Amid record highs in the global market, gold prices soared to a new peak of Tk 269,788 per bhori in the local market, breaking all previous records.

Bangladesh Jewellers Association (Bajus) announced the new rate yesterday, made effective the same day.

The price has increased by 2.80 percent or Tk 7,348 per bhori (11.664 grammes) from the previous rate of Tk 262,440.

In the announcement, Bajus said prices of pure gold have increased in the market.

Gold prices shot to record levels above $5,200 in the international market yesterday, as investors sought a safe haven amid global political tensions.

Businesspeople said the country’s retail gold market has remained volatile in recent months, influenced by fluctuations in global gold prices, steadily rising costs of pure gold, and ongoing economic uncertainty.

Gold first crossed Tk 50,000 per bhori in January 2018. Five years later, in July 2023, it surpassed Tk 100,000.

Prices climbed to Tk 150,000 per bhori in February 2025 and later surged past the Tk 200,000 mark within the same year.

Adversity sometimes moves things along like nothing else. Under pressure from the threat of Washington’s tariffs, India and the European Union on Tuesday agreed the contours of a trade deal after muddling through stop-start negotiations for nearly 19 years. The deal could significantly ease market access for both partners sharing a 180 billion euro ($214 billion) trade relationship. Yet the handicaps that the South Asian country is trying to overcome by easing protectionism are precisely what skews the terms in Brussels’ favour.

India agreed to lower duties on high-end cars and liquor, which could improve the presence of European companies from Volkswagen to Renault that have so far found the world’s fifth largest economy difficult to tap. In exchange, it secured in one shot a major market for goods from shrimps to textiles that might get locked out of the US due to a punitive 50 percent tariff. Indian services firms will also gain steadier access to sectors from information technology to education.

The benefits seem lopsided, though. Most Indian goods only faced an average EU duty of only 3.3 percent, data by the World Trade Organization shows. Also, Brussels hasn’t acceded to easing its carbon tax rules. By contrast, European industries were subject to tariffs above 10 percent on average, with machinery and car makers facing duties of 44 percent and 110 percent, respectively. Those will now be slashed to zero and 10 percent.

The EU’s overall gains are still small, but the comparison with the less advantageous trade deal that Britain signed with India last year drives home the importance of having a big domestic market. Brussels could sell small concessions as big boons because it only exports 2 percent of its goods to India, while being home to 18 percent of Indian sales.

To be sure, New Delhi takes on limited risks. Indian farmers and dairy producers will remain protected even as import levies on less sensitive goods like olive oil and fruit juices gradually drop to zero. Car tariffs will come down slowly, buying time for local manufacturers like Tata Motors Passenger Vehicles and Mahindra & Mahindra to adjust, and will still apply to marques priced above 15,000 euros ($17,832).

For India, this is a long-term gamble to further its ambition of becoming an export powerhouse, which requires reversing weak foreign direct investment and bringing in superior technical knowhow in industries from car manufacturing to medical equipment. Exposure to the discipline of foreign markets, namely the EU’s strict health and safety rules, is a necessary step to ape the development experience of Japan, South Korea and China.

In the meantime, however, the poor quality of Indian products could make it hard to penetrate new markets. It’s one reason India’s trade deficit with the Association of South East Asian Nations has been growing despite safeguards from a deal signed in 2009. At least for now, Brussels seems to have gained the better end of the deal.

India and the European Union on January 27 announced the completion of a long-pending trade deal. The agreement is expected to double the EU’s goods exports to India by 2032 by eliminating or reducing tariffs in 96.6 percent of goods by value and save around 4 billion euros ($4.75 billion) per year in duties, the EU said.

The 27-nation bloc will cut duties on 99.5 percent of goods traded over seven years, with tariffs on Indian marine goods, leather and textile products, chemicals, rubber, base metals and gems and jewellery falling to zero on entry, India’s trade ministry said in a statement.

New Delhi will slash tariffs on cars to 10 percent over five years from as high as 110 percent, according to an EU statement. Levies on alcoholic beverages like wines will drop to 75 percent immediately from 150 percent, and will be lowered to 20 percent gradually, while those on spirits will be lowered to 40 percent, the statement added.

The government has drafted a comprehensive long-term plan aiming to transition the country's farming sector into a sustainable, innovation-driven, and highly productive industry by 2050.

The draft of the plan titled "Transforming Bangladesh Agriculture: Outlook 2050" was presented at a national workshop held at a hotel in Dhaka yesterday (28 January). The workshop was jointly organised by the agriculture ministry and the Food and Agriculture Organization of the United Nations (FAO).

Participants were told that background studies were initially carried out across 13 thematic areas, including nutrition security, climate resilience, agricultural value addition, agricultural technology, agricultural education and skills development, and agricultural market management.

FAO and UNDP provided technical support for these studies, and detailed strategies and targets have been set for each theme.

For each thematic area, feasibility studies were conducted based on data analysis, trend assessment and demand-supply projections up to 2050.

As part of the process, regional consultation meetings were held across all 14 agricultural regions of the country to reflect agro-ecological conditions, farming practices and market realities. These consultations, with participation from farmers and other stakeholders, identified regional priorities, implementation challenges and investment opportunities.

Plan structure and consultation process

The plan has been divided into seven chapters, covering the background and formulation process, the current state of the agriculture sector, future challenges and opportunities, supporting policies and regulatory frameworks, integrated findings from the 13 thematic studies, phased implementation plans, and an investment framework aligned with national plans. It also includes a monitoring and evaluation mechanism to track progress and allow necessary adjustments.

At the workshop, Abu Noman Faruq Ahmmed, a registered trainer of GlobalGAP and a professor at Sher-e-Bangla Agricultural University, presented papers on GAP, SPS compliance, pest management and soil health.

He said the target is to bring 3,00,000 hectares of land under Good Agricultural Practices (GAP) certification by 2028 to ensure food safety, while 70% of farmland is planned to be brought under integrated pest management and bio-pesticide use by 2050.

"To ensure safe food, we have set a target to bring three lakh hectares of land under GAP certification by 2028," Ahmmed said.

He added that soil health protection would focus on increasing soil organic matter, correcting salinity and acidity, and promoting balanced fertiliser use through digital soil health cards.

Long-term vision and implementation outlook

Addressing as chief guest, Agriculture Adviser Lieutenant General (retd) Md Jahangir Alam Chowdhury said, "The transformation of agriculture over the next 25 years will play a key role in improving living standards, ensuring food security and advancing rural development."

He added that successful implementation of the plan would be important not only for agriculture, but also for the country's overall economic progress.

Officials involved in drafting the plan said the Outlook 2050 was prepared through a participatory process at both national and regional levels. The process included consultations with ministries and departments, research institutions, the Department of Agricultural Extension, policymakers, researchers, academics, professional and business organisations, agricultural entrepreneurs, civil society representatives, media professionals, farmer organisations and development partners.

They said multiple workshops and discussion meetings were held to reflect regional and national needs and challenges, adding that feedback from the national workshop would also be incorporated into the final document.

The finance ministry has instructed the Central Depository Bangladesh Ltd (CDBL) and other relevant stakeholders to assess the company’s potential and the appropriate timing for its listing on the stock market.

The directive came at a meeting held yesterday at the ministry, attended by Nazma Mobarek, secretary of the Financial Institutions Division, and Khondoker Rashed Maqsood, chairman of the Bangladesh Securities and Exchange Commission.

A ministry official, who was present at the meeting, confirmed to The Daily Star that the issue of CDBL’s listing was discussed, but no decision was taken.

Relevant stakeholders, including CDBL, have been asked to review the matter, the official added.

“Bringing a good company to the capital market is very important. If there are no obstacles, CDBL will be listed,” the official said, adding that the government advised stakeholders to consider the issue positively.

Stockbrokers have long been calling for the listing of CDBL, the country’s sole securities depository, which provides core depository services, including electronic settlement, delivery and transfer of securities through a book-entry system, enabling secure and efficient ownership transfers without physical certificates.

Established in 2000 with support from the Asian Development Bank and funding from major financial institutions, the company remains unlisted after 25 years.

The meeting also discussed transforming Central Counterparty Bangladesh Ltd (CCBL) into a subsidiary of the Dhaka Stock Exchange (DSE).

Deliberations focused on how the institution could move forward while keeping its shareholding unchanged, reducing the size of its board, and strengthening coordination with DSE management.

Measures to develop the bond market were also discussed.

When asked whether there had been any discussion on merging the country’s two stock exchanges, the official said that no such discussion took place.

Representatives from the DSE, Chittagong Stock Exchange (CSE), CDBL and CCBL attended the meeting.

SoftBank Group Corp is in talks to invest as much as an ​additional $30 billion in OpenAI, a person familiar with ‌the matter said on Tuesday, as the Japanese conglomerate doubles down on its bet on the ChatGPT owner.

The fresh investment would form part of a funding round that could raise ‌up to $100 billion for OpenAI, valuing it at about $830 ​billion, the person said.

The source declined to be identified as the information had not been publicly disclosed.

Seeking to improve ‍SoftBank’s position in the artificial intelligence race, Chief Executive Masayoshi Son has made an “all-in” bet on OpenAI. In December, SoftBank said it had completed a $41 billion investment in OpenAI, giving it an 11 percent stake.

OpenAI ‍is grappling with rising costs to train and run its AI models ‌as ‌competition from Alphabet’s Google ratchets up.

The news was first reported by the Wall Street Journal.

SoftBank, whose shares were up 3.5 percent in Tokyo morning trade, declined to comment.

Reuters reported last month that Son had scrambled to marshal ​the funds for the previous investment, slowing most other dealmaking at SoftBank’s Vision Fund to a crawl.

Both OpenAI and SoftBank are also ‍investors in Stargate, a $500 billion initiative to build AI data centers for training and inference that executives say is crucial to the ​US government’s ambitions to keep ahead ‍of China in AI.

Bangladesh is facing a fiscal squeeze as foreign aid receipts declined during the first half (H1) of the current fiscal year, while the burden of repaying international debts reached new heights.

The country now faces a new challenge marked by a significant drop in new funding commitments and escalating debt servicing bills, according to provisional data from the Economic Relations Division (ERD).

As inflow slows, the cost of servicing the existing debt is rising rapidly.

Debt servicing payments jumped by 26.40 per cent to $1.98 billion in the first half of FY26, the ERD data shows.

Due to currency depreciation and rising interest rates, the cost in domestic currency skyrocketed by 37.32 per cent, reaching Tk 236.75 billion compared to Tk 172.41 billion in the previous fiscal year.

Rising global interest rates and continued pressure on the exchange rate have been cited as the primary reasons for the Tk 64.35 billion increase in repayment costs.

According to the ERD, total foreign aid disbursement during the July-December period of FY26 dropped to $3.53 billion, a 13.08 per cent decline from the $4.06 billion received during the same period in the previous fiscal year.

The decline was primarily driven by a sharp reduction in loan disbursements, which fell by nearly 16 per cent to $3.26 billion.

While grant disbursements saw a 48.54 per cent increase to $270.64 million, this was not enough to offset the substantial shortfall in loan-based funding.

The outlook for future funding appears even more constrained, and fresh aid commitments from development partners plummeted by 67.11 per cent in the first half of this fiscal year.

New agreements involving $2.3 billion were signed, down from $6.99 billion in the first half of the previous fiscal year, the ERD data shows.

Loan commitments have seen the most drastic reduction, falling by 69.47 per cent.

Grant commitments also decreased by 29.30 per cent.

Analysts note that while commitments were "almost stagnant" for the first five months of the fiscal year, they began to accelerate in December following new agreements with the World Bank, the Asian Development Bank (ADB), and the Asian Infrastructure Investment Bank (AIIB).

Despite the overall decline, some partners remained major contributors to the country's development budget.

The ADB ranked first in disbursements, providing $1.05 billion, while the World Bank followed with $801 million in disbursements and led in new commitments with deals involving $914.50 million.

Russia ranked third in disbursement with $532 million, the ERD data shows.

The widening gap between aid receipts and debt obligations reflects the growing "fiscal pressure" cited in recent government reports.

With unused foreign funds still totalling over $43 billion due to slow project implementation, the government faces increasing urgency to improve its "absorption efficiency" to mitigate the impacts of rising repayment costs and shrinking new aid.

Bangladesh’s foreign debt repayment crossed the $2 billion mark in the first six months of the current fiscal year (FY), as the government continues to face mounting pressure from rising external liabilities.

According to the latest updated report published by the Economic Relations Division (ERD) on Wednesday, Bangladesh repaid a total of $2.19 billion—equivalent to $2.195 billion—towards principal and interest payments between July and December of the ongoing fiscal year.

This amount is $210 million higher than the repayment made during the same period of the previous fiscal year, UNB reports.

The report highlights that external debt servicing has been increasing steadily over the past several years.

In the last fiscal year alone, Bangladesh had to repay more than $4 billion in foreign loans.

ERD data show that Bangladesh received about $2.5 billion in foreign loan disbursements from development partners and donor countries during the July–December period.

However, nearly the same amount—around $2.2 billion—was spent on repaying earlier loans, indicating that most of the inflows were absorbed by debt servicing rather than financing new development activities.

In terms of fresh commitments, Bangladesh received a total of $1.99 billion in loan pledges during the first six months of the current fiscal year.

This marks a decline compared to $2.30 billion in commitments recorded during the corresponding period of the previous fiscal year.

ERD officials said that in December alone, the country secured $770 million in foreign loan commitments.

Among the development partners, Russia emerged as the largest lender in terms of disbursement during the six-month period, releasing $576 million.

The World Bank followed closely with $550 million, while the Asian Development Bank (ADB) disbursed $520 million.

Other notable contributors include China, which released $220 million, and India, which disbursed $105 million. Japan provided $120 million during the same period.

ERD sources, however, noted that none of the major bilateral partners, including India, China, Russia and Japan, made any new loan commitments during the July–December period.

Despite the absence of fresh pledges, these countries continued to release funds against previously committed loans.

Besides, the Asian Infrastructure Investment Bank (AIIB) did not make any new loan commitments to Bangladesh during the first half of the current fiscal year.

Officials said the growing gap between disbursements and repayments underscores the increasing strain on Bangladesh’s external debt management, at a time when foreign exchange reserves remain under pressure.

Elon Musk's SpaceX is weighing a mid-June initial public offering, aiming to raise as much as $50 billion at a valuation of roughly $1.5 trillion, the Financial Times said on (28 January), citing people familiar with the matter.

Reuters could not immediately verify the report. SpaceX did not respond to a Reuters request for comment.

The reported fundraising target doubles prior reports, positioning the rocket and satellite company's listing as ‌the largest in history in terms of deal size, after Saudi Aramco's $29 billion IPO in 2019.

The IPO gave Aramco a $1.7 trillion market capitalisation, and it was the only completed deal to have ‍achieved a valuation of more than $1 trillion.

SpaceX Chief Financial Officer Bret Johnsen has held talks and Zoom calls with existing private investors since December to explore ⁠a mid-2026 IPO, the newspaper added.

While Musk has long expressed a ‍preference for keeping SpaceX private, people familiar with his thinking indicated that the ‌company's ‌growing valuation and the success of its Starlink satellite-internet service have prompted a shift in strategy.

SpaceX is lining up four Wall Street banks for leading roles in its market debut, Reuters reported last week, citing a ⁠source.

Global financial markets ⁠are bracing for a year of potentially mega US listings, led by SpaceX, with artificial intelligence firms Anthropic and OpenAI also laying early groundwork for potential IPOs.

A rebound in the ‍US equity capital market activity began in 2025 after three years of limited activity, partially as the result of ongoing volatility and geopolitical tensions.

Space technology is a tightly held sector but is sought after ‍by investors keen for exposure in light of rapid development prospects, analysts have said.

Aman Cotton Fibrous, a concern of Aman Group, has reported a 15% year-on-year decline in sales to Tk87.05 crore in the first half of the current fiscal year.

According to the company's quarterly financial statements, net profit after tax fell 33% to Tk86 lakh, while earnings per share (EPS) stood at Tk0.09.

The company's loss in the second quarter narrowed to Tk22.87 lakh, with a per-share loss of Tk0.02, compared to a loss of Tk1.16 crore and per-share loss of Tk0.11 in the same quarter of the previous fiscal year.

Aman Cotton said Q2 sales declined by 12%, mainly due to a 6% drop in unit prices following reduced RMG orders amid increased US tariffs.

The company also reported a 74% quarter-on-quarter decline in finance expenses, citing settlement and rescheduling of liabilities.

Financial statements showed that finance costs stood at Tk1.73 crore in Q2 of FY26, down from Tk6.71 crore in Q2 of FY25.

Meanwhile, net operating cash flow per share (NOCFPS) turned negative at Tk0.10 for the July–December period, compared to positive Tk2.43 in the same period of the previous year.

The company said operating cash flow declined due to a 23% fall in collections from customers and others. Payments to suppliers and others also decreased by 2% compared to the half-year ended 31 December 2024.

As a result, NOCFPS deteriorated over the period, it added.

Khan Brothers PP Woven Bag Industries Limited reported a sharp turnaround in financial performance in the first half of the current fiscal year, posting a 430% year-on-year jump in net profit, driven by strong revenue growth and improved operational efficiency.

According to the company's unaudited financial statements published on Wednesday (28 January), net profit for the July–December period of FY26 surged to Tk3.55 crore, compared to a modest base in the same period of the previous fiscal year.

Revenue during the six-month period rose 161% year-on-year to Tk13.74 crore, while earnings per share stood at Tk0.36.

In the October–December quarter, net profit jumped 359% to Tk1.88 crore, while revenue increased 164% to Tk7.33 crore, indicating sustained growth in the latter half of the reporting period.

Following the disclosure, shares of Khan Brothers closed at Tk49.70 on Wednesday on the Dhaka Stock Exchange.

Market analysts attribute the turnaround to strategic changes implemented in recent years. In December 2024, Beacon Group acquired shares from the previous board at a negotiated value and reconstituted the board by appointing two shareholder directors alongside one independent director. The move ensured a smooth management transition and stronger oversight, laying the foundation for operational improvements.

In August 2025, the company announced a shift in business strategy, deciding to begin direct sales in the local market in addition to continuing sub-contract manufacturing operations.

With the national election two weeks away, Bangladesh's stock market is trading at valuation levels last seen two decades ago, yet investor confidence remains conspicuously absent.

Defying the pre-election rallies seen in the recent past, the benchmark DSEX has remained under pressure, exposing a market weighed down not just by political uncertainty but also by deeper economic and structural weaknesses.

Data from the Dhaka Stock Exchange (DSE) show the market's price-to-earnings (P/E) ratio slid to 8.6 times by the end of November 2025 – near its lowest point since January 2004 and far below the long-term average of 15-20 times.

Despite such low valuations, turnover has remained muted and selling pressure has dominated most sessions in recent weeks, signalling a lack of confidence among both retail and institutional investors.

Market participants say the failure of cheap valuations to trigger a rebound reflects a convergence of headwinds: elevated interest rates that have pushed risk-free government bond yields above 10%, losses that have weakened institutional balance sheets, reduced foreign investor participation, and concerns over earnings quality, particularly in banks and financial institutions.

As a result, expectations of a post-election recovery now hinge less on sentiment and more on whether macroeconomic stability and policy support materialise.

Professor Abu Ahmed, a former teacher of economics at the University of Dhaka and the current chairman of the Investment Corporation of Bangladesh (ICB), told The Business Standard that most stocks remain undervalued, with some blue-chip shares trading at discounts of 30% to 40%.

He expressed the hope that, after the election, the new government would take steps to support the capital market and the broader economy, including a shift from contractionary to expansionary monetary policy and a lower interest rate regime for treasury bill and bond market, which could help divert funds back into equities.

Analysts say the capital market is currently deeply depressed, marked by low participation from institutional investors, a lack of fresh fund inflows, reduced foreign investment, and a challenging situation for large investors, many of whom have seen over 30% erosion in their portfolios and remain stuck amid prolonged volatility.

Moreover, government treasury bills and bonds are now offering risk-free returns of over 10%, with yields going as high as 12%, attracting institutional investors seeking secure earnings amid a volatile market.

Asif Khan, chairman of EDGE Asset Management Company, told TBS, "It is true that the market has been fairly weak recently. Most investors cite political uncertainty, high interest rates, and other factors as the main causes."

Referring to DSE data, he noted that the market's P/E ratio stood at just 8.6 times in November, one of the lowest levels in the past 20 years. He also pointed out that the market has remained bearish for four consecutive years, from 2021 to 2025.

"Some monetary easing and a smooth election could pave the way for a strong year for the DSE in 2026," he said.

Pre-election pattern breaks

Historically, the capital market has often gained momentum in the month before national elections. Data show that under the interim government in December 2008, ahead of the ninth parliamentary election, the DSEX rose by more than 250 points.

This time, however, the pattern has reversed. The current election is also scheduled under an interim government, but the market has been volatile in the run-up to polling.

In December, over 20 trading sessions, the DSEX lost a total of 299 points in 13 sessions, while gaining 223 points in the remaining sessions, resulting in a net decline of 76 points.

According to recent DSE data, following the announcement of the election schedule, stocks traded for 22 consecutive days, with 12 sessions ending in declines and the index remaining largely in negative territory.

Looking back, the DSEX rose by 252 points during the election month of December 2008. Before the tenth national election in January 2014, the index gained 83 points, while ahead of the eleventh election in December 2018, it rose by 94.8 points. Before the last election in January 2024, the index increased by 21 points.

An exception to the recent weakness was seen on Sunday, the first trading day of the week, when the DSEX jumped by 76 points as several blue-chip and insurance stocks surged.

Saiful Islam, president of the DSE Brokers Association, told TBS that the capital market has historically gained momentum ahead of elections, driven by hopes surrounding new government and policy expectations.

"This year, the capital market has yet to gain election momentum, but I hope it will pick up once the election manifestos are released," he said.

However, he cautioned that investors must act responsibly during trading.

"During the last two major market debacles in 1996 and 2010, momentum built up before the elections, but the market eventually suffered afterwards," he said.

Saiful also pointed to a shortage of quality stocks. "We have urged the listing of good, fundamentally strong companies, but uncertainty remains over how many banks and non-bank financial institutions will survive. Most stocks are now junk, which discourages investors."

"Moreover, high interest rates are creating obstacles to channeling funds into the capital market, as many large investors prefer treasury bonds and bills," he added.

Still, he hoped for a rebound after the election if the new government takes steps to develop the market.

Economic headwinds cloud outlook

Calling the current situation unusual, Akramul Alam, head of research at Royal Capital, told TBS that the market ahead of this election looks very different from previous cycles.

"Earlier elections were largely routine, but the situation this time is different," he said, pointing to strong economic headwinds, including the highest level of non-performing loans in the region, sluggish private sector credit growth, and challenges such as the energy crisis, all of which are weighing on business expansion and investment.

"While the capital market may experience temporary momentum before or after the election, sustaining it requires improvements in macroeconomic conditions. Any short-term rally alone will not be sustainable," he added.

Akramul also noted that interest rates on treasury bonds need to fall, as investors earning 11% to 12% risk-free returns are unlikely to move into equities. At the same time, private sector credit growth must pick up, alongside a broader shift from contractionary to expansionary policies to encourage investment.

Nazrul Islam, former president of the Bangladesh Merchant Bankers Association, echoed similar concerns, saying many institutions remain on the sidelines because they lack the capacity to inject fresh funds after suffering losses from recent volatility.

He said around 50% institutions have experienced significant portfolio erosion. "Despite what appears to be a better time to invest now, they are unable to participate due to a lack of fresh funds," he said.

A managing director of a leading brokerage firm, speaking on condition of anonymity, added that the recent merger of five banks has severely affected investors, with some investments wiped out entirely.

He further noted that the Investment Corporation of Bangladesh, which plays a key role in supporting the capital market, is itself under strain and seeking government support.

"Without fresh fund inflows, the capital market cannot remain vibrant or gain momentum," he said.

Despite increasing consolidated sales, Runner Automobiles, a listed company on the stock exchanges, incurred a loss of Tk1.41 crore with a per-share loss of Tk0.12 in the second quarter (October-December) of the current fiscal year.

At the end of the first half, its profit stood at Tk2.93 crore with an earnings per share (EPS) of Tk0.26 for the July-December period, as it earned a profit of Tk4.34 crore in the first quarter (July-September).

Runner Automobiles said its revenue for the quarter was impacted by unavoidable supply chain disruptions in the three-wheeler (3W) segment.

According to its financial statements, sales at Runner Automobile PLC fell to Tk134.31 crore in the second quarter, down from Tk157.14 crore in the same period of the previous fiscal year.

But its subsidiary Runner Motors witnessed a year-on-year jumps in sales by 42% to Tk163.79 crore in Q2.

Half-yearly sales grow 31%

Its report showed that total sales in the first half (H1) of the current fiscal year rose by 31%, driven largely by a sharp increase in truck, pickup and tractor sales.

Revenue for the July-December period climbed to Tk592.18 crore, up from Tk451.30 crore in the same quarter of FY25.

While its truck, pickup and tractor sales under Runner Motors witnessed 75.67% jumps to Tk306.09 crore, which was Tk174.24 crore in the same time of the previous fiscal year.

The parent entity Runner Automobiles manufactures motor cycles, whereas its subsidiary Runner Motors is involved in import and marketing of trucks, pickups and tractors.

Runner Motors is an exclusive distributor of EICHER Motors of India used to market EICHER brand (LCV and MCV) trucks in Bangladesh.

Boeing said on Wednesday it expects airlines in India and South Asia to add 3,290 commercial jets to their fleets over the next 20 years, as resilient economic growth, a burgeoning middle class and a wave of first-time flyers drive air travel demand.

This compares with Boeing's previous rolling 20-year market outlook, which projected demand for 2,835 jets.

Bangladesh is not fully prepared to face the economic and institutional challenges that will follow its graduation from the least developed country (LDC) category later this year, business leaders and bankers said yesterday, warning that it could expose the economy to serious risks.

Speaking at a roundtable on the implications of LDC graduation for the banking sector, they cautioned that Bangladesh will gradually lose preferential market access, concessional financing and policy flexibilities, while facing intensified global competition, pressure on exports and rising living costs.

These changes will place new pressures on the economy, particularly on the financial system, ICCB President Mahbubur Rahman said at the event organised by International Chamber of Commerce-Bangladesh (ICCB).

Noting that the graduation should be seen as a structural shift rather than a symbolic milestone, he added, “In the post-LDC era, a strong, credible, and autonomous central bank will be the anchor of financial stability and confidence.”

AK Azad, vice-president of ICCB, said there were real post-graduation impacts on exports and other sectors. “We clearly presented these to the interim government, but they did not agree.”

He urged the next government to take up the issue with urgency, as understanding and addressing the realities of LDC graduation would take time.

Simeen Rahman, chief executive officer of Transcom Group, said graduation would reshape Bangladesh’s policy space and competitiveness, particularly in sectors directly affecting people’s lives.

Emphasising the pharmaceutical industry, she said coordinated policy, regulatory efficiency, financial support and adequate transition time were crucial to preserving domestic strength and export potential. Local production of active pharmaceutical ingredients (APIs), she added, was a key preparatory step.

“If we place people’s health, industrial strength and financial stability at the centre of this transition, Bangladesh will graduate not only with pride but with confidence,” she said.

Former BKMEA president Fazlul Hoque said while graduation was welcome, the private sector remained deeply uneasy about preparedness. “The reality is that we are not well prepared. That is why we have been advocating for an extension,” he said.

However, he warned that even a two- or three-year extension would be meaningless without concrete action.

“We already had eight years to prepare… There were many meetings and seminars, but little real progress. If we waste the next few months, even with an extension, we will simply repeat the same discussions,” he said.

Muhammad A (Rumee) Ali, chairman of the ICCB Banking Commission, said despite extensive discussion of graduation’s sectoral impacts, the banking industry had lacked urgency and proactive policy dialogue.

Syed Mahbubur Rahman, managing director of Mutual Trust Bank, said LDC graduation marked a new phase of development that demands maturity, discipline and vision.

“The banking sector must not remain a passive observer; it must act as an active architect of a more resilient, inclusive and globally competitive Bangladesh,” he said.

Meanwhile, offering a contrasting view, Bangladesh Bank Governor Ahsan H Mansur urged stakeholders not to frame graduation narrowly as a matter of tariff or trade privileges.

“It is part of a larger economic transformation,” he said, adding that Bangladesh must decide whether it wants to remain among fragile economies or aspire to stand alongside emerging and developed nations.

“Graduation is inevitable. The policies we need for graduation are the same policies we need for development – growth, human development, a strong currency and a resilient financial system,” he said.

Diversification, better logistics, improved ports, roads, communications, ICT, education and healthcare were all integral to both development and graduation, he added.

“Unfortunately, we have downsized the debate to protecting market access. That is not the core issue. Graduation and development go hand in hand,” he said.

Mansur also defended recent reforms, including contracts with global port operators, acknowledging that resistance was inevitable but necessary to ensure continuity. “The government decided to sign the contracts to preserve continuity for the future.”

He also criticised sections of the business community for supporting policies such as interest-rate caps that weakened the financial system.

“They never protested when bureaucrats siphoned money abroad. Where was the business community then? They were happy,” he said.

“We need vibrant associations, not puppet ones -- associations that speak the truth without hesitation. Otherwise, democracy becomes little more than voting every few years while business continues as usual,” he added.

The interim government’s proposed new pay scale for public servants could intensify inflationary pressures and strain the banking system, Bangladesh Bank (BB) Governor Ahsan H Mansur said yesterday.

“The salary hike will require borrowing more from the banking system. Is that going to help reduce inflation? No,” the governor said at an event on the implications of the LDC graduation for the banking system, organised by the International Chamber of Commerce-Bangladesh (ICCB) in Dhaka.

The government is planning a general salary increase, which will double the wage bill.

Speaking about the central bank’s efforts to tame inflation, Mansur said bringing down inflation is achievable, but will take time.

Bangladesh, he noted, has already reduced inflation from around 12.5 percent to about 8.3 percent. “Inflation has to come down. But we must give it time. We must be patient.”

However, he cautioned that the real challenge lies in breaking inflation expectations, which have been long-established.

“Historically, Bangladesh has never had low inflation,” he said, noting that inflation has typically hovered around 6 percent to 8 percent.

Claims of sustained high growth alongside low inflation, he added, were often more artificial than real.

“This is why interest rates cannot be low,” he said, adding that rates can only fall sustainably if non-performing loans are reduced sharply through accountability, good governance, and effective supervision.

“If we can reduce bad loans and lower expectations, why can’t we bring inflation down?” he asked.

He said inflation expectations are visible across the labour market, where workers routinely expect annual wage increases. In many factories, wages rise by 10 percent, 15 percent, or even 20 percent each year - not necessarily because productivity has increased, but because higher inflation is assumed.

“These expectations are deeply ingrained. We have to break that cycle,” he said. “Unless expectations change, inflation will not come down to 3 or 4 percent. And that will take time.”

The Dhaka Stock Exchange (DSE) today (27 January) decided to downgrade Desh Garments to the Z category from B category, after the company failed to disburse approved dividends to their shareholders.

In FY25, the company recommended a 3% cash dividend to their general shareholders other than sponsors and directors of the company.

According to the DSE, after declaring dividend in its board meeting and obtaining approval from general shareholders at the annual general meeting (AGM), the company failed to disburse the dividend to their shareholders within the stipulated timeframe.

As per listing regulations, listed companies must disburse declared or approved dividends within 30 days of approval at their AGM.

Due to the failure to disburse dividends on time, the DSE downgraded this company to the Z category.

A company falls into the Z category if the firm fails to hold an AGM, fail to declare any dividend based on annual performance, have not been in operation continuously for more than six months, or accumulate losses that exceed its paid-up capital after adjusting revenue reserve.

Yesterday, the share price of the company increased 1.97% to Tk113.80 on the Dhaka stock exchange.

A company official said, seeking anonymity that this issue will be resolved within a week. However, the official did not share how much has been disbursed to their shareholders within the stipulated timeframe.

In the July-September quarter, the company made revenue of Tk21.68 crore, which was Tk16.11 crore in the same period of the previous year.

In this quarter, the company made a profit of Tk3.62 lakh and its earnings per share stood at Tk0.04.

Its net asset value per share stood at Tk157.03 at the end of September 2025.

Anwar Galvanizing Limited continues to bleed in its core business amid weak construction demand and supply chain disruptions. Yet, strong gains from capital market investments have helped the listed company swing back to profit in the first half of the current fiscal year.

According to its half-yearly financial report, the company posted a profit of Tk9.11 crore with earnings per share (EPS) of Tk3.02. In the same period of the previous fiscal year, it recorded a loss of Tk5.45 crore and per-share loss of Tk1.81.

In a disclosure to the stock exchanges, the company said its profit turnaround was mainly driven by a sharp rise in non-operating income, which increased by Tk21.19 crore in the first half. Non-operating income in the second quarter alone rose by Tk8.89 crore, largely from stock market investments.

However, the company acknowledged that its operational performance remained under pressure. A downturn in demand in the construction sector, prolonged political unrest and disrupted supply chains adversely affected its gross profit margin during the reporting period.

Revenue in the half-year rose slightly to Tk30.38 crore from Tk28.89 crore a year earlier. After deducting operating expenses, the company incurred an operational loss of Tk8.34 crore.

On Tuesday, shares of Anwar Galvanizing closed at Tk92.30 each on the stock exchanges.

The trustee meeting of CAPM IBBL Islamic Mutual Fund was held on 27 January 2026, during which the trustees approved the accounts and unaudited financial statements of the fund for the second quarter ended 31 December 2025.

According to the approved unaudited report, the total net asset value (NAV) of CAPM IBBL Islamic Mutual Fund stood at Tk76.25 crore on a cost price basis, while the NAV based on market price amounted to Tk51.56 crore at the close of operations on 31 December 2025.

The NAV per unit of the fund was reported at Tk11.41 on a cost price basis and Tk7.71 on a market price basis, compared to the face value of Tk10 per unit.

The difference between the cost-based and market-based NAV reflects the impact of prevailing market conditions on the valuation of the fund's underlying investments during the period under review.

For the second quarter, the fund posted a net loss of Tk3.19 crore. As a result, the loss per unit stood at Tk0.48.

Gold rose on Tuesday as geopolitical uncertainty underpinned safe-haven demand, while silver surged 8 percent to hover near all-time highs.

Spot gold climbed 1.6 percent to $5,092.70 per ounce, as of 0710 GMT, after scaling a record $5,110.50 on Monday. It broke through the $5,100 mark for the first time in the previous session.

US gold futures for February delivery edged 0.1 percent higher to $5,088.40 per ounce.

“Trump’s disruptive policy approach this year is playing into the hands of precious metals as a defensive play. The threats of higher tariffs to Canada and South Korea are doing enough to keep gold a safe-haven choice,” said Tim Waterer, KCM Trade’s chief market analyst.

Escalating trade tensions on Monday, US President Donald Trump said he would raise tariffs on South Korean auto, lumber, and pharmaceutical imports to 25 percent, while criticising Seoul for failing to enact a trade deal with Washington.

This was after he threatened tariffs on Canada in the backdrop of a thawing relationship with China, following Canadian PM Mark Carney’s visit to the country earlier this month.

“(Gold’s rally) points to a material geopolitical, or uncertainty premium now embedded in gold prices, driven less by cyclical factors and more by the persistent uncertainty around geopolitics,” Christopher Wong, a strategist at OCBC said in a note.

A looming US government shutdown and Trump’s erratic policymaking pressured the greenback, making the dollar-priced gold cheaper for overseas consumers.

The Federal Reserve is expected to hold interest rates steady at its meeting beginning later in the day, amid the challenges posed by the Trump administration to US central bank independence. F

Spot silver jumped 6.1 percent to $110.19 an ounce, after hitting a record high of $117.69 on Monday. It has already surged more than 50 percent so far this year.

From a technical perspective, silver now appears expensive relative to gold, with the gold-to-silver ratio currently at a 14-year low, analysts at BMI, a unit of Fitch Solutions, said in a note.

With speculative buying leading the latest rally, BMI said, they now expect prices to ease in the coming months as supply tightness eases and industrial demand for silver starts to peak with a slowing Mainland Chinese economy.

Apex Footwear Limited reported robust financial performance in the first half of FY26, with revenue and profit rising sharply, supported by strong domestic demand, higher exports, and improved cost efficiency.

According to the company's unaudited half-yearly financial statements, revenue for July–December rose 14% year-on-year to Tk943 crore. Domestic sales increased 12% to Tk540 crore, while exports jumped 16% to Tk403 crore, reflecting the company's efforts to diversify its international markets and reduce reliance on a limited number of destinations.

The revenue growth translated into a 30% rise in net profit to Tk7.85 crore, with earnings per share at Tk3.99.

Omar Faruque, company secretary of Apex Footwear, told The Business Standard that the strong performance was driven by a combination of higher sales volumes and cost optimisation measures. "A major factor behind the growth was our founder's day sales campaign in September, which offered discounted prices and attracted a large number of customers," he said.

He added that export initiatives targeting new markets also contributed to a healthy increase in overseas earnings. Effective cost-control measures undertaken by management further supported profitability and margin improvement.

Quarterly data show that Apex Footwear has maintained a relatively stable revenue trend over the past five quarters, with seasonal sales campaigns causing some fluctuations. In Q2 (October–December), revenue declined 5% quarter-on-quarter to Tk459 crore from Tk484 crore in Q1.

Faruque explained that unusually high sales between 26 and 28 September during the founder's day campaign made the following quarter appear lower, even though overall demand remained stable.

Profit figures over the past five quarters also show volatility influenced by sales timing and cost factors. In Q2, the company posted a profit of Tk5.35 crore, up from Tk2.49 crore in Q1, reflecting better operational efficiency and margin management.

Following the strong half-year results, investor sentiment improved, and Apex Footwear's share price rose 2.30% to close at Tk182.30 on the Dhaka Stock Exchange on Tuesday.