The Bangladesh Securities and Exchange Commission (BSEC) has instructed 57 stockbroker and dealer firms of the Dhaka Stock Exchange (DSE) to repatriate nearly BDT 400 crore invested outside their core business operations.

In a recent order signed by BSEC Chairman Professor Shibli Rubayat-Ul-Islam, the DSE has been directed to ensure these funds are returned to their primary business activities by October. The order outlines that these firms had invested in various non-core areas such as deposits, land purchases, loans to related companies, unlisted company investments, and loans for directors’ vehicle purchases.

The BSEC directive follows a compliance report from the DSE and audited financial statements of the stockbroker and dealer firms, revealing that these entities were diverting funds away from their registered primary activities. To safeguard the capital market’s interests, the BSEC issued two specific instructions to the DSE: ensure the repatriation of funds by October 31 and monitor the reinvestment of these funds in core business operations. The DSE is required to submit a compliance report to the BSEC within seven working days of the fund repatriation.

According to BSEC data, the 57 stockbroker and dealer firms have invested a total of BDT 399.49 crore in non-core activities.

The BSEC order also stipulates that any investments in other areas must be returned and utilized within the firms’ primary business operations. The DSE has been tasked with overseeing this process and submitting a compliance report to the BSEC within seven working days after the funds have been repatriated.

The directive is effective immediately, emphasizing the urgency of the situation.

Stock brokers and dealers investing in sectors other than value trading include AB Ispahani Securities, ACE Capital Management Services, Rashid Investment Services, Daulatunnesa Equities, Rapid Securities, M-Securities, Ariz Securities, First Capital Securities, Multi Securities and Services, Royal Green Securities, Latif Securities, Uniroyal Securities, Md. Fakhrul Islam Securities, Salta Capital, Daytun Holdings, Island Securities, Etihad Securities, Surma Securities Holding Co., Noveli Securities, CMSL Securities, Nabiul Karim Securities, ANF Management Company, Dragon Securities, Shelltech Brokerage, Rose Securities, RNI Securities , Mashihur Securities , Qazi Equities, Alhaj Jahanara Securities, Midway Securities, KHB Securities, Cosmopolitan Equities, Fortune Securities (Pvt.), Shakeel Rizvi Stock, EMES Securities, Peace Securities, Trustee Securities, Mona Financial Consultancy & Securities, Subv Lee Securities, Doreen Capital Management, GMF Securities, Globe Securities, Anwar Khan Modern Securities, Stock & Bond, Total Communications, Prilink Securities, Asadhi Securities, AD Holdings & Securities, Mika Securities, Akiz Capital Management, Dhaka Securities, Prudential Capital, Bay Rich, Rahman Equity Management, Burma Securities , Inova Securities and Gibson Securities.

The spot rate for shipping goods in containers to Europe from Asia rose for a ninth straight week, the longest stretch of rising prices since the pandemic disrupted global supply chains in 2021.

The rate for a 40-foot container to Genoa, Italy, from China hit $7,029 over the past week, the highest level since September 2022, according to the Drewry World Container Index released Thursday. The cost to Rotterdam increased to $6,867. Both rates have essentially doubled since April.

For the busy trade route from Shanghai to Los Angeles, the rate rose for a seventh straight week, to $6,441.

While not all freight is moving at such elevated prices, the spot market for containers reflects the supply of available space on ships and the demand from importers. That balance has tightened during the past six months as vessels avoid the Red Sea, where Houthi rebels have attacked commercial traffic, including a bulk commodity carrier that sunk earlier this week.

Most container lines are taking the longer route around southern Africa, creating disruptions similar to those two or three years ago. Ryan Petersen, founder and chief executive officer of Flexport Inc., said “we’re right back almost to where we were during the peak Covid situation.” He’s seeing spot rates even higher than the numbers Drewry just reported.

“Right now, if you want to ship a container from China to here in the UK it will cost you about $10,000 unless you have a contract,” Petersen said during a Bloomberg Television interview in London on Thursday. “And by the way, most of those contracts that were signed at lower prices are not being honoured and they’re adding surcharges to them.”

Petersen said it’s hard to predict how long shipping prices will keep climbing, noting that carriers spent some of their record-high profits made during the pandemic on new vessels that are entering service through 2026, which should help ease the latest capacity crunch.

But he also said uncertainty about delivery reliability later this year is worrying some companies and motivating them to order now rather than wait. Among the threats is a dockworker strike at ports along the US East and Gulf coasts, which Petersen said might send container rates above their pandemic highs if cargo bound for those gateways is significantly disrupted.

Prime Minister Sheikh Hasina has called on United Arab Emirates (UAE) investors to invest in Bangladesh’s special economic zones. The request was made during a meeting with UAE Ambassador Abdulla Ali Abdulla Khaseif Alhmoudi at her official residence, Ganabhaban, this morning.

According to the Prime Minister’s Press Secretary, Md Nayeemul Islam Khan, the UAE ambassador assured the prime minister that his country would issue visas for Bangladeshi workers, ensuring they have jobs waiting for them in the UAE. The envoy emphasized the importance of preventing illegal migration from Bangladesh, a concern both countries agreed to address more diligently.

The UAE ambassador also mentioned that several UAE ministers are planning to visit Bangladesh soon to explore new avenues for strengthening bilateral relations. “We already have a very extensive and deep tie, but we are eager to take it to a new height,” Alhmoudi stated.

Alhmoudi highlighted that approximately 20,000 Bangladeshis travel to the UAE each month, with the UAE embassy issuing around 1,000 visas daily—500 directly and 500 through agents. He extended an invitation to Prime Minister Sheikh Hasina to visit the UAE, noting that UAE President Sheikh Mohamed bin Zayed Al Nahyan and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum are eagerly waiting to welcome her.

In response to Sheikh Hasina’s appeal for UAE investment in Bangladesh’s special economic zones, Alhmoudi said that the visiting UAE ministers would discuss the matter further. The envoy also sought cooperation from the prime minister to expedite UAE investments in Bangladesh, including in the container terminal sector. Sheikh Hasina assured him that her government is accelerating processes across all sectors.

Additionally, Alhmoudi mentioned that a UAE company is in the final stages of negotiating prices to provide an Advance Passenger Information System (APIS) to Bangladesh’s civil aviation sector. The prime minister delegated the task to PMO Secretary Mohammad Salahuddin.

For security reasons, the US, EU member states, and other countries now require detailed passenger information from airlines before travel, known as Advance Passenger Information (API).