United News of Bangladesh

Bangladesh Bank (BB) Governor Md Mostaqur Rahman has expressed agreement in principle with the seven-point demand put forward by the Islami Bank Sachetan Grahak Forum to restore corporate governance in Islami Bank Bangladesh PLC, the platform said on Wednesday. It said central bank Deputy Governor Kabir Ahmed conveyed this to the forum leaders during a meeting at the central bank headquarters. Speaking to journalists after the meeting, the convener of the forum Prof Nur Nabi Manik said the governor took the matter positively. He said the deputy governor told them that the central bank chief agreed in principle with their demands. The forum chief reiterated their core position, emphasising that individuals tainted by financial irregularities, loan scams, or institutional plunder must be permanently barred from occupying positions on the board of directors or holding the post of chairman at Islami Bank. "The new board must consist entirely of highly ethical, professional, and politically neutral individuals," Manik added. He expressed optimism that rebuilding the board based on their seven-point charter will heavily reinforce depositor confidence and restore structural stability to the country's largest Shariah-based commercial lender. Forum leaders assured the central bank that once their demands are visibly implemented on the ground, they will disseminate positive messages to millions of depositors across the country, playing a supportive role in rebuilding the bank's operational legacy. The demands of the forum are formation of an independent, capable, and professional board of directors; reviewing the controversial ownership and shareholding changes of 2017 to reinstate the rights of genuine, original owners; establishing a special tribunal to fast-track the trial of those accused of plundering bank funds; immediate recovery of looted capital and confiscation of illicitly acquired assets; refraining from controversial or arbitrary regulatory decisions to curb panic and volatility across the banking sector; amending Section 18(a) of the Bank Company Act to close rehabilitation loops for financial fraudsters; and withdrawing misleading political statements regarding the bank's health made in Parliament.

The Dhaka Stock Exchange (DSE) on Wednesday issued FIX (Financial Information Exchange) certification to three more brokerage houses, bringing them closer to launching their own Order Management Systems (OMS) through API connectivity with the exchange's Nasdaq matching engine. The certificates were handed over at a ceremony by DSE Chief Financial Officer Md Abid Hossain Khan to representatives of GMF Securities Limited, Prime Islami Securities Limited, and Unicap Securities Limited. Head of IT at GMF Securities Lubna Mahmud, CEO of Prime Islami Securities Md Rajib Hasan and Unicap Securities CEO Waliul Islam received the certificates on behalf of their organisations. DSE Deputy General Manager Jisan Bin Mubarak and Assistant General Manager Kamrun Nahar, along with other senior officials, were present at the event. With the latest batch, DSE has now certified a total of 61 brokerage houses under the FIX protocol. Of these, 53 have already gone live with their own OMS platforms, conducting trading operations via API integration with the exchange. DSE had initiated the API-based Broker House Order Management System (BHOMS) programme in 2020. Following that, 85 brokerage houses applied to DSE seeking API connectivity with the Nasdaq matching engine to operate their proprietary order management systems.    

Metropolitan Chamber of Commerce and Industry (MCCI) on Wednesday cautioned that the government's ambitious revenue mobilisation target for fiscal year 2026-27 could expose taxpayers to harassment at the field level as the National Board of Revenue (NBR) collected only 65 percent of its revised target in the outgoing fiscal year. MCCI President Kamran T. Rahman raised the concern while delivering the welcome address at a post-budget discussion jointly organised by MCCI, Standard Chartered Bangladesh and the Policy Research Institute of Bangladesh (PRI) at the M. Anis Ud Dowla Conference Hall of MCCI's Gulshan office in the city. The budget has set a revenue collection target of Tk 6.95 lakh crore, which represents a growth of over 18.2 percent compared to the current fiscal year's revised target. “NBR managed to collect only Tk 3.27 lakh crore, or 65 percent of the revised target, up to April of FY2025-26,” Kamran said. “Achieving the new revenue target without comprehensive structural reforms will be extremely difficult, and the pressure to do so may lead to harassment of taxpayers at the field level.” He, however, acknowledged that the proposed budget, the first full-year budget of the newly elected government contains several business-friendly reform proposals, including modernisation of tax and revenue administration, digitalisation, and ease of doing business measures. The MCCI president stressed that the key objective of the day's forum was not to examine isolated budget proposals, but to explore how the budget can be successfully implemented by broadening the tax base rather than imposing additional burdens on specific sectors or existing taxpayers. “The national budget is not merely a statement of government income and expenditure, it is a reflection of a country's economic priorities, development strategy, and future direction,” Kamran said. The budget comes at a time when the global economy continues to grapple with geopolitical uncertainty, trade tensions, and structural economic challenges, he added. He said MCCI remains committed to fostering open and constructive dialogue among the government, private sector, and other stakeholders on key national economic issues. Kamran expressed hope that the deliberations from the forum, held ahead of the budget's final approval in parliament, would enrich the policymaking process and provide actionable guidance to the relevant authorities. 

Yum Brands has agreed to sell Pizza Hut for a combined $2.7 billion, ending its ownership of the iconic pizza chain as the company seeks to focus on higher-performing brands amid declining sales at Pizza Hut. The parent company of KFC, Taco Bell and Pizza Hut announced Tuesday that private equity firm LongRange Capital will acquire Pizza Hut’s operations outside mainland China for approximately $1.5 billion. Pizza Hut’s mainland China business will be purchased by Yum China Holdings for about $1.2 billion. China is the chain’s second-largest market after the United States, accounting for nearly one-fifth of global sales. Yum Brands began reviewing strategic options for Pizza Hut last November after the chain continued to lag behind the company’s other restaurant brands. While Yum’s global sales increased 5 percent last year, Pizza Hut recorded a 2 percent decline. Earlier this year, Yum announced plans to shut down 250 Pizza Hut outlets in the United States. At the end of last year, the brand operated nearly 20,000 restaurants worldwide. Industry analysts said Pizza Hut has struggled for years to regain momentum amid intense competition and changing consumer preferences. Neil Saunders, managing director of GlobalData, described Pizza Hut as the weakest performer within Yum’s portfolio, saying efforts to revive the chain and close underperforming stores had failed to return the business to sustained growth. Founded in 1958 in Wichita, Kansas, by two brothers using a $600 loan from their mother, Pizza Hut grew into the world’s largest pizza chain by sales in the early 1970s. The company became part of PepsiCo in 1977 before being spun off into what later became Yum Brands in 1997. The chain’s business model came under pressure in the 1980s as rivals such as Domino’s expanded rapidly through home delivery services. Pizza Hut’s large dine-in restaurants became less suited to evolving consumer habits. In recent years, the growth of food delivery platforms such as DoorDash and Uber Eats has further intensified competition by giving consumers access to a wider range of food options beyond pizza. Yum Brands Chief Executive Officer Chris Turner said the sale would allow Pizza Hut to pursue growth under owners with extensive restaurant industry experience. He added that LongRange Capital and Yum China are well positioned to support the brand’s future development in their respective markets. The Louisville, Kentucky-based company expects both transactions to be completed during the third quarter of the year. Yum Brands’ shares rose about 3 percent following the announcement.

Bangladesh has continued to log an impressive growth in inward remittances, with expatriates sending home over US$ 34.38 billion during the period from July 2025 to June 15, 2026.  This marks an 18.61 percent growth compared to the corresponding period of the previous fiscal year FY 2025-26. According to the latest data from Bangladesh Bank released today (Tuesday), the total remittance inflow reached $ 34.38 billion during the current fiscal year (up to June 15, 2026), compared to $ 28.98 billion received during the same period of FY2024-25. The data shows that on June 15 alone, expatriate Bangladeshis remitted US$ 82.55 million through official banking channels. Furthermore, the remittance inflow during the first 15 days of June 2026 reached US$ 1.62 billion up from $ 1.47 billion recorded during the first half of June 2025. This reflects a healthy month-on-month growth of 9.73 percent. Banking sector officials noted that the steady and robust inflow of remittances has heavily shored up the country's external sector performance and financial stability ahead of the conclusion of the fiscal year. Foreign Exchange Reserves Position: Backed by strong remittance channels and recent external funding, the country’s foreign exchange reserves have shown a strong upward position. According to the central bank's financial account data as of June 16, 2026: Gross Forex Reserves stood at $35.76 billion. BPM6 standard reserves recorded at $31.21 billion on today (Tuesday) June 16,2026. The Balance of Payments and International Investment Position Manual (BPM6) format, mandated by the International Monetary Fund (IMF), represents the immediately usable liquid reserves of the central bank. Central bank officials indicated that the current reserve position leaves the country in a comfortable position to cover more than five to six months of regular import bills, significantly boosting macroeconomic stability and stabilizing the domestic foreign exchange market.

Mir Nadia Nivin, an international development and institutional reform specialist, has been appointed as the new chairman of the Insurance Development and Regulatory Authority (IDRA). With this appointment, she makes history as the first female chairperson of the country's insurance sector regulatory body since its inception. The Financial Institutions Division of the Ministry of Finance issued an official gazette notification on Tuesday making the appointment for a three-year tenure. An alumnus of Harvard University, Nivin possesses an extensive professional background in global governance. She previously served as a member of the Election Reform Commission during the interim government led by Nobel Laureate Professor Muhammad Yunus. Between 2020 and 2023, she held key high-level portfolios at the United Nations Development Programme (UNDP) across Bangladesh, Afghanistan, and Malaysia. In 2019, Nivin was named in the prestigious 'Asia 21 Young Leaders' list by the US-based Asia Society, which recognizes exceptional achievers under the age of 40 across 39 Asian countries. Prior to joining the United Nations, she taught at BRAC University in Dhaka and also worked in journalism for a brief period. Since beginning its official journey on January 11, 2011, IDRA has been headed by five chairmen. Actuary M. Shefaque Ahmed served as the founding chairman for two consecutive terms spanning six years. He was followed by former Financial Institutions Division Secretary Shafiqur Rahman Patwari, who successfully completed a three-year regular term. However, the subsequent three leaders—private sector executive M. Mosharraf Hossain, former Planning Secretary Mohammad Jainul Bari, and former Financial Institutions Division Secretary M. Aslam Alam—all exited the top regulatory position prematurely before completing their designated tenures. Industry stakeholders expect that Nivine's extensive global experience in institutional reform and public policy will bring much-needed structural modernization, discipline, and corporate governance to the country's insurance market.

Islami Bank Conscious Depositors’ Forum on Tuesday submitted a memorandum to the Bangladesh Bank Governor demanding a transparent, professional management structure to safeguard public money. The platform warned of launching a rigorous countrywide agitation if the central bank fails to immediately form an acceptable and professional board of directors, and hand the bank's ownership back to its genuine shareholders. The forum strongly criticided the centralidation of all administrative powers under a single central bank administrator, stating that running a massive financial institution without a fully functioning board is detrimental to corporate governance. They expressed apprehensions that a long-term administrative regime could inadvertently allow controversial individuals or remnants of the previous looting regimes to re-enter the management. The demands are immediate formation of a complete, honest, and professional board of directors, restoring the bank's ownership and shares to its genuine, original owners, establishing a special tribunal to try those involved in looting bank funds, implementing immediate steps to stabilize the bank and curbing negative propaganda, tracking down, freezing, and bringing back laundered wealth and assets from abroad. Besides, amending the Bank Company Act to permanently bar financial fraudsters from rehabilitation and withdrawing controversial statements regarding Islami Bank made in Parliament.

Bangladesh Bank Deputy Governor Habibur Rahman on Tuesday said innovative financial instruments like Orange Bonds can play a transformative role in advancing climate resilience, women's empowerment and inclusive growth. “The Orange Bond is a historic milestone for our capital market,” he said, highlighting the country's first Orange Zero Coupon Bond issued through Sajida Foundation. The deputy governor was speaking as chief guest at the 'Orange Economy Summit 2026: Dhaka', jointly organised by Dhaka Stock Exchange (DSE), Impact Investment Exchange (IIX) and Policy Research Institute of Bangladesh (PRI) at the DSE premises He reaffirmed Bangladesh Bank's full backing to attract $100 million in Orange investment by 2030, underscoring the importance of positioning Bangladesh as an attractive investment destination through inclusive and sustainable financing. The summit centred on the potential of a $100 million investment under IIX's Orange Climate Fund for Bangladesh, development of the country's Orange Capital ecosystem, and the role of capital markets in achieving long-term, inclusive and sustainable economic growth. In her welcome address, DSE Managing Director Nuzhat Anwar expressed satisfaction at hosting the summit, saying economic growth must go hand in hand with social inclusion and climate resilience to ensure sustainable development. She noted DSE's commitment to sustainable finance, corporate governance and implementation of international standards, adding that such initiatives would help raise awareness of Orange economy instruments and strengthen the regulatory framework for capital market development. IIX Founder and CEO Professor Durreen Shahnaz said building a robust and inclusive financial market is indispensable for Bangladesh's long-term sustainable growth amid its LDC graduation. She identified vast investment potential in the readymade garments, agriculture, energy transition and financial services sectors, saying deepening the capital market is essential to unlock that potential. Describing the 'Orange Movement' as a global initiative to build inclusive capital markets, Shahnaz said IIX is working to mobilise $10 billion by 2030. She disclosed that IIX has invested over $18 million in Bangladesh over the past decade and announced that $100 million has been earmarked for Bangladesh under IIX's $1 billion Orange Climate Fund. PRI Chief Economist Ashikur Rahman presented the keynote paper titled 'Building an Orange Capital Ecosystem in Bangladesh', noting that the country must overcome challenges including job creation, climate risk management and increased investment in productive sectors to achieve LDC graduation and a trillion-dollar economy. Ashik said the groundwork has already been laid through Green Bonds, Social Bonds and the country's first Orange Bond, and what is now needed is policy support, market-driven innovation and attraction of international capital to build a strong Orange Capital market. The summit concluded with a session on 'Experience Sharing from Emerging Markets', moderated by IIX Senior Director (Research and Government Relations) Priyank Tiwari. IIX Indonesia's Antya Widita and IIX Director of Impact Partners (Investment Banking) Jonathan Abeywickrema shared experiences on inclusive financing, sustainable investment and the role of Orange Capital in capital market development across emerging economies, while also exploring how international best practices can be applied in the Bangladesh context.

Most Asian stock markets traded higher on Tuesday, with Japan’s benchmark Nikkei 225 briefly crossing the 70,000 mark for the first time before giving up some of its early gains following a rate hike by the Bank of Japan (BOJ). The BOJ raised its key interest rate by 0.25 percentage points to 1%, taking the benchmark rate to its highest level in nearly 30 years. By early afternoon, Japan’s Nikkei 225 was up 0.6% at 69,713.05. South Korea’s Kospi continued its record-setting run, gaining 2.1% to 8,721.64. China’s Shanghai Composite edged up less than 0.1% to 4,100.53. However, Australia’s S&P/ASX 200 fell 0.3% to 8,892.10, while Hong Kong’s Hang Seng dropped 1.3% to 24,533.35. Taiwan’s Taiex rose 0.6%, and India’s Sensex added 0.5%. Global markets rallied on Monday after the United States and Iran reached a preliminary agreement aimed at restoring the smooth flow of oil supplies. The development helped ease concerns over disruptions in global energy markets. On Wall Street, the S&P 500 climbed 1.7%, while the Dow Jones Industrial Average gained 0.9% to reach a record high. The technology-heavy Nasdaq surged 3.1%. Oil prices also declined after the announcement, as investors hoped the deal could lead to the reopening of the Strait of Hormuz, a key route for global oil shipments and a major source of energy supplies for Asia. Brent crude oil dropped 4.8% on Monday, although analysts cautioned that uncertainty remains and negotiations between Washington and Tehran are expected to continue over the next two months. They also noted that even if the strait reopens as expected, it could take several months before energy exports return to normal levels. Oil prices have fallen from above $100 per barrel seen a few weeks ago during heightened tensions. Before the conflict, crude was trading near $70 a barrel. Early Tuesday, US benchmark crude oil slipped 9 cents to $80.66 per barrel, while Brent crude, the international benchmark, fell 24 cents to $82.93 per barrel. Technology shares led gains on Wall Street, particularly companies linked to artificial intelligence (AI). Micron Technology jumped 10.8%, while Advanced Micro Devices (AMD) rose 7%. Nvidia, the world’s most valuable publicly traded company, gained 3.5%, providing the biggest boost to the S&P 500. Meanwhile, SpaceX, the rocket company owned by Elon Musk and parent of AI firm xAI, surged 19.6% in its second day of trading on Wall Street. In the bond market, US Treasury yields edged lower as falling oil prices reduced concerns that central banks may need to keep raising interest rates. The yield on the 10-year Treasury note slipped to 4.47% from 4.48% on Friday. In currency trading, the US dollar was little changed at 160.33 Japanese yen. The euro traded at $1.1580, slightly lower than $1.1592 in the previous session.

In a bid to regain public trust, Islami Bank Bangladesh PLC on Monday announced a special financial assistance program for depositors who incurred heavy losses by prematurely closing their savings and term-deposit accounts during the recent banking crisis. According to a circular issued by the bank management, the special facility will apply to clients who closed or cashed out their various deposit schemes—including MTDR, MSB, MMPDS, and MSSA accounts—prematurely between June 1 and June 15. The bank announced that affected customers will be given a window of the next seven working days to reopen their closed accounts. If reopened within this timeframe, the bank management will waive all associated fees and administrative charges considering the extraordinary situation. Furthermore, these accounts will be treated as continuously active, allowing depositors to enjoy their original profit rates and previously committed benefits without any disruption. Banking sector insiders view this move as highly customer-friendly. Amid intense panic, rumors, and leadership uncertainties surrounding the country's largest Shariah-based commercial lender over the last two weeks, thousands of clients rushed to branches to break their term deposits and savings schemes ahead of maturity, suffering significant financial losses and forfeiting accumulated profits. The special initiative aims to mitigate those financial losses and restore depositor confidence following the central bank's direct intervention in dissolving the bank's controversial board and injecting emergency liquidity. The bank management urged clients not to be swayed by unverified anxieties and advised them to contact their respective branches within the designated period to avail themselves of the policy. Financial analysts believe the move will play a positive role in rebuilding the bank's relationship with its clients and safeguarding long-term public deposits.