New this week
The newsroom's first long-form releases. Three investigations, three essays.
Investigation · No-Bid Bangladesh
The Banks Fall First: Bangladesh's Power-Sector-to-Banking-Sector Transmission Chain, FY27-FY30
Capacity payments transmit fiscal stress into a banking system already at 32.26% NPL.
Investigation · No-Bid Bangladesh
Who Runs the Gateway: Chattogram Port's Foreign-Operator Concessions
Four terminals, no open tender, and the government's own math saying self-operation wins 3.8 to 1.
Investigation · No-Bid Bangladesh
The Spread Is the Scandal: Bangladesh's LNG Procurement, 2017-2026
No pricing scandal. A process scandal: bilateral deals under a law that suspended procurement rules.
Essay · From the Substack
The Ashulia File
A company and a state locked in a fight that stopped following its own rules.
Essay · From the Substack
The Currency of a Siege
How a blockade turned methamphetamine into money on the Naf river.
Essay · From the Substack
28 Taka
A viral statistic, a fight about denominators, and the prevention fund nobody discussed.
Weekly Brief
What moved this week, checked against the documents. Published weekly.
NEEDLE: The Deep Pass
The NEEDLE pass. One deep read every Friday: the week's numbers, the contracts behind them, and what to watch next.
Delta Watch: Daily Briefing Archive
The daily intelligence cell's briefings, filed day by day. The record of how the story moved.
Earlier research
The backlog that came before the newsroom's article pages. The current series lives on the Investigations page.
Current series
No-Bid Bangladesh: three investigations, one mechanism
The banks, the port, the LNG deals. Read the full series on the Investigations page.
Figures
The numbers this newsroom stands behind. Tracked weekly, revised only when the source moves.
The data desk
Charts, not decoration.
Four views of the same ledger, drawn in the newsroom's own hand. Figures marked tracked come from the weekly figure watch; charts marked sample use illustrative data while the dataset is being built. Hover or tap any mark for the number behind it.
FY27 power money, by line item
trackedFour line items, one fiscal year · Tk crore
Figure watch · Tk crore · New Age, 06 Jun 2026; The Business Standard, Jun to Sep 2026
The capacity bill: funded vs unfunded
trackedWhat the budget covers of the capacity bill
Figure watch · Tk 52,608 cr capacity payments against Tk 37,000 cr subsidy allocation
The second-revision syndrome, plotted
sampleApproved vs revised cost per DPP · ECNEC 6 Apr 2026
ECNEC 6 Apr 2026 approvals · BSS wire, bdnews24, TBS · Tk crore
BERC's FY27 subsidy arithmetic, as a flow
trackedHow the subsidy requirement breaks down · Tk crore
Figure watch · Tk 56,000 cr required → ~Tk 15,000 cr tariff relief (about Tk 14,200 cr per TBS) → Tk 41,000 cr net → Tk 37,000 cr budgeted
Research & dossiers
Working papers, datasets, and method notes. The audit trail behind the journalism.
