The government has approved five proposals for $1.9 billion in loans from development partners of which $1.6 billion is non-concessional.

Of the amount, $1.3 billion will be set aside as budget support to help tackle urgent financial pressures, according to finance ministry officials.

The approval for loans under relatively tough terms were granted yesterday (28 April) at a meeting of the Standing Committee on Non-concessional Loan chaired by Finance and Planning Minister Amir Khosru Mahmud Chowdhury at the Planning Ministry in Sher-e-Bangla Nagar.

Sources present at the meeting said the budget support package includes $450 million from the Asian Development Bank (ADB), $500 million from Japan International Cooperation Agency (Jica), $250 million from the Asian Infrastructure Investment Bank (AIIB), and $100 million from the OPEC Fund for International Development (OFID).

Officials said these loans come with higher interest rates, shorter grace periods and faster repayment schedules than concessional financing.

Under the programme titled Strengthening Economic Management and Governance, Subprogram 2, ADB will provide a total of $750 million, consisting of $300 million in concessional financing and $450 million through its regular Ordinary Capital Resources (OCR) window.

The concessional portion carries a 2% interest rate, a repayment period of 25 years, and a five-year grace period.

The $450 million OCR loan is classified as non-concessional and carries an interest rate of SOFR plus 0.50%, which based on the 20 April 2026 SOFR rate of 3.63%, brings the effective rate to 4.13%.

It also includes a 0.15% commitment charge on undrawn balances.

This ADB OCR loan has a 15-year tenure, including a three-year grace period. According to ERD analysis, the loan's grant element is 6.61%, making it highly non-concessional.

Negotiations with ADB were completed on 15 April 2026, and the package is now awaiting board approval.

The government is also seeking $500 million from JICA to help manage immediate fiscal challenges. The proposed loan carries an indicative interest rate of 3.05%, a 30-year repayment period, and a 10-year grace period.

Officials said the Japanese financing would be used in line with IMF recommendations, including expanding social protection spending, strengthening revenue administration, and improving macroeconomic stability.

AIIB is set to provide $250 million as co-financing alongside ADB. The proposed loan carries an interest rate of SOFR plus 1.45%, which based on the same benchmark rate would bring the effective cost to around 5.08%.

It has a 35-year maturity, a five-year grace period, and a 0.25% front-end fee. ERD analysis found the grant element to be negative 0.68%, meaning it is considered extremely hard borrowing.

The government is also pursuing $100 million equivalent from OPEC Fund for International Development, denominated at approximately €85.3 million. Indicative terms include an interest rate of six-month EURIBOR plus 1.20%, giving an effective rate of about 3.616%.

The loan has an 18-year maturity, a three-year grace period, and a 0.25% commitment fee. Its grant element is estimated at 11.38%, also placing it in the non-concessional category.

Beyond budget support, the committee also approved a separate $300 million ADB loan for the SASEC Dhaka-Sylhet Corridor Road Investment (Tranche-2) project.

The project will upgrade around 210 kilometres of highway from Dhaka (Kanchpur) to Sylhet into a four-lane corridor, with separate service lanes for slow-moving vehicles.

The goal is to better connect the Dhaka-Sylhet route with regional transport networks including the Asian Highway, SASEC (South Asia Subregional Economic Cooperation) and BIMSTEC corridors.

The total project cost is estimated at Tk16918.58 crore, of which the government will provide Tk3,674 crore, while ADB will finance Tk13,244.68 crore.

The road loan will come from ADB's OCR window at an effective rate of around 4.23%, with a 25-year repayment period and a five-year grace period.

Officials said the Standing Committee on Non-concessional Loan also adopted several policy measures to improve management of costly foreign borrowing.

Non-concessional loans will be approved only where concessional financing is unavailable or impractical. Borrowers receiving government or central bank guarantees must demonstrate repayment capacity from their own income.

Loans with excessive conditions or mandatory down payments will be discouraged.

The committee also decided that annual debt servicing on non-concessional external loans must remain below the lower of 10% of export earnings or 15% of government revenue, while total non-concessional external debt stock must remain below 10% of GDP.

ERD officials said these measures are expected to improve transparency, reduce risks and strengthen long-term sustainability in Bangladesh's external debt management.

Bangladesh’s exports are order-based and free of overcapacity, Commerce Minister Khandakar Abdul Muktadir said yesterday amid an ongoing US investigation into forced labour and surplus production across 60 countries, including Bangladesh.

Speaking at a luncheon meeting on US-Bangladesh partnership hosted by the American Chamber of Commerce (AmCham) at the Sheraton in Dhaka, he also said Bangladesh has made substantial progress regarding labour rights.

The minister said Bangladesh’s exports are driven by demand. Particularly, the garment industry produces strictly against international orders. “This is indicative of global demand, rather than excess capacity.”

He pointed out that many factories are currently running below capacity due to energy and infrastructure constraints.

On forced labour, the minister mentioned that Bangladesh has enacted reforms in workplace safety and labour rights in partnership with the International Labour Organization (ILO) and other partners, establishing one of the most rigorously regulated and secure garment sectors in the world.

Stating that Bangladesh is committed to maintaining international labour standards, he said the government believes that the most constructive course of action to that end is continuing engagement and collaboration.

On partnership with the US, the minister said the government is confident that the bilateral relationship will continue to grow through trade, increased investment, technology collaboration, and continued dialogue.

He said the government is diversifying its export base by incorporating sectors such as pharmaceuticals, leather, agro-products, and light engineering, in addition to a booming ICT sector.

The minister stated that improving market access is imperative as the country is set to graduate from the least developed country status. “We look forward to continued US assistance to guarantee a seamless transition and maintain our global competitiveness.”

He noted that although Bangladesh has established robust manufacturing capabilities and exports pharmaceuticals to more than 150 countries, the entry into the US market is still restricted by the intricate, expensive, and time-consuming regulatory processes.

“We are of the opinion that there is potential to improve the coordination between pertinent authorities, expedite the approval process, and simplify procedures,” he said.

Also speaking at the event, AmCham President Syed Ershad Ahmed said in today’s shifting global economic environment, the Bangladesh–US partnership remains vital for both growth and resilience.

The partnership plays a strategic role in sustaining export competitiveness, ensuring essential imports, and strengthening broader economic and industrial development, he added.

Bangladesh exported roughly $9.5 billion in goods to the US in 2025, with the garment sector alone accounting for $8.2 billion, capturing over 10 percent of the US apparel market, he said.

During the same period, the country imported about $2.3 billion from the US, primarily cotton and agricultural products.

Muktadir, meanwhile, stated that US foreign direct investment in Bangladesh rose from $193 million in fiscal year 2019-20 (FY20) to $426 million in FY22, before falling sharply to $89 million in FY24 and partially recovering to $132 million in FY25.

On a separate matter, he informed that the government may recruit foreign companies for loading and unloading at the Chattogram port to increase efficiency.

The minister also said for easing the business, the government will launch provisional permission for launching a business. Currently, it takes many months and more than 25 signatures to obtain the permission for the business entrepreneurs to start a business in Bangladesh.

Once an entrepreneur starts with the provisional permission, he can manage the original permission gradually in one to two months, he added.

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.

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.

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.

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.

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.

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.

Apex Footwear PLC, the country's leading footwear manufacturer and exporter, reported a staggering turnover of Tk616 crore during the January-March quarter of the 2025-26 fiscal year, yet managed to retain only Tk1.06 crore as net profit.

This disparity reflects a razor-thin profit margin of just 0.17%, a figure that trails significantly behind industry peers such as Bata Shoe.

The company's latest unaudited financial statement reveals that despite a 14% growth in revenue compared to the same period last year, the bottom line was heavily weighed down by a combination of surging finance costs, higher tax burdens, and rising operational expenses.

During the third quarter, spanning January to March 2026, Apex Footwear's revenue climbed to Tk615.96 crore from Tk540 crore in the corresponding period of the previous year. While the net profit saw a modest 9% year-on-year increase, it reached only Tk1.06 crore, yielding an earnings per share of Tk0.54.

The financial data indicates that the cost of doing business has escalated sharply, with the cost of goods sold rising by 10% to Tk488 crore.

Furthermore, marketing, selling, and distribution expenses grew to Tk93.37 crore, while finance costs – primarily driven by rising interest rates on loans – jumped by 16% to reach Tk16.99 crore.

On a broader scale, the company's performance for the first nine months of the current fiscal year (July-March) showed a similar trend of high volume but constrained profitability. Cumulative revenue for the nine-month period reached Tk1,559 crore, up from Tk1,369 crore in the previous year.

Cumulative net profit for the period stood at Tk8.91 crore, compared with Tk6.99 crore in the same period of the previous financial year, indicating improved earnings but continued pressure on margins.

Despite the thin margins, the company maintained a strong financial position, with a net asset value per share of Tk351.89 and net operating cash flow per share of Tk122.92 as of March 2026.

The significant squeeze on profit margins has been attributed largely to the current taxation framework governing export proceeds.

A senior official of the company said the sharp decline in margins has been worsened by the nature of tax deduction at source (TDS).

He noted that in the export business, banks deduct tax at the source immediately upon the receipt of export proceeds. "Because these deductions are not strictly tied to the export revenue of a specific accounting period, the tax cost often appears disproportionately high relative to the quarterly profit."

Industry insiders further elaborated that footwear exporters are required to pay 1% of their total export value as TDS. Although this amount can be adjusted against final income tax at the end of the year, it is not refundable.

This creates a systemic hurdle for companies operating on low margins; if the final calculated tax on income is lower than the amount already deducted as TDS, the company cannot claim a refund, effectively turning the deduction into a final tax that erodes the actual profit.

Following the disclosure of these financial results, investor sentiment on the Dhaka Stock Exchange remained cautious. Shares of Apex Footwear closed 0.83% lower at Tk202.60 today.

Based on the latest quarterly data, the company's price-to-earnings ratio stands at 33.47, while its dividend yield is 1.23%.

Runner Automobiles PLC saw its share price fall after a key sponsor announced plans to divest his entire stake, raising concerns among investors amid the company's ongoing transition toward electric vehicles (EVs).

Taslim Uddin Ahmed, a sponsor and former director of the company, has declared his intention to sell all 27.09 lakh shares he currently holds.

According to a regulatory filing with the Dhaka Stock Exchange today (27 April), Ahmed plans to complete the sale by 30 April through both public and block markets at the prevailing market price.

Following the announcement, Runner's share price declined by 4.66%, closing at Tk38.90.

The move comes shortly after a similar decision by major foreign investor Brummer Frontier, which on 9 April announced plans to offload 50 lakh shares from its holding of 1.83 crore shares. The simultaneous exits by a sponsor and a foreign shareholder have sparked unease among market participants.

The sell-off is notable given the company's recent strategic development. On 24 March, Runner announced a Master Supply and Manufacturing Agreement (MSMA) with BYD Auto Industry Company to explore local production of electric vehicles. While the partnership marks a significant step forward for Bangladesh's automotive sector, the company noted that the final investment size and financial impact are yet to be determined.

Financially, the company is facing mixed performance. The runner reported a net profit of Tk 2.93 crore for the first half of the current fiscal year (July–December), but posted a loss of Tk 1.41 crore in the October–December quarter.

Despite this volatility, revenue remains strong. The company recorded a 31% year-on-year increase in revenue to Tk592.18 crore in the first half, driven by solid demand in the truck, pickup, and tractor segments.#####

Import-export activities between Bangladesh and India through the Benapole land port will remain suspended for three consecutive days due to the assembly elections in West Bengal, India.

However, despite the halt in trade operations, passport holders will be allowed to travel for emergency medical purposes, and voters from West Bengal will be permitted to enter India from Bangladesh to cast their ballots.

Moreover, perishable goods will also remain outside the purview of this restriction.

The information was disclosed in a letter issued on April 24, signed by Shilpa Gaurisaria, district magistrate and district election officer of North 24 Parganas, India, while Md Shamim Hossain, director of Benapole Port, confirmed the matter yesterday.

According to the letter, voting will take place on April 29 in 33 assembly constituencies in North 24 Parganas.

To ensure a smooth election process, the movement of people and vehicles will be restricted from 6pm on April 26 to 6am on April 30 under Section 163 of the Indian Citizen Security Code-2023.

As a result, all international land borders and entry-exit points in the district will remain closed.

During this period, passenger movement through international check posts will be limited, and normal import-export activities are expected to resume from Thursday morning, said Aminul Haque, vice-president of the Benapole Importers and Exporters Association.

Although passenger movement is restricted, Indian voters currently in Bangladesh will be able to return home to vote, said Shakhawat Hossain, officer-in-charge of Benapole Checkpost Immigration Police.

Normal movement of all passport holders will resume after 7am on April 30.

Rahat Hossain, assistant commissioner of Benapole Customs, said that although trade activities will be halted, internal operations at the customs house and port will continue as usual. If any perishable goods arrive from India, arrangements will be made for their swift clearance.

Chinese regulators have blocked Meta's planned acquisition of artificial intelligence start-up Manus, a deal estimated at about $2 billion, citing restrictions on foreign investment.

The National Development and Reform Commission prohibited the transaction and ordered both parties to withdraw, according to details of the decision, reports the BBC.

Manus has drawn attention for what it describes as "truly autonomous" agents, technology designed to independently plan, execute and complete tasks based on initial instructions, rather than relying on continuous user prompts. Analysts had viewed the capability as a "natural fit" for Meta's push into artificial intelligence under Chief Executive Mark Zuckerberg.

The regulatory intervention reflects concerns tied to Manus's origins. Although now headquartered in Singapore, the company was founded and previously based in China, making it subject to rules governing the export or sale of technology to foreign entities.

The review process has also involved legal complications. In March, Manus's two co-founders were placed under exit bans, preventing them from leaving China while authorities examined the deal.

Despite the block, Meta has said the Manus team is already "deeply integrated" into its operations, working to expand the service for millions of users. That level of integration could complicate efforts to "unwind" the arrangement.

The decision comes amid broader tensions between the United States and China over advanced technologies. The White House has said it plans to work with US companies to counter what it called "industrial-scale campaigns" by foreign actors, particularly in China, to appropriate AI innovations. Chinese officials, in turn, have criticised what they describe as the "unjustified suppression" of Chinese firms and say the country is emerging as a global "innovation lab".

Within Meta, the development coincides with a period of restructuring as the company increases spending on AI. It recently announced plans to cut about one in ten jobs, its largest round of layoffs since 2023. Meta has said it hopes for an "appropriate resolution" to the regulatory review and maintains that the transaction complied with applicable laws.

The first of the two units of the Rooppur Nuclear plants, with a combined capacity of 2,400 megawatts (MW), is set to begin its operational procedures, following the fuel loading today, raising hope that it will likely help Bangladesh better manage its power demand.

With approximately 300MW of power from the first unit (1,200MW) coming online by August 2026, the country will likely be able to harness its optimal benefits during the summer of 2027, as it takes 10 to 12 months to operate it in full capacity.

Given the power crunch Bangladesh experiences due to scorching heat and rising demand for cooling in summers, this nuclear power plant has the potential to partially alleviate these challenges next summer. Besides, this baseload power plant can partly support in times of uncertainty that force the government to reduce fossil fuel imports, which ultimately have knock-on effects in the power sector.

The VVER nuclear plant's designed economic life is 60 years to generate stable power and thus can help the imported fossil-fuel-dependent country considerably, especially by limiting volatile and expensive liquefied natural gas (LNG) in the future.

While there is no publicly available information on tariffs, it is expected that the cost of power from the nuclear plant will be lower than the country's average grid-based power generation cost. If the cost can be kept within Tk10 per kWh, it will help the Bangladesh Power Development Board (BPDB) rein in the rising power generation costs and associated pressure to raise power tariffs.

Looking ahead, once the country brings the second nuclear unit online, Bangladesh will likely have a substantial baseload capacity, including its gas- and coal-based plants, sufficient to meet the country's power demand even beyond 2030, considering the country's subdued growth in demand. This power system capacity eventually opens opportunities for a significant renewable energy expansion, relying on both decentralised and utility-scale projects.

As baseload nuclear plants offer a significant opportunity, Bangladesh can use them judiciously to reduce load-shedding and dependence on imported carbon-intensive fuels in the near term. Over time, scaling up renewable energy will be critical to strengthening the country's energy security and resilience.

-This report was prepared based on a phone conversation with Shafiqul Alam, lead energy analyst for Bangladesh at Institute for Energy Economics and Financial Analysis.