Two Bangladeshi Startups Receive BDT 10M Grants

TRANSFORM, an impact accelerator led by Unilever, the UK Government, and EY, announced grants of up to BDT 10 million each for two Bangladeshi SMEs focused on climate resilience.

A proposed hike in gas prices by Petrobangla has sparked major concerns among industrialists in Bangladesh, fearing economic harm. Industrial leaders argue that the increase, if approved, could lead to factory closures, job losses, and reduced industrial output, harming economic growth and potentially causing social unrest.

In FY 2023-24, the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) faced operating losses due to reduced trading, fewer IPOs, and increased costs. The DSE's core revenue of Tk 125 crore fell short of expenses, causing a Tk 20 crore loss, while the CSE incurred a Tk 10 crore loss with Tk 31 crore in core revenue.

SK Trims & Industries, a garment accessory manufacturer, experienced significant financial challenges in the first quarter of the 2024-25 financial year. The company reported a net loss of Tk 4.46 crore in the July-September quarter, contrasting with a Tk 4.29 crore profit from the same period last year.

Bangladesh plans to increase reliance on the volatile spot market for importing liquefied natural gas (LNG) in 2025 to meet growing industrial and power demands amid declining domestic gas production. State-run Petrobangla aims to import 115 LNG cargoes this year—59 from the spot market and 56 from long-term suppliers—marking a 33.72% rise from 2024.

S Alam Group's nine factories in Chattogram have resumed operations today after a week-long closure. The decision to reopen came after the withdrawal of a previous closure notice issued on December 24. The initial closure was due to a shortage of raw materials, but management has since decided to restart production effective January 1.