the financial sector.

Shares of Peoples Leasing topped the gainers' list, surging more than 10%, followed by Regent Textile, Chartered Life Insurance and Tung Hai Knitting.

However, several non-bank financial institutions suffered sharp losses, with Premier Leasing and Prime Finance hitting the floor price limit. International Leasing, Fareast Finance and Bangladesh Industrial Finance Company also closed sharply lower.

The Chittagong Stock Exchange mirrored the cautious tone, ending the session in the red. The CSCX index slipped 10 points to 8,568, while the CASPI dropped 20 points to close at 13,857. Turnover on the port city bourse stood at Tk7.79 crore.

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.

Bearing the brunt of reduced business and mounting losses, Miracle Industries, a listed company in the miscellaneous sector, has failed to make a turnaround in operations and profitability in the first half of the current fiscal year.

The company remained in the red during the July-December period, posting a loss of Tk4.86 crore, according to a disclosure published on the stock exchanges' website yesterday. It said a further fall in selling prices, coupled with higher interest expenses, kept the company in a loss-making position.

According to the revised disclosure, Miracle Industries posted a loss per share of Tk1.38 for the July-December period, widening from Tk0.99 in the same period of the previous fiscal year. Its net operating cash flow per share stood at negative Tk0.13, an improvement from negative Tk1.49 in the July to December period of 2024.

However, in its initially published disclosure, the company reported a loss per share of Tk0.61 for the first half, compared with a loss per share of Tk0.14 in the same period of the previous fiscal year.

In September last year, Miracle Industries secured a business deal with Bangladesh Chemical Industries Corporation (BCIC), under which the state-run corporation will purchase 50% of its total requirement of woven polypropylene (WPP) and polyethylene (PE) bags from the company.

At the time, the company expected its revenue to double from these orders and positively impact its net profit. BCIC remains the company's main buyer.

Founded in 1995 as a joint venture between state-owned BCIC and four entrepreneurs, Miracle Industries manufactures bags used for cement, fertiliser, salt, feed, sugar, food grains and chemicals.

The company operates two manufacturing units in Sreepur and Gazipur – one catering to the local market and the other producing for export.

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.

All-electric vehicles accounted for nearly one quarter of new cars sold in the UK last year, a record high, industry data showed Tuesday (6 January), as Britain phases out combustion engines.

The all-time annual high for EVs helped boost total car sales back above two million for the first time since before the Covid-19 pandemic, the Society of Motor Manufacturers and Traders said in a statement.

The SMMT called the two-million mark "a reasonably solid result amid tough economic and geopolitical headwinds."

With a record 473,348 all-electric vehicles registered in 2025, the SMMT said the UK ranked as Europe's second-largest EV market by volume.

Separate figures Tuesday showed a sharp rise in EV sales in Germany, where registrations surged 43.2% last year to a total of 545,142 vehicles.

Although Norway registered far fewer vehicles last year, at almost 180,000, almost 100% were electric.

The UK is meanwhile sticking with a target to ban the sale of new combustion-engine vehicles as early as 2030, and hybrids in 2035.

That makes Britain one of the most ambitious countries in the transition to electric vehicles, particularly after the European Union decided in December to roll back its proposed 2035 ban on new petrol and diesel cars.

"Divergence between the UK and the much larger market on its own doorstep is broadening," the SMMT noted Tuesday.

It warned, however, that too few EV models are eligible for government purchase grants and criticised the introduction of a tax on electric vehicles in Labour's recent budget.

"Rising EV uptake is an undoubted positive, but the pace is still too slow and the cost to industry too high," the SMMT said.

Last year also saw disruption at Jaguar Land Rover's UK plants, which halted production for a month following a cyberattack on the British automaker in September.

JLR sales fell in its third quarter, with wholesale volumes down 43.3% and retail sales down 25.1% year on year, it disclosed Monday.

The company attributed the decline to "the time required to distribute vehicles globally" after the shutdown, as well as "incremental US tariffs impacting JLR's US exports."

The government is set to slash allocations for development spending by 12.5 percent in the current fiscal year 2025-26 (FY26), as the originally allocated fund remains largely unspent in the first five months.

Ministries and divisions spent only 11.75 percent of the total Tk 2,38,695 crore allocated under the Annual Development Programme (ADP) in the July–November period, the lowest since FY11.

According to a draft of the revised ADP, prepared by the Planning Commission, allocations are set to drop to Tk 2,08,935 crore, down Tk 30,000 crore from the original plan.

The draft, seen by The Daily Star, is scheduled to be presented at today’s meeting of the National Economic Council, chaired by Chief Adviser Muhammad Yunus, and will take effect from 1 February once approved.

Speaking on condition of anonymity, a planning ministry official said the draft was finalised considering implementation capacity.

Last fiscal year, ADP spending was low due to political and administrative disruptions following the student uprising. This year, despite relative stability, implementation has not improved.

“The slowdown in public investment, while private investment remains muted, is a concern for growth,” the Centre for Policy Dialogue (CPD) said in its independent FY26 economic review released on 10 January.

Under the proposed plan, the health sector is going to face a significant cut in allocation because of its poor performance in terms of implementation. Similarly, allocations in the agriculture, education, and power sectors may also decrease.

According to the draft, among the five sectors receiving the highest allocations, transport and communication will receive Tk 38,509 crore or 19.25 percent of total revised ADP and power and energy Tk 26,186 crore or 13.09 percent.

Housing and community facilities will receive Tk 22,729 crore, education Tk 18,549 crore, and local government and rural development Tk 15,142 crore.

These five sectors account for 60 percent of the total revised allocation for FY26.

The draft also proposes raising the total number of projects for the fiscal year to 1,330 from 1,173 in the original ADP, with 138 newly approved initiatives.

Although allocations for many projects are being reduced, some may see increases.

The Dhaka–Ashulia Elevated Expressway, funded by Chinese loans, may see an increase in funds from the original Tk 3,341 crore, while allocations for Japan-funded projects such as the Metro Rail and Matarbari Deep Sea Port may be trimmed.

The Rooppur Nuclear Power Plant construction allocation will remain unchanged.

The Bangladesh Telecommunications Company Limited (BTCL) has announced a reduction in registration and renewal fees for two categories of .bd domain names to encourage local use.

According to a statement issued yesterday, the price cut applies to .bd third-level domains and .bd second-level domains, both with names longer than two characters. The company said fees for these categories have been reduced by 36 percent.

For a .bd Third-Level Domain, such as abc.com.bd, the registration fee has been reduced from Tk 1,100 to Tk 700, while the renewal fee has fallen from Tk 1,600 to Tk 1,020.

For a .bd Second-Level Domain, such as abc.bd, the registration fee has been reduced from Tk 2,000 to Tk 1,280, and the renewal fee from Tk 2,500 to Tk 1,600.

Compared with .com domains, .bd domains are generally easier to obtain and more readily available. They also offer greater credibility for Bangladesh-based individuals and organisations, making them particularly suitable for government bodies and established institutions.

A .bd domain helps build a professional and trustworthy image in the local market and enhances acceptance among domestic users. It can improve rankings in Bangladesh-focused search results, and due to local registration policies, .bd domains are considered comparatively more secure.

Value-added tax (VAT) will apply at the prescribed rate. All registrations and usage must comply with guidelines issued by the Bangladesh Telecommunication Regulatory Commission (BTRC), as well as tariff-related decisions approved by BTCL authorities.

The offer will remain valid for a limited period.

BTCL expects the price incentive to encourage wider adoption of .bd domains among individuals and organisations, contributing to the strengthening of the country’s domestic digital ecosystem.

Bangladesh Bank (BB) has appointed an observer at the Shariah-based Standard Bank to closely monitor its operations amid alleged internal conflicts between board members.

The central bank appointed Md Sharafat Ullah Khan, director of the Payment Systems Department, as an observer last week, according to BB Executive Director and spokesperson Arif Hossain Khan.

“We have taken this move in view of the current situation at the bank,” he said.

From now on, Md Sharafat Ullah Khan will attend board meetings and other vital meetings at Standard Bank as part of the BB's enhanced supervision.

Following the fall of the previous government, the 16-member board of the private bank has reportedly split into two camps over various issues. One faction is led by the Chairman, Mohammed Abdul Aziz, while the other is steered by his son and vice-chairman, AKM Abdul Alim.

Speaking on the condition of anonymity, bank officials said the feud has paralysed decision-making, with board meetings often ending in arguments over staffing and management matters.

Standard Bank began operations on 3 June 1999. In January 2021, it became a full-fledged Shariah-based Islamic bank after receiving approval from Bangladesh Bank.

Kazi Akram Uddin Ahmed, a businessperson and relative of deposed Prime Minister Sheikh Hasina, served as the chairman of the bank for years. However, following the political shift, Mohammed Abdul Aziz assumed the role.

An earlier BB inspection found various irregularities involving the bank's former chairman, Kazi Akram, and his son, former director Kazi Khurrum Ahmed. These issues contributed to the bank's financial decline, according to the central bank report.

At the end of September last year, the bank's defaulted loans stood at Tk 5,884 crore, accounting for 29.14 per cent of its total disbursed loans. During the same period in 2024, its classified loans amounted to Tk 1,679 crore, or 8.62 per cent of total disbursed loans.

The National Board of Revenue (NBR) has rolled out a new large-value transaction facility allowing corporate tax and value-added tax payments through the mobile financial service provider, bKash.

NBR Chairman Md Abdur Rahman Khan inaugurated the service yesterday at NBR’s headquarters in Dhaka.

Using an online merchant wallet developed by bKash Limited, taxpayers can now pay withholding tax through the NBR’s e-TDS platform, while VAT payments can be made through the Finance Division’s A-Challan system.

NBR Member (VAT Policy) Azizur Rahman said that previously, tax payments through the A-Challan system were limited to Tk 3 lakh. The new facility removes this limit, allowing taxpayers to pay unlimited amounts through bKash.

bKash Finance Controller Muhammad Arifur Rahman said that a tax payment can now be completed in less than two minutes using either a bank account or a mobile wallet.

“The move advances the NBR’s digitisation drive,” said NBR Chairman Khan, adding that the authority aims to shift all tax payments to digital channels to ensure faster processing, greater accuracy and transparency, and lower risk.

Allowing large-value payments through digital wallets and merchant accounts would ease compliance for big taxpayers while enhancing revenue oversight, he said.

The platform is open to all licensed mobile financial service providers, including Nagad, Rocket, CellFin, and Upay, and Khan said he expects more operators to actively support such transactions.

The US banking industry is warning that President Donald Trump’s plans to lower credit card costs would make credit less available and hurt consumers and businesses.

Trump said Friday that effective January 20, the first anniversary of his administration, he was calling for a 10 percent cap on credit card interest rates.

“We will no longer let the American Public be ‘ripped off’ by Credit Card Companies that are charging Interest Rates of 20 to 30 percent,” he said on Truth Social.

Five associations representing US banks responded that they shared the president’s goal of helping Americans access “more affordable credit.”

“At the same time, evidence shows that a 10 percent interest rate cap would reduce credit availability and be devastating for millions of American families and small business owners who rely on and value their credit cards,” the associations said in a joint statement late Friday.

“If enacted, this cap would only drive consumers toward less regulated, more costly alternatives,” it said. The statement was issued by the American Bankers Association, Bank Policy Institute, Consumer Bankers Association, Financial Services Forum and Independent Community Bankers of America.

Credit cards are the primary source of consumer credit in the United States. Costs and outstanding balances have soared in recent years as people increasingly rely on them to maintain spending, even for basic necessities.

According to data from the Federal Reserve, the total outstanding credit card debt exceeded $1.23 trillion at the end of September -- the fourth-largest source of household debt, after mortgages, student loans and auto loans.

Interest rates on credit cards are at least 21 percent and can reach as high as 38 percent for borrowers with a higher risk profile, according to the Fed. This is up from an average of around 12 percent a decade ago.

With midterm elections due in November, Trump is under pressure to reduce the cost of living as promised during his 2024 election campaign amid stubborn inflation and consumers’ complaints that they struggle to make ends meet.

Senator Elizabeth Warren, the top Democrat on the Senate Banking Committee, voiced skepticism that Trump was serious about capping rates, noting that he has sought to shutter the Consumer Financial Protection Bureau (CFPB), a consumer watchdog.

“Begging credit card companies to play nice is a joke,” Warren said in a statement Friday. “Trump doesn’t care about affordability.