Four Steelmakers Dominate with 53% Market Share

Appollo Ispat Complex, which once thrived with its "Rani Marka Dheutin" brand, disclosed accumulated losses of Tk 7.6 billion for FY19 to FY23 in a filing on November 21, 2024. The company has failed to hold any general meetings over the past five years, and its factory has been shut for more than three years.

Dhaka Bank PLC signed a memorandum of understanding (MoU) with Dhaka South City Corporation (DSCC) on November 22 to streamline the collection of holding tax and trade licence fees. Under the agreement, the bank will integrate with DSCC servers via API connectivity, enabling residents to pay taxes and fees at designated branches, sub-branches, and five newly established collection booths at Nagar Bhaban and zonal offices during the first phase.

Moody's downgraded Bangladesh's sovereign rating from B1 to B2, shifting its outlook to negative, citing heightened political risks and potential economic slowdown. However, Bangladesh Bank (BB) criticized the downgrade, labeling it as retrospective and not reflective of current progress.

Following the fall of the previous government, over 343 influential individuals and organizations have had their bank accounts frozen, totaling Tk 14,500 crore, due to allegations of suspicious transactions and money laundering. The Bangladesh Financial Intelligence Unit (BFIU), in collaboration with the NBR and ACC, has already submitted 225 investigation reports, with 20 audits completed.

Monno Ceramic Industries Ltd, a prominent tableware manufacturer in Bangladesh, reported a steep 89% drop in profits for the first quarter (July-September) of FY 2024-25. The company’s earnings fell to Tk 30.17 lakh during this period, significantly lower than Tk 2.66 crore recorded in the same quarter of the previous year.

Bangladesh's steelmakers have presented a five-point demand to the interim government to alleviate challenges plaguing the industry. At a press briefing on November 18, the Bangladesh Steel Manufacturers Association (BSMA) urged for expedited infrastructure projects to mitigate the economic crisis affecting businesses.