Business
BCCMEA election on March 8, panel manifesto announced
Charcoal Shilpo Sangskar Parishad, a panel of BCCMEA has announced its election manifesto for the tenure of 2025-27 with a pledge of major reforms as well as the industry’s development.
The Bangladesh Charcoal Manufacturers and Exporters Association (BCCMEA) election for the year of 2025-27 is scheduled to be held on March 8, 2025.
“If we are elected, we will cordially work to protect the industry, and work for major reformations to develop it,” said Parishad’s President Candidate Atikur Rahman.
He announced the manifesto at a press conference held at Dhaka Reporters’ Unity (DRU) auditorium in the capital on Sunday.
In a written speech at the press conference, Atikur said the industry is going through a difficult time due to various reasons including setting up unplanned factories across the country, and shortage of raw materials, easy access to environmental clearance, and high shipping charges.
The BCCMEA needs a talented governing body to resolve the industry’s problems. The Charcoal Shilpo Sangskar Parishad has sought government support to protect the industry.
Atikur said that there is an investment of Tk1000 crore in the charcoal industry where 25,000 people are directly engaged.
“We exported Tk350 crore in the previous year. We want to build it as a strong industry in the future. We have been doing business for the last more than one decade. But, a group of people are now hatching a conspiracy against the industry. If we are elected in the upcoming election, we will be included in the BCCMEA at FBCCI, and set up a permanent office,” he added.
BCCMEA’s Vice president candidate Mehedi Hasan Julias and Habib–E–Hasan, and other members Shahriar Ibne Ibrahim, Mofazzal Hossain Khokon, Mohammad Shamsul Alam Talukder, Alamgir Kabir, Shahadat Hossain Uzzal, Farhana Sharmin Kakon, Miraz Mohammad Tarekul Hasan, Hossain Ahmed Chowdhury, Shahim Ul Hoque, and businessman Md Monirul Islam were also present in the programme.
2 hours ago
Bangladesh's RMG exports show moderate growth, EU remains key market
Bangladesh's Ready-Made Garment (RMG) exports have shown moderate growth, with the European Union remaining a key market, according to data from the Export Promotion Bureau (EPB) for the July-January period of the fiscal year 2024-25.
The EU represented 50.15% of Bangladesh’s total RMG exports, with a total value of US$11.81 billion, Mohiuddin Rubel, former director of BGMEA, said on Sunday while sharing the data.
Shipments to the United States reached US$4.47 billion, accounting for 18.99% of the total share, while the UK market was also significant, with exports valued at US$2.5 billion, equivalent to 10.83% of Bangladesh's total RMG exports during the specified timeframe.
In terms of growth, our RMG exports to the EU expanded by 13.91% year-over-year, with the USA showing a robust increase of 16.45%. The RMG exports to the UK, however, grew at a more modest rate of 4.55%.
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Within the EU, Germany emerged as a key market, with Bangladesh’s exports amounting to US$2.97 billion, trailed by Spain at US$2 billion, France at US$1.28 billion, and the Netherlands at US$1.25 billion. The growth rates were particularly notable in Germany (13.47%), the Netherlands (27.3%), Poland (13.7%), Denmark (18.56%), and Sweden (26.7%).
Bangladesh's RMG sector also demonstrated growth in non-traditional markets, with an overall increase of 6.42%, signaling potential for further expansion.
Among these markets, Japan led with imports totaling US$721 million, followed by Australia at US$512 million, and India at US$427 million. Exports to countries like Turkey and Mexico are also significant, amounting to US$263 million and US$208 million, respectively. While growth in Japan, Australia, India, Turkey, and Mexico is encouraging during this period, exports to Russia, Korea, China, UAE, and Malaysia have declined.
The continued growth in exports is heavily reliant on the EU and USA, which remain the primary markets for Bangladesh, highlighting further potential within these regions.
The ongoing global trade tensions are reshaping the landscape, presenting opportunities that Bangladesh could capitalize on, provided we possess the necessary productive capacity.
Concurrently, there should be a concerted focus on investments in backward linkages to support and enhance our RMG sector's competitiveness and growth potential.
3 hours ago
Bangladesh Bank eases loan rescheduling policy for raw jute exporters
Bangladesh Bank has eased the loan rescheduling policy for raw jute exporters for the next two years.
The central bank on Sunday in a circular stated that Raw Jute Exporters can reschedule loans with a 2 percent down payment of their outstanding loans. The loan outstanding will be calculated based on March 31, 2024.
As a result, the traders can get loans from scheduled banks as their moratorium will be accepted by banks.
Remittance inflow stands at Tk 16,008.84 crore in first half of Feb
Though Bangladesh is the global top raw jute exporter country, the traders have faced difficulties in exporting the item in the last few years.
The traders of this sector said production costs have increased while export prices have stagnated in the global market.
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“Outdated technology and old machinery have decreased the productive efficiency of the industry. Inefficient management and corruption have led to operational losses,” said Abu Sufiya, a raw jute exporter.
A lack of investment in modernization and innovation has made the industry less competitive, he said.
3 hours ago
Remittance inflow stands at Tk 16,008.84 crore in first half of Feb
Bangladesh received USD 1,312.22 million (Tk 16,008.84 crore) in remittance during the first 15 days of February, according to the latest data from Bangladesh Bank.
This marks an average daily inflow of USD 87.4 million (Tk 1,065.08 crore).
State-owned banks accounted for USD 466.55 million (Tk 5,693.91 crore) of the total remittance, while specialised banks facilitated USD 88.79 million (Tk 1,083.24 crore).
Private commercial banks received the highest share, bringing in USD 753.9 million (Tk 9,197.58 crore), whereas foreign banks handled only USD 3 million (Tk 36.6 crore).
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On 1 February alone, Bangladesh recorded a remittance inflow of USD 186.4 million (Tk 2,274.08 crore).
During the week from 2 to 8 February, expatriates sent USD 652.32 million (Tk 7,967.10 crore), while the following week, from 9 to 15 February, saw an inflow of USD 641.27 million (Tk 7,827.99 crore).
The steady remittance flow remains a crucial source of foreign exchange for the country, aiding in stabilising the economy amid external financial challenges.
3 hours ago
Stock Markets: First trading day of the week ends in decline
The stock market began the week with a decline, as indices fell on both the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) on Sunday.
At the DSE, the benchmark DSEX index and the Shariah-based DSES index both dropped by 2 points. But the DS30 index, which tracks blue-chip stocks, gained 2 points.
Despite this, the majority of companies saw a decline in share prices.
Weekly Review: Dhaka Stock Market sees gains despite sluggish stocks
Out of 409 companies traded on the DSE, 138 recorded price increases, 196 saw declines and 75 remained unchanged.
Sector-Wise Performance
Across all categories, the majority of companies experienced a drop in share prices:
A-category: 101 companies declined, 84 gained, and 45 remained unchanged.
B-category: 38 companies saw a decrease, 30 increased, and 11 were unchanged.
Z-category: 57 companies declined, 24 gained, and 19 remained unchanged out of 100 traded stocks.
Among mutual funds, most remained unchanged. Of the 37 mutual funds traded, 22 saw no change, 9 declined, and 6 registered gains.
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Meanwhile, in government securities, 10 out of 11 declined, with only one recording a price increase. In the corporate bond segment, one out of four bonds increased in value, while two declined, and one remained stable.
Block Market & Trading Volume
The DSE block market recorded transactions of 16.70 crore across 27 companies, with 23 lakh shares exchanged. ACI Limited topped this segment, trading shares worth 4.19 crore, amounting to 2.69 lakh shares.
Despite the drop in indices, trading volume increased at the DSE. The total turnover stood at 415 crore, up from 401 crore in the previous trading session.
Top Gainers & Losers
BDCOM Online Limited topped the gainers’ list, with its share price rising 9.92% in a single day. Meanwhile, New Line Clothing Limited saw the sharpest drop, also by 9.92%.
CSE Performance
The CSE also ended the day in decline, with the overall index falling by 24 points. Of the 190 companies traded, 73 gained, 93 declined, and 24 remained unchanged.
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Total turnover at the CSE stood at 4.5 crore. Far East Finance & Investment Limited emerged as the top gainer, rising 10%, while National Feed Mill Limited saw the steepest fall, declining by 10%.
Despite early optimism, both stock exchanges closed in the red, reflecting cautious sentiment among investors.
5 hours ago
Bangladesh saw record mobile banking transactions in December
Mobile banking transactions in Bangladesh reached a record high in December, 2024 with a total transaction volume of Tk 1,64,740 crore.
This marks the highest monthly transaction amount in the history of mobile financial services (MFS) in the country, according to the latest report by Bangladesh Bank.
In 2024, mobile banking transactions totalled Tk 17,37,000 crore, reflecting a 28.42% increase compared to 2023. The total transactions in 2023 stood at Tk 13,53,000 crore, indicating an increase of Tk 3,84,000 crore year-on-year.
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The surge in mobile banking usage is attributed to the convenience it offers in salary disbursement, remittances, and utility bill payments, making it a popular financial tool across both urban and rural areas.
Bangladesh Bank’s report highlights a consistent growth in MFS transactions throughout the year. The monthly transaction values from July to December 2024 are as follows:
July: Tk 1,22,000 crore
August: Tk 1,37,000 crore
September: Tk 1,45,000 crore
October: Tk 1,54,000 crore
November: Tk 1,56,000 crore
December: Tk 1,64,740 crore
Alongside transaction growth, the number of MFS accounts also increased significantly. By the end of December 2024, the total number of MFS accounts reached 23.86 crore, compared to 22.04 crore in December 2023.
This represents a year-on-year increase of 1.82 crore accounts.
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Currently, 13 MFS providers operate in Bangladesh, facilitating seamless digital transactions and contributing to the country’s growing financial inclusion.
The upward trend in mobile banking transactions reflects the increasing reliance on digital financial services in everyday life, indicating further expansion in the coming years, experts said.
10 hours ago
US plans to cut Iran’s oil exports by over 90% in renewed pressure campaign
The United States has announced plans to slash Iran’s oil exports by more than 90 per cent as part of former President Donald Trump’s renewed “maximum pressure” campaign, Treasury Secretary Scott Bessent stated on Friday.
Speaking to Fox Business, Bessent said, “We are committed to bringing the Iranians back to 100,000 barrels-a-day of oil exports,” referencing the level seen during Mr Trump’s first term in office. Currently, Iran is exporting between 1.5 million and 1.6 million barrels per day, according to Bessent.
Last week, Mr Trump signed a memorandum directing the Treasury Department to impose “maximum economic pressure” on Tehran to prevent it from acquiring nuclear weapons. The order echoes the policy from his first administration, which saw Iran’s oil exports plummet from approximately three million barrels per day in 2017 to around 400,000 in 2019.
During his initial term, Mr Trump withdrew from the 2015 Joint Comprehensive Plan of Action (JCPOA), arguing that the agreement failed to prevent Tehran from developing nuclear technology. Sanctions lifted under the deal were subsequently reimposed as part of Washington’s strategy to cripple Iran’s economy.
Economic Pressure and Sanctions
Bessent underscored the US’s capacity to enforce maximum economic pressure on Iran, suggesting that a return to “Trump 1.0 levels” of oil exports would lead to “severe economic distress” for the country.
“Their economy is quite fragile right now,” he said, citing high inflation and a “gigantic” budget deficit. He further claimed that revenue from Iran’s oil exports was being used to fund “terrorist activity.”
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In line with Mr Trump’s directive, the Treasury Department has already imposed sanctions on three oil tankers, and Bessent signalled that further measures could be taken against Russian energy exports if instructed by the administration.
The executive order also directed the State Department to “modify or rescind existing sanctions waivers” and coordinate with Treasury in implementing the maximum pressure policy.
China and India in the Spotlight
Experts warn that reducing Iran’s oil exports to near-zero levels would necessitate targeting intermediaries, as well as major buyers such as China and India.
“The Chinese, perhaps Indians, are buying the sanctioned Iranian oil and that is unacceptable,” Bessent stated.
While the US remains steadfast in its approach, Iranian Foreign Minister Abbas Araghchi dismissed the prospect of negotiations under such conditions. “Negotiation cannot be carried out from a weak stance, as it will no longer be considered negotiation but a kind of surrender. We never go to the negotiating table this way,” Iranian state media quoted him as saying this week.
Opec’s Position
Despite Washington’s aggressive stance, analysts suggest that the Organisation of the Petroleum Exporting Countries (Opec) is unlikely to alter its voluntary production cuts due to the US campaign. With Iran’s crude oil production recorded at 3.28 million barrels per day in January 2025, Opec is expected to have sufficient capacity to absorb any supply reductions resulting from the sanctions.
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As tensions escalate, the effectiveness of Mr Trump’s renewed maximum pressure strategy remains to be seen, particularly amid ongoing geopolitical shifts and Iran’s determined resistance to US-imposed economic constraints.
Source: Agencies
10 hours ago
Stock Market: Week begins with uptrend
The Dhaka and Chattogram stock markets started the week on a positive note, continuing the upward trend observed last week.
Trading in the first hour on Sunday saw key indices rising on both bourses.
At the opening of trading on the Dhaka Stock Exchange (DSE), the benchmark DSEX index gained 5 points. Among the other indices, the Shariah-based DSES index saw a marginal increase, while the blue-chip DS30 index rose by 3 points.
Most company shares experienced price gains. Of the traded companies, prices increased for 169, declined for 87, and remained unchanged for 83.
Within the first 30 minutes, the total turnover on the DSE exceeded Tk 50 crore.
Weekly Review: Dhaka Stock Market sees gains despite sluggish stocks
Similarly, the Chattogram Stock Exchange (CSE) saw its overall index rise by 10 points. Of the traded companies, 22 recorded price gains, 7 saw declines, and 6 remained unchanged.
In the first half-hour, the total turnover at the CSE crossed Tk 30 lakh.
11 hours ago
Modi says US and India target $500 billion bilateral trade by 2030
New Delhi and Washington will work to more than double bilateral trade to $500 billion by 2030, Indian Prime Minister Narendra Modi said at a joint press conference with U.S. President Donald Trump on Thursday.
Speaking at the conclusion of the two leaders’ meeting in Washington, Modi also said that “Our teams will work on concluding very soon, a mutually beneficial trade agreement.”
Trump acknowledged India’s recent move to reduce tariffs on select imports and said he would begin talks on disparities on trade and hoped to reach an agreement.
The remarks came hours after Trump signed a presidential memorandum outlining his plan to impose “reciprocal tariffs” on foreign nations, including India.
The U.S. would simply charge the same tariff rates that India charges, Trump said, while the trade deficit with India could be addressed with the sale of oil and gas.
India’s simple average tariff on countries with the most-favored-nation status stands at 17%, compared with the U.S. that levies 3.3%. The U.S. enjoys MFN status with most major economies.
U.S. total goods trade with India is estimated at $129 billion in 2024, according to the Office of the U.S. Trade Representative. India’s surplus with the U.S., its second-largest trading partner, reached $45.7 billion last year.
The U.S. will increase its military sales to India starting this year and ultimately provide F-35 fighter jets to the Asian ally, Trump said at the briefing, in an effort to confront what he called “the threat of radical Islamic terrorism.” India is the world’s biggest defense equipment importer.
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Modi said India and the U.S. would also work together on developing artificial intelligence and semiconductors while focusing on establishing strong supply chains for strategic minerals.
The lofty target of $500 billion in trade could be achievable, Raghuram Rajan, professor of finance at University of Chicago Booth School of Business and former Reserve Bank of India governor, told CNBC’s “Squawk Box Asia.”
Besides shifting away from Russia — India’s key defense supplier — toward the U.S. for arms, India could also increase its purchases of liquified natural gas from American manufacturers, Rajan added.
The Trump-Modi meeting had the threat of U.S. tariffs looming large.
“We are, right now, a reciprocal nation... We’re going to have whatever India charges, we’re charging them. Whatever another country charges, we’re charging them. So it’s called reciprocal, which I think is a very fair way,” the U.S. president said at the press briefing.
The president said that the reciprocal tariffs will not take effect immediately as his administration works on determining the appropriate tariff levels for each affected country.
Trump has already slapped tariffs on China, Canada and Mexico as well as global tariffs on imports of steel and aluminum. Trump’s tariffs on Canada and Mexico are currently on pause after both countries pledged to crack down on illegal drug trafficking at their respective borders with the U.S.
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Despite the encouraging tones from the meeting, signs of friction remain in the U.S.-India relation, said Daniel Balazs, a research fellow at the S. Rajaratnam School of International Studies, such as the illegal immigration issue and India’s close ties with Russia.
“The latter, in particular, is unlikely to go away anytime soon and will probably remain a sore point between the two sides,” he said.
12 hours ago
Weekly Review: Dhaka Stock Market sees gains despite sluggish stocks
The Dhaka Stock Exchange (DSE) experienced an upward trend over the past week, with both indices and market capitalisation showing gains.
However, despite this positive movement, the influence of poorly performing shares remains significant.
A review of DSE’s weekly report reveals that, among the ten most-traded stocks in the past five trading days, only two belong to the A-category.
The remaining eight comprise three mid-tier B-category companies and five poorly performing firms that have not paid dividends.
New Line Clothings Limited topped the trading chart throughout the week. The company last issued dividends in 2021 and held its last annual general meeting in 2022. Since then, it has remained in the Z-category, offering no returns to investors.
Another Z-category company, Apollo Ispat Complex Limited, secured the third position in terms of trading volume. Despite failing to pay dividends since 2016, it continues to attract investor interest.
DSE director Minhaj Mannan Emon noted that the index’s rise amidst liquidity constraints has led many investors to target low-quality shares for quick profits. This trend inflates the value of underperforming stocks and increases market risks. Manipulators exploit misinformation to drive up these shares, leading to financial irregularities.
It is not just companies taking advantage of market instability; several brokerage houses have also been implicated in manipulation. According to the Bangladesh Securities and Exchange Commission (BSEC), four brokerage houses have recently been accused of defrauding investors of approximately Tk 300 crore through fraudulent software.
The banking sector lagged behind in trading throughout the week, with share prices dropping by 23.72% over five trading days. The sector’s index declined from 648 points to 494 points.
Similarly, the insurance sector also witnessed a downturn, with share prices falling by 16.62% during the same period.
In contrast, financial institutions performed well, with share prices increasing by 6.68%. The energy sector also saw significant growth, with share prices rising by over 35%.
Over the five-day period, DSE’s key index, DSEX, increased by 22 points, while the blue-chip DS30 gained 6 points, and the Shariah-compliant DSES rose by 7 points.
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Out of all the companies traded, 183 saw price increases, 166 experienced declines, and 49 remained unchanged.
While the average daily turnover on the DSE dipped by around 1% over the week, total market capitalisation rose by 2.35%.
Beyond regular trading, the block market saw transactions worth Tk 106 crore. Among these, ACI Limited recorded the highest trading volume, selling shares worth Tk 25.50 crore over five days.
The ceramics sector generated the highest returns during the week, while financial institutions, life insurance, and general insurance were at the bottom in terms of profitability. Overall, market returns increased by 0.50%.
Stock markets close with downtrend despite positive start
Last week, for the first time, the task force on stock market reforms submitted its initial two recommendations to the BSEC.
Market analysts believe that the adoption of these recommendations, which focus on margin loans and mutual funds, could stabilise the volatile stock market.
1 day ago