Biman Bangladesh Airlines has suspended two premium long-haul routes within a year, despite one not being loss-making, exposing deep structural weaknesses in fleet planning and route strategy as the national carrier struggles to balance Hajj operations, aircraft shortages and brand credibility.

The most recent decision to suspend the Dhaka-Manchester route from March ahead of Hajj operations comes months after Biman halted the Dhaka-Narita service following heavy losses, indicating a pattern of abrupt long-haul withdrawals that industry experts say reflects deeper flaws in feasibility assessment and long-term fleet planning rather than isolated operational pressures.

At the heart of the disruption is a shrinking and overstretched wide-body fleet, with no new aircraft added in five years, repeated failures to lease additional planes and fresh deliveries from Boeing still at least six years away, forcing the airline to repeatedly reshuffle routes instead of executing a stable network strategy.

Aviation analyst and former Biman Board member Kazi Wahidul Alam said focusing solely on labour-intensive Middle Eastern routes risks weakening the airline's brand.

"Biman is not a budget carrier. Excluding premium routes like Dhaka-Manchester while focusing only on labour routes is not acceptable if the airline wants to maintain a strong image," he told The Business Standard. "To sustain brand value, important international routes must continue."

However, Biman maintains that closing or suspending a route is not a sign of mismanagement but a responsible, safety-driven, and pragmatic operational decision, particularly in the face of severe fleet constraints.

Manchester route suspended amid fleet crisis

Biman has announced that the Dhaka-Manchester-Dhaka route will be temporarily suspended from 1 March 2026 until further notice. The airline cited aircraft shortages, upcoming Hajj operations, long-term maintenance of existing aircraft, and the need to ensure optimal fleet utilisation across its network.

Responding to demands from Sylhet-origin expatriates based in Manchester to keep the route operational, Biman said the Dhaka-London route remains available and can absorb demand, noting that Manchester is about 262 kilometres from London and reachable by train in around two hours.

According to Biman sources, the Manchester route was neither loss-making nor profitable. "However, national interest and Hajj operations require aircraft reallocation during peak periods," a senior official said.

The route has a history of disruption. It was first suspended in 2012 due to aircraft shortages and resumed in early 2020 following long-standing demands from expatriates. The latest suspension – less than five years after resumption – has again raised concerns among passengers.

Biman spokesperson Bosra Islam told TBS that wide-body aircraft such as the Boeing 787 and 777 are used for European, Hajj and Middle Eastern routes. "Manchester is a long-haul destination, and a single aircraft remains tied up for several days. In contrast, the same aircraft can operate multiple Middle Eastern flights within that time," she said.

She added that with a limited fleet, maximising aircraft productivity becomes an operational necessity.

Focus shifts to Middle East routes

Biman says it is prioritising Middle Eastern destinations, where demand from expatriate workers, Umrah pilgrims, transit passengers and cargo movement remains strong. Currently, routes such as Dubai, Jeddah, Riyadh, Doha, Dammam and Muscat are experiencing high passenger loads.

Biman Managing Director Shafikur Rahman recently told the media that expansion in the Middle East remains a key priority due to its importance for remittances, transit traffic and cargo. However, all growth will be phased and tied to fleet availability.

"Our future growth strategy focuses on measured network expansion aligned with market demand and operational capacity," he said. "All new expansion will be introduced in phases, supported by careful fleet planning and commercial viability assessments."

European long-haul operations also require additional pilots, more cabin crew and longer rest periods. During peak Hajj and Umrah seasons, the same crew resources are heavily deployed on Middle Eastern routes, allowing higher flight frequencies and better utilisation.

The next Hajj flight operations are scheduled to begin from 18 April. During the season, thousands of pilgrims must be transported within a limited timeframe, requiring a large number of special flights alongside regular schedules. This pressure often leads to reduced frequencies or suspensions on other routes.

In addition, routine C-checks, engine overhauls and structural inspections can take aircraft out of operation for weeks or months, further tightening fleet availability.

Biman is currently operating 22 international routes with a fleet of 19 aircraft. The airline has failed at least five times in the past two years to lease additional aircraft, and no new aircraft have been added in the last five years.

New aircraft purchases from Boeing are expected only by 2031 – still six years away – leaving the carrier struggling to balance expansion, premium connectivity and operational sustainability amid growing passenger demand.

Narita route: premium service, heavy losses

Biman's Dhaka-Narita route, another premium long-haul service, was suspended in July last year within just 21 months of its resumption due to heavy financial losses.

The national carrier first launched the Narita route in 1979. After multiple suspensions – in 1981 and again in 2006 due to sustained losses – the service was relaunched on 1 September 2023 amid strong public enthusiasm, as it cut travel time to six to seven hours and eliminated long transit stops.

However, Biman sources said each Narita flight incurred losses of nearly Tk95 lakh, with average cabin occupancy at 69%. Total losses on the route stood at Tk215.58 crore, forcing the airline to halt operations and pushing passengers back to third-country transit routes, increasing travel time and costs.

Islami Bank Bangladesh PLC has decided to form a subsidiary to provide mobile financial services (MFS).

The decision was taken at a meeting of the bank's board of directors today (22 January), held at its boardroom, subject to the completion of all regulatory formalities.

As per the decision, the authorised capital of the proposed subsidiary will be Tk1,000 crore, while the initial paid-up capital will be Tk50 crore. The paid-up capital will be increased gradually in line with investment requirements.

According to a price-sensitive disclosure, Islami Bank will hold at least 51% of the shares of the subsidiary, while the remaining shares may be offered to strategic investors in accordance with Bangladesh Bank's MFS guidelines.

Md. Omar Faruk Khan, managing director of Islami Bank, said, "The bank has decided to launch a Mobile Financial Service (MFS), and the necessary documents are being prepared for submission to the central bank."

According to the bank's website, Islami Bank currently operates its own MFS platform, mCash, which was launched in December 2012.

Through mobile phones, mCash offers services including cash deposits and withdrawals, fund transfer from one account to another, receiving remittance from abroad, checking account balance and mini-statement, giving and receiving salary, mobile recharge and payment of utility bill, merchant bill payment.

According to the bank's unaudited consolidated financial statements, Islami Bank reported a profit of Tk99.77 crore in the first nine months of 2025 (January–September), down from Tk267.72 crore in the same period of 2024. In 2024, the bank posted a net profit of Tk10,878 crore, a significant decline from Tk635.33 crore, and did not pay any dividends to shareholders.

The United States officially left the World Health Organization on Thursday (22 January) after a year of warnings that doing so would hurt public health in the US and globally, saying its decision reflected failures in the UN health agency's management of the COVID-19 pandemic.

President Donald Trump gave notice that the US would quit the organization on the first day of his presidency in 2025, via an executive order. According to a press release from the US Health and State Departments, the US will only work with the WHO in a limited fashion in order to effectuate the withdrawal.

"We have no plans to participate as an observer, and we have no plans of rejoining," a senior government health official said. The US said it plans to work directly with other countries - rather than through an international organization - on disease surveillance and other public health priorities.

Dispute over us-owed fees

Under US law, it was supposed to give one-year notice and pay all outstanding fees - around $260 million - before departing.

But a US State Department official disputed that the statute contains a condition that any payment needs to be made before withdrawal. "The American people have paid more than enough," a State Department spokesperson said in an email earlier on Thursday (22 January).

The Department of Health and Human Services said in a document released on Thursday (22 January) that the government had ended its funding contributions to the agency. Trump had exercised his authority to pause the future transfer of any US government resources to the WHO because the organization had cost the US trillions of dollars, the HHS spokesperson said.

The US flag had been removed from outside the WHO headquarters in Geneva on Thursday (22 January), according to witnesses.

In recent weeks, the US has moved to exit a number of other United Nations organizations, and some fear that Trump's recently launched Board of Peace could undermine the UN as a whole.

Several WHO critics have also proposed setting up a new agency to replace the organization, although a proposal document reviewed by the Trump administration last year instead suggested the US push for reforms and American leadership at WHO.

Quick return unlikely

Over the last year, many global health experts have urged a rethink, including most recently WHO Director General Tedros Adhanom Ghebreyesus.

The WHO also said the US has not yet paid the fees it owes for 2024 and 2025. Member states are set to discuss the US departure and how it will be handled at the WHO's executive board in February, a WHO spokesperson said.

"This is a clear violation of US law," said Lawrence Gostin, founding director of the O'Neill Institute for Global Health Law at Georgetown University in Washington, a close observer of the WHO. "But Trump is highly likely to get away with it."

Bill Gates – chair of the Gates Foundation, a major funder of global health initiatives and some of the WHO's work – told Reuters at Davos that he did not expect the US to reconsider in the short term.

Shares of India's Adani Group companies lost about $12.5 billion in market capitalisation on Friday after the US securities regulator sought court permission to personally serve summons on group founder Gautam Adani and executive Sagar Adani over alleged fraud and a $265 million bribery scheme.

The sell-off followed a filing by the US Securities and Exchange Commission (SEC), reported by Reuters on Thursday after Indian markets had closed, seeking approval to email the summons directly to the two executives.

On Friday, Adani Enterprises, the group's flagship firm, emerged as the biggest percentage loser on India's benchmark Nifty 50 index. Its shares fell 10.65% to 1,864.2 rupees, while the Nifty ended the session down 0.95%. Shares of other Adani group companies declined between 3.4% and 14.54%.

The US indictment, unsealed in November 2024, accused Adani group executives of being part of a scheme to pay bribes to Indian officials to secure purchases of electricity produced by Adani Green Energy, a group subsidiary.

US law prohibits foreign companies that raise funds from American investors from paying bribes overseas to obtain business and from soliciting investment using false or misleading statements.

According to the SEC filing, India had previously declined two requests to serve the summons, which the regulator has been attempting to deliver since last year.

The Adani Group has rejected the allegations as "baseless" and said it would pursue "all possible legal recourse" to defend itself. It did not immediately respond to a Reuters request for comment on the latest SEC filing dated 21 January.

"Market participants assumed nothing was pending and that the group had been cleared, so the SEC filing appears to have come out of the blue," said Ambareesh Baliga, an independent market analyst.

With no clear timeline for the next steps, Baliga said the issue could linger for at least another fortnight, adding that overall market sentiment was already weak

TikTok's Chinese owner, ByteDance, yesterday (22 January) said it has finalized a deal to establish a majority American-owned joint venture that will secure US data, to avoid a US ban on the short video app used by over 200 million Americans.

The deal is a milestone for the social media firm after years of battles that when President Trump tried to ban the app over national security concerns.

Trump later opted not to enforce a law passed in April 2024 ByteDance to sell its US assets by the following January or face a ban - a measure.

ByteDance said TikTok USDS Joint Venture LLC will secure US user data, apps and algorithms through data privacy and cybersecurity measures. It disclosed few details about the divestiture.

Trump praised the deal in a social media post saying TikTok "will now be owned by a group of Great American Patriots and Investors, the Biggest in the World."

He thanked Chinese President Xi Jinping "for working with us and, ultimately, approving the Deal. He could have gone the other way, but didn't, and is appreciated for his decision."

The agreement provides for American and global investors to hold 80.1% of the venture while ByteDance will own 19.9%.

TikTok USDS JV's three managing investors - cloud computing giant Oracle, private equity group Silver Lake (SILAK.UL) and Abu Dhabi-based investment firm MGX - will each hold 15%.

A White House official told Reuters that the US and Chinese governments had signed off on the deal. The Chinese Embassy in Washington did not immediately comment.

Trump last year said the deal met the terms of divestiture requirements under the 2024 law. The White House in September said the venture would operate TikTok's US app.

Interested parties have yet to disclose elements of the deal such as the business relationships between the venture and ByteDance.

The president has more than 16 million followers on his personal TikTok account and credited the app with helping him win reelection.

He received a document from TikTok on 22 December touting how popular he is on the app, showed a photo published this month by the New York Times. The White House also launched an official TikTok account in August.

Japan's exports to the United States dropped 11.1% in December and slipped more than four% last year, official figures showed Thursday, as tariffs bite.

In 2025, Japan's exports to the United States fell 4.1%, contributing to a 12.6% decline in Tokyo's trade surplus with Washington to 7.5 trillion yen ($47 billion), finance ministry data showed.

A drop in the number of cars and auto parts exported, as well as rise in imports of liquified petroleum gas, cereals and power-generating machines, were primary factors in Tokyo's shrinking trade surplus with Washington, according to the data.

In December, Tokyo's exports to Washington fell 11.1% to 1.81 trillion yen ($11.4 billion), with the trade surplus shrinking 31.7% to 690.6 billion yen ($4.4 billion).

In July, Tokyo and Washington announced a trade deal lowering tariffs to 15% from a feared 25%.

Crucially, that reduction included the auto sector, an industry that accounted for 30% of Japanese exports to the United States in 2024.

However, Tokyo officials and business leaders have said the 15% tariffs are still high compared with the period before the second Trump administration.

Japan's overall trade account logged a deficit of 2.65 trillion yen in 2025, its fifth consecutive deficit.

Two listed textile companies under New Asia Group reported contrasting financial performances in the first half of FY26, highlighting the uneven impact of domestic and global challenges on Bangladesh's textile and apparel sector.

Malek Spinning Mills posts profit decline

Malek Spinning Mills PLC saw its earnings weaken during July–December FY26, weighed down by rising costs and macroeconomic pressures. The company's consolidated net profit fell 19% year-on-year to Tk68.57 crore, while consolidated earnings per share (EPS) stood at Tk3.54.

The pressure intensified in the October–December quarter, when net profit dropped 37% to Tk31.85 crore and EPS fell to Tk1.65. Company officials attributed the weaker performance to external and internal headwinds, including the continuation of an additional 20% US trade tariff, banking sector instability, a widening financial account deficit, currency volatility, and declining foreign exchange reserves.

Rising commodity prices and persistent inflation further eroded margins. The textile and readymade garment sectors are also grappling with stricter compliance requirements, higher labour costs, and disruptions in power and gas supply all of which have directly increased production costs and affected export revenues.

Rahim Textile delivers strong turnaround

In contrast, Rahim Textile Mills PLC reported a robust performance over the same period. Net profit surged 271% year-on-year to Tk1.71 crore for July–December FY26, with EPS rising to Tk1.81. The October–December quarter also remained positive, with net profit climbing 92% to Tk0.50 crore and EPS at Tk0.54.

Rahim Textile noted that while the global economy remains under strain and the Bangladeshi textile industry faces challenges such as soaring energy prices, higher transportation costs, and reduced government incentives, its turnaround was driven by strategic shifts in operations.

The company invested Tk35 crore to transition from woven grey fabric dyeing, printing and washing to knit garments, seamless dyeing, washing, and accessories production. This move helped increase profit margins by lowering the cost of goods sold and aligning production with market demand.

As part of the strategy, Rahim Textile also shut down technologically obsolete woven dyeing, printing, and finishing units due to high energy costs, lower demand, falling selling prices, and rising raw material expenses.

US President Donald Trump filed a $5 billion lawsuit against JPMorgan Chase and its CEO Jamie Dimon on Thursday, accusing them of debanking him by closing several of his accounts to further a political agenda.

The lawsuit, filed in a Florida state court in Miami-Dade County, accused the largest US bank of violating its own policies by singling out Trump to ride the “political tide.”

JPMorgan denied that it closes accounts for political or religious reasons.

“While we regret President Trump has sued us, we believe the suit has no merit,” it said. “We respect the President’s right to sue us and our right to defend ourselves.”

Later on Thursday, Trump told reporters aboard Air Force One he had not spoken with Dimon about the lawsuit. “You’re not allowed to do what they did,” he said. “So wrong. I don’t know what their excuse would be. Maybe their excuse would be the regulators.”

Trump has also attacked other lenders including Bank of America with allegations of debanking, and recently stirred up industry opposition by demanding a 10 percent cap on credit card interest rates.

Dimon, who has run JPMorgan for two decades and is one of the most influential figures in corporate America, told the World Economic Forum on Wednesday that capping card rates would curb access to credit for many consumers and amount to an “economic disaster.”

At the same time, industry executives have cheered the administration’s push for deregulation, which they say could cut red tape, boost profits and spur economic growth.

Trump accused JPMorgan of violating its principles unilaterally by shutting accounts belonging to him and his hospitality companies.

He also accused Dimon of ordering a malicious “blacklist” to warn other banks about doing business with the Trump Organization and Trump family members, as well as with Trump himself.

“Plaintiffs also suffered extensive reputational harm by being forced to reach out to other financial institutions in an effort to move their funds and accounts, making it clear that they had been debanked,” Trump added.

JPMorgan said it closes accounts that create legal or regulatory risk for the company. “We regret having to do so but often rules and regulatory expectations lead us to do so,” it said. World leaders in government, business, sports, and entertainment attend the America Business Forum in Miami

Shares of JPMorgan closed up 0.5 percent on Thursday and were flat premarket on Friday.

Capital One Financial, another large bank, has sought to dismiss a similar lawsuit filed last March by several Trump plaintiffs, including the president’s son Eric Trump. That lawsuit is still pending.

The White House referred a request for comment to Trump’s private lawyer, who had no immediate comment.

Banks have faced growing political pressure in recent years, particularly from conservatives who say lenders have for political reasons discriminated against industries such as firearms and fossil fuels.

That pressure has intensified during Trump’s second White House term, with the Republican accusing some banks of refusing to serve him and other conservatives. Banks have denied that allegation.

In December, the Office of the Comptroller of the Currency, a leading bank regulator, said in a report that the nine largest US banks have restricted financial services to certain industries as part of a debanking push.

The regulator did not provide specific examples of wrongdoing but said it had found large banks either refused services to some industries or required higher levels of scrutiny from 2020 to 2023.

Those affected included oil and gas companies, cryptocurrency firms, tobacco and e-cigarette manufacturers, and firearm companies, it said. The regulator found that many banks publicly disclosed restrictive policies, often tied to environmental, social and governance goals.

Many banks have since curtailed such practices and the regulator said it is continuing to review thousands of debanking complaints.

Last year, JPMorgan said it was cooperating with inquiries from government agencies and other entities regarding its policies in light of the Trump administration’s push against alleged debanking.

US regulators have also examined whether their own supervisory policies discouraged banks from serving certain corporate customers.

Last year, federal bank regulators said they would stop policing banks based on so-called reputational risk, under which supervisors could penalize institutions for activities that were not explicitly illegal but could expose them to negative publicity or costly litigation.

Some banks viewed the reputational risk standard as vague and subjective, giving supervisors wide discretion.

The industry has also urged regulators to update anti-money laundering rules, which can force banks to close suspicious accounts without explanation.

Mutual Trust Bank PLC has announced plans to raise Tk346 crore in Tier-1 capital to strengthen its core capital base and support future growth.

The decision was taken at a meeting of the bank's board of directors and is subject to approval from the relevant regulatory authorities, according to a disclosure filed with the Dhaka Stock Exchange on Thursday (22 January).

The proposed capital raising represents about 32% of the bank's existing paid-up capital, which currently stands at Tk1,081 crore.

As of the end of 2024, Mutual Trust Bank's consolidated Tier-1 capital amounted to Tk2,467.53 crore, while its capital to risk-weighted assets ratio (CRAR) stood at 13.62%, comfortably above the regulatory requirement of 12.50%.

Speaking to The Business Standard, the bank's Managing Director, Syed Mahbubur Rahman, said the board's decision was driven by the need to further strengthen the bank's risk-based capital position amid a changing economic and regulatory environment.

He noted that the capital may be raised through a rights offer, issuance of preference shares, bonds, or another instrument in line with Bangladesh Securities and Exchange Commission regulations.

Tier-1 capital, often referred to as core capital, is considered the highest quality capital for banks as it primarily consists of common equity, retained earnings and disclosed reserves. It serves as a key buffer to absorb losses and is a critical indicator of a bank's financial strength under the Basel regulatory framework.

According to the bank's unaudited financial statements, the bank posted a net profit of Tk203.84 crore during the January–September period of 2025, nearly unchanged from Tk203.74 crore in the same period a year earlier. Its earnings per share also remained steady at Tk1.88.

For the full year of 2024, the private sector lender reported a net profit of Tk316.65 crore with an EPS of Tk3.22, and distributed a 10% stock dividend to its shareholders.

Despite posting double-digit revenue growth, listed telecommunications company ADN Telecom saw its net profit fall sharply in the first half of the current fiscal year, weighed down by rising costs and narrowing margins.

According to the company's quarterly financial statements, ADN Telecom's consolidated revenue rose 12.73% year-on-year to Tk100.74 crore during the July–December period. However, its net profit declined 21% year-on-year to Tk8.10 crore over the same period.

The company attributed the profit drop mainly to higher costs. Quarterly reports show that the cost of services and goods sold increased by around 4%, while the gross profit margin declined despite revenue growth. The cost of sales accounted for 63.62% of total revenue in the first half of the fiscal year, up from 59.67% in the corresponding period of the previous year.

In addition, administrative and distribution expenses rose significantly compared to the same period last year, further pressuring profitability.

As a result, earnings per share (EPS) fell to Tk1.26 for the July–December period, down from Tk1.58 a year earlier.

Commenting on its performance, ADN Telecom said it maintained positive growth momentum, achieving nearly 13% year-on-year revenue growth during the period. The company said the increase was driven primarily by effective sales execution, particularly revenue from several projects.

However, the company acknowledged that multiple cost and margin pressures affected earnings. These included inflationary impacts across various expense categories, higher employee-related costs, changes in depreciation rates, and price erosion in certain services, all of which had an adverse impact on EPS.

Despite the challenges, ADN Telecom said it remains focused on improving operational efficiency, diversifying its business portfolio, and accelerating growth across multiple revenue streams to ensure sustainable long-term profitability.

The inaugural ceremony of Sammilito Islami Bank, scheduled for 10am tomorrow (25 January) at Hotel Intercontinental Dhaka, has been postponed.

Arief Hossain Khan, spokesperson for Bangladesh Bank, confirmed the matter to the media.

Salehuddin Ahmed was scheduled to attend as chief guest, while special guests were to include Finance Secretary Md Khairuzzaman Mozumder, and Governor of Bangladesh Bank Ahsan H Mansur. The programme was to be presided over by Sammilito Islami Bank Chairman Mohammad Ayub Miah.

Other attendees were expected to include senior officials from Bangladesh Bank, the Finance Ministry, and the country's top financial institutions.

Sammilito Islami Bank PLC was formed through the merger of First Security Islami Bank, Global Islami Bank, Social Islami Bank, Exim Bank, and Union Bank.

The new bank boasts one of the largest capital structures in Bangladesh's banking history, with an authorised capital of Tk40,000 crore and a paid-up capital of Tk35,000 crore – Tk20,000 crore contributed by the government and Tk15,000 crore through conversion of depositors' shares.

The outstanding balance of government debt through the issuance of different securities, mainly treasury bills and bonds, increased further in fiscal year 2024–25, as authorities borrowed more to cover budget deficits amid sluggish revenue collection.

At the end of FY25, the total outstanding balance of government securities rose 28 percent year-on-year to Tk 744,850 crore.

Of the amount, outstanding debt from treasury bonds was Tk 518,995 crore, which increased 27 percent year-on-year.

At the same time, outstanding debt through treasury bills grew 31 percent to Tk 175,131 crore, according to a Bangladesh Bank report on government securities published on Thursday.

Including other securities, such as Shariah-based sukuk bonds, the total outstanding amount of government debt rose to Tk 768,850 crore—12.92 percent of Bangladesh’s gross domestic product (GDP)—at the end of June 2025.

The Bangladesh Bank (BB) said the increase in debt from the banking sector was significant, driven by policy measures to reduce non-tradable securities such as savings certificates, as well as higher financing needs related to budget implementation.

The BB said the banking sector was the leading investor, accounting for 68.87 percent of total outstanding securities, followed by 12.03 percent held by long-term investors such as insurance companies, trust funds, and provident funds.

Individual investors held 1.14 percent of the total outstanding amount.

The BB said that in FY25, the average yields of treasury bills and treasury bonds increased during the first half, followed by a marginal moderation during the second half of the fiscal year.

The report said the net issuance of treasury bonds and bills by the government surged in FY25.

During FY25, the net issuance of treasury bonds was Tk 110,762 crore, which was 165.30 percent higher than that of the previous fiscal year. The net issuance of treasury bills grew more than four times during the period.

The commerce ministry may backtrack on a plan to withdraw bonded facilities and impose duties on yarn imports amid a standoff between the government and garment exporters over the issue, industry insiders say.

After industry leaders flagged the potential blow to export competitiveness, officials are signalling a possible rethink, suggesting that the matter may now be examined by independent economists rather than enforced immediately.

This came after a meeting yesterday between top representatives of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) with Commerce Adviser SK Bashir Uddin.

"The adviser has understood our concerns. He will review all the data and re-evaluate the issue," said Faisal Samad, a BGMEA director.

BKMEA President Mohammad Hatem added, "We are more or less confident that the initiative will not go ahead. The issue will be analysed by three independent economists before a final decision is taken."

The dialogue, however, has not bridged all divides. Textile millers, represented by the Bangladesh Textile Mills Association (BTMA), met separately with the finance adviser without success.

"Despite understanding the situation, they are choosing not to acknowledge it," said BTMA President Showkat Aziz Russell.

Bangladesh imports around $2.4 billion of yarn annually, mostly from India, where incentives allow a cheaper supply than local mills can match. Spinning mill owners have struggled with underused capacity and mounting stockpiles, with nearly 100 mills partially or fully shut down.

Entrepreneurs in the sector – representing investments of about $23 billion – have sought urgent government intervention to survive.

Garment exporters warn that duties could increase knitwear production costs by 8-10%, translating into $2.4 billion in annual extra expenses, threatening the country's $28 billion knitwear export sector. Textile mill owners argue that open-costing agreements with buyers could absorb some of the increase, but exporters contend that higher prices risk lost contracts and market share

Gold prices in Bangladesh have surged past the Tk250,000 mark per bhori yesterday (21 January), hitting an all-time high in the domestic market.

The Bangladesh Jewellers Association (Bajus) raised the price of 22-carat gold by Tk8,339 per bhori (11.664 grams), setting the new rate at Tk252,467, the highest ever recorded in the country.

In a notification issued at night, Bajus said the price adjustment was made in view of a rise in the local market price of pure gold (tejabi gold).

The new prices will come into effect from Thursday.

According to the revised rates, the price of 21-carat gold has been fixed at Tk240,978 per bhori, 18-carat gold at Tk206,569 per bhori, while gold under the traditional method will sell at Tk169,653 per bhori.

In addition to the selling price, buyers will have to pay a mandatory 5% VAT set by the government and a minimum 6% making charge fixed by Bajus.

However, making charges may vary depending on the design and quality of jewellery.

Bajus last revised gold prices on 20 January, when it increased the rate of 22-carat gold by Tk5,249 per bhori to Tk244,128 – then the highest price in Bangladesh's history.

With the latest adjustment, gold prices have been revised 10 times in the domestic market so far in 2026. Of these, prices were increased on eight occasions and reduced twice.

Silver prices also rise

Alongside gold, silver prices have also been increased. BAJUS raised the price of 22-carat silver by Tk292 per bhori to Tk6,882, marking the highest silver price ever in the country.

Under the new rates, 21-carat silver will sell at Tk6,532 per bhori, 18-carat silver at Tk5,599 per bhori, while silver under the traditional method has been fixed at Tk4,199 per bhori.

So far this year, silver prices have been adjusted seven times in the local market, with prices increased five times and reduced twice.

US President Donald Trump abruptly stepped back on Wednesday from threats to impose tariffs as leverage to seize Greenland, ruled out the use of force and suggested a deal was in sight to end a dispute over the Danish territory that risked the deepest rupture in transatlantic relations in decades.

Traveling in Davos, Switzerland, Trump backed down, for now, from weeks of rhetoric that shook the NATO alliance and risked a new global trade war. Trump had threatened at the weekend to impose rising tariffs on eight European countries' US-bound exports.

But after meeting with NATO Secretary General Mark Rutte at the Swiss Alpine resort, Trump said Western Arctic allies could forge a new deal over the strategic island territory of 57,000 people that satisfies his desire for a "Golden Dome" missile-defense system and access to critical minerals while blocking Russia and China's ambitions in the Arctic.

"It's a deal that everybody's very happy with," Trump told reporters. "It's a long-term deal. It's the ultimate long-term deal. It puts everybody in a really good position, especially as it pertains to security and to minerals."

"It's a deal that's forever," he added.

Rutte later said the issue of whether Greenland will remain with Denmark did not come up in his talks with Trump.

"That issue did not come up anymore in my conversations tonight with the president," Rutte said in an interview on Fox News' "Special Report with Bret Baier" show.

"He (Trump) is very much focused on what do we need to do to make sure that that huge Arctic region - where change is taking place at the moment, where the Chinese and the Russians are more and more active - how we can protect it."

Scolding, dismissive threats

Trump earlier in the day had delivered more than an hour of scolding and dismissive threats aimed at countries already unnerved by his push to seize territory from a longtime US NATO ally.

European diplomats said the president's sudden shift in tone doesn't resolve the dispute but helps defuse an open rift between allies as they work to sort out their differences in private.

It remained unclear what kind of agreement could meet Trump's demands for outright "ownership" of a territory that its residents and leaders have said is not for sale.

"Negotiations between Denmark, Greenland, and the United States will go forward aimed at ensuring that Russia and China never gain a foothold - economically or militarily - in Greenland," a NATO spokesperson said.

No date or venue was provided for such negotiations. Trump said he had tasked Vice President JD Vance, Secretary of State Marco Rubio and envoy Steve Witkoff to take part in further discussions.

"What happens in Greenland is of absolutely no consequence to us," said Russian President Vladimir Putin, quoted by Russian news agencies speaking to the country's National Security Council.

Respect for Danish sovereignty, Greenland crucial: Denmark

Trump said on his Truth Social platform that the US and NATO had "formed the framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region," and that "based upon this understanding, I will not be imposing the Tariffs that were scheduled to go into effect on 1 February."

It was the latest in a series of reversals of major policies or threats by Trump ahead of deadlines he has imposed during his second term in office.

Denmark said the issue should be handled through private diplomacy rather than on social media.

"What is crucial for us is that we get to end this with respect for the integrity and sovereignty of the kingdom (of Denmark) and the right of the Greenlandic people to self-determination," Denmark's Foreign Minister Lars Lokke Rasmussen told public broadcaster DR.

Rasmussen said he had spoken with Rutte but declined to provide details on what had been agreed.

Greenland's government did not reply to a request for comment.

Earlier in the day, the Republican US president acknowledged financial markets' discomfort with his threats and ruled out force in a speech to global elites at the World Economic Forum annual meeting.

"People thought I would use force, but I don't have to use force," Trump said. "I don't want to use force. I won't use force."

The change in posture sparked buying on Wall Street. The S&P 500 index posted its biggest one-day percentage gain in two months, adding 1.16% for the day. Trump's more hawkish comments on Greenland on Tuesday helped deliver the sharpest equities selloff in three months.

Trump dominates Davos agenda

Trump's Greenland comments dominated a whirlwind trip to Davos. Emboldened after a year in office that saw major institutions and allies bend to his will, Trump chastised Europeans on their soil on issues ranging from wind power and the environment to immigration and geopolitics.

He cast himself as a defender of Western values. "We want strong allies, not seriously weakened ones," Trump said. "I love Europe and I want to see Europe go good, but it's not heading in the right direction."

While he took the threat of force off the table for Greenland, Trump bragged about US military might, citing recent operations such as the shock ousting of Venezuela's Nicolas Maduro earlier this month.

Calling Denmark "ungrateful," the Republican US president played down the territorial dispute as a "small ask" over a "piece of ice" and said an acquisition would be no threat to the NATO alliance, which includes Denmark and the United States.

"No nation or group of nations is in any position to be able to secure Greenland other than the United States," said Trump, who four times during the speech mistakenly referred to Greenland as Iceland, another NATO member state.

"You can say yes, and we will be very appreciative, or you can say no, and we will remember."

Trump also used his speech to settle scores on other grievances. He rounded on Britain over extracting insufficient oil from the North Sea, Switzerland over its trade surplus in goods with the US, France over its pharmaceutical policy, Canada for what he saw as its ingratitude and NATO for its unwillingness to conform to US interests.

His remarks drew uncomfortable looks and light laughter from the audience in Davos, but most were silent.

His speech did notably less to address Trump's top domestic political challenge, the low marks voters give his handling of cost-of-living issues.

Though his aides had previewed an economic message, Trump was nearly an hour into the speech before he raised his newer initiatives to lower housing costs.

Sources familiar with the situation have previously told Reuters that Trump's push on Greenland is related to a legacy-building desire to expand the territory of the United States in the biggest way since Alaska and Hawaii became states in 1959.

On Thursday, Trump was expected to meet Ukrainian President Volodymyr Zelenskiy. As part of the trip, Trump was working to build support from dozens of world leaders to join his Board of Peace initiative aimed at resolving global conflicts, even as diplomats say it could harm the

Bangladesh's Summit Group is stepping into the country's data centre market while continuing to pursue its growing LNG projects, as the nation's demand for liquefied natural gas is expected to remain strong.

In interviews with Platts, part of S&P Global Energy, Summit Group Chairman Muhammed Aziz Khan discussed the company's plans to leverage its existing power capacity and infrastructure to expand into data centres and LNG.

"Bangladesh and Summit are uniquely positioned with excess electricity capacity for the next few years. We would like to be a pioneer in this global AI race," Khan said.

He noted that the country's recently enacted Personal Data Protection Ordinance, 2025, is also expected to stimulate demand for domestic data centres.

The group intends to utilise its subsidiary, Summit Technopolis Hi Tech Park, or vacant land alongside its power plants and the river, to build its first large-scale facility in Dhaka, Khan said.

"Data centres are challenged primarily by the lack of electricity. We can, with the requisite government permissions, give electricity quickly," he added.

Summit currently has approximately 350 megawatts of capacity that could be dedicated to data centres, positioning it as a hyperscaler, according to Khan. The company is also laying optical fibres from Bangladesh to Singapore, although the work has experienced slight delays due to regulatory hurdles.

"However, we are hopeful of overcoming those challenges. Subject to government permissions, Summit can build its first data centre in about 18 months," Khan said.

He expressed openness to strategic partners who bring marketing expertise for its data centres. The company is also exploring opportunities to import green electricity from countries such as Indonesia and Malaysia.

LNG impetus

"I continue to believe that LNG and its related infrastructure are essential for the country's growth," Khan said.

He added that the newly elected government, following the upcoming national elections expected in February, will likely implement more structural reforms for Bangladesh's infrastructure and development over a longer time horizon.

Bangladesh's LNG imports are projected to reach 7.2 million metric tons per annum in 2026, up from an estimated 6.8 million mt/year in 2025, according to Khan. The country's LNG imports could climb to 15 million mt/year in the coming years alongside 6%-7% GDP growth, he said.

Khan highlighted Bangladesh's trade advantages despite international challenges. "The US imposed a 20% reciprocal tariff on many Bangladeshi goods last year. However, Bangladesh's lower tariffs compared to some neighbouring countries give it an edge over other competitors."

He added that the foreign currency situation is expected to continue improving with the country's economic growth.

Domestic gas production in Bangladesh peaked at 2.6 Bcf/d in 2018 but has steadily declined, averaging a 5% annual reduction to 2 Bcf/d by 2024, according to S&P Global Energy CERA analysts in a December 2025 report. In H1 2025, production fell further to 1.8 Bcf/d, a 7% decrease from the total for 2024. The analysts noted that limited exploration and production contributed to the decline, partially driving the anticipated growth in LNG imports.

Khan also commented on international LNG prices, saying they are expected to be volatile in the coming months.

"Prices are set to rise substantially in the short-medium run if tensions escalate in Iran. However, in the longer term, prices will be pressured by supply waves from the US and Qatar as well as by optimism about global geopolitics," he said.

Platts assessed the March JKM, the benchmark price for LNG cargoes delivered to Northeast Asia, at $10.334/MMBtu on 16 January, up 3.5% from 15 January.

Growth pathway

Summit Group had planned to build Bangladesh's first onshore LNG terminal at Matarbari Island in the Bay of Bengal on a build, own, operate, and transfer basis. However, the project has been delayed due to the abolition of the Quick Enhancement of Electricity and Energy Supply (Special Provisions) Act, 2010, which was repealed by the government in 2024, Khan said.

The onshore terminal could proceed either through an international tender or a government-to-government contract.

"So, if an international tender is launched, we will participate in it. But if it is a G2G contract, then we will only be able to receive services from the terminal owned by the government of Bangladesh," Khan said.

Bangladesh is also considering converting around 30,000 Mcf/d of unutilised natural gas from the gas-rich Bhola island into LNG and delivering it to gas-starved industries on the mainland. When asked whether Summit would participate, Khan said that doing so would require a transportation facility rather than infrastructure for gas use, and that Summit was not keen to pursue it.

Retail broiler sellers in Bangladesh earn more than Tk7 per kg after covering operating costs, significantly higher than the profit margins earned by wholesalers, according to a Bangladesh Bank survey published today (21 January).

The survey found that retail sellers make an average profit of Tk12 per kg on broiler chicken, with a selling price of Tk137 per kg. In comparison, wholesalers earn an average profit of only Tk5 per kg at the same selling price.

The survey team visited 61 upazilas across 18 districts to examine five key agricultural commodities—rice, potatoes, onions, broiler chicken, and eggs between 15 June and 7 July 2025. Later, data was collected from large corporate companies, including Paragon, Nourish, ACI, and Akij, at their head offices in July and early August 2025.

The report details the cost and price dynamics, seasonal factors, and underlying reasons behind price changes. For example, the retail price of coarse rice rose to Tk61 per kg during the surveyed period, up from Tk55 last year, reflecting a 10.9% increase. The cost of production increased by 35%, driven by higher labor wages and greater use of fertilisers and pesticides.

Cultivated paddy land decreased by 0.31%, as some farmers shifted to more profitable crops such as potatoes, onions, maize, and mustard. Late paddy varieties, coupled with monsoon-related disruptions, also contributed to a 1.91% reduction in yield and higher labor costs.

Potato production increased due to expanded cultivation, but limited storage forced farmers to sell early at lower prices. Onions were surveyed in Pabna, Faridpur, Rajbari, and Rajshahi districts producing 55.1% of the country's onions. Among 115 respondents, including 66 farmers, 22 beparis, 16 aratdars, and 11 retailers in Dhaka, the average production cost was Tk33 per kg, with a selling price of Tk43 per kg, yielding a gross margin of roughly 30%.

Egg production was surveyed in Gazipur, Narshingdi, Cox's Bazar, and Chattogram, covering farmers, wholesalers, retailers, and consumers.

The survey findings were presented at a briefing at the Bangladesh Bank headquarters on Wednesday, attended by Chief Economist Akhtar Hossain, Spokesperson Arief Hossain Khan, and other senior officials. The report also offers an outlook on these commodities in the near future and provides policy recommendations based on the survey's findings.

The Bangladesh Bank plans to merge all nine state-owned banks into two large banks, citing the size of Bangladesh's economy and the need to improve governance and address long-standing mismanagement in the sector, Governor Ahsan H Mansur said on Tuesday.

Speaking at a discussion at Jagannath University in Dhaka, the governor said Bangladesh currently has 61 banks—far more than the economy requires.

"In Bangladesh's context, 10 to 15 banks are sufficient," he said, adding that the country needs a smaller number of large banks rather than many small ones. "Reducing the number of banks would make it easier to ensure good governance."

Later, speaking to The Business Standard, Mansur cited India as an example, noting that the neighbouring country has decided to reduce the number of state-owned banks to four despite having an economy more than 10 times larger than Bangladesh's.

He also pointed to Singapore-based DBS Bank, which has assets of around $1.2 trillion—equivalent to nearly Tk130 lakh crore—while the combined size of Bangladesh's entire banking sector stands at about Tk20 lakh crore.

"Although Singapore's economy is similar in size to Bangladesh's, its financial sector is 20 times larger," he said. "Despite that, Singapore has only a few banks, but all of them are very large."

State-owned banks to be consolidated

Bangladesh currently has nine state-owned banks: four commercial banks—Sonali, Agrani, Rupali and Janata; two development banks—BASIC and Bangladesh Development Bank; and three specialised banks—Bangladesh Krishi Bank, Rajshahi Krishi Unnayan Bank and Probashi Kallyan Bank.

The governor revealed the state-bank merger plan as the central bank moves ahead with wider restructuring of the financial sector, following the merger of five private Islamic banks and the initiation of liquidation proceedings against nine non-bank financial institutions (NBFIs).

Mansur said mismanagement, irregularities, nepotism and weak governance had severely weakened the banking sector, resulting in losses of nearly Tk3 lakh crore, a significant portion of which may have been laundered abroad.

He alleged that $20–25 billion may have been siphoned off through nepotistic channels while speaking at the event titled "Banking Sector: Current Challenges and Future Prospects."

Economists back consolidation

Commenting on the plan, Zahid Hussain, former lead economist at the World Bank's Dhaka office, said the merger of state-owned banks was long overdue.

"There is no question about the desirability of consolidation," he said, adding that the Bangladesh Bank now needs a clear roadmap on how the mergers will be carried out.

Hussain, who is also a member of the banking sector reform task force formed after the regime change, said state-owned banks have failed to move away from a bureaucratic model and remain vulnerable to political influence.

"All the large loan scams we know of during the previous regime occurred in state-owned banks," he said.

Repeated government recapitalisation has placed a heavy burden on taxpayers, and bringing the banks under one umbrella is the right decision, he added.

He noted that Sonali Bank, the largest state-owned lender, plays a key role in treasury operations and social welfare programmes through its extensive branch network. "However, nine state-owned banks are unnecessary for delivering such programmes," he said.

Recent restructuring

The Bangladesh Bank has already merged five troubled Islamic banks – First Security Islami, Global Islami, Social Islami, Exim, and Bank – and formed a new bank named Sammilito Islami Bank.

The government is required to provide Tk20,000 crore for the five merged banks, of which Tk10,000 crore has already been disbursed.
The Bangladesh Bank also started to liquidate nine non-bank financial institutions for which the government will provide Tk5,000 crore to pay back individual depositors' money.

The nine NBFIs slated for liquidation are FAS Finance, Bangladesh Industrial Finance Company, Premier Leasing, Fareast Finance, GSP Finance, Prime Finance, Aviva Finance, People's Leasing, and International Leasing.

Meanwhile, the central bank also plans to create a dedicated "resolution fund" of up to Tk40,000 crore to rescue and restructure failing banks without relying on taxpayer-funded government bailouts.

Overbanking and weak balance sheets

World Bank data show that Bangladesh's GDP in 2023 stood at $323.28 billion (at constant 2015 prices), supported by 61 banks. By comparison, Pakistan—with a GDP of $400.17 billion—had 41 banks, while India, with a $3.2 trillion economy, operated with just 33 banks.

The data underline concerns that Bangladesh is significantly overbanked, while peer countries have expanded branch networks of large banks rather than multiplying the number of institutions.

Despite years of government support, the financial health of state-owned banks remains fragile. Between 2009 and 2024, more than Tk25,000 crore was injected into these banks to keep them afloat.

BASIC Bank's default loan ratio now exceeds 70%, while Janata Bank's stands at over 73%. As of December 2024, Agrani, Janata, BASIC and Rupali banks reported a combined capital shortfall of Tk31,000 crore, with the Bangladesh Bank rejecting their five-year recovery plans as "unrealistic".

Sonali Bank and Bangladesh Development Bank also faced a provisioning shortfall of Tk4,763 crore, although regulatory forbearance allowed them to report a modest capital surplus.

Bangladesh Bank has revised its earlier decision on profit payments by Sammilito Islami Bank, allowing only individual depositors to receive a 4% return on their deposits for 2024 and 2025.

However, the benefit will not apply to institutional depositors. The decision was conveyed by the Bank Resolution Department in a letter sent yesterday to the administrators of five Islamic banks.

Depositors of 5 Islamic banks won't receive profit for 2024–2025: Governor

The letter instructs that profit at an annual rate of 4%, based on the bank rate, be paid on term and scheme-based deposits from 1 January 2024 to 28 December 2025.

The move reverses Bangladesh Bank's earlier position taken this month, when it ruled that depositors of the troubled banks would receive no profit for the two years due to weak financial conditions.

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

The government's proposed ban on importing day-old broiler and layer chicks under the Poultry Development Policy 2026 has triggered growing concern among poultry producers, who fear the move could disrupt supply chains and push up prices if implemented without transitional safeguards.

The final draft of the policy has already been published on the government website for public feedback and is expected to be placed before the cabinet for approval soon, according to officials familiar with the process.

The policy marks a significant shift in how the state intends to manage the poultry sector, formally recognising it as a strategic food security industry.

While policymakers argue that the move will strengthen domestic capacity and reduce import dependence in the long run, industry stakeholders caution that the proposed import ban, if implemented abruptly, could destabilise supply chains and create fresh volatility in prices.

Bangladesh Poultry Industries Association President Mosharraf Hossain Chowdhury stressed that policy decisions must prioritise farmers. "Poultry is not just a business; it is central to food security. Any decision must ensure that farmers receive chicks on time and at fair prices," he told TBS.

Self-reliance and regulation

According to the draft, the Poultry Development Policy 2026 prioritises expanding local production capacity, improving disease control, strengthening biosecurity, ensuring quality feed and hatchery management, and gradually reducing reliance on imports. The policy also aims to bring greater discipline to the sector through stronger monitoring and enforcement.

One of its most debated provisions proposes a total ban on importing day-old broiler and layer chicks, a move the government says is intended to encourage investment in domestic breeder farms and hatcheries.

The policy also outlines plans to introduce a centralised database and traceability system for poultry disease control, allowing authorities to track production, movement, and biosecurity compliance across the supply chain.

In addition, the draft mandates strict action against low-quality hatcheries and farms, arguing that inconsistent quality and weak compliance have contributed to production inefficiencies, disease outbreaks, and farmer losses.

As the Poultry Development Policy 2026 moves towards cabinet approval, it reflects the government's ambition to build a self-reliant poultry sector through regulation, quality control, and domestic investment. Yet industry stakeholders argue that without careful sequencing and transitional safeguards, the policy risks undermining short-term supply stability.

The challenge now lies in aligning long-term policy goals with current market constraints, a balance that will ultimately determine whether the new framework strengthens food security or introduces new volatility into one of Bangladesh's most critical protein sectors

Government officials maintain that these measures are essential for building a more resilient and organised poultry industry. "The draft has been prepared to ensure overall sectoral development, while also protecting investors," said ABM Khaleduzzaman, director (production) at the Department of Livestock Services. "Once implemented, the policy will help the poultry sector become stronger and more sustainable."

Industry concerns over timing and capacity

Despite these assurances, poultry entrepreneurs argue that the policy underestimates current market realities. Bangladesh currently requires around 700-800 crore broiler and layer chicks annually, of which domestic hatcheries supply approximately 75-80%. The remaining 20-25 percent is met through imports, which industry players describe as a critical buffer during supply disruptions.

Stakeholders say they raised these concerns during multiple consultations held before finalising the draft, including meetings attended by the fisheries and livestock adviser. While participants reportedly urged caution in imposing an outright ban, citing food security and consumer interest, the provision remained in the final draft, prompting frustration among industry bodies.

A senior leader of the Bangladesh Poultry Industries Central Council warned that domestic capacity, though expanding, is not yet sufficient to absorb a sudden ban.

"If imports are stopped now, shortages will emerge. That will push up chick prices, reduce production, and eventually raise chicken and egg prices for consumers," he said.

Day-old chick production in Bangladesh is heavily concentrated among a handful of large corporate groups, including Kazi Farms Group, Aftab Group, Navana Group, Paragon Group, CP Bangladesh, Beximco Agro, and Diamond Hatchery. Industry estimates suggest these players collectively control around 70-80% of total domestic production.

However, much of this output is consumed internally through vertically integrated operations, contract farming arrangements, or group-linked farms. As a result, effective buffer capacity for the open market remains limited, leaving independent and small farmers vulnerable during supply shocks.

Price volatility and policy trade-offs

Data from poultry associations show that Bangladesh produces roughly 20 lakh broiler chicks per day, with production costs ranging between Tk28 and Tk30 per chick. Yet during shortages, farmers report paying Tk48-Tk50, eroding profitability and forcing many marginal producers out of the market.

Critics argue that maintaining limited import flexibility during crisis periods helps prevent price manipulation and protects competition. They also point to risks associated with breeder and grandparent stock imports, approvals for which can take six to eight months, potentially creating supply gaps if planning assumptions fail.

Experts have echoed calls for a phased or conditional approach. Professor Md Bahanur Rahman, dean of the Faculty of Veterinary Science at Bangladesh Agricultural University, said policymakers must realistically assess domestic capacity before enforcing a ban.

"We need to ensure not only production capability, but also a consistent, affordable supply to farmers," he noted.