Renata PLC, one of the leading drug-makers, maintained a robust 28% year-on-year increase in consolidated profit, maintaining double-digit growth, while revenue rose 6.46% in the first nine months of the current fiscal year, driven primarily by higher sales volume.

According to its financial statements, during the July to March period, its consolidated profit surged to Tk233.9 crore with an earnings per share (EPS) of Tk20.39, and its revenue surged to Tk3,362 crore at the end March.Its data showed that Renata maintains strong earnings momentum for the third consecutive quarter of double-digit profit growth.
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In the third quarter, Renata saw 33% growth while it already delivered 26% growth in Q2 and 24.6% in Q1.

Despite fewer selling days during the quarter due to the National Election and Eid-ul-Fitr, revenue remained resilient, led by a 10.5% growth in the core domestic pharmaceutical segment, along with steady contributions from exports, Renata PLC said in a press release."Profitability improved on the back of better gross margins, efficient procurement, and tight control over expenses, including stable factory overheads and lower financing expenses through strategic capital restructuring," it said.The company further advanced its long-term growth strategy by investing in capacity expansion, automation, renewable energy, and an expanding pipeline of bio-equivalent products, reinforcing both its domestic leadership and international presence.

While emerging global risks may put pressure on input and logistics costs, Renata remains committed to efficiency and prudent cost management to sustain its growth trajectory and continue delivering value to stakeholders, the press release said.

Md Jubayer Alam, company secretary at Renata, said, "During this period, Renata has demonstrated resilient performance driven by sustained revenue growth, operational efficiency, and disciplined financial management.""Despite prevailing economic challenges, we have maintained strong momentum across our core business segments. Our continued focus on cost optimisation, product portfolio expansion, and market development has contributed to improved profitability and value creation for our stakeholders," he said.
"We remain committed to strengthening our market position, enhancing operational excellence, and pursuing sustainable growth in the coming periods," he said.

Asian stocks fluctuated Wednesday while oil prices swung as talks to end the Iran war appeared to be at a standstill and the crucial Strait of Hormuz no nearer being reopened.

While the White House has said Donald Trump and his team were considering Tehran's latest proposal to restore traffic through the waterway, CNN and the Wall Street Journal said the president was sceptical.

The Islamic Republic this week submitted a plan that would reportedly see it ease the chokehold and Washington lift its retaliatory blockade on the country's ports as talks continued, including over its nuclear programme.

While US Secretary of State Marco Rubio said Iran's proposal was "better than what we thought they were going to submit", he insisted any eventual deal had to be "one that definitively prevents them from sprinting towards a nuclear weapon".

Iranian defence ministry spokesman Reza Talaei-Nik said Washington "must abandon its illegal and irrational demands", adding the United States was "no longer in a position to dictate its policy to independent nations".

Qatar warned of the possibility of a "frozen conflict" if a definitive resolution is not found.

Concerns about the stalled peace push have pushed crude prices higher for more than a week, with Trump's decision to cancel his envoys' trip for peace talks in Pakistan last weekend adding to the downbeat mood.

Brent is above the level it hit before the two sides announced a ceasefire at the start of April, sitting around $112, while West Texas Intermediate broke $100 Tuesday for the first time in two weeks.

Both contracts were slightly higher Wednesday.

"Iran wants the blockade lifted and access to its flows restored," wrote Stephen Innes at SPI Asset Management.

"Washington holds that lever and is in no hurry to give it away without extracting value.

"Meanwhile, the longer this drags on, the more second-order effects start to bite. Storage pressure builds, production risks emerge, and the system begins to strain in ways that futures prices cannot ignore."

There was little major reaction to news that key producer United Arab Emirates had decided to withdraw from the OPEC and OPEC+ oil cartels on Friday, calling it a strategic decision.

Still, CNN also cited sources familiar with the mediation as saying the two sides were not as far apart as they seemed.

It added that intense diplomacy continued and talks were focused on a staged process with the first part of a potential deal aimed at returning to the pre-war status and reopening the Strait.

Iran's nuclear programme would be dealt with down the line, it said.

Equity markets were mixed, with Hong Kong, Shanghai, Jakarta and Manila up while Sydney, Singapore, Seoul and Taipei fell.

Traders were given a weak lead from Wall Street, where the Nasdaq-led losses owing to a tech selloff that came on the back of a report in the Wall Street Journal that ChatGPT-maker OpenAI had missed targets on the number of users and revenue.

The news came as markets gear up for the release of earnings from Wall Street titans Amazon, Google, Meta and Microsoft this week.

The Federal Reserve will also conclude a two-day meeting later in the day, with investors keeping tabs on its outlook for inflation and interest rates as energy costs soar.

A proposal seeking an additional three-year transition period for Bangladesh's graduation from the category of Least-Developed Countries (LDCs), following a letter from Prime Minister Tarique Rahman, has been forwarded to the UN Committee for Development Policy (CDP) for consideration.

A letter sent to the government by Rabab Fatima, UN Under-Secretary-General and High Representative of the United Nations Office of the High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States (UN-OHRLLS), revealed the development.

Fatima said she remained fully committed to working closely with the government, the UN Country Team, and development partners to ensure a smooth and sustainable graduation process for Bangladesh, according to the letter.

She conveyed the assurance in a communication sent last week to Amir Khosru Mahmud Chowdhury, minister of finance and planning.

Copies of the letter were also sent to Khalilur Rahman, minister of foreign affairs, Khandakar Abdul Muktadir, minister of commerce, Zonayed Abdur Rahim Saki, state minister for planning, and other relevant government offices, according to sources.

"I also wish to inform you that the United Nations Secretary-General has received the letter from the Honourable Prime Minister of Bangladesh requesting a three-year extension of the preparatory period under the crisis response process of the enhanced monitoring mechanism," the letter stated.

"In line with his guidance, I am undertaking the necessary follow-up with the Committee for Development Policy," Rabab Fatima added.

She further apprised the Secretary-General of the key findings of the Graduation Readiness Assessment, as well as the outcomes of consultations held in Dhaka, the letter added. GeographicReference

Expressing appreciation, Rabab Fatima acknowledged the valuable support provided by the Ministry of Foreign Affairs and the United Nations Country Team in Bangladesh in the preparation and successful conduct of the meeting.

Earlier on April 5, Prime Minister Tarique Rahman wrote a letter to UN Secretary-General António Guterres seeking to defer Bangladesh's graduation by at least three years to ensure a sustainable transition amid internal and external shocks.

The request comes as Bangladesh grapples with a "preparatory period" that officials say was effectively derailed by a "polycrisis" of global and domestic shocks.

Tarique noted that while Bangladesh met the three eligibility criteria - per capita income, Human Assets Index and Economic Vulnerability Index - the five-year preparatory window was largely consumed by crisis management.

The letter to the finance minister was sent from the UN headquarters on April 14, while it was transmitted from the Dhaka office on April 22.

Following the Prime Minister's request, the proposal had already been forwarded to the UN Committee for Development Policy (CDP), said officials from the Economic Relations Division (ERD) of the government. Bangladeshmarket analysis

A high-level meeting between the UN-CDP and the Government of Bangladesh was held on Wednesday to further expedite the initiatives under the proposal, sources said.

Khandakar Abdul Muktadir, minister of commerce, Dr Rashed Al Mahmud Titumir, finance and planning adviser to the prime minister, Zonayed Abdur Rahim Saki, state minister for planning, and other relevant officials joined the virtual meeting from the NEC Auditorium in Dhaka.

Delegates from Bangladesh presented the latest status of key LDC graduation indicators, along with justifications for deferring graduation, to the CDP, according to sources.

Listed multinational companies (MNCs) in Bangladesh had another difficult year in 2025, with most failing to claw back profits eroded by inflation and shrinking consumer demand.

Of the 13 MNCs listed in the stock market, 11 follow a December fiscal year-end. Ten have published results so far.

As per the published data, three saw profits rise in 2025 but remain below the previous year’s level, four hit five-year lows, and two incurred the highest losses in their operational history in the country. Only one, Robi Axiata, posted record profits.

“The economic situation was the main factor,” said Shahidul Islam, CEO of VIPB Asset Management Company, who has tracked the companies’ performances for years as a major shareholder with billions of taka invested.

Inflationary pressure raised raw material costs, but companies could not pass them on to consumers whose demand had already shrunk, he said.

Analysis of financial reports shows that the damage was broad. Most companies saw sales growth slow last year. Four -- Grameenphone, Bata Shoe, Heidelberg Cement, and Linde BD -- saw sales fall outright.

Among the companies, British American Tobacco’s (BATBC) profit fell 67 percent to Tk 584 crore in 2025, from Tk 1,788 crore in 2023, the highest level in the last five years. The figure was Tk 1,750.68 crore in 2024.

The tobacco company said, “2025 was marked by a challenging socioeconomic and geopolitical landscape characterised by inflationary pressures, currency devaluation, and constrained consumer purchasing power.”

The global economic slowdown and rising raw material costs added further complexity to the operating environment. The top two segments of the company recorded a volume decline of approximately 10 percent, it added.

RAK Ceramics posted its highest-ever loss of Tk 39 crore last year, a reversal from Tk 90 crore in profit in 2021.

Singer Bangladesh also incurred a huge loss of Tk 224 crore , the largest in its recent history.

Heidelberg Cement’s profit more than halved from its 2021 peak of Tk 47 crore.

The country’s largest telecom operator, Grameenphone’s profit dropped 18.5 percent year-on-year. The company attributed the decline to economic weakness and political uncertainty following the July 2024 uprising.

“The prolonged political uncertainty weakened business and investor confidence, while persistent inflation subdued job creation, and declining household purchasing power collectively constrained overall market demand,” it said.

Unilever Consumer Care and LafargeHolcim remained profitable but 18 percent and 14 percent below their 2023 levels, respectively.

Linde BD’s profit collapsed to Tk 34 crore after an anomalous Tk 642 crore in 2024, which was inflated by a one-off asset sale.

Robi Axiata bucked the trend, with profits rising 33 percent year-on-year to Tk 937 crore in 2025.

Marico and Berger Paints, which follow a March fiscal year-end, were excluded from the analysis.

The outlook for MNCs, Shahidul said, has darkened sharply in recent months.

A few months ago, conditions looked promising, but the US-Israel war on Iran has introduced new uncertainty.

“Now, the outlook depends on the war, thus the oil price. The overall economic situation may worsen if oil prices rise and the war is prolonged. It will impact the performance of the companies,” he added.

Bangladesh’s business climate is being held back by regulatory bottlenecks, inconsistent policies, weak trust, and institutional inefficiencies, which are reducing investment potential and weakening long-term investor confidence, experts said at a dialogue yesterday.

The remarks were made at a discussion titled “Business climate dialogue on improving the investment climate: why it is critical for the new government priorities the upcoming national budget”, organised by the Metropolitan Chamber of Commerce & Industry, Dhaka (MCCI) at its auditorium at Police Plaza in Gulshan.

“The real challenge is not competition but entering the market itself. Firms must be ready for a long-term commitment because operational hurdles -- from licensing delays to compliance burdens -- can discourage even established companies,” said Zinnia Huq, chief financial officer of Unilever Bangladesh.

She said regulatory approvals often take months due to weak coordination among agencies, which leads to conflicting requirements, such as dividend remittance rules clashing with tax approvals.

She added that legal risks remain high as cases move through multiple channels, reducing predictability.

Huq further said that labour regulations are uncertain because interpretations often change and are sometimes applied retrospectively, making business planning difficult.

Tax administration, she added, sometimes raises large initial claims against compliant firms, which are later adjusted after review.

Nuria Lopez of the European Union Chamber of Commerce in Bangladesh said the main issue is not a lack of opportunity but weak investor confidence, adding that an unfriendly business environment and unclear policy direction continue to discourage foreign investment.

She also said that taxation places additional pressure on businesses, as authorities often rely heavily on compliant firms, especially multinationals, creating an uneven playing field.

Sector-specific lobbying limits competition and makes it harder for new firms to enter the market, she added.

Lopez further said that institutional weaknesses, energy shortages, and the lack of a clear investment roadmap are increasing uncertainty, warning that Bangladesh could fall behind regional competitors.

Margub Kabir of Margub Kabir and Associates said trust is central to investment decisions and depends largely on dispute resolution.

He said Bangladesh remains weak in enforcing contracts and has previously ranked among the lowest globally due to a slow and overloaded judicial system.

Kabir also said arbitration, which foreign investors often prefer as it helps avoid court delays, offers limited benefit. This is because enforcing arbitral awards still requires going through the same lengthy court process, which reduces their effectiveness.

He added that the main problem is not a lack of laws but weak implementation, stressing the need to simplify procedures, appoint specialised commercial judges, and introduce faster enforcement systems.

Mahmud Hasan Khan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said improving the business environment must begin with core infrastructure reforms.

He said a reliable energy supply is the most urgent need, especially for industries moving into higher-value production. He added that man-made fibre manufacturing requires uninterrupted power, as even short outages can stop production completely.

He also pointed to inefficiencies in key logistics routes, including the Dhaka-Chattogram highway and port operations, which are increasing costs and reducing competitiveness.

M Masrur Reaz of Policy Exchange Bangladesh said Bangladesh’s past growth has been driven largely by private sector investment, which helped manufacturing rise from 8 per cent of GDP decades ago to 25 per cent today.

However, he said this momentum is now slowing, with private investment declining and foreign direct investment remaining below 1 per cent of GDP, far behind regional peers.

He said this slowdown comes at a critical time, as the country aims to become a $1 trillion economy and create millions of jobs. These goals depend heavily on higher investment.

He added that the upcoming budget will be an important policy signal.

Reaz also highlighted practical challenges, including weak logistics, low productivity, energy shortages, and limited export diversification, which are worsened by fragmented reforms and poor coordination across sectors.

Farooq Ahmed, secretary general of MCCI, Sumitra Kumar Mutsuddi, head of corporate at BSRM, and Sumaiya T Ahmed, head of sustainability at Pran-RFL Group, also spoke at the event.

Business leaders' hopes for a lighter tax burden in the upcoming national budget were effectively dashed yesterday (29 April) as the government rejected pleas for tax cuts for now. Instead, it assured removal of the systemic obstacles that have long stifled the ease of doing business.

The message from the government came during a pre-budget consultation jointly organised by the National Board of Revenue (NBR) and the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).

With the national budget set to be unveiled in June, business leaders raised a range of demands at a high-level meeting with government representatives, calling for tax reductions and the removal of various barriers to doing business to support trade and commerce under current conditions, while urging the government to take concrete steps to address these challenges.

Responding to the demands, Finance Minister Amir Khosru Mahmud Chowdhury said, "We would like to provide relief in tax and VAT in these hard times, but we may not be able to do so in this budget. However, we will remove barriers to business."

He urged businesses to identify specific problems, adding, "Inform us about corruption at ports and all the obstacles to doing business. We will remove these within the next three months."

Highlighting the broader economic strain, the minister called on businesses to support the government in navigating the current crisis. "We are going through a difficult time, and everyone must understand that," he said, asking for cooperation at least for this budget cycle.

At the event, NBR Chairman Abdur Rahman Khan also cautioned that tax and VAT decisions may not meet business expectations, though he echoed assurances that efforts would be made to simplify doing business.

Businesses press for tax reforms

Leading business figures from various sectors outlined a range of challenges in their remarks at the meeting, highlighting the obstacles they face across industries.

The FBCCI called for "special priority" to create a business-friendly tax system by eliminating harassment and complexities in tax collection.

The apex business body demanded an increase in the tax-free income threshold for individuals, a reduction in corporate tax rates, and the abolition of the mandatory minimum tax on company turnover – which firms must pay even when incurring losses.

It also proposed a gradual withdrawal of advance income tax (AIT) and advance tax (AT) at the import stage, while suggesting measures to expand the overall tax base. In total, the FBCCI submitted 165 written proposals to the government ahead of the budget, which is expected to be announced in June by the BNP-led administration.

In his written statement, FBCCI Administrator Abdur Rahim Khan said reducing the cost of doing business, attracting and protecting investment, improving port capacity, ensuring balanced currency and tariff policies, lowering logistics costs, and strengthening governance and transparency in infrastructure – including power and energy – were essential.

Small industries under pressure

Business leaders also warned that small industries are under severe strain. Obaidur Rahman, president of the Bangladesh Aluminium Manufacturers Association, urged the government to step in.

"Our industries are shutting down. Please save these industries," he said.

Calling for a shift in tax policy, he added, "Increase direct taxes. Send officers to district and upazila levels – significant income tax can be collected from there. But we are pleading to save small industries."

Anwar-Ul Alam Chowdhury Parvez, president of the Bangladesh Chamber of Industries, presented data showing slowed growth across sectors due to global conflicts, energy shortages and other pressures. He argued that instead of raising taxes, the focus should be on widening the tax net.

"Businesses are questioning what benefits they receive in return for paying taxes," he said, adding that many also report harassment during tax collection.

Allegations of harassment

Imran Hossain, secretary general of the Bangladesh Restaurant Owners' Association, alleged that bureaucratic complexities are turning businesses into "systematic thieves".

"Enforcement actions disproportionately target those who pay VAT and taxes, while non-compliant businesses often go unchecked," he said.

He proposed lowering VAT rates and introducing a unified tax system, adding that enforcement drives against VAT-compliant restaurants had intensified immediately after discussions with the NBR.

"Administrative pressure and field-level harassment have made it increasingly difficult to run businesses. On one hand, there is pressure of increased VAT, and on the other, irregular enforcement drives. If this continues, we will have no option but to shut down our businesses," he warned.

Expressing frustration over the lack of a level playing field, he said, "Yes, I admit it – we are forced into dishonesty because the system does not treat everyone equally. How do we get out of this? This bureaucratic structure will never allow it."

He also criticised both bureaucrats and politicians, alleging that officials fail to establish effective systems while in office, only to acknowledge problems after retirement.

Other business leaders echoed concerns, calling for lower VAT and tax rates, reduced harassment by field officials, and stronger governance in the banking and financial sectors. They warned that without reform, it would be difficult to build a stable economic foundation.

The FBCCI also proposed strengthening the central bank as an independent regulator to ensure discipline in the banking sector, and reducing government borrowing from banks to avoid crowding out private sector credit.

However, the finance minister at the event said, "The shortfall in the banking sector is not something this government can resolve easily."

Highlighting the impact on businesses, he acknowledged that "due to problems in the banking sector, businesses are unable to repay their liabilities."

He added that he had informed the International Monetary Fund that businesses are facing a serious capital shortfall. Explaining the reasons, he said, "Because of currency depreciation and inflation, there has been a 50% erosion of capital."

Equal incentives for emerging export sectors

The minister also pledged to extend incentives similar to those enjoyed by the ready-made garment (RMG) sector to other promising export industries.

Currently, the RMG sector benefits from duty-free import of raw materials and back-to-back letters of credit against export orders – measures widely credited with driving its growth. The sector accounts for around 85% of Bangladesh's total exports.

Addressing concerns about misuse, he said, "If 10 out of 100 people misuse facilities, does that mean the remaining 90 should be deprived? We will open up facilities for promising sectors."

He acknowledged allegations that businesses operating under bonded warehouse facilities face harassment from customs officials, adding that cooperation from the private sector would be needed to address the issue.

War costs and budget pressures

The minister said the current government has inherited significant liabilities, including outstanding payments of Tk40,000 crore in the power sector.

He added that the government had spent nearly $4 billion (around Tk48,000 crore) due to the Middle East conflict.

In light of these pressures, Bangladesh has requested a two-year cushion from the IMF to stabilise the economy. "We have told the IMF that we need a two-year cushion. From the third year, the economy will take off," he said.

Case for a larger budget

Responding to criticism from economists over the government's plan to maintain a large budget, the finance minister argued that increased spending is necessary to stimulate growth.

"To generate growth in a low-level economy, improve citizen services, create demand and reduce poverty, we must invest in the economy," he said, adding that development spending would need to increase.

He acknowledged concerns over misuse of funds, noting that large budgets become problematic if money is siphoned abroad. "But if spending is of quality and yields returns, then such investment is justified," he said.

Commerce Minister Khandakar Abdul Muktadir stressed the need to balance business interests with state revenue. "We must look at both business and the national exchequer," he said. "How will the economy progress if the tax-to-GDP ratio does not increase?"

When the IMF’s Asia-Pacific director signalled to Bangladesh’s delegation in Washington last week that the expected $1.3 billion tranche would not be released in June, the key message was not financial but what Bangladesh can credibly offer in return, and what it cannot.

The Spring Meetings’ macro position was the strongest in three years. Gross reserves are roughly $35 billion, the BPM6 measure is above $30 billion for the first time since mid-2023, and March remittances reached a record $3.75 billion. At this level, the IMF pause signals reform credibility rather than liquidity.

The four unmet conditions remain unchanged: revenue mobilisation, banking governance, removal of electricity and gas subsidies, and a market-determined exchange rate. All were agreed under the $4.7 billion programme approved in January 2023 and expanded to $5.5 billion in June 2025. All have been monitored. None has moved materially in eighteen months. The interim administration stabilised the currency and rebuilt reserves, but did not deliver structural reform.

Pakistan in 2014 is a relevant comparison. It entered a three-year IMF programme in September 2013 with reserves near $6 billion, an 8 percent fiscal deficit, and similar reform conditions. By mid-2014, reviews had stalled on comparable structural issues.

The difference was what Pakistan could offer. I worked on the privatisation of state oil and gas firms during that programme. The value was not only revenue but a pipeline of sellable state assets. When the Oil and Gas Development Company’s follow-on was delayed in November 2014 due to falling oil prices, the IMF accepted it because the broader privatisation programme remained intact. A credible monetisation pipeline strengthens negotiating position.

That lever is absent in Bangladesh. It has never issued a Eurobond. Commercial borrowing is around 11 percent of external debt, with the rest largely concessional. This worked when multilateral flows were predictable, but becomes a vulnerability as LDC graduation on November 24, 2026 (or delayed) shifts financing terms, and IMF support is uncertain.

There is also no asset pipeline. The BSEC has identified fifteen profitable state-owned enterprises and multinational subsidiaries for listing over three years, but none have progressed. Banks are under restructuring, with the ADB’s $500 million banking-sector support focused on stabilisation, not privatisation. The Sammilito Islami Bank merger, formalised in December, remains far from saleable.

The core constraint is fiscal, not external. Tax-to-GDP fell to 6.56 percent in FY25, below the programme assumption of 7.9 percent for FY24, with projections reaching 10.5 percent only by FY35. The Centre for Policy Dialogue has repeatedly highlighted this, and Fahmida Khatun has stressed rising debt-service pressure as LDC graduation approaches. Without revenue mobilisation, remittance-led stabilisation will fade, and monetary policy will carry an unsustainable burden.

A programme lapse would not cause immediate stress, given strong reserves, but the structural cost would be significant. ADB and World Bank operations are cross-conditioned on IMF continuity and would be reoriented if it fails. The policy anchor would weaken just as graduation removes concessional financing advantages.

Between now and the October Annual Meetings, a credible alternative is needed. A B2/negative Eurobond would be costly. More viable options include a remittance-backed Sukuk, a diaspora instrument, or partial listing of a profitable state entity. The Finance Ministry could task the central bank and Privatisation Commission with a monetisation pipeline before the June ECOSOC meetings.

Stabilisation without reform is a rolling arrangement. The challenge is what can credibly be placed on the table in return.

IPDC Finance PLC, the country's first private sector financial institution, recorded a robust 25% year-on-year growth in net profit for the year 2025, navigating persistent macroeconomic challenges through strategic diversification and disciplined cost management.

According to its audited financial statements approved on Tuesday, the company's net profit after tax rose to Tk45.5 crore in 2025. Following this strong performance, the board of directors has recommended a 10% dividend for the shareholders, comprising 5% cash and 5% stock.

The growth was largely driven by a massive surge in investment income, which skyrocketed by 93% to reach Tk132.4 crore. This jump was fuelled by higher treasury yields and effective portfolio management within the capital market.

Additionally, gross interest income grew by 9% to Tk956 crore, supported by a prudent expansion of the company's lending portfolios.

Despite a broader economic slowdown, IPDC's operating income increased by 7% to Tk348.4 crore. The company maintained a strict grip on its operational costs, with expenses rising by a moderate 10%, resulting in an operating profit of Tk185.3 crore.

On the balance sheet side, IPDC continued to gain depositor trust. Total deposits grew by 15% to Tk6,224.9 crore, securing a 12% market share in the industry. Meanwhile, loans, leases, and advances stood at Tk7,462.2 crore, marking a 7% increase from the previous year.

Key financial indicators also showed significant improvement. Earnings per share (EPS) rose to Tk1.11, and the Net asset value (NAV) per share climbed to Tk17.85. The company's net operating cash flow per share (NOCFPS) stood at a healthy Tk9.94, indicating strong cash generation from its core business operations. The return on equity (ROE) improved to 6.74%.

Managing Director of IPDC Finance Rizwan Dawood Shams attributed the success to "disciplined execution and strategic resilience."

"Despite a challenging environment, we strengthened our earnings base through diversified income streams and prudent cost management. Our focus on portfolio quality and strong risk governance enabled us to deliver sustainable profitability while reinforcing our balance sheet," he said.

He further added that the company remains committed to creating long-term value for stakeholders through financial stability and responsible growth.

Olympic Industries, the country's leading branded biscuit manufacturer, reported a significant 34% decline in net profit for the January–March quarter of the 2025-26 fiscal year, mainly due to higher taxes and increased raw material costs fueled by geopolitical tensions.

According to the company's unaudited financial statements, net profit for the third quarter (Q3) fell to Tk28.47 crore, down from the same period a year earlier. Although revenue grew 9% to Tk708.81 crore, the cost of goods sold rose at a faster pace—up 13% to Tk555 crore—eroding margins. As a result, gross profit declined 4% to Tk153.80 crore.

The company attributed the erosion of its bottom line to two key factors: a heavier tax burden and rising costs of imported raw materials. Import expenses surged amid supply chain disruptions and heightened market volatility triggered by the Iran–US–Israel conflict, which has disrupted energy flows and driven up global input costs. Consequently, Olympic's income tax payment skyrocketed by 104% during the quarter, reaching Tk26.22 crore.

The nine-month performance (July–March FY26) also reflected a similar trend of rising costs. Although total revenue grew by 5% to Tk2,256 crore, the cumulative net profit for the period fell by 7% to Tk148.18 crore.

At the end of the first three quarters, the company's earnings per share (EPS) stood at Tk7.41, while its net asset value (NAV) per share was recorded at Tk60.26.

Investor sentiment on the bourse remained cautious after the disclosure, with Olympic Industries' shares closing at Tk143.30 on Tuesday at the Dhaka Stock Exchange.

The manufacturer had earlier delivered strong results in FY2024–25, reporting a net profit of Tk201 crore and rewarding shareholders with a 30% cash dividend.

Chattogram Port has recorded robust growth in cargo and container handling in the first nine months of the fiscal 2025-26, but operational bottlenecks, labour unrest and a decline in global ranking are raising concerns over its long-term competitiveness.

A comparative performance report for the first nine months of FY26 shows the port handled 104.29 million tonnes of cargo, marking a 7.39% year-on-year growth.

Container throughput also rose, reaching 2.57 million TEUs, up 4.75% from the same period a year earlier.

A report for the first nine months of the 2026-2027 fiscal year shows that the country's premier seaport handled 104.29 million tonnes of cargo, a 7.39% increase from the previous year. Container handling also grew to 2.57 million TEUs [Twenty-foot Equivalent Unit], up 4.75% from the same period.

Efficiency gains drive performance

Average vessel turnaround time has improved significantly, dropping from about eight days to 2.53 days, which allows the port to handle more ships.

In October 2025 alone, the port handled a record 391 vessels, a 16.02% increase year-on-year. Overall, vessel handling in the first nine months stood at 3,230 ships, up 5.62%.

CPA Secretary Refayet Hamim said, "Automation and digitalisation have been key. Systems like e-gate passes, terminal operations, digital billing, and the "CPA Sky" platform have reduced paperwork, yard congestion, and clearance time—sometimes to just 30 minutes."

"The implementation of pre-arrival processing has further streamlined customs clearance, enabling faster unloading and delivery of goods", he said.

He also said, "Another notable achievement has been the return to zero waiting time at the outer anchorage, allowing vessels to berth without delay – a development that significantly cuts logistics costs."

Khairul Alam Sujan, former vice president of the Bangladesh Freight Forwarders Association and a former director of the Bangladesh Shipping Agents Association, said there remains room for improvement.

He noted that narrowing the gap between the CPA and the Customs Authority would speed up services for users and improve overall port efficiency.

He also called for the swift, full rollout of automation and digitalisation systems.

Growth backed by economic recovery

The increase in cargo handling is mainly due to higher imports of fuel, wheat, and industrial raw materials. This has been supported by a more stable economy and fewer US dollar shortages than before.

In October 2025, cargo handling recorded a 21.11% increase, while container growth surged in August and September with gains of 20.10% and 10.22% respectively.

Even during the Eid-ul-Fitr vacation, the port continued its operations. In just one week in March this year, it handled 2.5 million tonnes of cargo and 55,000 TEUs, ensuring supply chains remained intact.

Structural limits still a concern

Despite the growth, port users say ageing infrastructure and equipment shortages are limiting its full potential.

The New Mooring Container Terminal, the port's busiest facility, saw a 12-14% increase in efficiency after being handed over to Chittagong Dry Dock Limited in July 2025.

However, disputes over leasing out the terminal to a foreign operator triggered labour unrest, disrupting operations and raising concerns among stakeholders.

Bangladesh Garment Manufacturers and Exporters Association Director SM Abu Tayub said consistent service is essential for any port, warning that even minor disruptions create difficulties for users.

He added that the CPA must ensure uninterrupted, reliable services at all times.

Ranking slip rings alarm bells

The port dropped one position to 68th in the global Lloyd's List ranking, which analysts see as a warning sign.

A recent decision to raise tariffs has raised concerns, with questions about whether higher costs could hurt the port's competitiveness.

Rakibul Alam Chowdhury, a former vice president of BGMEA, said the tariff hike has raised the cost of doing business and eroded competitiveness, warning that it could affect future business volumes and reduce the port's cargo handling.

Investment key to future growth

Port users say sustained foreign investment, modern technology adoption and a stable labour environment will be critical for regaining global standing.

They also stress that modernising the port is essential not just for attracting foreign investors, but also for encouraging domestic investment in trade and industry.

Amirul Houque, a former director of the Chittagong Chamber of Commerce and Industry and managing director of Seacom Group, said investment is crucial for port development, but it must be rational and well justified.

He also stressed the need to improve the skills of port workers to boost efficiency.

When India and New Zealand signed a Free Trade Agreement (FTA) in New Delhi yesterday (27 April), media attention focused mainly on tariffs and market access, as often happens on such occasions.

But what is often overlooked is the bigger picture of geopolitics and geoeconomics beneath bilateral trade, tariffs and non-tariff issues under FTAs.

The agreement with New Zealand is the seventh bilateral FTA India has signed in the last three and a half years.

With planned deals with the European Union and the United States, the total would rise to nine FTAs with 38 advanced economies, covering nearly 65–70% of global GDP.

For India, the common thread in these seven FTAs is support for exports, agricultural productivity, student mobility, skills, investment and services.

Under the FTA, New Zealand has committed $20 billion in investment in India. New Zealand invests nearly 8% of its GDP overseas annually, with total overseas investment valued at $422.6 billion as of March 2025.

There are two main elements to India's new approach.

First, it signals New Delhi's strategy of pursuing trade partnerships with developed economies that provide real market access for labour-intensive sectors at a time when the multilateral trading order is weakening and the world faces tariff wars and growing protectionism.

Second, bilateral trade routes have taken precedence over regional trade groupings.

Indian Commerce Secretary Rajesh Agrawal summed up the new approach by saying India is forging partnerships with developed economies that deliver real market access for labour-intensive sectors and will create jobs while empowering youth, women and MSMEs.

New Zealand is the third member of the five Anglophone countries with which India has entered into an FTA. The other two are Britain (2025) and Australia (2022), while talks are continuing with Canada and the United States. These five countries are part of the "Five Eyes", an intelligence-sharing security grouping.

India is not a member of the Five Eyes and has not entered into any formal alliance with them.

Yet economically, New Delhi has steadily accelerated trade agreements with developed democracies closely aligned on security, technology, investment rules and supply chains.

This shows how India is increasingly engaging with some of the world's most advanced economies, which account for nearly 65-70% of global GDP.

At $49,380, New Zealand is among the higher-income economies in the Oceania region. India's total trade in goods and services with New Zealand reached $2.4 billion in 2024.

Two points stand out. First, India appears focused on gaining access to high-income consumers in developed countries. Second, the current volume of bilateral trade is of secondary importance.

India has far larger bilateral trade volumes with many other countries, including Bangladesh. But when it comes to FTAs, the priority appears to be the more lucrative markets of advanced economies. In 2024, New Zealand's imports stood at $47 billion, while exports were $42 billion.

National Credit and Commerce (NCC) Bank shares jumped in the opening session as it recommended record cash dividend to its shareholders for the year of 2025.

During the opening session till 10:50 am, its share price jumped by 12.59% to Tk16.10.

According to its price sensitive statement filed on the Dhaka bourse, the bank recommended a 17% cash and 4% stock dividend for 2025.

According to the company, the declared cash dividend is become highest so far in its listing history.

To approve the dividend and audited financial statements, the bank has scheduled the annual general meeting date for 24 June and the record date for 21 May.

In the last year, its consolidated earnings per share of Tk4.29, which was Tk3.94 a year ago.

Investment Corporation of Bangladesh (ICB), a state-owned non bank financial institution, has incurred Tk588 crore consolidated loss in the first nine months of the current fiscal year.

The ICB approved the nine months financials at its board of directors meeting held today (28 April).

The losses almost doubled over the same time of the previous fiscal year as it had incurred loss of Tk277 crore, its data showed.

Regarding the loss, ICB attributed lower capital gains from buying and selling shares and increasing interest rate for deposits.

Its quarterly data showed, during the July to march period, its loss per share stood at Tk6.79.

Beacon Pharmaceuticals PLC posted a remarkable rise in its profitability in the third quarter of fiscal year 2025-26, mainly driven by strong operational performance and higher growth in earnings.

According to the company's price-sensitive information (PSI) disclosed on Sunday (26 April), the pharmaceutical manufacturer witnessed over a 335% year-on-year increase in the net profit for the January-March quarter of FY2025-26 compared to the same period of the previous fiscal year.

The share price of the company increased by 3.79% to Tk104 on the Dhaka stock exchange on Tuesday.

In the third quarter, the company earned revenue worth Tk380 crore, which is 25.83% higher from Tk302 crore compared to the same period of the previous year.

The company's earnings per share (EPS) stood at Tk1.22 for the third quarter, significantly higher than Tk0.28 recorded in the corresponding quarter a year earlier.

For the first nine months of the fiscal year, from July to March, Beacon Pharmaceuticals reported an EPS of Tk5.95, marking a 59% increase compared to the same period of the previous fiscal year.

In this period, its revenue stood at Tk1202 crore, which was Tk900 crore a year ago. Besides, its net profit after tax stood at Tk138 crore, which was Tk87 crore a one year ago.

The company also reported a significant improvement in its net operating cash flow per share (NOCFPS) during the reporting period.

Explaining the reasons behind the strong financial performance, the company stated that revenue growth in the corresponding period of the previous year was affected by socio-political instability, which also negatively impacted operating cash flows.

However, business operations recovered in the third quarter of the current fiscal year, leading to strong revenue growth. Consequently, improved cash collections significantly increased Net Operating Cash Flow Per Share, reflecting stronger operational performance and better liquidity compared to the same period a year ago.

According to market analysts, the substantial growth in quarterly earnings reflects improved business performance, higher sales revenue, and operational efficiency amid rising demand for pharmaceutical products in both local and export markets.

The strong earnings growth attracted attention from investors in the capital market, as the pharmaceutical sector continues to remain one of the more resilient industries despite broader economic challenges, including inflationary pressure, foreign exchange volatility, and rising production costs.

Beacon Pharmaceuticals is one of the listed pharmaceutical companies on the Dhaka Stock Exchange (DSE). The company manufactures a wide range of generic medicines, including oncology, antiviral, and specialised healthcare products.

Bata Shoe Company (Bangladesh) Limited reported a dramatic fall in profit for the year ended 31 December 2025, with earnings declining by 96% year-on-year amid sustained business challenges.

According to its price sensitive disclosure, the company's earnings per share dropped sharply to Tk0.85 in 2025, down from Tk21.62 in the previous year. The steep decline reflects a difficult operating environment, with the company slipping into losses for much of the year.

Financial data show that Bata began incurring losses from the second quarter of 2025. During the April-December period, the company posted a cumulative loss of Tk35.67 crore. However, strong performance in the first quarter, when it recorded a profit of Tk36.82 crore, helped it narrowly return to profitability, ending the year with a net profit of Tk1.15 crore.

Despite the sharp drop in earnings, the company declared a substantial dividend for shareholders. Bata recommended a 105% final cash dividend, in addition to a 143% interim cash dividend already paid earlier in the year, taking the total payout to 248% for 2025.

The company has scheduled its annual general meeting for 30 June, with the record date set for 19 May to approve the audited financial statements and dividend.

On the stock market, Bata's shares closed 2% lower at Tk818.70 today (28 April) at the Dhaka Stock Exchange.

Bata has been operating in Bangladesh since 1962 and runs two manufacturing facilities in Tongi and Dhamrai, with a combined daily production capacity of around 160,000 pairs of shoes. The company sells approximately three crore pairs annually.

The Bangladesh operation is a subsidiary of Bafin (Nederland) BV, which holds a 70% stake and is part of the global Bata Shoe Organisation, overseeing the brand's international business.

In a press release, the company said it achieved a total turnover of Tk916 crore, demonstrating resilience despite a backdrop of macroeconomic volatility, political uncertainty, and global geopolitical pressures.

"As consumers became increasingly cautious with discretionary spending, the company pivoted toward a consumer-centric strategy, prioritising high-growth categories. Significant progress was made in the casual, sneaker, and premium segments, which aligned effectively with evolving market trends," it said.

"This strategic evolution was bolstered by the expansion of an omnichannel network, providing a seamless experience across digital and physical platforms. By maintaining a lean organisational framework and focusing on operational efficiency, Bata Bangladesh is balancing necessary structural adjustments with continued investment in innovation. This proactive stance ensures the brand is well-positioned to capitalise on emerging opportunities as the economic environment stabilises," reads the press release.

The United Arab Emirates said on Tuesday it was quitting OPEC and OPEC+, dealing a heavy blow to ​the oil exporting groups and their de facto leader, Saudi Arabia, at a time ‌when the Iran war has caused a historic energy shock and unsettled the global economy.

The loss of the UAE, a longstanding OPEC member, could create disarray and weaken the group, which has usually sought to show a united front despite ​internal disagreements over a range of issues from geopolitics to production quotas.

UAE Energy Minister Suhail ​Mohamed al-Mazrouei told Reuters the decision was taken after a careful look at ⁠the regional power's energy strategies.

Asked whether the UAE consulted with Saudi Arabia, he said the UAE did ​not raise the issue with any other country.

"This is a policy decision, it has been done after ​a careful look at current and future policies related to level of production," said the energy minister.

OPEC Gulf producers have already been struggling to ship exports through the Strait of Hormuz, a chokepoint between Iran and Oman through which a ​fifth of the world's crude oil and liquefied natural gas normally passes, because of Iranian threats and ​attacks against vessels.

Mazrouei said the move would not have a huge impact on the market because of the situation ‌in ⁠the strait.

But the UAE exit from OPEC represents a win for US President Donald Trump, who has accused the organisation of "ripping off the rest of the world" by inflating oil prices.

Trump has also linked U.S. military support for the Gulf with oil prices, saying that while the US defends OPEC members they "exploit ​this by imposing high ​oil prices".

The move came ⁠after the UAE, a regional business hub and one of Washington's most important allies, criticised fellow Arab states for not doing enough to protect it from ​numerous Iranian attacks during the war.

Anwar Gargash, the diplomatic adviser for the ​UAE president, criticised ⁠the Arab and Gulf response to the Iranian attacks in a session at the Gulf Influencers Forum on Monday.

"The Gulf Cooperation Council countries supported each other logistically, but politically and militarily, I think their position ⁠has been ​the weakest historically," Gargash said.

"I expect this weak stance from ​the Arab League and I am not surprised by it, but I haven't expected it from the (Gulf) Cooperation Council and I am ​surprised by it," he said.

Bangladesh's inflation rose to an average 8.8% year-on-year in the January-March quarter of FY26, up from 8.3% in the previous quarter, driven mainly by higher food and energy prices, according to Bangladesh Bank's latest quarterly report released today (28 April).

The central bank attributed the rise to Eid-related food demand and persistent energy costs.

Food inflation was the main contributor, increasing by 1.2 percentage points to 8.6%.

Within this segment, vegetable prices saw a sharp reversal, contributing 22.7% to the overall rise after previously contracting 13.4%. Protein prices accounted for 44.6% of the food inflation increase, while cereal prices eased during the period.

At the retail level, prices of rice, lentils, soy oil and chicken rose, while onion prices declined sharply.

Core inflation edged down to 8%, supported by declines in clothing, healthcare and furniture costs. However, transport and communication costs surged significantly to 19.4%, offsetting some of the moderation.

Energy inflation also increased to 14.9% in Q3 FY26, compared to 14.4% in the previous quarter. Solid fuels such as firewood, agricultural by-products, cow dung and jute sticks remained key drivers, alongside higher gas prices.

The report noted that price pressures broadened during the quarter, with 230 of 382 tracked CPI items recording price increases in March. Despite this, kernel density analysis suggests inflation in FY26 has been less volatile compared to FY25.

The wage-price gap narrowed only slightly, with wages rising 8.1% compared to inflation at 8.7%, continuing to squeeze real incomes amid weak economic growth.

The Asian Development Bank has projected full-year FY26 inflation at 9%, warning that global oil price volatility remains a key risk.

Bangladesh Bank also stressed the need for continued vigilance to anchor inflation expectations and protect household purchasing power.

The Bangladesh Securities and Exchange Commission (BSEC) has banned three audit firms and four auditors from auditing listed companies for several years after they failed to audit the financial reports of two listed firms properly.

In separate orders issued on April 23, the commission banned Mahfel Huq & Co Chartered Accountants, Ata Khan & Co Chartered Accountants, and Shiraz Khan Basak & Co Chartered Accountants. It also banned four auditors who are current or former partners of these firms.

The action comes amid long-standing criticism that auditors often go unpunished despite failing to detect irregularities in listed firms. As a result of inaccurate financial reporting, many investors were misled into buying shares and later suffered significant losses.

All three audit firms failed to properly audit the financial reports of Ring Shine Textiles for three separate years, according to BSEC.

During the pre-IPO period, Ring Shine Textiles distributed shares free of cost through a private offer, which was described as a clear act of forgery. The company also issued stock dividends to shareholders who had not paid for their shares. These allotments increased its paid-up capital without any actual money being received.

Later, in 2019, the company raised Tk 150 crore from the stock market to buy machinery and repay bank loans.

However, none of these irregularities was reported by the auditors.

MAHFEL HUQ & CO

Mahfel Huq & Co was banned for three years for failing to properly audit the financial statements of Ring Shine Textiles for the year which ended on June 30, 2018.

The audit did not provide reasonable assurance that the financial statements showed a true and fair view of the company’s financial position and performance, as required under auditing and reporting standards.

An enquiry committee formed by the BSEC found major irregularities in key items such as assets, retained earnings, and net profit. It also found that the firm issued an unmodified audit opinion without obtaining sufficient and appropriate audit evidence.

As a result, BSEC barred the firm from auditing any listed securities for three years from the date of the order.

The firm was also banned for one year for failing to properly audit Fareast Islami Life Insurance for 2018. A special audit found material irregularities, inadequate disclosures, and deficiencies in the financial reports, leading to the suspension.

In addition, Md Abdus Sattar, a former partner of the firm, was prohibited from auditing any listed securities issuer for five years.

Md Abu Kaiser, another former partner, was barred for two years.

ATA KHAN & CO

Ata Khan & Co faced action after a BSEC inquiry committee found material irregularities and anomalies in key financial statement items, including the assets and net profit of Ring Shine Textiles for the year ended June 30, 2019.

The firm issued an unmodified audit opinion without obtaining sufficient and appropriate audit evidence to support the reported figures.

It, along with its engagement partner, was found jointly and severally responsible for failing to conduct the audit in line with securities laws, resulting in financial statements that did not present a true and fair view of the company’s position and performance.

As a result, Ata Khan & Co was barred from inclusion in the BSEC auditors’ panel for three years, while Maqbul Ahmed, a partner of the firm, was barred from the panel for five years.

SHIRAZ KHAN BASAK & CO

Shiraz Khan Basak & Co audited Ring Shine Textiles for the year ended June 30, 2020, with Ramendra Nath Basak serving as the engagement partner, although he was not enlisted in the BSEC auditors’ panel.

A BSEC inquiry committee found material irregularities and anomalies in key financial statement items. The firm issued an unmodified audit opinion without obtaining sufficient and appropriate audit evidence to support the figures in the financial statements.

The audit failed to ensure that the financial report presented a true and fair view in line with International Financial Reporting Standards. The firm and its engagement partner were found to have failed to comply with securities laws.

As a result, Shiraz Khan Basak & Co was made ineligible for inclusion in the BSEC auditors’ panel for three years, while Ramendra Nath Basak was barred from the panel for five years.

The Daily Star emailed all the audit firms on Monday, but received no response before the report went to print. It also tried to contact Wasequl H Reagan, a partner of Mahfel Huq & Co, through phone calls and text messages, but he did not respond.

A shortage of soybean oil that began in early March shows little sign of easing, pushing retail prices above the government fixed rate, with customers now paying up to Tk 15 more per litre.

The government has set the price of a one-litre bottle at Tk 195. However, retailers across the country are charging between Tk 200 and Tk 210.

Small shopkeepers, supermarket chains and wholesalers say they are receiving less than half of their usual daily demand for the cooking staple, most of which Bangladesh imports.

Refiners have not said clearly whether they have reduced supply. However, official data show soybean oil imports fell sharply in the January-April period compared with the same period last year.

Refiners say global prices and freight costs have increased, but authorities have yet to approve their proposal to raise local rates. They say it is no longer possible to import and sell the product at a loss.

Nurul Alam Sikder, a shopkeeper in Dhaka’s Pallabi area, said he last received bottled soybean oil from dealers about three weeks ago. Dealers are saying that there is a supply shortage, so they are unable to provide it.

Firoj Alam, manager of retail chain Daily Shopping, which has 115 outlets nationwide, said bottled soybean oil has not met demand since the beginning of April.

Currently, only about 30 percent to 40 percent of the required amount is being supplied, said Alam.

Speaking on condition of anonymity, a senior official at another supermarket chain said importers have failed to supply enough bottled soybean oil since the last week of February. At present, only 25 percent to 30 percent of the required supply is available.

The official said many customers are returning empty-handed when they come to buy oil. They are expressing frustration with them over not being able to get it.

Abu Bakar Siddique, an edible oil wholesaler at Karwan Bazar, one of Dhaka’s largest kitchen markets, said the squeeze has also cut dealer commissions because the maximum retail price has not increased.

DEALERS CUT BACK SUPPLIES

During a visit to kitchen markets in Chattogram yesterday, it was found that 1 litre and 2 litre bottles were available at some shops, while 3 litre and 5 litre bottles were largely missing from shelves.

Retailers were selling bottled soybean oil at Tk 5 to Tk 7 above the maximum retail price printed on the packaging. Traders say they are receiving less than 20 percent of their usual supply.

Abul Hashem, a retailer in the port city, said limited deliveries from distributors have disrupted sales and forced them to ration stock.

Hashem said retailers are not receiving edible oil in line with demand. Dealers said their commission has also been reduced.

“As a result, we are buying oil at Tk 1 to Tk 2 higher than the maximum retail price printed on the bottle. If we do not add at least Tk 5 per litre, we incur losses,” he added.

In Sylhet, retailers reported a similar picture.

Ashis Das, a retailer at Bagbari area, said, “Dealers have stopped providing supplies for over a week. Wholesalers in Kalighat are also almost out of stock, so we are having to run our shops without oil.”

Another retailer, Kapil Ray, said, “No company has provided oil for several days. We have managed to source small quantities of oil from a wholesaler at the printed MRP. I am selling these to my regular customers without any profit just to maintain our relationship.”

A wholesaler in the same area, who asked not to be named, said supplies from the company depot are not even close to 20 percent of demand.

He said, “After paying the price in advance, we received only 300 litres of oil last Thursday. Today [Tuesday], we will receive another supply of 300 litres, but now with a condition to purchase an equal amount of bottled water.”

At Shaheb Bazar in Rajshahi, shopkeeper Sumon Hossain described the edible oil market situation as “very bad”.

“There is almost no supply now. Prices have also increased. We have to buy a two-litre bottle for Tk 388 and sell it for Tk 390. That is only Tk 2 profit on a two-litre bottle,” he said.

“On top of that, we have to send our own people to collect the oil from dealers because they do not deliver it. There are transport costs. Retailers are actually facing losses,” said Hossain.

Commerce ministry data show soybean oil imports fell sharply in the January-April period compared with the same period last year.

Soybean oil imports dropped from 4.48 lakh tonnes in January-April last year to just 2.61 lakh tonnes this year.

Importers say they cut shipments because domestic prices have not been adjusted in line with international rates. Selling at a loss is unsustainable, they say, despite repeated appeals to the current and previous interim government for a price increase.

World Bank commodities data show soybean oil sold at $1,154 per tonne in January. The price rose to $1,282 in February and to $1,482 in March.

The country’s annual demand for edible oil stands at 24 lakh tonnes, around 90 percent of which is met through imports, according to the Bangladesh Trade and Tariff Commission.

Mohammad Dabirul Islam Didar, head of finance and accounts at Bangladesh Edible Oil Limited, which markets Rupchanda brand soybean oil, said the company continues to sell bottled soybean oil at the maximum retail price and does not charge above it.

He said rising import and supply chain costs have put the company under pressure. It has applied to the Ministry of Commerce for a price adjustment to help maintain supply chain stability.

Didar said it is not possible to sustain operations at a loss. Discussions have taken place over possible VAT adjustments, but no action has been taken.

The Daily Star tried to contact Biswajit Saha, director of corporate and regulatory affairs at City Group, which markets the Teer brand of soybean oil, for comment but received no response.

A widening revenue shortfall is driving the government toward heavy bank borrowing, raising concerns over tighter credit availability for the private sector and mounting fiscal pressure in the coming years, the Bangladesh Economic Association (BEA) said.

“If the revenue gap persists, the trend [of government bank borrowing] could deepen further in FY2026-27, amplifying a ‘crowding out’ effect where government demand for funds limits lending space for businesses,” said the association.

The economists’ body raised the issue yesterday during a pre-budget discussion with the National Board of Revenue (NBR) officials at its headquarters in Dhaka.

BEA estimates that government borrowing from banks may reach around Tk 1 lakh crore in FY26. The amount could rise to Tk 1.1 to 1.3 lakh crore in FY27, with the deficit remaining at 4.5 to 5 percent of GDP.

As of February in the current fiscal year, the government borrowed Tk 88,309 crore from the banking system and Tk 4,033 crore from non-banking sources, according to Bangladesh Bank data.

The BEA also said the upcoming budget will face pressure from political commitments, including pay-scale adjustments, family card programmes, agricultural support, and social safety-net expansion.

“Ensuring food security and stabilising prices of essential goods will further strain fiscal space,” said Mohammad Masud Alam, member of the BEA.

He also warned that global energy market volatility, especially rising tensions in the Middle East, could push up oil prices, increase import costs, and add pressure on foreign exchange reserves, posing additional risks to macroeconomic stability.

Speaking about raising revenue, he suggested urgently designing a comprehensive framework to bring Bangladesh’s fast-growing digital economy under the tax net to boost the country’s tax-to-GDP ratio.

At the event, Mahbub Ullah, convener of the BEA, said the NBR should take stronger action against tax evasion in the real estate sector, in cases of wealth tax, and cases of underreporting family and personal wealth.

In response, NBR chairman Md Abdur Rahman Khan said they are working on this issue.

Ahad Al Azad Munem, research associate of the Policy Research Institute (PRI) of Bangladesh, said that currently, about 28 percent of total revenue comes from customs or trade taxes.

“Such a high dependence on trade taxes is not considered international best practice.”

The NBR chairman said that since the country’s overall revenue collection is low, whenever any reform or change is proposed in major revenue sources, the decision-makers become hesitant.

“This reality must be acknowledged.”

The Centre for Policy Dialogue (CPD) urged the NBR to ensure tax justice, protect low-income groups, and take stronger measures to prevent tax evasion.

The Anti-Tobacco Media Alliance (ATMA) has proposed merging the lower and medium cigarette tiers and setting the price of a 10-stick pack at Tk 100, Tk 150 for the higher tier, and Tk 200 for the premium category.

It also recommended adding a specific excise duty of Tk 4 per pack.

According to their proposal, this could generate around Tk 44,000 crore in additional revenue compared to the current fiscal year and potentially prevent nearly 400,000 premature deaths in the long term.

Business Initiative Leading Development (BUILD) proposed that the government provide clear direction about the separation of the tax policy and tax administration.

Besides, the NBR should look into the gap between the registered companies and actual return submission numbers, it said.

The Bangladesh Society for the Change and Advocacy Nexus (B-SCAN), a volunteer organisation, demanded raising the tax-free income for differently abled people to up to Tk 6 lakh from the existing Tk 5 lakh.