Stocks at the Dhaka Stock Exchange (DSE) fell for the fourth consecutive session today (29 September) as investors remained cautious ahead of earnings declarations by June-closing companies.

Over the four sessions since 24 September, the DSEX, the DSE's benchmark index, has shed 71 points, according to bourse data.

Today, the DSEX slipped 1.5 points to settle at 5,524 as selling pressure weighed on most traded stocks.

The DSE Shariah Index fell 2 points, while the DS30, the blue-chip index, declined 3 points.

Market turnover dropped 15% as investor participation weakened, DSE data showed.

Of the 395 issues traded, 142 advanced, 178 declined and 75 remained unchanged.

EBL Securities, in its daily market commentary, said the benchmark index slipped into negative territory in the final hour as investor caution over potentially weaker earnings from June-closing companies weighed on sentiment.

The market opened higher and remained in positive territory for most of the session before coming under late-hour selling pressure, despite a brief bout of buying interest, it said.

Textiles accounted for the largest share of turnover at 28.8%, followed by general insurance at 18.2% and pharmaceuticals at 10.6%.

Sectoral performance was mixed, with textiles, travel and cement posting the strongest gains, while paper, IT and mutual funds recorded the steepest declines.

The Chittagong Stock Exchange (CSE) also closed lower, with its CSCX and CASPI indices falling 3.9 points and 5 points, respectively.

The Asian Development Bank (ADB) and Modern Syntex Limited (MSL) have signed a $50 million loan agreement to expand energy-efficient polyester chips production in Bangladesh.

The agreement was signed today (29 September) for the Modern Energy-Efficient Polyester Chips Manufacturing Project, according to an ADB press release.

The financing will support MSL's expansion of its production capacity from 107 tonnes to 407 tonnes per day. It will also refinance the company's short-term local working capital loans.

The expanded facility will produce high-intrinsic-viscosity polyester chips, which are used in higher-value textile and apparel products.

"Bangladesh's textile and ready-made garment industry is a key driver of the economy, but it continues to rely heavily on imported synthetic inputs," said ADB Country Director for Bangladesh Qingfeng Zhang.

He said the financing would help MSL increase domestic production, strengthen local supply chains and support higher-value textile manufacturing.

The project will introduce energy-efficient machinery, which is expected to save around 4,840 megawatt-hours of electricity and reduce about 2,222 tonnes of carbon dioxide equivalent emissions annually.

MSL will also pursue Leadership in Energy and Environmental Design (LEED) Platinum certification for its building and factory under the project.

The expansion is expected to increase the domestic supply of polyester chips, reduce import dependence, shorten lead times and improve efficiency for textile manufacturers.

The project will also create around 100 new jobs and promote greater participation of women through inclusive recruitment practices.

"We greatly value ADB's support as it enables MSL to significantly expand polyester chips production, strengthen local supply chains, and reduce dependence on imported inputs," said MSL Managing Director Abu Sufian Chowdhury.

He said the company's investment in energy-efficient technology would improve its competitiveness while supporting the textile industry.

MSL, a company of TK Group, operates Bangladesh's first continuous polymerisation facility in the Mirsarai Economic Zone in Chattogram.

The company manufactures polyester chips, synthetic yarn and fibre, mainly for domestic textile manufacturers. Its facility is located close to major port and logistics infrastructure.

Bangladesh, Chile, Sri Lanka and Hong Kong have applied to join the Regional Comprehensive Economic Partnership (RCEP), a 15-country trade bloc in the Asia-Pacific region. At a meeting of the RCEP Joint Committee in Manila on 21 September, a recommendation was made to form special working groups on the applicant countries.

The recommendation was later approved at the fifth RCEP Ministerial Meeting held in Manila, the capital of the Philippines. This is an important development for Bangladesh. However, there is no scope to view this as being on the threshold of membership; rather, a difficult phase of preparation and negotiation is now beginning.

If Bangladesh can join RCEP, it could create opportunities to access new markets, enter regional supply chains and diversify exports. In the context of losing some of the existing trade benefits after graduation from LDC status, establishing institutional trade relations with major Asian markets will become increasingly important for Bangladesh.

But it would be a major mistake if we only look at the size of the market and not the level of competition. RCEP will open markets for Bangladesh; at the same time, Bangladesh will also have to open its market to member countries. Competitive products from China, Japan, South Korea and ASEAN could then enter Bangladesh's market more easily. For domestic industries with weak productivity and high costs, that will be a difficult test.

Bangladesh's real problem, therefore, is not obtaining permission to enter RCEP; the problem is building the capacity to compete after entering. Exports remain excessively dependent on ready-made garments. An ineffective trade policy, inefficiencies at ports and customs, logistics costs, energy uncertainty, a complex tax system, limited use of technology and a skills shortage are all obstacles to competitiveness.

Reforming trade policy must therefore be given priority in the list of reforms. Alongside high tariffs, para-tariffs, such as supplementary duties, regulatory duties and other import-related charges, need to be reduced to establish a transparent, simple and predictable tariff structure. At the same time, customs and port systems must be modernised, supply chain costs must be reduced and reliable energy must be ensured. Alongside increased investment in skills, technology and research, export capacity needs to be developed in sectors such as pharmaceuticals, leather, agro-processed products, light engineering and ICT beyond garments.

RCEP is not just a trade agreement for goods; its broader objective is regional integration in services and investment. Therefore, the opportunities for Bangladesh are not limited to exporting goods.

To attract investment from RCEP countries, Bangladesh's investment environment also needs to be made competitive. Without reforms in areas such as land, reliable electricity and gas supplies, predictability in the tax system, transparency in the repatriation of profits and capital, contract enforcement and coordination among regulatory agencies, it will be difficult to realise the aspiration of becoming a regional hub for production and investment.

Most importantly, negotiations must be based on data, not emotion. Without preparation on which products need rapid tariff benefits, which sectors require longer transition periods and how domestic industries can be given temporary protection, trade agreements could instead create pressure.

RCEP is therefore not just a door to new markets for Bangladesh; it is a test of capacity. The door is opening, but the biggest question now is whether the house has been prepared well enough to compete and attract investment on the other side.

Dr Selim Raihan is a professor of Economics at Dhaka University and executive director of the South Asian Network on Economic Modelling (Sanem).

Bangladesh has invited global oil and gas companies to invest in 26 offshore blocks, highlighting competitive terms under its Offshore Model Production Sharing Contract (PSC) 2026 and the Bay of Bengal's largely unexplored hydrocarbon potential at the World Energies Summit in London.

The investment pitch was made at a ministerial session on the Strategic Stage of the summit today (29 September), where Bangladesh invited international energy companies to participate in the Bangladesh Offshore Bidding Round 2026.

Under the bidding round, 26 offshore blocks -- 11 in shallow water and 15 in deep water -- have been opened to international investors.

State Minister for Power, Energy and Mineral Resources Anindya Islam Amit highlighted Bangladesh's growing energy demand, driven by rapid economic expansion.

He said the government was working to increase exploration and production of domestic gas and other energy resources.

The minister also urged international oil and gas companies to participate in the ongoing offshore bidding round.

At the summit, Invest Bangladesh Chairman Chowdhury Ashik Mahmud Bin Harun presented an overview of the country's economic situation, highlighting macroeconomic stability, investment flows and government measures aimed at facilitating international investment.

The Bangladesh delegation also presented the Bay of Bengal's unexplored offshore potential, the availability of modern seismic data and the commercial terms offered under the Offshore Model PSC 2026.

The government has been seeking international investment in offshore exploration to boost exploration and production of domestic gas and other energy resources.

At the session, the Bangladesh delegation encouraged international energy companies to review the country's geological and seismic data before deciding on their participation in the bidding round.

The delegation also requested interested companies to engage directly with the government and Petrobangla for further information and to participate in the bidding process.

The Bangladesh Securities and Exchange Commission has approved bond proposals worth a combined Tk3,500 crore from five banks to strengthen their Tier-II capital under Basel III and finance green and sustainable projects.

The approvals were given at the commission's meeting on Tuesday (29 September) for One Bank, Southeast Bank, BRAC Bank, Al-Arafah Islami Bank and Bank Asia.

One Bank will raise Tk400 crore through an unsecured, non-convertible, fully redeemable, floating-rate subordinated bond. The bond will carry a coupon of the reference rate plus 3% and will be privately placed with institutional investors and high-net-worth individuals.

Southeast Bank will raise Tk800 crore through a seven-year subordinated bond, also offering a coupon of the reference rate plus 3%. The proceeds will be used to strengthen its Tier-II capital.

BRAC Bank will raise the largest amount, Tk1,000 crore, through a three-year zero-coupon green bond. The potential discount rate is 8.5%, with each unit having a face value of Tk10 lakh.

The proceeds will be used to provide low-cost green financing to eligible customers. The bond will be privately placed with corporate institutions, provident and gratuity funds, high-net-worth individuals and other eligible investors.

Al-Arafah Islami Bank will raise Tk500 crore through a seven-year floating-rate subordinated bond carrying a coupon of the reference rate plus 3%. The proceeds will strengthen its Tier-II capital under Basel III.

Bank Asia will raise Tk800 crore through a seven-year sustainable subordinated bond, also carrying a coupon of the reference rate plus 3%. The proceeds will be used to strengthen Tier-II capital and finance or refinance eligible green and sustainable projects.

The bonds will be issued through private placement, meaning retail investors will not have direct access to the issuances.

One Bank and Southeast Bank bonds will be listed on the Main Board. Bank Asia's bond will also be listed on the Main Board.

Green Delta Capital will act as trustee and UCB Investment as issue manager for One Bank's bond. DBH Finance will serve as trustee for Southeast Bank, Al-Arafah Islami Bank and Bank Asia, while UCB Investment will manage the first two and Prime Bank Investment will manage Bank Asia's issue.

Prime Bank Investment will also act as trustee for BRAC Bank's green bond, with IDLC Investments as issue manager.

The approvals come as banks seek to strengthen their capital positions under Basel III. Subordinated bonds allow banks to raise long-term Tier-II capital without issuing new equity, while green and sustainable bonds channel funds into eligible environmental and socially beneficial projects.

For the first time, Bangladesh Bank (BB) is set to announce its monetary policy on a quarterly basis today, replacing the existing six-month cycle.

The central bank has decided to move to quarterly statements to make monetary policy more responsive to volatile domestic and global economic conditions.
The Monetary Policy Statement (MPS) for October-December 2026 will be announced at a 3:00pm press conference at BB headquarters, with Deputy Governor Md Habibur Rahman as the chief guest, according to a press invitation issued by the central bank.

The central bank has decided to move to quarterly statements to make monetary policy more responsive to volatile domestic and global economic conditions

The MPS was initially an annual exercise before being shifted to a half-yearly schedule. The International Monetary Fund (IMF) had recommended a quarterly framework more than a year ago.

On July 26 this year, NCP MP Hasnat Abdullah proposed announcing the MPS every three months instead of following the existing six-month cycle at the first meeting of the parliamentary standing committee on the Ministry of Finance.

Later that month, a BB policy panel also recommended shifting to quarterly monetary policy statements to improve the responsiveness, transparency and effectiveness of monetary policy in a rapidly changing environment.

The central bank had kept its policy rate at 10 percent since October 2024. However, in July this year, BB cut its policy, or repo, rate to 9.5 percent from 10 percent, marking its first reduction in six years.

Although price pressures are easing, inflation remains high. Inflation fell for the third consecutive month to 8.26 percent in August, its lowest level in 10 months, after peaking at 9.42 percent in May.

The July MPS projected inflation to ease to 8.9 percent by December 2026 and 8.6 percent by June 2027, both above the government’s FY27 ceiling of 7.5 percent.

The Bangladesh Bureau of Statistics (BBS) is set to introduce an annual advance calendar showing when it will publish major statistics, making government data more predictable and accessible to users.

The calendar will cover censuses, surveys, administrative data, key indicators, metadata and public-use microdata, according to BBS documents.

“If the scheduled release date is changed due to unavoidable circumstances, the revised schedule, along with the reason for the change, shall be published as soon as possible,” the draft says.

The BBS will publish the calendar under its Data and Microdata Dissemination and Access Policy, 2026, which aims to overhaul how the agency publishes and shares official statistics and microdata.

The BBS will publish the calendar under its Data and Microdata Dissemination and Access Policy, 2026, which aims to overhaul how the agency publishes and shares official statistics and microdata.
The BBS is now seeking feedback from stakeholders after posting the draft policy on its website.

The initiative addresses a long-standing concern among data users, particularly researchers and policymakers, who need not only reliable information but also clarity about when it will be available.

The draft policy treats official statistics as a public resource. It says data should be open unless access is restricted by law, privacy concerns or national interest.

MICRODATA ACCESS TO BE EXPANDED

The policy also proposes a Microdata Portal with dataset lists, dashboards, search and download options, APIs and citation guidelines. Along with reports, the portal would provide anonymised microdata, questionnaires, codebooks and methodology notes.

The draft divides microdata into three categories based on access requirements and privacy risks: Public Use Files, Licensed Use Files and Secure Research Files.

Public Use Files would be fully anonymised and openly available. More sensitive datasets would require approval and could only be accessed under specific conditions or in a secure research environment.

For example, the BBS could first publish a statistical report, followed shortly by its public-use microdata and supporting documents.

Before releasing the data, the BBS would edit, validate and check its quality, anonymise it and assess the risk of identifying individuals. It would also provide metadata and codebooks to help users work with the datasets.

Researchers seeking Licensed Use Files or Secure Research Files would have to provide information about themselves, their research purpose and how they plan to use the data. They would also have to agree not to identify individuals or share restricted data with third parties.

A Microdata Review Committee would assess the applications. Applicants whose requests are rejected could appeal to the BBS director general within 30 days.

Md Firoz Sarker, secretary of the Statistics and Informatics Division (SID), said the calendar would specify in advance which surveys would be conducted and when.

“When you do something repeatedly or suddenly, a lot of time and money are wasted. We want to avoid that,” he said.

He said SID is collecting feedback from stakeholders before sending the draft policy to the minister for approval.

Broader access to the microdata analysis lab will follow the completion of a data warehouse, which is expected by 2027, he said.

“Once the data warehouse is created, you will be able to come from outside and work here through the website,” he said.

Public-use microdata will remain free to download and use for publishing, while the policy allows fees for customised tables and special analysis, Firoz said.

Towfiqul Islam Khan, additional research director of the Centre for Policy Dialogue (CPD), said the policy could improve the accessibility, timeliness and accountability of government data.

He said recognising data as a public good was a significant part of the draft policy.

“The policy has recognised data as a public good. I think there will be more facilities in terms of access to both data and microdata,” he said.

He added that an advance release calendar would make data publication more regular.

“When there is a calendar, data is published regularly. When there is a calendar, accountability also becomes easier,” he said.

“We hope this will increase the credibility of BBS and also increase its engagement with other stakeholders,” he added.

Towfiqul also suggested that other government agencies that produce major datasets, including those responsible for public finance data, should adopt similar release policies.

“BBS, being the custodian and leader of data, should lead this process going forward,” he said.

“The more transparent it becomes, the more helpful it will be for whichever government is in charge,” he added.

Days after imposing fresh anti-dumping duties on jute goods, India has recommended anti-subsidy duties of up to $140.04 per tonne on jute products imported from Bangladesh.

India’s Directorate General of Trade Remedies (DGTR) recommended the duty after investigating imports from Bangladesh and Nepal.

The new tariff, known as a countervailing duty, is intended to offset subsidies provided by exporting countries. The DGTR launched the investigation last year following petitions from the Indian Jute Mills Association (IJMA) and the A.P. Mesta Twine Mills Association (AJMA), which represent Indian millers.

It examined market and import data for the 12 months from April 2024 to March 2025.

The investigation covered jute yarn and twine, sacking bags and cloth, hessian fabrics and bags, and diversified jute products containing at least 50 percent jute.

In its final findings, published on September 28, the DGTR recommended a duty of $101.54 per tonne on Bangladeshi jute products exported by Sagar Jute Spinning Mills Ltd and Oriental Jute Mills Ltd.

A total of 24 Bangladeshi millers co-operated with the investigation and were assigned specific duty rates. Six sampled millers were placed in three exporter groups with specific rates, while 18 non-sampled co-operating millers face a uniform duty of $116.48 per tonne.

A total of 24 Bangladeshi millers co-operated with the investigation and were assigned specific duty rates. The six sampled millers were placed in three exporter groups, with rates ranging from $101.54 to $132.36 per tonne, while 18 non-sampled co-operating millers face a uniform rate of $116.48 per tonne.

All other Bangladeshi jute goods exporters face a residual countervailing duty of $140.04 per tonne. Nepalese exporters face anti-subsidy duties ranging from $54.77 to $60.54 per tonne, according to the final findings.

The latest measure comes as Bangladesh’s jute goods shipments to India have already declined.

Bangladesh’s jute goods exports to India fell 18 percent year-on-year to 1.17 lakh tonnes in fiscal year 2024-25, according to the DGTR.

On September 24, India’s finance ministry imposed anti-dumping duties of up to $445 per tonne on jute products from Bangladesh, including jute yarn and twine, following a mid-term review completed in June.

Before the latest anti-dumping order, India had imposed duties ranging from $19 to $352 per tonne on jute yarn and twine, hessian fabric and jute sacking bags from Bangladesh and Nepal.

Those duties were later expanded to cover jute sacking cloth from Bangladesh, contributing to a slump in shipments to one of the country’s largest export markets for jute goods.

Bangladesh earned $1.16 billion from jute and jute goods exports in FY21, according to the Export Promotion Bureau (EPB). Shipments fell to $820 million in FY25 before exports recovered by 8 percent year-on-year to $884 million in FY26.

Mostafa Abid Khan, chief executive officer of the Bangladesh Foreign Trade Institute (BFTI), a think tank under the commerce ministry, said the latest measures by Indian authorities would further affect jute goods exports to the neighbouring country.

However, he said subsidies are never given to any specific producer. “As far as I know, they are given by a country to a sector. So, countervailing duties imposed on a specific industry should not be considered valid.

“Besides, it is our understanding that while imposing anti-dumping duty on jute products, subsidies provided to the sector were not adjusted. Therefore, it is obvious that anti-dumping duties contain subsidy effects as well. Therefore, as per Article VI of GATT-1994, countervailing duty cannot be imposed on jute products when such anti-dumping duties are in force. It is a real concern for Bangladesh,” he added.

Tapash Pramanik, chairman of the Bangladesh Jute Spinners Association (BJSA), questioned how countervailing duties could be imposed when an anti-dumping duty is already in place.

He said the incentive structure enjoyed by the jute industry a decade ago, or before that, no longer exists. But Indian authorities are not taking Bangladesh’s concerns into account.

“We would urge the government to challenge the move by India in the international arena,” he added.

The Bangladesh Securities and Exchange Commission (BSEC) has approved the reconstitution of Beximco Pharmaceuticals' board, excluding the company's vice-chairman Salman F Rahman.

The new nine-member board will comprise three representatives of the Beximco Group, one director nominated by IFIC Bank PLC, four independent directors, including one woman, and the company's managing director.

The decision was taken at a BSEC commission meeting today (29 September).

Under the arrangement, Beximco Pharmaceuticals will withdraw a pending lawsuit challenging the regulator's earlier decision to appoint independent directors. The BSEC will then withdraw two of its previous orders related to the dispute, according to the regulator.

The Beximco Group representatives on the new board are ASF Rahman, chairman and founder of the group, Osman Kaiser Chowdhury and Iqbal Ahmed. Osman Kaiser is currently a director of Beximco Pharma, while Iqbal Ahmed is its managing director, according to the company's website.

Salman F Rahman, a co-founder and vice-chairman of Beximco Group, has been in custody since his arrest following the political changeover in August 2024. He previously served as private industry and investment adviser to former prime minister Sheikh Hasina.

Following the change of government, the BSEC appointed independent directors to Beximco's three listed companies – Beximco Ltd, Beximco Pharmaceuticals and Shinepukur Ceramics – in early 2025. The companies subsequently challenged the appointments in court.

In September, Salman agreed to step down from the boards of the group's listed companies, paving the way for their restructuring and helping resolve a prolonged regulatory and legal deadlock. The three companies separately informed the BSEC of his decision.

Beximco Pharmaceuticals had proposed a new board without Salman as part of efforts to resume normal board operations. The company, which is also listed on the Alternative Investment Market (AIM) of the London Stock Exchange, said appointments would remain subject to applicable AIM rules and due diligence requirements.

Beximco's massive debt burden

The board restructuring comes as the conglomerate faces severe financial and operational difficulties.

According to a Bangladesh Bank report submitted to the High Court, Beximco Group had outstanding loans and liabilities of Tk50,098 crore as of 30 November 2024. Of this, Tk25,524 crore had been classified as defaulted.

Investigations by the Bangladesh Financial Intelligence Unit also found alleged irregularities in the group's borrowing, including loans obtained through entities described as non-existent or paper companies. Some funds were allegedly channelled into capital-market share manipulation.

Following the political changeover and Salman's arrest, the group's loans and assets came under scrutiny from the courts and Bangladesh Bank, with options including receivership and asset sales considered for loan recovery.

The financial difficulties have also disrupted operations. Beximco Ltd has remained out of production amid raw-material shortages and loan defaults, while Shinepukur Ceramics has been operating partially because of difficulties importing raw materials.

Beximco Pharmaceuticals, however, has continued its operations.

Sri Lanka announced a $126 million fuel subsidy on Tuesday to contain the rapidly rising price of diesel -- key for public transport -- as inflation spiked to a 38-month high.

Import-dependent Sri Lanka has raised fuel prices by about 50 percent as the Middle East war, which broke out in February, caused a surge in global energy costs.
Government spokesman Nalinda Jayatissa said motorists would not have to bear the full cost of diesel for three months from October, but there would be no subsidy for petrol.

He said $175 million had already been spent subsidising both diesel and petrol in the first three months after the war broke out. “We are trying to make sure that the increase is not too steep, at least for diesel,” Jayatissa told reporters in Colombo.

“Our hope is that the war in the Middle East will end soon. Very high global oil prices are hurting us badly.”

The government restored the diesel subsidy despite warnings from the International Monetary Fund (IMF) that the country could slip back into a financial crisis unless it ensures full cost recovery on energy sales.

Sri Lanka’s inflation hit a 38-month high of 8.0 percent in August as prices of food and other essentials rose across the board.

The country has warned that any prolonged conflict in the Middle East could threaten its fragile economic recovery from the meltdown of 2022, when the country ran out of foreign exchange to finance essential imports.

The Asian Development Bank has signed a $50 million loan deal with Modern Syntex Limited (MSL), a concern of TK Group, for its energy-efficient polyester chips manufacturing project in Bangladesh.

The financing will support MSL’s expansion of its polyester chips production capacity from 107 tonnes to 407 tonnes per day and refinance short-term local working capital loans.

The expanded facility will produce high-intrinsic viscosity polyester chips used in higher-value textile and apparel products.

“Bangladesh’s textile and ready-made garment industry is a key driver of the economy, but it continues to rely heavily on imported synthetic inputs,” said ADB Country Director for Bangladesh Qingfeng Zhang.

“ADB’s long-term financing will help MSL expand efficient domestic production, deepen backward linkages, strengthen supply chains, and support higher-value textile manufacturing. The project will also contribute to the development of the Mirsarai Economic Zone and support Bangladesh’s efforts to attract investment, create jobs, and enhance economic competitiveness.”

The project will introduce energy-efficient machinery, which is expected to save about 4,840 megawatt-hours of electricity and reduce carbon dioxide equivalent emissions by about 2,222 tonnes each year.

It will also help MSL pursue Leadership in Energy and Environmental Design (LEED) Platinum certification for its building and factory, ADB said in a statement.

The project is expected to strengthen Bangladesh’s textile value chain by increasing the domestic supply of polyester chips, reducing reliance on imports, shortening lead times, and improving efficiency for textile manufacturers.

It will also create about 100 new jobs and promote greater participation of women through inclusive recruitment practices.

“We greatly value ADB’s support as it enables MSL to significantly expand polyester chips production, strengthen local supply chains, and reduce dependence on imported inputs,” said MSL Managing Director Abu Sufian Chowdhury.

“By investing in advanced energy-efficient technology, we are improving our competitiveness while supporting a more sustainable textile industry. We believe this project will create long-term value for our customers, the manufacturing sector, and the broader economy.”

MSL operates Bangladesh’s first continuous polymerisation facility, strategically located in the Mirsarai Economic Zone in Chattogram, close to major port and logistics infrastructure.

The company manufactures polyester chips, synthetic yarn, and fibre, primarily for domestic textile manufacturers.

ADB is a leading multilateral development bank supporting sustainable, inclusive, and resilient growth across Asia and the Pacific.

Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet.

Founded in 1966, ADB is owned by 69 members, 50 of which are from the region.

Visa has open-sourced part of its AI-powered cyber defence system after “humbling” lessons from vulnerabilities exposed by AI models, as the payments giant braces for autonomous cyberattacks ​and future quantum-computing threats.

Visa processes roughly a billion payments a day worth around $15 ‌trillion a year, making it a key part of the world’s financial plumbing system.

Its President of Technology, Rajat Taneja, told Reuters the company had made its cyber defence system available as open-source software after weaknesses exposed ​by Anthropic’s Mythos AI model earlier this year highlighted the scale of the challenge.

The vulnerabilities ​were “humbling”, Taneja said, adding that the attack by AI agents on the Hugging Face platform may also prove to be an early glimpse of a more serious future threat.

“It’s ​hard to predict how bad it could get, but we have seen the trailer,” Taneja said, ​referring to how the AI models escaped a testing sandbox in the Hugging Face incident.

“Often the trailer is the highlights of the movie, (but) I think this is just a small snippet of what the movie will ​look like, so we have to prepare for it and we have to have a ​mindset that acknowledges this technology’s power”.

As well as the dystopian warnings about AI’s threat to humanity, global regulators fear ‌a major AI-controlled cyberattack could undermine confidence, opens new tab in the world’s financial system. Visa has plenty at stake. Payments firms rely on trust, meaning cyberattacks can be devastating. It has also started allowing certain AI agents to use Visa.

Taneja did not provide details on how many of those payments were happening, but industry estimates, opens new tab suggest ​roughly a third of ​online commerce - close to $3.1 trillion in transactions - could run through AI agents by 2030.

According to Taneja, future cyberattacks will be adaptive, continuously learning and improving without direct ​human intervention, giving attackers a “superpower”.

“Human defences, which are kind of the current model, ​won’t work,” Taneja said. “If the adversary is agentic, then the defence has to be agentic too. Otherwise it is a mismatch”.

He also highlighted the longer-term challenge posed by quantum computing, saying that Shor’s algorithm, opens new tab could one day enable ​powerful quantum computers to break the current encryption standards ​that underpin global commerce.

He said firms would therefore have to continue looking for ways to neutralise that risk.

“We have to ​have optimism,” Taneja said. “But there is no easy answer.”

The Executive Committee of the National Economic Council (ECNEC) on Tuesday approved a Tk 12.76 billion project to strengthen financial sector transparency along with 12 others.

Presided over by the Prime Minister Tarique Rahman, the ECNEC endorsed a total of 13 projects worth Tk 158.24 billion at its meeting in Dhaka.

Of the total proposed expenditures, Tk 101.88 billion will come from the local resources, Tk 52.53 billion from foreign loans, and Tk 4.51 billion from implementing agencies’ own funds.

Under the Tk 12.76 billion cost Financial Sector Support Project-II, the Bangladesh Bank will strengthen banking-sector supervision, improve financial-sector safety nets, upgrade Bangladesh Bank’s technology and enhance the capacity for bank resolution and restructuring.

The meeting also approved a third revision to the Hazrat Shahjalal International Airport expansion project, raising its cost to Tk 222.13 billion from Tk 213.65 billion under the second revision.

Other projects approved at the meeting include the Integrated Health System Response to Fight against TB, HIV/AIDS and Malaria in Bangladesh project and the first revised project for establishing Patuakhali Medical College and Hospital.

ECNEC also approved a project to develop and expand existing physical disability training centres in the Chattogram, Khulna and Rajshahi divisions, and to expand the hostel building and capacity of the institution for children with intellectual disabilities at Chattogram’s Roufabad.

Two water-resources projects were approved: one for integrated flood and river management and drainage improvement in the Bamni River Basin, including construction of the Musapur Regulator; and another to protect Shibpur, Dhania and Medua areas of Bhola Sadar and Daulatkhan upazilas from erosion by the Meghna River.

The meeting also approved the second revised project for establishing digital land-management systems through digital land surveys in three city corporations, one municipality and two rural upazilas.

Other approved projects include the third revised rural infrastructure development project in Madaripur, Shariatpur and Rajbari districts; the second revised project to enhance the technical and technological capabilities of the Special Response Battalion; land acquisition for a solar power plant in Sonagazi, Feni; and expansion of the electricity network in the three hill districts.

Oil prices and bond yields were higher in an uncomfortable combination for Asian equities on Tuesday, as investors braced for an interest rate hike in Australia and an era where short term borrowing costs settle at their highest for years.

The benchmark 10-year US Treasury yield spiked to a 19-year high above 5.27 percent overnight for a rise of nearly 50 basis points through September. Yields rise when bond prices fall and the monthly selloff is the heaviest for two years.

The US 2-year yield has moved even further, shooting up more than 57 bps this month to the threshold of 5 percent, as traders figure that US growth and inflation will drive three more Federal Reserve rate hikes by the middle of next year.

Sovereign yields are an anchor for global markets, a reference price for investing in riskier stocks and a benchmark for mortgages and corporate borrowing. Higher rates mean pressure on government, corporate and household budgets.

Overnight only a massive $150 billion boost to a buyback plan by chipmaker Nvidia, which lifted the stock price, held the rates-sensitive Nasdaq to a fall of 0.9 percent.

In Asia, bond markets in Japan, South Korea and Australia traded under pressure and most regional equity markets slipped.

"The way to look at expected returns and overall bond yields going forward (is) we're coming to a new environment," said Angus Hui, head of fixed income at Fullerton Fund Management in Singapore.

"Interest expenses are increasing as a part of the government budget in a lot of developed markets," he said, which means stretching sovereign finances and perhaps limiting a recovery for bonds should the global economy slow down.

"Hence we think bond yields are unlikely to go back to the very good old days when bond yields were very, very low," he said.

No sign of a breakthrough in Middle East left Brent crude futures at $106.60 a barrel and climbing.

Fragile sentiment in China's technology sector, where stocks were hit on Monday by US plans to ban Chinese components from data centres, left the blue chip CSI300 index pinned to a one-year low.

The prospectus for US AI giant Anthropic illustrates the scale of the gamble on AI, with the company targeting a $2 trillion valuation, but planning to spend $518 billion on computing and infrastructure to build its transformative vision.

Foreign exchange markets were broadly steady through the Asia morning on Tuesday, leaving the dollar headed for a monthly gain.

The yen rose on Monday when Japan's top currency diplomat told Reuters that traders ought to heed the signal from Tokyo and Washington's united concern last week at yen weakness.

It hovered at 157.31 per dollar, while the euro held at $1.1367. The Australian dollar was steady at $0.7012, with a Reserve Bank of Australia rate hike fully priced, along with another hike by February.

"We question whether the governor can be sufficiently hawkish to frank the markets current mindset, especially if the decision is not unanimous," said Damien McColough and Uma Choudhury, rates strategists at Westpac, in a note.

The International Monetary Fund (IMF) has found flaws in the proposed revenue-sector reforms tagged to the next credit programme for Bangladesh, officials said.
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Ahead of the next annual meetings of the IMF and the World Bank Group, slated for October 12-18 in Bangkok, the National Board of Revenue and the central bank submitted reform plans to the Fund.

A Bangladesh delegation, led by Finance Minister Amir Khosru Mahmud Chowdhury, will discuss the reform blueprint with IMF top bosses on the sidelines of the annual meetings.

Officials have said revenue-and banking-sector reforms will govern the talks so their submissions are getting importance in this case.

However, after getting the NBR's submission, the IMF officials found that the revenue board gave importance on this fiscal year's higher revenue-generation plan. The proposal lacks required plans for the coming years as to how reforms will be carried out to boost revenue collection.

The IMF officials did not find the plans, submitted by the NBR, dependable for higher revenue generation, sources said.

Now, the Finance Division has decided to hold a tripartite meeting virtually with the IMF and the NBR officials to minimise the gaps in the reform proposal, sources familiar with the developments said.

A senior Finance Division official told The Financial Express the submissions from the NBR and the Bangladesh Bank are very important since major reforms will be conducted under the next lending package centring these two top institutions.

He said revenue-sector reform will remain as top priority in the next programme since revenue generation remained very low in this country, which holds back required financing and development.

"The IMF will seek clear reform agenda from the revenue board and firm commitment from the government for their implementation in the next credit programme," said the official, seeking not to be quoted by name.

However, the official said, the main negotiation for the new credit programme will take place after the annual meeting and the gaps will lessen then.

The finance officials are expecting to secure some $4.0 billion under the new lending package to attain macroeconomic stability.

The previous credit programme of $5.5 billion was scrapped by the current government few months after coming to power as it found conducting many reforms, negotiated by previous Awami League government, not feasible.

Under the previous lending package, the IMF had released in total $3.595 billion until the termination.

Bangladesh Bank has issued the country's first guideline for operating Islamic Credit Cards (ICC), allowing Islamic banks and Islamic windows of conventional banks to offer Shariah-compliant credit cards under specified models.

Issued on Sunday, the guideline requires banks to avoid riba (interest), maysir (gambling) and gharar (uncertainty) and follow specified Shariah-compliant structures for ICC transactions.

Banks can offer ICCs under two models. The Qard Hasan with Ujrah Model, mainly for unsecured cards, treats merchant payments and cash withdrawals as Qard Hasan, or interest-free loans. Customers must repay only the principal, while banks cannot charge interest or profit on the loan.
Banks may charge Category B Ujrah or service fees for card issuance, account management and payment-network services. Such fees cannot exceed the bank's actual direct costs, include any profit, or vary based on the outstanding loan, tenure or payment delay.

The Covered Card or Cash-Collateralised Card Model allows cards against cash deposits or other collateral. As transactions are settled from the cover, no Qard Hasan is created. Banks can therefore charge Category A service fees, which may include a profit element. Fees must be fixed according to the card type and cannot vary with the credit limit or deposit amount.

Banks must introduce automated Merchant Category Code (MCC) filtering to block Shariah-non-compliant transactions, including those involving alcohol, gambling, conventional insurance, pork processing and interest-based financial services.

The Shariah Supervisory Committee must approve the prohibited MCC list and monitor its implementation, with the system audited at least annually.

The guideline also sets rules for Late payment fee. A fixed fee may be imposed on a financially capable customer who fails to pay on time as a deterrent under Iltizam bi al-Tabarru'.

The fee cannot be treated as bank income and must be deposited into a separate Charity Account for approved charitable activities under the Shariah Supervisory Committee's supervision.

Bangladesh Bank Islamic Banking Regulation & Policy Department Director Anisur Rahman told The Business Standard that despite the popularity of Islamic banking, there had been no specific guideline for Shariah-compliant credit cards, limiting banks' ability to expand in the segment.

Former Islami Bank Bangladesh additional managing director Mohammad Jamal Uddin Mazumde welcomed the move, saying there had been no central guideline.

He said the bank already offers the Shariah-compliant 'Khidmah' credit card with good customer demand, but its Ujrah model allows only processing and service fees, while operating costs can be high.

The United States has exempted Bangladesh and 19 other countries and regions from a 100% tariff on certain specialised medicines, preserving the existing duty-free treatment of Bangladeshi pharmaceutical exports.

Although the exemption does not provide an additional benefit to Bangladesh's pharmaceutical sector, industry stakeholders said retaining the existing duty-free facility is positive for the country's drug exporters.

The US Bureau of Industry and Security (BIS) published the list of eligible countries and regions in a notice on 23 September.

According to the BIS notice, the tariff exemption covers orphan medicines, nuclear medicines, plasma-derived therapies, fertility drugs, cell therapy products, gene therapy products, antibody-drug conjugates, medical countermeasures related to chemical, biological, radiological and nuclear threats, and animal health products.

Rabbur Reza, chief operating officer of Beximco Pharmaceuticals, told The Business Standard that generic medicines exported from Bangladesh to the US were already not subject to import duties.

"Generic companies had no duty, and there still is none. We are still not paying any import duty. Therefore, there is no change for us at this moment," he said.

The BIS notice also states that, at present, Section 232 pharmaceutical tariffs do not apply to generic pharmaceutical products and associated ingredients.

Reza said the continued absence of tariffs was nevertheless positive for the industry, given the importance of the US market to Bangladesh's pharmaceutical exporters.

"We export quite a few of our molecules to the United States, and the lion's share of our exports goes to the United States. We are the largest exporter from Bangladesh to the United States," he said.

"If exports of Bangladesh's pharma industry are to be increased, the United States is definitely a major destination. Therefore, this is good news for Bangladesh's pharmaceutical industry not just for now, but also for the future," he added.

The US special list also includes Argentina, Cambodia, Ecuador, El Salvador, the European Union, Guatemala, India, Indonesia, Japan, Jordan, Malaysia, North Macedonia, South Korea, Switzerland and Liechtenstein, Taiwan, Thailand, the United Kingdom and Vietnam.

The BIS said changes to the list of eligible jurisdictions may be published in a future notice.

The capital market extended its losing streak for a third consecutive session today (28 September) as investor sentiment remained cautious amid ongoing fiscal year-end earnings and dividend announcements from June-closing companies.

The benchmark DSEX index of the Dhaka Stock Exchange edged down by 6 points to close at 5,525, bringing cumulative losses over the past three sessions to 71 points.

The blue-chip DS30 index also slipped 1 point to settle at 2,097.
Market breadth favoured the bears, with 224 issues declining against 125 advances and 45 remaining unchanged, while daily turnover posted a modest 3% rise to reach Tk746 crore.

According to Sheltech Brokerage Limited, market movement was characterised by a sharp tug-of-war between selling pressure and bargain hunting. The index initially gained momentum to touch an intraday high of 5,561 points before profit-booking set in. Mid-session recovery attempts lacked conviction, and late-session selling dragged the benchmark index down to an intraday low of 5,525 points, near which it closed.

Sector-wise, Textile generated the highest turnover at 27.2%, followed by General Insurance at 22.8% and Pharmaceuticals at 10.1%.

Most sectors posted losses, led by Mutual Funds, which fell 2.5%, Paper, down 1.6%, and Tannery, dropping 1.0%.

Conversely, Life Insurance and General Insurance bucked the trend, gaining 1.8% and 1.1% respectively.

Apex Spinning emerged as the most-traded stock, alongside Saiham Textile, Mercantile Insurance, IPDC Finance, and Envoy Textiles.

Chartered Life Insurance and Saiham Textile topped the gainers' chart, both surging 7.28%, followed by Apex Spinning, Evince Textile, and Trust Islami Life Insurance.

On the flip side, First Prime Finance Mutual Fund led the losers' list with an 8.74% drop, followed by LR Global Mutual Fund One, BD Thai Food, Green Delta Mutual Fund, and Exim Bank First Mutual Fund.

At the Chittagong Stock Exchange, the selective CSCX index inched up to close at 9,057, while the all-share price index, CASPI, dropped 5 points to 14,777. Turnover at the port city bourse fell sharply by 73% to Tk10.73 crore.

India has revised anti-dumping duties on jute products imported from Bangladesh, with the highest rate set at $445 per tonne for jute yarn and twine produced by manufacturers not specifically listed in the new duty schedule.

The revised rates were notified by India's Ministry of Finance on 24 September following a mid-term review by the Directorate General of Trade Remedies (DGTR). The measure covers jute yarn/twine, hessian fabric, jute sacking bags and jute sacking cloth.

The new duty structure varies by producer. Asha Jute Industries Ltd, for example, will face a duty of $59 per tonne on jute yarn/twine, while several Bangladeshi producers have been granted zero-duty treatment for specific products.

Six Bangladeshi producers – AM Jute Industries, Bonanza Jute Composite, Lovely Jute Mills, Nawhata Jute Mills, Poddar Agro Industries and Ranu Agro Industries – have been granted zero-duty treatment across the product categories covered by their exports. Natore Jute Mills and Janata Jute Mills have also received zero-duty treatment for jute sacking bags and hessian fabric.

For producers outside the specified list, the duty will be $445 per tonne on jute yarn/twine, $88 on hessian fabric and $283 on jute sacking bags. The notification also requires exporters seeking producer-specific rates to provide documentation identifying the manufacturer.

The review was initiated in June 2025 following applications from the Indian Jute Mills Association and the AP Mesta Twine Mills Association, which sought a reassessment of the existing anti-dumping duties on jute products from Bangladesh and Nepal. The DGTR sought information from 54 Bangladeshi mills, of which 38 responded.

The DGTR's final findings, issued on 25 June, recommended re-quantifying the duties for the remaining period of the existing measure.

According to the review, demand for jute products in India declined by 20% during the period under consideration, while imports from Bangladesh and Nepal fell by 13%. The DGTR said this resulted in foreign suppliers increasing their market share relative to Indian producers.

Bangladesh's jute goods exports to India fell 18% year-on-year to 1,17,000 tonnes in fiscal 2024-25, according to the review.

The revised notification replaces the earlier duty structure imposed on jute products from Bangladesh and Nepal and will apply for the remaining period of the existing anti-dumping measure.

Bangladesh's inflation-adjusted, or real, cigarette prices have declined across most price tiers despite nominal price hikes introduced in the FY2026-27 budget, according to an analysis presented by the Power and Participation Research Centre (PPRC).

The findings were presented at a media workshop on tobacco tax policy held at the PPRC office yesterday (28 September), where researchers, journalists and tobacco-control stakeholders discussed cigarette taxation, market trends, government revenue and public health implications.

Mohammad Ihtesham Hassan, senior research associate at PPRC, presented the analysis titled "Media Workshop on Tobacco Tax Policy: Lessons from FY2026–27 Budget, Market Trends, Policy Outcomes and Way Forward".
He said the four-tier cigarette pricing structure remained unchanged in the latest budget, while the minimum retail price of low-tier cigarettes was raised from Tk60 to Tk62 and later to Tk65. The minimum prices for medium-, high- and premium-tier cigarettes were set at Tk92, Tk160 and Tk210 respectively.

However, after adjusting for inflation, real cigarette prices had declined across most tiers by August 2026, PPRC's analysis showed.

The workshop also highlighted limitations of Bangladesh's current ad valorem tobacco tax system, under which increases in retail prices do not necessarily translate into proportional increases in government revenue.

Participants discussed the introduction of a specific excise component as a way to make tobacco tax revenue more predictable and responsive to market changes.

PPRC data also showed a significant shift in cigarette market shares. The low-tier segment's share fell from 77% in FY2021-22 to below 49% by May 2026, while the medium-tier segment increased from 9% to 42%.

The shift was partly attributed to brand reclassification following the January 2025 price revision, although the analysis suggested that changing consumer preferences may also have contributed.

The workshop further discussed a reported Tk3,000 crore year-on-year decline in cigarette VAT and supplementary duty revenue during July-August 2026.

PPRC cautioned that the figure should be treated as a provisional revenue gap, as the new quarterly VAT system may have affected the timing of revenue recording.

Speakers said tobacco tax policy should take into account inflation, changes in cigarette market dynamics and the government's revenue requirements, while preventing tobacco products from becoming increasingly affordable.

Md Mostafizur Rahman, former chairman of the Bangladesh Chemical Industries Corporation (BCIC); Syed Ziauddin Ahmed, director of HR and Budget at PPRC; and Ataur Rahman, advocacy manager of Campaign for Tobacco-Free Kids (CTFK)-Bangladesh, also spoke at the workshop.