The pre-IPO shares held by the sponsors, directors and placement shareholders of Asiatic Laboratories will remain under lock-in until three years beyond the existing lock-in expiry date or until the completion and commercial operation of its proposed 32-storey building — whichever occurs later.

The decision was taken by the Bangladesh Securities and Exchange Commission (BSEC) today (17 February), according to a press release. The extended lock-in will apply to shares held by 183 individuals and institutions mentioned in the company's prospectus.

The regulator said the decision was made considering recommendations from an inspection report of the Dhaka Stock Exchange, prevailing market conditions and the interest of general investors.

Asiatic Laboratories received approval from the commission at its 837th meeting on 31 August 2022 to raise Tk95 crore through an initial public offering (IPO). According to its prospectus, the company planned to use the IPO proceeds for business expansion, including purchase and installation of machinery, construction of a factory building, repayment of bank loans and covering issue management expenses.

However, the company has yet to complete the utilisation of the IPO funds.

Without completing the utilisation process and without conducting project evaluation, feasibility studies or securing necessary regulatory approvals — including building plan approval from RAJUK and environmental clearance — the company disclosed price-sensitive information on 28 September 2025, announcing an ambitious plan to construct a 32-storey building.

The BSEC also noted that entering into the real estate or hotel business through the construction of such a building is not consistent with the company's Memorandum of Association. An inspection conducted by the DSE identified these inconsistencies.

Premier Cement Mills PLC has received regulatory approval to raise Tk161 crore through the issuance of preference shares, as the company moves to restructure its balance sheet and reduce rising finance costs.

The Bangladesh Securities and Exchange Commission (BSEC), in a letter dated 16 February, approved the cement maker's plan to issue 322 fully redeemable, non-convertible, non-participating and cumulative preference shares of Tk50 lakh each at par, totalling Tk161 crore, under the Securities and Exchange Commission (Issue of Capital) Rules, 2001.

According to the company, the proceeds from the preference shares will be used to restructure its existing balance sheet and repay high-cost short-term liabilities, in line with a decision taken by its board of directors and later endorsed by shareholders at an extraordinary general meeting.

Following the disclosure filed with the Dhaka Stock Exchange today (17 February), Premier Cement's share price remained unchanged at Tk39.30.

Preference shares are a class of stock that entitles holders to receive dividends ahead of ordinary shareholders. In the event of liquidation, preference shareholders also have priority over common shareholders in claims on company assets.

The approval comes after an earlier setback. In June 2025, the BSEC rejected Premier Cement's initial application to issue the preference shares, citing the absence of required provisions in the company's Memorandum of Association.

The company later amended the memorandum and submitted a fresh application in October 2025.

In a letter issued on 5 October, the commission asked the bourse to provide its opinion on the proposed issuance within 15 working days. The DSE later gave its consent, paving the way for the commission's final approval.

Explaining the move, the company said rising bank lending rates had significantly increased its financing burden.

"The interest rate on bank loans has increased significantly. That is why the company is going to issue preference shares," it said in a statement, adding that lending rates from local banks have exceeded 14%.

Repaying part of its existing loans would help cut interest expenses, it added.

Financial disclosures show Premier Cement's performance weakened in the first half of FY26. Revenue for the July-December period slipped to Tk1,059 crore, while net profit fell 49% year-on-year to Tk1.97 crore.

The company attributed the sharp decline mainly to higher finance costs.

As of December 2025, Premier Cement reported Tk679 crore in long-term loans and Tk1,693 crore in short-term borrowings, alongside Tk24 crore owed to directors.

Finance costs rose to Tk122 crore during the period, up from Tk89 crore a year earlier, largely due to elevated interest rates.

The fresh capital injection is expected to ease liquidity pressure and strengthen the company's financial structure amid a challenging operating environment.

Stocks extended their losing streak for a second straight session today (17 February), with key indices edging lower as investors adopted a cautious stance following the swearing-in of the new government.

The benchmark DSEX of the Dhaka Stock Exchange (DSE) fell 18 points to settle at 5,570. The blue-chip DS30 index also declined by 9 points to close at 2,126. Market breadth remained negative, as 238 issues declined against 131 advances, while 27 remained unchanged.

Turnover at the premier bourse slightly decreased to Tk1,222 crore compared to the previous session, indicating subdued participation.

Market insiders said investors remained watchful of the evolving political landscape after the new government took oath today, prompting many to lock in recent gains rather than take fresh positions.

Analysts expect investors to remain cautious in the near term as they assess policy signals from the new administration.

In its daily market review, EBL Securities Limited noted that profit-booking sentiment gripped the market for the second consecutive session, with investors choosing to realise gains from the recent election-driven rally and remain cautious amid the evolving political situation.

The market experienced see-saw trading throughout the session, reflecting a tug-of-war between buyers and sellers. Opportunistic investors continued to accumulate momentum-driven stocks, taking advantage of the prevailing risk-averse sentiment. However, late-session profit-taking, particularly in major large-cap scrips, ultimately dragged the indices into negative territory.

Among the most traded stocks were Square Pharma, ACI, City Bank, Dhaka Bank and BRAC Bank, reflecting active participation in heavyweight and banking sector counters.

On the gaining side, Shurwid Industries rose 9.83%, followed by AB Bank, BIFC, BD Welding and Tung Hai Knitting.

Meanwhile, Bay Leasing topped the losers' chart with a 9.25% decline, followed by Phoenix Finance, Midas Finance, Hamid Fabrics and AB Bank First Mutual Fund.

Senior executives from major British banks are set to hold their first meeting on Thursday to advance plans for a national alternative to US-owned payment networks Visa and Mastercard, amid concerns about the United Kingdom's reliance on foreign systems.

The meeting will be chaired by Vim Maru, chief executive of Barclays' UK operations, and will bring together a group of City institutions tasked with financing a new payments company, currently known as DeliveryCo. The initiative aims to ensure the UK economy can continue functioning in the event of disruption to existing card networks, says the Guardian.

Visa and Mastercard currently facilitate around 95% of UK card transactions. One executive involved in the discussions said that if the services were disabled, the UK would be "sent back to the 1950s" when businesses relied entirely on cash.

The project has been under discussion for several years and is backed by the government, although it is being funded by private-sector institutions. Participants in the funding group include Lloyds Banking Group, NatWest, Santander UK, Nationwide and the ATM network Link. Visa and Mastercard are also part of the group.

The initiative has gained urgency against a backdrop of geopolitical tensions. Some executives have expressed concern that US-owned networks could be disrupted during periods of political strain. European officials have voiced similar worries in recent years, with some calling for a "European Airbus for payment systems" to reduce dependence on foreign providers.

The potential vulnerability of national payment systems has been highlighted in the past. In Russia, US sanctions led Visa and Mastercard to suspend certain services, limiting access to funds for some users.

UK officials have framed the proposed system as a resilience measure rather than a replacement for existing providers. They describe it as providing "extra resilience" and serving as an "additional payment rail" within the financial landscape.

The Bank of England is developing infrastructure blueprints for the proposed system, which are expected to be handed to the funders next year. The new payments system is projected to be operational by 2030.

Visa and Mastercard have said they remain committed to the UK market and welcome competition that fosters innovation and choice.

Gold dropped more than 2 percent on Tuesday, as holidays in major markets hit liquidity, while a stronger dollar and easing geopolitical tensions added to the pressure.

Spot gold dropped 1.5 percent to $4,917.90 per ounce by 0800 GMT after hitting $4,862 per ounce, its lowest level in more than a week. US gold futures for April delivery lost 2.2 percent to $4,936.60 per ounce.

“Thin liquidity with the holidays in the last 24 hours, especially in China and Asia, but also obviously in the United States too, means we just lacked a bid in the market,” said Kyle Rodda, senior market analyst at Capital.com.

Mainland Chinese, Hong Kong, Singapore, Taiwan and South Korea markets are closed for the Lunar New Year holidays. US markets were shut on Monday for Presidents’ Day.

The US dollar index rose 0.3 percent against a basket of currencies, making greenback-priced bullion more expensive for holders of other currencies.

The minutes of the Federal Reserve’s January meeting, due Wednesday, could give investors further clues about the central bank’s future monetary policy path. The market currently expects the first of three interest rate cuts for the year to be in June, according to CME’s FedWatch Tool.

“Now it’s going to be interesting to see what these FOMC minutes say in the sense that the markets want many more rate cuts now than what the Fed said that it would do,” said Ilya Spivak, head of global macro at Tastylive.

Non-yielding bullion tends to do well in low-interest-rate environments.

On the geopolitical front, US President Donald Trump said Monday he would be “indirectly” involved in US–Iran nuclear talks in Geneva on Tuesday, while Ukrainian and Russian representatives will also meet there this week for US-mediated peace discussions.

“The immediate range top (for gold) is somewhere around $5,120, but the next real kind of objective here is back to the highs at $5,600 or so, and then of course, we march to record highs,” Spivak said.

Bangladesh Bank (BB) has clarified that no final decision has been taken regarding the issuance of digital bank licences, amid reports published in several national dailies.

As part of the government's initiative to expand technology-driven inclusive financial services and build a "Cashless Bangladesh," Bangladesh Bank issued a public notice on August 26, 2025, inviting applications for establishment of digital banks. Applications received within the stipulated timeframe are currently being evaluated in accordance with relevant policies and prescribed procedures.

The evaluation process is being conducted in phases by three separate committees: the Technical Evaluation Committee (TEC), the Business Evaluation Committee (BEC) and the Financial Evaluation Committee (FEC).

At the 447th meeting of the Board of Directors held on February 16, 2026, progress reports on the ongoing evaluation process were presented to the Board alongside other agenda items, it said.

According to the central bank, discussions at the meeting were limited strictly to procedural aspects, including the evaluation process and criteria. No decision regarding the granting of digital bank licenses was taken at the meeting.

However, on the same day, a small group of bank officials reportedly organized a press conference on the digital bank licensing issue without prior authorisation from the appropriate authority. Despite the absence of any decision-making agenda on the matter, several national newspapers published reports without adequately verifying the information, leading to what the central bank described as misleading coverage.

Bangladesh Bank expressed concern that such reports could create confusion and misperceptions among the public. The central bank urged media outlets to verify information with the appropriate authorities before publication and to avoid one-sided reporting on controversial matters. It also called on the media to uphold responsible journalism by presenting the views of all relevant parties in the public interest.

The Bangladesh Securities and Exchange Commission (BSEC) has decided to extend the lock-in period for shares held by sponsors, directors, and placement shareholders of Asiatic Laboratories Limited due to unauthorized business diversions and failure to utilize IPO funds according to the original plan.

The decision was made during the 999th Commission meeting held today, presided over by BSEC Chairman Khondoker Rashed Maqsood.

According to a BSEC press release, Asiatic Laboratories was previously permitted to raise TK 95 crore through an Initial Public Offering (IPO) on August 31, 2022, for business expansion, factory construction, and loan repayment.

However, the company has failed to utilize the IPO funds as per the prospectus.

An inspection by the Dhaka Stock Exchange (DSE) revealed that on September 28, 2025, the company announced Price Sensitive Information (PSI) regarding the construction of a 32-story luxury building without conducting any project evaluation, feasibility tests, or obtaining necessary regulatory approvals from RAJUK and environmental authorities.

Furthermore, entering the real estate or hotel business is inconsistent with the company’s Memorandum of Association (MoA).

In the interest of general investors and the capital market, the Commission has decided to extend the lock-in period for shares held by 183 sponsors, directors, and placement shareholders mentioned in the prospectus.

The lock-in will remain in effect for an additional three years or until the completion of the proposed building and the acquisition of a RAJUK occupancy certificate, whichever is later.

In the same meeting, the BSEC also approved the draft “Bangladesh Securities and Exchange Commission (Capital Market Information Disclosure and Whistleblower Protection) Rules, 2026”. The draft will be published in national dailies and on the Commission’s official website to solicit public opinion.

Gold prices dropped on Monday, pressured by thin trading volumes as US and China markets remained shut due to local public holidays, while some traders booked profits after last session’s 2.5 percent jump.

Spot gold fell 0.9 percent to $4,997.59 per ounce by 0726 GMT, after losing more than 1 percent earlier in the session.

US gold futures for April delivery lost 0.6 percent to $5,017.20 per ounce.

“Gold has given back some of Friday’s post-CPI gains today due to thinner trading conditions and a lack of fresh upside catalysts,” said Tim Waterer, KCM chief analyst, referring to the US consumer price inflation data.

He also pointed to profit-taking on the day.

US markets are closed for the Presidents’ Day holiday, while markets in China are closed for the Lunar New Year holiday.

The US CPI rose 0.2 percent in January after an unrevised 0.3 percent gain in December, the Labor Department’s Bureau of Labor Statistics said on Friday. Economists polled by Reuters had forecast the CPI to increase by 0.3 percent.

Federal Reserve Bank of Chicago President Austan Goolsbee said on Friday that interest rates could go down, but noted that services inflation remained high.

Market participants anticipate that the central bank will keep rates steady at its next meeting on March 18. However, they are still pricing in 75 basis points of rate cuts this year, with the first one expected in July, per data compiled by LSEG.

Non-yielding bullion tends to do well in low-interest-rate environments.

“It will likely require the dollar to resume its downtrend for gold to make a push in the direction of $6,000 before year-end,” Waterer said.

On the geopolitical front, the US military is preparing for the possibility of a weeks-long operation against Iran should President Donald Trump authorise an attack, two US officials told Reuters, in what could become a far more serious conflict than previously seen between the countries.

Net inflows of foreign direct investment to China quadrupled in 2025 according to balance-of-payments data, official figures showed on Friday, signaling a structural improvement in inbound investment and renewed confidence in China’s long-term growth prospects.

Preliminary balance-of-payments data from the State Administration of Foreign Exchange showed that China recorded an increase of $76.5 billion in direct investment liabilities in 2025, representing net FDI inflows on a balance-of-payments basis.

The figure marked a sharp increase from $18.6 billion in 2024, indicating a notable rebound in inbound direct investment despite extreme external shocks due to the United States tariff and sanction policies.

With the rising foreign investment appetite, China’s direct investment deficit — the gap between outbound and inbound direct investment — narrowed sharply on a balance-of-payments basis, shrinking to $82 billion in 2025 from $153.7 billion in 2024, the SAFE said.

Guan Tao, global chief economist at BOCI China, said in a note that the improvements in FDI inflows reflect China’s effective policy response to external shocks, stronger-than-expected economic and financial resilience, and measures to stabilize foreign investment by expanding opening-up and improving the business environment.

The recovery in foreign investment also comes as multinationals become more adapted to China’s economic transformation and pursuit of innovation-driven quality growth.

Jiang Liqin, head of clients and markets for KPMG China, said that foreign enterprises are increasingly shifting from expansion to profitable models, using local digital innovations to boost efficiency, refine pricing and strengthen competitiveness in China.

For instance, US chemical company Dow has been enhancing its local innovation and production capabilities in China, with its new Cooling Science Studio at the Shanghai Dow Center opening in November.

“The studio represents a significant long-term investment, underscoring our confidence in the strength and future growth of China’s chemicals industry,” said Puay Koon Chia, president for Dow in the Asia-Pacific region.

SAFE data also showed that China posted a current account surplus of $734.9 billion in 2025, which refers to the excess of a country’s exports of goods and services, investment income and transfers over its imports and outward payments. Surplus in trade in goods came in at $1.0234 trillion last year.

On a renminbi basis, the current account surplus amounted to 5.24 trillion yuan ($759 billion), roughly equivalent to 3.7 percent of the country’s GDP — which hit 140.19 trillion yuan in 2025 — up from 2.2 percent in 2024.

While export growth propped up the surplus, Liu Chunsheng, an associate professor of international economics at the Central University of Finance and Economics, said that China’s aim is to maintain overall balance in its balance of payments, rather than run excessive surpluses, which could create pressure on both the economy and the renminbi.

Liu said that authorities have sought to ease the surplus by expanding imports, strengthening domestic demand and deepening opening-up in the services sector.

“China’s imports hit a record high in scale last year, securing the country’s position as the world’s second-largest import market for the 17th year running,” Wang Jun, deputy head of the General Administration of Customs, said at a news conference.

“It’s worth noting that several countries have politicized trade and economic issues, restricting high-tech exports to China on various pretexts. Otherwise, we’d be importing even more,” Wang said.

Mei Xinyu, a research fellow at the Chinese Academy of International Trade and Economic Cooperation, said if Western countries ease their restrictive high-tech export controls on China, Chinese demand for imported products would expand significantly, fostering more balanced trade flows.

Debt of the interim government led by Muhammad Yunus increased by Tk2,60,257 crore during the first 14 months of its tenure, even though development expenditure fell to its lowest level in seven years.

According to the latest debt bulletin published by the finance ministry, total domestic and foreign debt stood at Tk21,49,044 crore as of 30 September 2025.

Economists say although the interim administration moved away from large-scale mega projects and sharply curtailed overall development expenditure, it failed to reduce dependence on borrowing due to sluggish revenue collection, mounting repayment obligations and persistent operating expenditure.

Zahid Hussain, former lead economist of the World Bank's Dhaka office, said weak revenue mobilisation was the principal reason behind the debt increase.

"Political instability following the August transition and subsequent disruptions in tax administration contributed to lower-than-expected revenue collection, limiting the government's fiscal space," he said.

Mounting debt

When the Awami League government was formed in 2009, the country's total debt stood at approximately Tk2 lakh crore. Before the fall of the previous government on 5 August 2024, total debt had stood at Tk18,88,787 crore on 30 June that year.

Officials said the figure could rise further once borrowing data up to mid-February is fully accounted for.

The debt bulletin published in December 2024 had initially placed total debt at Tk18,32,282 crore, but the figure increased by Tk56,505 crore following the conversion of foreign loans into the new exchange rate.

A breakdown of borrowing indicates that the interim government relied more heavily on foreign sources than domestic ones. During the period, it received instalments from the International Monetary Fund and secured budget support from multiple development partners. Budget support amounted to $3.44 billion in the last fiscal year, compared with $2 billion the previous year.

As a result, foreign debt rose from Tk8.12 lakh crore to Tk9.51 lakh crore over the 14 months.

Domestic debt also increased, from Tk10.76 lakh crore a month before the previous government's fall to Tk11.97 lakh crore by last September.
ADP spending drops by Tk9,300cr YoY in 7 months

Data show that Annual Development Programme (ADP) implementation dropped to Tk1.53 lakh crore in the last fiscal year – the lowest in seven years. By comparison, ADP spending was Tk1.67 lakh crore in the fiscal 2018-19 and rose to Tk2.05 lakh crore in FY24, the final fiscal year of the previous administration.

Despite lower development outlays, borrowing continued to climb. Analysts attribute this partly to the settlement of arrears inherited from the previous government, including unpaid bills and subsidy-related liabilities.

Mahbub Ahmed, a former finance ministry senior secretary, said the interim government had borrowed largely to service old debts and manage repayment pressures.

In addition, high inflation prompted many savers to encash savings certificates, forcing the government to repay both principal and interest.

Although several projects were cancelled or suspended to rein in development expenditure, operating costs continued to outpace revenue growth.

Towfiqul Islam Khan, additional research director at the Centre for Policy Dialogue, said pressure from external debt servicing and currency depreciation also played a role in pushing up the overall debt stock.

Challenge for next govt

While the interim government cleared many of the outstanding liabilities left behind by the previous Awami League administration, it will, in turn, pass on several financial burdens to the new government. These include unpaid electricity bills, the disbursement of house rent allowances for MPO-listed teachers, and the implementation of a new national pay scale.

Tasked with transitioning away from a debt-reliant economy, the BNP – having formed a government on the back of promises such as the introduction of "Family Cards" and a revised salary structure for civil servants – must now prepare a new budget within its first 100 days.

Analysts suggest that if revenue collection targets for the upcoming financial year are not met, the new administration may find it difficult to balance the books.

The BNP government, led by Tarique Rahman, will be required to announce a new budget just three and a half months after taking office – a budget for which the interim government has already finalised the ministry-wise allocations.

Despite this, economist Zahid Hussain believes the public will still view the upcoming June budget as the BNP administration's first true fiscal test.

He remarked that the BNP must make several key political decisions in its very first budget. "However, balancing the figures will prove a significant challenge for the new administration."

Zahid noted that the BNP has made extensive promises that must be incorporated into this initial budget, including a commitment to increase allocations for health and education to 5% of GDP.

"Furthermore, they have pledged to introduce 'Family Cards' and waive agricultural loans of up to Tk10,000. These initiatives will require direct and substantial government expenditure," he said.

Zahid continued, "At the same time, the BNP has pledged to move away from a debt-reliant economy, which implies keeping the budget deficit within strict limits. The party has also committed to introducing a new salary structure for civil servants.

"Even if only one-third of the recommended new pay scale is implemented, an additional Tk30,000 crore will be required. Therefore, unless revenue collection is significantly increased, the new government will also find itself forced to depend on borrowing.

"Furthermore, if government borrowing rises, credit flow to the private sector will be further constrained – a figure that has already plummeted below 6%."

Mahbub Ahmed said that to fulfil the BNP's pledge of creating 1 crore jobs over the next five years, the new government must take effective measures to increase revenue collection while reducing debt dependency. He emphasised that the government must focus on securing the actual share of GDP that should be collected as tax.

He further noted that the interim government cancelled numerous projects and suspended funding for many others, leaving them half-finished. The new administration, Mahbub said, will need to complete projects where funds have already been spent and which promise genuine public benefit.

"This, however, will require additional financing. If this cannot be achieved through enhanced revenue collection, they too will be forced to rely on borrowing."

Mahbub further said, "To implement the BNP's commitments – including the new salary structure for civil servants, and the introduction of 'Agriculture Cards' and 'Family Cards' – vast sums of money will be required.

"While the current level of our national debt may not yet be a cause for panic, there is certainly enough reason for concern."

Towfiqul Islam Khan said that the new government must develop a pragmatic estimate for its debt repayment schedule.

"This is because, year after year, the actual amount required for foreign debt servicing consistently exceeds the projections made by the External Resources Division (ERD)."

He further noted that upon taking office, the new administration must immediately revisit the revised budget to make the interim government's projections more realistic.

"Furthermore, they must adopt a pragmatic action plan for the new budget to fulfil their electoral manifesto. Failing this, public disillusionment could set in as early as the announcement of the first budget."

Towfiqul also advised the new government to seek opportunities to renegotiate any loans taken by the previous Awami League administration where such terms are feasible.

In an interview with The Hindu, BNP Secretary General Mirza Fakhrul Islam Alamgir said the new government must begin its tenure by addressing the "burden of debt" left behind by the Awami League administration.

He emphasised the need to re-evaluate various mega-projects to identify areas of financial wastage. "Of these projects, we will retain only those that serve the national interests."

Japanese economic growth fell short of market expectations in late 2025, official data showed Monday, adding to pressure on Prime Minister Sanae Takaichi to stimulate activity after her recent election landslide.

Gross domestic product (GDP) in the world's fourth-biggest economy expanded by just 0.1 percent in the fourth quarter, undershooting market forecasts of growth of 0.4 percent.

The growth follows a contraction of 0.7 percent -- revised downwards from an earlier reading of minus 0.6 percent -- in the previous quarter.

Growth in private consumption, and private residential and corporate investments, contributed to the expansion, according to the cabinet office data.

In calendar 2025, Japan's economy grew 1.1 percent, after a 0.2-percent contraction in 2024, the data from the cabinet office showed.

On an annualised basis, GDP expanded by 0.2 percent in the three months through December, significantly weaker than the median economist estimate of 1.6 percent growth.

Takaichi became Japan's first woman prime minister in October and called snap elections for February 8.

The vote saw her Liberal Democratic Party (LDP) win a historic two-thirds majority in the lower house.

In November, her government pushed through a 21.3-trillion-yen ($139-billion) stimulus package aimed at boosting growth.

It included energy subsidies, cash handouts, and investment incentives in key fields like semiconductors and artificial intelligence.

It also included funds for expanded spending on defence, as China increases military activities in the wider region.

Her spending plans have however worried investors.

Japan's debts are more than twice the size of the country's economy, with the highest ratio among advanced economies.

Last month, yields on long-term Japanese bonds hit record highs after Takaichi pledged temporarily to exempt food from a consumption tax to ease the pain of inflation on households.

"The minuscule rebound in activity last quarter may embolden PM Takaichi to press ahead with even more fiscal loosening," Marcel Thieliant at Capital Economics said Monday.

The weak growth "implies that the large supplementary budget passed at the end of November provided no boost to public spending last quarter just yet," Thieliant said in a note.

"In fact, sluggish economic activity increases the chances that Takaichi will not only press ahead with suspending the sales tax on food but enact a supplementary budget during the first half of the fiscal year that starts in April already rather than wait until the end of this year," he added.

The weak growth is however not expected to deter the Bank of Japan from hiking interest rates later this year, according to economists.

The much-debated digital banking licence has yet to be granted, as a board meeting yesterday chaired by Bangladesh Bank Governor focused on outlining the framework for evaluating applicant institutions, officials confirmed.

The meeting took place at the central bank around 3pm, with deputy governors and board members of the relevant divisions in attendance. Earlier in the morning, at 11am, the Bangladesh Bank Officers Welfare Council held a press briefing, alleging that the meeting had been convened hastily ahead of the formation of the newly elected government, ostensibly to push through licences for a controversial digital bank.

Dismissing the welfare council's assertion, Bangladesh Bank spokesperson Arief Hossain Khan explained, "The meeting was solely about presenting to the board how applications would be assessed and scored," stressing that this marked only the initial stage of the licensing process.

A board member, speaking on condition of anonymity, confirmed that 13 institutions had been shortlisted for initial assessment. A dedicated Digital Bank Assessment Team will score applicants based on technical and business capabilities, with the highest-ranked institutions to be considered for licensing in later stages.

At a press briefing, Officers Welfare Council General Secretary Golam Mostafa Shraban questioned the timing of the 16 February session, citing the recent election and ongoing government formation. Convening an emergency board session on 16 February, he argued, could raise questions about the central bank's transparency and neutrality.

He further cited a conflict of interest, alleging that an applicant group currently being considered for the licence had previously been chaired by the current governor of the central bank, and warned that issuing a licence amid a fragile banking sector required careful scrutiny.

The welfare council demanded the postponement of the session and called for the annulment of any contractual appointments of advisers, consultants, or officials until a proper, transparent evaluation process is ensured.

The 13 applicants include British Bangla Digital Bank PLC; Digital Banking of Bhutan of DK Bank, Bhutan; Amar Digital Bank backed by 22 microfinance institutions; 36 Digital Bank PLC initiated by 16 entrepreneurs; Booster of Robi Axiata Limited; Amar Bank backed by several private entities; App Bank of UK-based expatriates; Nova Digital Bank of VEON and Square; Maitree Digital Bank PLC of microfinance lender ASA; Japan Bangla Digital Bank of DBL Group; Munafa Islami Digital Bank of Akij Resources; bKash Digital Bank of bKash shareholders; and Upokari Digital Bank of IT Solution Limited.

The reciprocal trade deal signed by the interim government with the United States has raised questions regarding the economic sovereignty of Bangladesh, especially in decisions on trade, energy and security.

Critics point to several binding and conditional clauses that allow Washington to terminate the agreement and restore steep tariffs if its concerns are not addressed.

For example, take the digital trade facilitation provision in the deal.

The agreement says that if Bangladesh signs a new digital trade deal with any country that jeopardises essential US interests, Washington may terminate the pact and reimpose the 37 percent reciprocal tariff on Bangladeshi exports.

That was the tariff rate the US had proposed in April 2025.

The same condition applies if Bangladesh enters into a new bilateral free trade or preferential agreement with what the US terms “a non-market country” -- nations it does not recognise as market economies.

The agreement says that if consultations with Bangladesh fail to resolve American concerns, the United States may withdraw from the deal and reinstate the 37 percent tariff.

The rate is high enough to sharply reduce Bangladesh’s exports to the US, a costly prospect given that the country earns roughly one-fifth of its export revenue from garments and other goods sold to American buyers.

The deal, signed on February 9 between the interim government and the Trump administration, also restricts Bangladesh from purchasing “any nuclear reactors, fuel rods, or enriched uranium from a country that jeopardises essential US interests”.

An exception applies to “the procurement of proprietary materials for which there are no alternative suppliers or technologies, or materials contracted prior to the entry into force of this agreement required for existing reactors”.

This suggests that supplies for the Rooppur Nuclear Power Plant, built with Russian technical and financial support through Russian state corporation Rosatom, may continue.

But any future nuclear project could fall under tighter scrutiny.

Citing the section on economic and national security, BRAC Executive Director Asif Saleh, in a Facebook post, said, “This is the most important and controversial part of the agreement, as it raises questions about ‘sovereignty’.”

The section adds, “The United States shall work with Bangladesh to streamline and enhance defence trade.”

On the nuclear restriction, Saleh said, “This could create risks for Bangladesh’s energy security.”

The deal also opens the door for US direct investment to “explore, mine, extract, refine, process, transport, distribute and export critical mineral resources”.

In addition, Bangladesh is required to purchase $3.5 billion worth of American agricultural products. This includes at least 700,000 tonnes of wheat annually for five years, at least $1.25 billion or 2.6 million tonnes of soy and soy products, and cotton.

Bangladesh shall also need to buy 14 Boeing aircraft initially and $15 billion worth of liquefied natural gas (LNG) over 15 years, apart from increased purchases of US military equipment and limits on defence equipment purchases from certain countries.

“It appears more like an imposed purchasing obligation than free trade,” said Saleh. “Regardless of Bangladesh’s actual needs or capacity, it effectively ensures profits for US companies.”

Mustafizur Rahman, distinguished fellow at local think tank Centre for Policy Dialogue (CPD), said bulk commodities in Bangladesh are usually imported by private sector businesses, not the government.

If traders can source goods more cheaply elsewhere, he asked, why would they buy from the United States?

In that case, Rahman said the government may have to offer incentives to persuade private importers to purchase American products, adding to fiscal pressure.

In an interview with The Daily Star last week, Professor Selim Raihan, executive director of the South Asian Network on Economic Modeling (Sanem), said that Bangladesh could be compelled to buy more expensive goods even when cheaper alternatives are available.

“If we find a cheaper source elsewhere, we may not be able to choose it,” he said. “This will put additional pressure on our foreign exchange.”

“How are we going to finance aircraft purchases and energy imports? There is a risk of increased reliance on foreign loans,” Raihan said.

Anwar-ul Alam Chowdhury (Parvez), president of the Bangladesh Chamber of Industries, said the agreement indicates that Bangladesh should reduce its dependence on China for raw materials.

The deal also contains a provision on Rules of Origin. It says that if the benefits of the agreement accrue substantially to third countries or their nationals, either party may establish Rules of Origin to reflect the intention of the agreement.

Parvez said the third country clause should have been defined more clearly.

The agreement has not been made public, with officials citing a non-disclosure provision. Amid growing concern, the Chief Adviser’s Office said in a statement that it had inserted “an exit clause” into the deal.

“There was no scope for any country to terminate the agreement,” it added. The statement did not clarify whether Bangladesh exports would again face a 37 percent tariff, up from 19 percent, if the agreement were terminated.

On the occasion of Ramadan, trading at the Dhaka Stock Exchange (DSE) will begin at 10am and continue until 1:40pm, while the post-closing session will be held from 1:40pm to 1:50pm.

Official office hours at the DSE will run from 9am to 3:30pm.

Under the regular schedule, DSE trading typically takes place from 10am to 2:30pm.

The National Board of Revenue (NBR) has extended the deadline for submitting online VAT returns for the January 2026 tax period through its e-VAT system until 22 February, citing public interest.

According to an official order, the extension was granted due to a prolonged spell of government holidays surrounding Shab-e-Barat and the 13th national election, which limited business operations and affected compliance activities.

In addition, taxpayers faced further difficulties on 15 February when the OTP server of the e-Challan system experienced downtime, preventing many from completing their return submissions on time.

In view of these circumstances, the revenue authority exercised its legal powers under Section 64 (1A) of the Value Added Tax and Supplementary Duty Act, 2012 to allow additional time for filing returns.

The decision aims to ensure that businesses and VAT-registered entities are not penalised for delays caused by factors beyond their control.

Officials said the extended timeline will help taxpayers complete the submission process smoothly after disruptions linked to the holidays and technical issues.

The NBR urged all VAT-registered entities to use the extended period responsibly and submit their January 2026 returns within the new timeframe to avoid penalties and ensure compliance with tax regulations.

The Dhaka Stock Exchange (DSE) has issued a query to Dulamia Cotton Spinning Mills, a listed textile company, for failing to submit its dividend distribution compliance report within the stipulated timeframe.

Under the rules of the Bangladesh Securities and Exchange Commission (BSEC) and Regulation 29 of the listing regulations, listed companies are required to submit a dividend compliance report to both the exchange and the commission within seven working days of completing dividend payments.

Shareholders of Dulamia Cotton approved a 3% cash dividend for FY25 at the annual general meeting (AGM) held on 3 December. Following shareholder approval, the company was required to disburse the dividend within one month and file the compliance report within seven working days.

However, the DSE said the company failed to submit the report in accordance with regulatory requirements, prompting the issuance of a query letter.

According to DSE data, Dulamia Cotton has remained non-operational since 14 June 2020. Despite having no revenue in the first half of the current fiscal year due to continued closure, the company reported a profit of Tk22 lakh, with earnings per share (EPS) of Tk0.29 for the July-December period.

In the corresponding period of the previous fiscal year, it posted a profit of Tk17 lakh and EPS of Tk0.23. Notably, although the company has no active operations, its share price has continued to rise. The stock closed at Tk138.5 yesterday, up from Tk124.4 on 25 January.

Green Delta Insurance has announced a 27% cash dividend for the financial year ending 31 December 2025, an increase from the 25% payout provided to shareholders the previous year.

The dividend recommendation was made during a board meeting on Sunday, prompting a positive market reaction yesterday as the company's share price rose by 2.28% to close at Tk58.90 on the Dhaka Stock Exchange.

To approve the dividend and audited financial statements, the company will conduct an annual general meeting (AGM) on 31 March. The record date is 8 March.

In 2025, the company's consolidated earnings per share (EPS) stood at Tk5.44, which was up from Tk5.39 compared to the same period of the previous year.

Its consolidated net asset value per share stood at Tk70.53 end of December 2025. Its consolidated net operating cash flow per share rose by Tk7.72 in 2025 compared to 2024, mainly due to higher premium income and better investment returns.

The company has announced that the Board of Directors of Green Delta Insurance has approved a decision to acquire a 40% equity stake in Green Delta Dragon Asset Management Co Ltd.

The shares will be purchased from Dragon Capital Management (HK) Ltd, which currently holds that portion of the asset management company.

Following the completion of the transaction, Green Delta Insurance will increase its ownership in Green Delta Dragon Asset Management, strengthening its position in the asset management business and expanding its footprint in the financial services sector. The acquisition is subject to the completion of necessary regulatory and corporate approvals.

Listed on the stock exchange since 1989, Green Delta Insurance's shareholding structure, according to DSE data as of 29 January 2026, comprises sponsors and directors holding 30.58%, institutional investors 21.95%, foreign investors 4.60%, and general shareholders 41.87%.

Stocks in Bangladesh saw a slight correction yesterday after a consecutive three-day rise, mainly due to a profit-booking tendency among investors.

Correction refers to a short- to medium-term decline of 10 percent or more, but less than 20 percent, in a major index or individual stock from its recent peak.

It acts as a market reset, revaluing overvalued assets back to their long-term trend, and is often considered a healthy, temporary pullback rather than a long-term recession.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), fell 11 points, or 0.19 percent, to 5,589. The DS30, the index of blue-chip companies, dropped 9 points to 2,135, while the shariah-based DSES declined 8 points to 1,118.

With all the indices falling, DSE turnover also fell 1.4 percent, to Tk 1,257 crore. Among the traded stocks, 153 advanced, 218 declined, and 26 remained unchanged.

A top official of a leading brokerage firm said there was slight selling pressure on the well-performing stocks that had surged in the previous three trading days. Some of these companies advanced by 10 to 15 percent during that period, so it is common for investors to book profits.

As the turnover was high, it shows that there were enough buyers for these shares. A trend was seen in the market where low-performing companies have been rising for several days, including yesterday, which is not a good sign for the market, he added.

By rising around 10 percent, New Line Clothing, Bangladesh Industrial Finance, and S Alam Cold Rolled Steel Mills made it to the top gainers’ list. All three companies belong to the Z category.

On the other hand, ICB Islamic Bank, Prime Textile, and Ring Shine were the top losers, dropping 10 percent, 6 percent, and 5 percent respectively.

Although all indices of the DSE fell, the major index of the Chittagong Stock Exchange (CSE), CASPI, rose. It gained 7 points to reach 15,526. Among the traded issues, 116 rose, 90 fell, and 22 remained unchanged.

GPH Ispat Ltd's sponsor Mohammed Almas Shimul is set to transfer 2 crore shares to his son and daughter, both general shareholders of the company, marking the entry of the second generation into the company's shareholding structure.

Currently, Almas Shimul, additional managing director of GPH Ispat, holds around 5.24 crore shares, equivalent to 10.82% of the company's total outstanding shares.

In a disclosure posted on the stock exchange website yesterday, he expressed his intention to transfer a 4.13% stake — one crore shares each — to his daughter, Sobha Soha, and son, Saihan Sadik Pial, as a gift.

Following completion of the transfer, each recipient will hold a 2.06% stake in the company. Based on the current market price, the value of the two crore shares stands at approximately Tk35 crore as of yesterday, its shares are traded at Tk17.50 each at the Dhaka Stock Exchange (DSE).

The disclosure said the shares will be transferred as gifts outside the exchange's trading system within 30 working days after approval from the Chittagong Stock Exchange.

In January 2025, Mohammed Jahangir Alam, sponsor and managing director of GPH Ispat, transferred 2.5 crore shares — 1.25 crore each — from his 11.41 crore holding to Sadman Syka Sefa and Salehin Musfique Sadaf, both general shareholders of the company.

A recent example is Crown Cement PLC, one of Bangladesh's leading cement manufacturers, which is entering a new phase of leadership as second-generation members of its sponsor families assume board-level roles — a transition that signals a significant shift in the company's long-term governance and succession planning.

According to the company's annual report for FY25, Crown Cement has appointed two second-generation directors to its board – Solaiman Kabir, son of Vice Chairman Alamgir Kabir, and Mushsharat Mahajabin, daughter of sponsor director and Additional Managing Director Mizanur Rahman Mollah.

In April last year, Alamgir Kabir transferred 29.70 lakh shares to his son, while Mizanur Rahman Mollah gifted 30 lakh shares to his daughter through transactions executed on the DSE.

GPH Ispat manufactures and trades iron, steel and other metallic or allied materials. Its factory commenced the commercial production on 21 August 2008.

The company reported revenue of Tk2,361 crore in the first half of the current fiscal year, down from Tk2,884 crore in the same period a year earlier.

Profit fell sharply to Tk4.55 crore from Tk31.38 crore year-on-year. For FY25, the company incurred a loss of Tk8.71 crore, though it still paid a 5% cash dividend to shareholders.

The indices of the Dhaka Stock Exchange snapped their election-driven rally today (16 February), ending a three-session winning streak, as cautious investors moved to lock in profits and shifted funds to lucrative, undervalued, and promising stocks on the trading floor.

The benchmark DSEX went down 11 points to close at 5,590. The blue-chip DS30 index decreased 9 points to settle at 2,136, while the Shariah-based DSES shed 9 points to end at 1,119.

Market turnover decreased 0.39% to Tk1,270 crore, down from Tk1,275 crore in the previous session. Of the 397 issues traded, 153 advanced, 218 declined, and 26 remained unchanged.

According to market insiders, the stock market began to climb a few days ahead of the election, with the upward trend continuing for three consecutive trading sessions. Many investors took positions in anticipation of greater political stability after the election.

However, as several formalities related to the formation of the new government are still pending, cautious investors chose to book profits yesterday after the recent rally. Following several days of gains, they locked in returns and moved to a more defensive stance. At the same time, there was visible activity in switching funds into undervalued, fundamentally strong, and promising companies.

Prior to the election, the market had been under pressure for an extended period due to multiple uncertainties. Over the past year, prolonged political uncertainty and several regulatory decisions that failed to restore investor confidence contributed to a sustained downturn. Many retail investors exited the market, while institutional and high-net-worth investors largely remained inactive. As a result, share prices of even fundamentally sound companies declined significantly.

Market analysts say political uncertainty was the primary driver of investor sentiment during this period. Because of that uncertainty, large investors were reluctant to take risks, which kept overall trading volumes subdued and reduced market depth.

Now that the election has been completed and a new political government is set to assume responsibility, analysts believe the situation could gradually improve. If policy stability is ensured and consistency in decision-making is maintained, investor confidence is likely to return. That, in turn, could encourage greater participation from large investors, increase trading volumes, and pave the way for a stronger recovery in the capital market.

According to analysts, a stable political environment would also create a more favorable climate for business and investment, ultimately supporting further growth in the stock market.

The Telecommunication sector posted the highest loss, declining by 1.56%, followed by Engineering at 0.81%, Food and Allied at 0.77%, Fuel and Power at 0.35%, Bank at 0.31%, and NBFI at 0.10%. In contrast, the Pharmaceutical sector edged up by 0.13%. Block trades accounted for 2.6% of the total market turnover.

The Chittagong Stock Exchange closed on a mixed note. The CSCX index fell 14 points to 9,541, while the CASPI index rose 6 points to finish at 15,526, reflecting mixed sentiment across the market.