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?"

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.

Lending growth to euro zone ​businesses picked up in ‌March, European Central Bank data showed on Wednesday, ​even as the ​Iran war depressed economic ⁠sentiment and pushed ​up energy costs.

Bank credit ​to businesses rose by 3.2% last month, a slight ​acceleration from the ​3.0% in February, while loan growth ‌to ⁠households was steady at 3.0%.

The M3 measure of money circulating ​in the ​euro ⁠zone, often an indicator of ​future activity, accelerated ​to ⁠3.2% from 3.0%, above expectations for 3.1% ⁠growth ​in a Reuters ​poll of analysts.

On 6 April, India's indigenously developed 500 MWe nuclear Prototype Fast Breeder Reactor (PFBR) at a power plant in Kalpakkam in Tamil Nadu successfully attained first criticality.

What it means in simple terms is that the nuclear reaction in the reactor has become safely self-sustaining and is on its way to generating electricity.

There are two key takeaways from the feat: one, it puts India in the second stage of its three-stage nuclear power programme conceived in the 1950s by Homi Jehangir Bhabha, the father of the country's nuclear programme.

Second, once fully operational, India will become only the second country after Russia to operate a commercial fast breeder reactor.

The Kalpakkam power project was formally approved in 2003 and it took 23 years to reach the second stage.

While several countries have developed or operated experimental fast reactors, specifically the USA, the UK, France, Japan, Germany and China, most of these programmes are currently shut down.

Fast breeder technology forms the vital link between India's current fleet of pressurised heavy water reactors, heavily dependent on imported enriched uranium, and the future deployment of thorium-based reactors, leveraging the country's abundant thorium resources for long-term clean energy generation. Nuclear power contributes about % of India's electricity from 8.78 gigawatts of installed capacity.

It will take some months before the PFBR at Kalpakkam produces electricity and reaches full capacity for commercial use. A number of experiments need to be conducted at low power, which have to be evaluated by the Atomic Energy Regulatory Board (AERB) for its go-ahead for commercial power operation.

India's three-stage atomic power programme envisages becoming independent of imports and achieving energy security through the use of thorium, of which the country has vast reserves. This is where the PFBR technology plays the role of a bridge between the current fleet of pressurised heavy water reactors using enriched uranium and the future deployment of thorium-based reactors for long-term clean energy generation targets.

India has a fleet of 18–20 pressurised heavy water reactors that use natural uranium as fuel and produce plutonium-239 (Pu-239) as a by-product in spent fuel, which has civilian as well as defence applications.

India's present installed nuclear power capacity is 8780 MW and the nuclear electricity generated during 2024–25 is 56681 million units, according to data from the Atomic Energy Department. In 2024–25, the share of nuclear power was about 3.1% in India's total electricity generation.

Indian consumer goods maker AWL Agri Business is grappling with a roughly 20% surge in some crude-linked input costs as the Middle East conflict drives up prices for fuel, chemicals and packaging materials, its CEO said.

The pressures reflect a broader industry trend, with peers such as bottled water maker Bisleri and Dove soapmaker Hindustan Unilever raising prices to counter higher conflict-linked input costs.

"Costs have gone up for us in terms of chemicals, packing material and coal, so that is something which remains a cause of concern even today," Shrikant Kanhere, AWL's managing director and CEO, told Reuters in an interview.

AWL, home of brands including Fortune cooking oil and Kohinoor rice, is adjusting prices in line with market movements, absorbing part of the increase while passing the rest on to consumers, Kanhere said, without giving details.

Input costs for some crude-linked materials have risen by about 20% since the conflict began, translating into a cost impact of roughly 25 to 50 basis points, he added.

Global oil prices have surged amid fears of supply disruptions. Brent crude has climbed from the low $70s a barrel before the Middle East conflict to above $110, market data show.

The company, which is cutting packaging and fuel use at its plants to limit the hit to profits, expects per-tonne margins to be broadly stable in fiscal 2027.

AWL is also expanding distribution and investing heavily in online channels and large-format grocers, which together posted nearly 50% growth last year, in a push to scale up volumes.

Kanhere forecast sales volume growth of 8% to 9% in fiscal 2027, nearly double last year's pace, with edible oils growing at a mid-single-digit rate and foods posting double-digit growth.

The dollar edged higher on Wednesday as investors awaited a closely watched Federal Reserve rate decision in what was likely ​to be Chair Jerome Powell’s swan song, against a backdrop of an Iran war that shows little sign of imminent resolution.

Activity was tempered by markets ‌in Japan closing for a public holiday and by caution ahead of a string of major central bank decisions over the coming 48 hours, along with the likes of Amazon, Microsoft and Meta reporting earnings after Wednesday’s closing bell.

Against the dollar, the euro dipped 0.07 percent to $1.1705 while sterling slipped 0.05 percent to $1.3513, as both currencies edged further away from their highs earlier this month.

The euro is around 1 percent below where ​it was at the end of February when the war broke out, while the pound is roughly unchanged.

The Fed’s rate decision will later take centre stage. The ​central bank is widely expected to keep rates on hold, leaving the focus on policymakers’ assessment of the war’s impact on the economy and on Powell’s future.

“The question is what Powell is going to do, because he still holds the governor seat until 2028 - so whether he chooses to resign after the expiry of ​the Chair term or if he stays on as a governor and as sort of a shadow Chair,” said Carol Kong, a currency strategist at Commonwealth Bank of Australia.

“Powell has ​previously said that he will stay on if he thinks that Fed independence is under threat, so I think his decision ... will depend on his perception of Fed independence.”

In geopolitics, efforts to end the Iran war were at an impasse with US President Donald Trump unhappy with the latest proposal from Tehran because he wants nuclear issues dealt with from the outset.

Oil rose for an eighth straight day, the longest ​such stretch since May 2022, in the aftermath of Russia’s invasion of Ukraine. The June contract that expires on Wednesday was up another 1 percent at $112 a barrel , while the most-active ​July was at $105, which dampened confidence and fed some demand for the dollar in its capacity as a safe-haven currency.

“Crude oil is again trading back above the $110-a-barrel level with potential economic consequences over ‌the summer period ⁠becoming more severe,” MUFG head of research for global markets EMEA Derek Halpenny said.

“Europe and Asia will be more severely hit and if this drags on there will be increased downside pressure on the euro and Asian currencies,” he added.

Two listed companies of Alif Group—Alif Industries Limited and Alif Manufacturing Limited—have taken a preliminary decision to transfer their business management operations to US-based JIT International Inc.

According to disclosures made on the Dhaka Stock Exchange (DSE) on Tuesday (28 April), the decisions were made at board meetings held at the companies' registered offices.

The move remains subject to compliance with applicable laws, regulations, and approvals from relevant authorities.

Following the announcement, trading of both companies' shares was halted on the Dhaka Stock Exchange today (29 April).

The companies stated that JIT International Inc., located at 45 Lockatong Road, Stockton, Stockton, New Jersey, USA, has expressed its interest in acquiring strategic control and management of the two Alif Group firms.

To facilitate the process, the boards have authorised Managing Director Md Azimul Islam to initiate and complete the necessary formalities for the proposed transaction.

At the same meetings, both companies appointed Mir Hasan Ali and Ziaul Abedin as independent directors. Mir Hasan Ali was elected chairman of the board while Ziaul Abedin was appointed vice chairman.

Md Tuhin Reza has also been appointed chief executive officer (CEO) of both companies with immediate effect. Additionally, Md Kamal Hossain has been appointed Company Secretary of Alif Industries Limited.

Alif Manufacturing Limited also approved similar decisions regarding the transfer of strategic control to JIT International Inc., with Md Azimul Islam assigned to lead and coordinate the process and complete all required formalities.

The Board further directed that the CEO coordinate with all relevant stakeholders—including regulatory authorities, banks, financial institutions, and others—to implement the proposed transaction.

The company has not yet disclosed details regarding management fees or whether JIT International Inc will subsequently acquire shares or ownership in the companies. The timeline for completing the process has also not been specified.

Managing Director Md Azimul could not be reached for comment despite multiple attempts via phone. He also did not respond to text messages.

A company official, speaking on condition of anonymity, said the decision is still at a preliminary stage and that further details will be disclosed in due course.

The official added that the move comes as the current management has faced challenges in efficiently operating the businesses.

Limited information is available about JIT International Inc. However, unofficial sources suggest that it is a US-based company associated with buying-house operations, which may potentially source garments from Alif Group.

Soybean oil prices have been raised by Tk4 per litre, setting the new rate at Tk199 per litre.

Following the adjustment, a 5-litre bottle will cost Tk975, up from the previous price of Tk955.

Commerce Minister Khandaker Abdul Muktadir announced the revised prices today (29 April) after a meeting to review edible oil rates, saying the adjustment was made in line with market conditions.

Meanwhile, loose soybean oil has been priced at Tk180 per litre, up from Tk176. The price of palm oil remained unchanged at Tk166 per litre.

Justifying the upward revision, the minister said traders had been purchasing oil at elevated prices since Ramadan and selling at a loss, prompting persistent appeals from importers and refiners for a price correction, reports UNB.

"The prices of import-dependent commodities have risen due to adverse global conditions, placing significant strain on businesses," Muktadir said. "Traders had sought a steeper increase, but the government has kept prices within consumers' reach."

The minister assured consumers that prices would be reviewed and readjusted once the international soybean oil market stabilises.

Traders pledged to sell at the newly fixed rates and committed to making no further revision requests ahead of Eid-ul-Adha, he added.

The price adjustment comes amid a prolonged supply crunch lasting over a month, particularly for five-litre bottled soybean oil.

Market surveys indicate the product has already been changing hands at Tk980 to over Tk1,020, well above the official ceiling of Tk955, underscoring the gap between regulated and street-level prices that the revised rates now seek to narrow.

Earlier on 7 December last year, the price of bottled soybean oil was set at Tk195 per litre, and loose soybean was priced at Tk176 per litre. Palm oil prices saw a sharper rise, with the rate increasing by Tk16 per litre to Tk166, from the earlier price of Tk150.

Bangladesh and the European Union (EU) have expressed a renewed commitment to deepening their long-standing partnership.

The fifth round of Bangladesh-EU Diplomatic Consultations was held today (29 April) after a gap of nearly five years, according to a press statement.

The consultations were co-chaired by Foreign Secretary Asad Alam Siam and Erik Kurzweil, managing director for Asia Pacific at the European External Action Service.

The meeting reviewed Bangladesh-EU relations and explored cooperation in priority sectors, with Dhaka emphasising a forward-looking partnership in line with evolving strategic and economic realities, according to the statement.

The discussions followed the recent initialling of the Partnership and Cooperation Agreement (PCA), which both sides expect will provide a structured framework for future cooperation once internal processes are finalised.

The EU acknowledged Bangladesh's February 2026 parliamentary elections, referring to the final report of its Election Observation Mission. The two sides also exchanged views on democratic governance, human rights and the rule of law.

According to the statement, the new government, formed with a public mandate, seeks to bring fresh momentum to bilateral ties and realise untapped potential.

Bangladesh highlighted the importance of preferential market access to sustain trade ties and outlined interest in future arrangements, including a possible Free Trade Agreement and an Investment Protection Agreement.

Discussions also covered cooperation in research and innovation, with Bangladesh expressing interest in broader participation in Horizon Europe and joint initiatives on knowledge exchange, technology transfer and capacity building.

Photo: Courtesy
Photo: Courtesy

On migration, Bangladesh highlighted progress in labour sector reforms and stressed the importance of expanding safe and regular migration pathways. Both sides also emphasised cooperation to combat human trafficking and irregular migration.

On climate change, Bangladesh reiterated its vulnerabilities and stressed the need for enhanced access to climate finance, technology transfer and support for adaptation and resilience, including under initiatives such as the EU's Global Gateway.

The two sides also exchanged views on regional and global developments, including the Middle East crisis, and reaffirmed their commitment to multilateralism and a rules-based international order. Bangladesh reiterated the need for sustained international support to resolve the Rohingya crisis.

Both sides underscored the importance of holding regular consultations to fully harness the potential of Bangladesh-EU relations, the statement added.

Commerce Minister Khandakar Abdul Muktadir yesterday (29 April) called for bringing the gold trade under the formal economy, asserting that the jewellery sector holds untapped export potential worth billions of dollars for Bangladesh.

"People think the gold business is part of a black economy. I will not get into the black-and-white debate; what we want is the entire sector to become part of the visible economy," he said while speaking at a consultative committee meeting of the National Board of Revenue (NBR) held at a city hotel.

Pointing to India's $52 billion annual earnings from gold jewellery exports, Muktadir said Bangladesh possesses craftsmen of comparable skills, yet the country has little to show for it. "Bangladesh should be earning at least $12-14 billion from this sector, but that is simply not happening."

To unlock the sector's potential and generate export revenue, he stressed the need to upgrade laboratory facilities, modernise jewellery designs, and overhaul government policies to align with contemporary market demands.

The minister also identified the energy crisis and high interest rates on bank loans as major impediments to doing business, cautioning that failure to improve the tax-to-GDP ratio will significantly constrain the country's economic momentum.

He called on the business community to shift their mindset towards tax compliance and contribute meaningfully to national development.

Earlier in the meeting, the Federation of Bangladesh Chambers of Commerce and Industry proposed raising the tax-free income ceiling to Tk5 lakh for general taxpayers and Tk5.5 lakh for women in the upcoming budget, while also recommending capping the highest tax rate at 25 percent.

The apex trade body further demanded an increase in the Export Development Fund beyond its current $7 billion limit and sought budgetary support for the implementation of the 'One District, One Product (ODOP)' programme.

Visa shares jumped 5% in premarket trading on Wednesday after the payments-processing company beat estimates for second-quarter profit and lifted expectations for full-year earnings, as consumer spending remained strong.

Payments volume showed continued growth as consumers remained resilient in the quarter, even as escalations in the Middle East worsened economic uncertainty.

CEO Ryan McInerney said in a post-earnings call that Visa was closely monitoring the situation in the region. The company said several factors would offset weakness in cross-border travel, such as stronger US-bound demand linked to the FIFA World Cup and higher commercial travel volumes.

Cross-border payments, viewed as a real-time gauge of global trade and travel because of Visa's scale, are closely monitored by analysts and economists. The company's cross-border volume in the second quarter rose 12% on a constant-dollar basis, compared with 13% a year earlier.

"There's a lot to be impressed by in Visa's print, particularly in the context of investor concerns going in that cross-border growth would dramatically slow in April," J.P. Morgan analysts said in a note.

Shares of the company have lost about 12% so far in 2026, lagging behind the broader S&P 500 index, but still outperforming American Express.

"Visa posted its strongest growth profile in years supported by multiple self-reinforcing levers while doing well to articulate upside potential from agentic commerce and stablecoins," TD Cowen analysts said in a note.

The company's board also authorised a new $20 billion multi-year share repurchase programme.

Visa is investing in organic growth and acquisitions, and the share repurchase shows the company's "ability to have a balanced capital allocation strategy where we return excess free cash flow to clients," finance chief Chris Suh said in an interview with Reuters.

Square Pharmaceuticals PLC reported a slight decline in profit in the January–March quarter of FY26, despite posting steady revenue growth during the period.

According to the company's latest financial disclosure, consolidated revenue rose 8% year-on-year to Tk2,170.37 crore in the third quarter. However, consolidated net profit slipped 1.40% to Tk596.64 crore, indicating mild pressure on earnings. Consequently, earnings per share (EPS) stood at Tk6.73, down from Tk6.83 in the same quarter of the previous year.

Despite the modest quarterly dip, the company delivered strong performance over the nine-month period from July to March of FY2026. Consolidated revenue increased 13% to Tk6,508 crore, while net profit grew 10% to Tk2,064 crore. EPS for the period rose to Tk23.29, compared to Tk21.15 in the corresponding period of the previous fiscal year.

The unaudited financial statements for the third quarter were approved at a board meeting held today (29 April).

The marginal decline in quarterly profit, despite higher revenue, points to possible increases in operational costs or margin pressures, though the company did not provide detailed explanations. Nevertheless, the overall nine-month results highlight resilience in earnings growth, supported by sustained demand and operational efficiency.

Prime Minister Tarique Rahman has said that 25 priority initiatives have been undertaken to expand local business, create employment, and ensure a better environment for investors.

He made the remarks in response to a written question from Cox's Bazar-9 MP Md Abul Kalam in parliament today (29 April).

The MP had asked about the joint action plans of the government's four investment development agencies to improve the country's investment climate and accelerate job creation.

In reply, the prime minister said the Bangladesh Investment Development Authority (Bida), Bangladesh Economic Zones Authority (BEZA), Public Private Partnership (PPP) Authority, and Maheshkhali Integrated Development Authority (Mida) have jointly prepared a 180-day plan.

He said, "This 180-day plan aims to strengthen the foundation for investment growth through short-term administrative, institutional, and infrastructural measures to promote a business-friendly environment."

He added, "At the same time, it is expected to contribute to job creation, industrialisation, simplification of government services, improvement of logistics efficiency, and long-term economic growth acceleration."

According to prime minister, the plan includes 25 priority initiatives under three pillars—50% focused on improved infrastructure, 30% on investment facilitation, and 20% on investment development-related initiatives.

Businesses yesterday called for structural reforms in the tax system to reduce the cost of doing business, ease compliance burdens, and improve investment competitiveness.

In this regard, the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) placed a set of proposals for the upcoming national budget before the National Board of Revenue (NBR) at a pre-budget discussion held in Dhaka.

FBCCI Administrator Md Abdur Rahim Khan presented the major proposals at the discussion.

The apex trade body called for reducing the minimum tax from 1 percent to 0.25 percent on annual gross turnover, with a long-term plan to phase it out. It said the current rate forces firms to pay tax even in loss-making periods amid high inflation, elevated interest rates, dollar shortages, and rising input costs.

The FBCCI also proposed zero minimum tax for businesses operating at a loss with zero or negative taxable income based on audited accounts, newly established firms for the first three years, and businesses affected by natural disasters, epidemics, or government-declared economic crises.

The trade body termed the turnover-based minimum tax system unfair, saying it undermines equity in taxation, and urged a more realistic framework reflecting actual business performance.

It also demanded raising the personal tax-free income threshold to Tk 500,000 and reducing corporate tax rates to ease pressure on individuals and firms.

The FBCCI called for a gradual reduction of advance income tax (AIT) at the import stage, saying it raises upfront costs and strains liquidity for import-dependent industries.

It also proposed rationalising withholding tax rates and lowering them on machinery and raw materials to support industrial expansion.

On indirect taxation, it suggested a uniform 2 percent VAT on all locally traded goods to simplify compliance and reduce disputes.

In the customs regime, the FBCCI proposed capping import duty at 1 percent on industrial machinery, spare parts, raw materials, and inputs not produced locally, and 3 percent for locally produced items.

Institutionally, it recommended establishing separate Large Taxpayer Units (LTU) and Medium Taxpayer Units (MTU) in Dhaka and Chattogram to improve tax administration.

Speaking as the chief guest, Finance Minister Amir Khosru Mahmud Chowdhury said the government is committed to ensuring a business-friendly environment and removing barriers to doing business.

Business concerns would be reflected in the upcoming budget, he assured.

Commerce Minister Khandaker Abdul Muktadir said the economy needs revitalisation through new investment and sustaining existing industries, while pointing to challenges in banking and logistics and urging specific private sector proposals.

NBR Chairman Md Abdur Rahman Khan, former FBCCI president Mir Nasir Hossain, and International Chamber of Commerce, Bangladesh (ICCB) President Mahbubur Rahman also spoke at the event.

Gold is seen as a safe haven asset in times of volatility but investment volumes fell in the first quarter, industry data showed Wednesday, as the Middle East war forced some investors to liquidate holdings to raise cash.

Investment volumes fell by five percent during the quarter, according to the World Gold Council, despite gold having set a record high in January as investors sought refuge from a weak dollar and US President Donald Trump’s erratic policy shifts.

“Hefty outflows in March reversed much of the sizable January and February inflows” into gold exchange-traded funds (ETFs), an easy means to invest in the precious metal, the council said in its quarterly report.

And that was linked in particular to North American funds.

“Oftentimes because gold is so widely accepted, it is the first thing that you sell when you need a certain access to cash or to liquidity,” said World Gold Council expert Juan Carlos Artigas.

Following the US-Israeli attacks on Iran at the end of February, Tehran closed traffic through the Strait of Hormuz, through which a fifth of the world’s oil and liquefied natural gas normally flows.

That sent oil and gas prices rocketing higher and disrupting markets, forcing many investors to raise cash to settle their positions.

The prospect of the US Federal Reserve raising interest rates in response to higher inflation boosted the dollar, making gold more expensive for investors who don’t hold dollars.

If demand for gold dropped by volume, the value of purchases jumped by 62 percent.

Gold touched a new record just shy of $5,600 per ounce at the end of January, and averaged $4,873 per ounce over the quarter.

High prices, driven largely by investment holdings, hit demand for jewellery, however.

The jewellery market was also disrupted by the war, with the Middle East a key shipping hub.

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.

Walton Hi-Tech Industries PLC reported a notable decline in both revenue and profit in the January–March quarter of FY26, reflecting mounting cost pressures and intense market competition.

According to the company's latest financial disclosure, revenue dropped by 13% year-on-year to Tk1,786 crore in the third quarter, while net profit plunged by 29% to Tk279.60 crore.

Earnings per share (EPS) also fell to Tk8.39 from Tk11.76 in the same period a year earlier, indicating a significant contraction in profitability.

The downturn extended to the nine-month period from July to March of FY26, during which Walton's revenue edged down to Tk4,548 crore.

Net profit for the period declined by 8% to Tk642.94 crore, compared to the corresponding period of the previous fiscal year. EPS stood at Tk19.29, down from Tk20.90 a year earlier.

The company attributed the weaker financial performance primarily to a sharp increase in output value-added tax (VAT) on key products. The VAT rate doubled from 7.5% to 15%, significantly raising costs. However, due to stiff competition in the consumer electronics market, Walton was unable to pass on the additional tax burden to customers through higher prices.

To remain competitive and protect its market share, the company increased rebate offerings, which further squeezed profit margins. This combination of rising tax expenses and pricing constraints weighed heavily on the company's bottom line during the period, the company added.

Despite the decline, Walton remains one of the country's leading electronics manufacturers. Industry analysts say its long-term performance will depend on how effectively it manages tax pressures and competes in the domestic market.

Walton share price fell by 1.19% on Wednesday to close at Tk364.30 at the Dhaka Stock Exchange.