Weak banking sector contributing to economic risk

Bangladesh is having growing difficulty repaying foreign debts, particularly those for the power sector. A recent lawsuit concerning the Ashuganj Power Station Company Ltd (APSCL) emphasizes the issue.

In a new study published by Bangabandhu Sheikh Mujib Medical University (BSMMU), cancer affects within 1.14% of the population in the researched area. The highest incidence occurred among those aged 51 to 60, with lung cancer in males and breast cancer in women being the most prevalent kinds.

Singer Bangladesh Limited reported a 60% decline in net profit for H1 2024, attributing it to rising business costs due to the forex crisis and increased interest rates. Net profit fell to Tk23.59 crore from Tk58.31 crore, with earnings per share at Tk2.37. Sales revenue rose 9% to Tk1,185 crore in H1. In Q2, revenue increased by 10% to Tk785 crore, but net profit dropped 47% to Tk25 crore.

The securities regulator instructed 57 stock brokers and dealers of the Dhaka Stock Exchange to return Tk 4 billion to their core business within three months. The funds had been diverted to real estate, violating the Securities and Exchange Rules 2020. The core business involves trading securities from their own dealer accounts.

The Anti-Corruption Commission (ACC) filed a case against six officials, including a project director from the Department of Agricultural Extension (DAE), over the embezzlement of Tk4.75 crore. The case, filed by an ACC Deputy Director, pertains to fraud in a project to construct a 5-storey office-cum-staff dormitory under the "Upgradation of Existing Plant Quarantine Laboratory at Central Packing House to International Standard (UPQWLAB) Project (1st Revised)" in Dhaka's Shyampur.

Expatriate arrivals in Bangladesh significantly dropped recently, with expatriate income from July 19-24 amounting to $78 million. This is a sharp decline from the daily average of $79 million in the first 18 days of July. Banking activities were disrupted from July 19-23 due to a curfew and internet shutdown, affecting legal channels for expatriate income.