Markets had enjoyed a healthy run-up at the start of the week as US President Donald Trump called off strikes on the Islamic republic and said an agreement was close, even though Tehran denied talks had taken place.

At the same time Iran said it was close to a pact with Muscat on managing the key waterway -- which has been choked off for most of the Middle East war -- but that the US would need to end its own naval blockade of Iranian ports.

Crude prices had begun edging up Wednesday and rallied as much as four percent Thursday as the Fars news agency said Iran would look to prevent US and Israeli vessels from using the strait in any deal with Oman.

That dampened hopes for a full reopening of the waterway -- through which a fifth of global oil and LNG passes -- and revived fears of a fresh spike in inflation and put interest rate hikes back in the picture.

Both main contracts rose around one percent on Friday.

Equity markets were in turn mostly down, with Seoul again weighed by concerns over the AI boom while Tokyo, Hong Kong, Sydney, Wellington, Taipei and Manila were also lower. Shanghai and Singapore edged up.

That came after a pullback on Wall Street, where the Dow came off three days of record highs.

Analysts said the latest developments had traders questioning whether the week's early gains were justified.

They also come ahead of the release of key US jobs data later in the day, which will be followed next week by consumer price figures -- both of which could be crucial in the Federal Reserve's decision-making on rates.

Clark Bellin at Bellwether Wealth said the jobs figures are of major importance, adding "we will need to see a number that is not too hot and not too cold in order for the market to keep grinding higher".

And Michael Hewson of Market Insights added: "The main item of note is US (consumer price index) for July, and whether we will see further evidence of slowing price pressures.

"This matters, given the recent dissent of three (Fed policy board) members in favour of a 25-basis-point rate hike."

He added that "while we've seen a modest pull back from the recent highs (in CPI) the bigger concern is that the sustained volatility in prices could mean prices stabilise at a higher baseline.

"These are the concerns that prompted the likes of the three dissents on interest rate policy at the recent Fed meeting."

- Key figures around 0230 GMT -

Tokyo - Nikkei 225: DOWN 1.0 percent at 65,039.16 (break)

Hong Kong - Hang Seng Index: DOWN 0.4 percent at 25,423.90

Shanghai - Composite: UP 0.2 percent at 3,909.05

Dollar/yen: DOWN at 158.36 yen from 158.40 yen on Thursday

Euro/dollar: DOWN at $1.1521 from $1.1524

Pound/dollar: DOWN at $1.3452 from $1.3456

Euro/pound: DOWN at 85.64 pence at 85.65 pence

West Texas Intermediate: UP 0.9 percent at $78.01 per barrel

Brent North Sea Crude: UP 1.1 percent at $83.38 per barrel

New York - DOW: DOWN 0.9 percent at 53,885.10 (close)

London - FTSE 100: DOWN 0.2 percent at 10,867.89 (close)

Exports climbed 23.9 percent year-on-year last month, the General Administration of Customs (GAC) reported. Imports increased 27.5 percent, though that was down from the 36 percent surge seen in June.

Bangladesh’s RMG may enhance value addition and strengthen the country's global competitiveness by expanding the use of man-made fibres (MMF), functional textiles, automated sewing equipment and garment accessories

Deputy Director of the Korea Trade-Investment Promotion Agency (KOTRA) in Dhaka Lee Sung-hoon (Daniel Lee) said Korea's advanced expertise in man-made fibres, technical textiles and industrial automation aligns closely with Bangladesh's strategy to transform its apparel sector from a volume-driven industry into a higher-value manufacturing hub.

“Bangladesh's RMG sector, accounts for around 84 percent of the country's exports and about 10 percent of GDP, but the industry remains largely dependent on natural fibres with a value-added ratio of approximately 30 percent,” he added.

There is considerable scope for Bangladesh to move up the value chain. Korea is globally competitive in man-made fibres and functional and technical textiles, which aligns precisely with Bangladesh's policy of increasing the share of MMF in garment production, he said.

Lee said cooperation could also expand significantly in automated sewing equipment, garment and footwear accessories, enabling Bangladeshi manufacturers to improve productivity, diversify products and meet changing global demand.

He noted that Korean companies are particularly interested in supporting Bangladesh's transition toward higher-value apparel as international buyers increasingly demand functional fabrics, performance wear and sustainable textile products.

Lee said KOTRA is promoting cooperation in three key areas- product upgrading, process automation and compliance with emerging environmental and regulatory standards.

He said shifting production from natural fibres to man-made fibres and functional materials remains the most effective way to increase value addition.

Korean companies possess extensive expertise in both yarn and fabric production, creating opportunities for joint ventures and technology partnerships, he said.

Lee said Bangladesh's textile machinery market is around US$2.1 billion, and investment in modern equipment is gradually recovering as foreign exchange reserves improve.

He said Korean manufacturers see growing demand for automated cutting and sewing systems, automated inspection technologies and energy-efficient factory management solutions. Bangladeshi buyers consistently rate Korean machinery highly for its balance of quality and price, he added.

The KOTRA official said regulatory compliance and environmental sustainability have become increasingly important for Bangladesh's export-oriented garment industry as European market tightens supply chain on the issues of due diligence, eco-design and carbon emission requirements.

He said Korean legal, AI and ICT firms are working with KOTRA to help Bangladeshi garment manufacturers prepare for the European Union's Digital Product Passport (DPP) requirements, which are expected to become a key compliance standard for exporters.

Bangladesh already has the world's highest number of LEED-certified green garment factories, he said, adding that the next challenge is converting those environmental achievements into internationally recognized regulatory compliance.

Lee also said KOTRA is supporting Bangladeshi manufacturers in improving energy efficiency, rooftop solar and wastewater treatment as productivity and environmental performance increasingly go hand in hand.

Recalling the long-standing partnership between the two countries, Lee said Korea played a pivotal role in the birth of Bangladesh's garment industry through Daewoo's joint venture in 1978, when Bangladeshi workers received training in Korea to establish export-oriented apparel sector.

Today, around 70 percent of Korean manufacturing investment in Bangladesh remains concentrated in the textile and garment industries, making modernization of the sector a shared priority, he added.

Beyond garments, Lee identified pharmaceuticals and biotechnology, consumer goods, infrastructure, ICT and renewable energy as the other major sectors offering strong investment potential for Korean companies.

He said Bangladesh's pharmaceutical industry, expected to grow rapidly in the coming years, offers opportunities for cooperation in active pharmaceutical ingredients (APIs), oncology medicines, vaccines and biologics.

In the consumer sector, he said the country's expanding middle-income population is creating new demand for processed foods and K-beauty products, with Korean manufacturers increasingly partnering with local firms to develop Bangladeshi brands.

Lee also highlighted opportunities in smart infrastructure, intelligent transport systems, renewable energy, artificial intelligence and digital government services.

He said recently concluded negotiations on the Korea-Bangladesh Comprehensive Economic Partnership Agreement (CEPA) would provide a stronger institutional foundation for expanding trade, investment and technology cooperation.

Describing Bangladesh as an attractive investment destination, Lee said, Bangladesh’s has a large young workforce, growing domestic consumer market, globally competitive garment ecosystem and nearly five decades of Korean business experience.

He, however, said continued reforms in regulatory consistency, certification procedures, profit repatriation, infrastructure and policy predictability would further encourage Korean investment in Bangladesh.

Lee expressed optimism that restoration of political stability, conclusion of the CEPA negotiations and Bangladesh's preparation for LDC graduation could open a new chapter in bilateral economic relations over the next few years.

The Swiss group, which provides insurance to insurance firms, registered $2.8 billion in net profit in the January-June period, it said in a statement.

The figure was a nine percent jump on the same period last year.

"Strong earnings delivery in the first half of the year puts us well on track towards our 2026 financial targets, while we remain vigilant as we approach the peak of the hurricane season," said Chief Executive Officer Andreas Berger.

Net profit came in at 898 million euros ($1.03 billion) in the three months to end-June, up from 462 million euros a year earlier.

For the first half of the year, profit reached a record 1.8 billion euros.

Commission income -- fees from providing services like accounts or brokerage -- rose, Commerzbank said, while income from interest was stable.

The results come as the battle for control of Commerzbank heats up.

UniCredit has pursued Commerzbank for the past two years, causing alarm in Germany where the bank is dear to many thanks to its reputation for financing small and midsize industrial companies.

Commerzbank has cut thousands of jobs in a bid to boost its profit and hence share price, making any potential takeover more expensive.

UniCredit has nevertheless continued to build up its stake and now holds almost 48 percent of Germany's second-largest lender.

Commerzbank CEO Bettina Orlopp said both banks had a shared "responsibility".

"Even when UniCredit holds a majority at the next annual general meeting, it cannot unilaterally decide on fundamental structural measures," she said in a statement.

"It requires a shared understanding of the business model and the involvement of all stakeholders."

Berlin, which holds a 12 percent stake in Commerzbank, has fiercely opposed any takeover and unions have also come out against the move, fearing it would mean job cuts.

Commerzbank confirmed its guidance of earning at least 3.4 billion euros for the year, up from 2.6 billion euros in 2025.

According to the latest data, expatriate Bangladeshis sent US$196 million in remittances on August 4-5 alone.

Overall, remittance inflows reached US$3.461 billion from July 1 to August 5 of the current fiscal year (FY2026-27), up from US$2.806 billion during the same period of the previous fiscal year.

The latest figures indicate a 23.3 percent year-on-year growth in remittance inflows during the period, reflecting continued strong earnings from Bangladeshi migrant workers abroad.

Investors have enjoyed a much-needed rally since Friday, following a month-long tech rout that slashed billions of dollars off valuations owing to concerns about the vast sums companies had pumped into artificial intelligence.

The recovery started with Seoul -- the poster child of the sell-off since June -- soaring almost 18 percent at the end of last week and recently battered chipmakers SK hynix and Samsung powering more than 25 percent higher.

That has fuelled speculation that the AI play was back as traders return to pick up bargain stocks.

However, the rally appeared to peter out Thursday following a tech retreat on Wall Street and disappointing earnings from US giants SanDisk and Western Digital that revived concerns over the profitability of the AI investments.

Seoul's Kospi shed more than five percent at one point, led by SK hynix and Samsung.

Tokyo's Nikkei -- another tech-heavy index -- lost around two percent, with chipmaker Kioxia down more than 10 percent and Tokyo Electron seven percent off. Tech investment titan SoftBank, which is due to report later Thursday, lost six percent.

There was also selling in Hong Kong, Wellington and Taipei, though Shanghai, Sydney and Singapore rose.

While Wall Street was broadly negative, the Dow still mustered a gain to push it to a third straight record close.

Easing tensions in the Middle East and comments from Washington about a US-Iran deal to reopen the Strait of Hormuz have also helped equities this week by pushing oil prices down and tempering inflation and rate hike concerns.

However, both main contracts edged up Thursday after Iran said it had agreed a route with Oman for ships transiting the waterway and were adding the final touches to arrangements for jointly managing it.

Official sources briefing Iranian media stressed that any reopening would depend on the United States fulfilling what Tehran sees as its commitment to end its own naval blockade of Iran's ports.

"The factors making the Strait of Hormuz insecure still exist on the part of the United States, particularly the naval blockade and other aggressive and threatening actions against Iran and its interests," said Iran Foreign Ministry spokesman Esmaeil Baqaei, according to state news agency IRNA.

Investors are keenly awaiting the release of key US jobs data Friday, hoping for an idea about the state of the economy as the Federal Reserve plots its next moves on borrowing costs.

Figures on Wednesday showed hiring in the US private sector was significantly below expectations in July, with industries like leisure and hospitality shedding jobs.

- Key figures around 0230 GMT -

Tokyo - Nikkei 225: DOWN 1.6 percent at 65,266.67 (break)

Hong Kong - Hang Seng Index: DOWN 2.0 percent at 25,409.68

Shanghai - Composite: UP 0.2 percent at 3,884.42

Seoul - Kospi: DOWN 4.5 percent at 6,296.85

Dollar/yen: DOWN at 157.68 yen from 157.79 yen on Wednesday

Euro/dollar: UP at $1.1555 from $1.1549

Pound/dollar: UP at $1.3470 from $1.3463

Euro/pound: UP at 85.79 pence at 85.78 pence

West Texas Intermediate: UP 0.7 percent at $75.71 per barrel

Brent North Sea Crude: UP 0.7 percent at $80.00 per barrel

New York - DOW: UP 0.5 percent at 54,349.12 (close)

London - FTSE 100: UP 0.1 percent at 10,888.30 (close)

The 130-billion-yuan (roughly $19 billion) agreement between Beijing and cash-strapped Buenos Aires has been in effect since 2009.

The five-year extension follows previous renewals of three years at a time.

The longer period aims to provide "greater predictability regarding the continuity of this tool," Argentina's central bank stated.

A 35-billion-yuan tranche released in 2023 will remain in effect, the statement added.

The measure intends to "strengthen financial stability in Argentina and to support trade and investment between the two countries," it said.

A serial defaulter, the South American nation has struggled to get enough foreign currency to pay off international debts while keeping its own currency stable.

The renewal comes as the central bank looks to increase its global reserves ahead of next year's presidential elections, with polls typically marked by heightened financial turbulence.

Before legislative elections last year, Argentina signed a separate currency swap deal worth $20 billion with the United States.

Ultraliberal President Javier Milei had promised he would not do business with China or "with any communist" on the campaign trail ahead of his victory in 2023.

But he adopted a more pragmatic stance once in office, while also maintaining close relations with US President Donald Trump.

"Geopolitics is one thing, commerce is another," he stated earlier this year, adding that he remained "deeply aligned geopolitically with the United States."

China is Argentina's second most important trade partner after Brazil.

The so-called Selic rate, one of the highest in the world, was lowered from 14.25 percent to 14 percent, the bank's Monetary Policy Committee, Copom, stated.

Markets had widely expected the cut, which is part of a cycle that began in March after almost two years of high interest rates.

Leftist Lula, who is seeking a non-consecutive fourth term in the upcoming elections, advocated for lower rates to stimulate South America's largest economy.

The central bank has exercised caution however, given the US-Israel war against Iran, which has pushed up oil prices and fueled inflation fears globally.

As for domestic affairs, the bank noted that despite easing inflation, it "still remains above the upper limit of the target."

The cost of living features among Brazilian voters' main concerns.

Year-on-year inflation slowed to 4.64 percent in June, driven by falling food and fuel prices.

Despite this slowdown, inflation remains above the official target range of 1.5 percent to 4.5 percent.

The Reserve Bank of India (RBI) said the benchmark repurchase rate, the level at which it lends to commercial banks, would remain at 5.25 percent after a unanimous vote by a six-member panel.

Emerging and frontier market central banks from Indonesia to Sri Lanka have raised rates to curb price rises and boost their currencies since the outbreak of the Middle East crisis in February.

Limited and staggered fuel price hikes by the Indian government have so far shielded citizens from the worst of the war's economic impact but there are signs that this may not hold.

Retail inflation rose to 4.4 percent in June -- breaching the central bank's medium target of four percent for the first time in 17 months -- though it remains within RBI's 2-6 percent tolerance band.

Bank governor Sanjay Malhotra said economic growth was supported by "resilient domestic demand" and inflation was not "broad-based" yet.

"The MPC (Monetary Policy Committee) noted that even though headline inflation is projected to increase, it is primarily on account of supply side pressures caused by food and fuel. It is not getting broad-based," Malhotra said in a televised address from the financial capital Mumbai.

"There is a need for greater clarity to emerge, especially regarding inflation, its path and composition before taking any policy action."

Analysts said Malhotra's speech had a dovish tinge.

"What stood out just as much as the tone itself was what was missing from it," Sneha Pandey of Quantum AMC said.

With the war still unresolved and already influencing both oil markets and yields, there were ample reasons for the central bank to express greater concern, she said.

"It didn't... and that comfort is a genuine positive for equities."

Adding to the central bank's calculations is pressure on the Indian rupee, which slid to a record low before its June policy meeting.

Instead of raising rates, the RBI chose to announce a range of moves aimed at wooing dollar inflows, including a deposit scheme for the Indian diaspora.

These measures have brought in more than $40 billion since June, according to central bank data released last Saturday, boosting the RBI's forex buffers.

While the steps have helped stop the rupee's losses, the currency has faced fresh challenges.

India, the world's third-largest buyer of oil, normally sources about half of its crude through the Strait of Hormuz, which has been effectively closed since the beginning of the war in February.

Analysts say this makes New Delhi among the most vulnerable economies to a global energy shock, as higher crude and fertiliser prices drive up India's import bill.

"Our result was positively impacted by ongoing underlying demand for Cathay Pacific and Cathay Cargo, improved performance from HK Express, and stronger contributions from associates," the chair Guy Bradley said in its earnings report.

The airline reported net profit of HK$6.2 billion (US$795 million) in the first six months of the year, while revenue increased 25.3 percent on-year to HK$68 billion.

Passenger revenue increased 26.3 percent to HK$43.2 billion, driven by strong travel demand and "amplified by increased transit traffic through Hong Kong as travellers looked to other hubs due to the Middle East situation in the second quarter", the carrier said.

"Having got off to a strong start in the first quarter, we faced a more challenging second quarter due to the situation in the Middle East and the resulting significant increase in jet fuel prices," Bradley said, adding that fuel costs nearly doubled from the first quarter to the second.

The airline has raised fuel surcharges multiple times since the war broke out in February.

"That we were able to achieve our first-half performance despite these circumstances is testament to the resilience we have built into our business in recent years," Bradley said.

Taiwan is a powerhouse in the global semiconductor industry, producing nearly all of the most advanced chips for companies including Nvidia and Apple.

China is racing to develop the advanced chips used to power artificial intelligence systems, as it faces export restrictions imposed by the United States.

More than 300 investigators searched 64 locations and interviewed 114 people in recent weeks, the Ministry of Justice Investigation Bureau said in a statement.

Investigators said the companies allegedly sought to conceal the identity of their Chinese financial backers while establishing "unauthorised" operations or "illegally" recruiting talent.

As AI competition intensifies, Taiwanese firms face the "challenge of having their core high-tech talent targeted and recruited by 'Chinese' companies, leading to the loss of their core competitive advantages," the statement said.

Taiwan has long accused China of carrying out espionage activities on the island, which Beijing claims is part of its territory and has threatened to seize by force.

Last month, Taiwanese prosecutors charged a former TSMC employee with stealing the chipmaking giant's "core" technology and attempting to leak it to China.

Prosecutors also have detained seven people, including an Nvidia worker, in a separate case involving the alleged smuggling of the US tech giant's AI chips to China.

Southeast Asia's largest economy expanded 5.3 percent in April-June, compared with the 5.6 percent seen in the previous three months. It was, however, better than the 5.1 percent projected in a survey of economists by Bloomberg.

Household expenditure, which accounts for more than half of gross domestic product, increased 5.1 percent, Statistics Indonesia official Moh Edy Mahmud said.

"Household consumption grew strongly, driven by the momentum (from) holiday and religious holiday" spending, he added.

Government expenditure climbed nearly 16 percent.

President Prabowo Subianto's government is chasing a growth target of eight percent by 2029 as one of its major policy objectives -- an ambitious goal some experts warn would be hard to reach.

Finance Minister Purbaya Yudhi Sadewa said Monday the government would stimulate the economy for the rest of the year and could see growth of around six percent in the second half of 2026.

"I will put everything on the market, every possible policy from the fiscal, monetary side to ensure that the domestic economy can grow at its (full) potential," he said in a televised speech.

After spending four weeks unloading their positions over fears that the AI-led rally had come to a shuddering halt, investors were piling back into the sector to extend a rebound that began in breathtaking fashion Friday.

Strong earnings and positive forecasts from market heavyweights including Amazon, Microsoft and data-mining giant Palantir have injected fresh interest in tech, helping overcome worries about massive spending on artificial intelligence and when that will see a return.

All three main indexes on Wall Street chalked up gains Tuesday, with the S&P 500 and Dow hitting records -- while there were also new peaks for Paris, Milan, Frankfurt and Madrid.

That optimism filtered through to Asia, where Seoul -- which has been at the forefront of extreme volatility in the tech sector over the past month -- climbed more than four percent.

Tokyo, which has also benefited from the AI boom, was up three percent, while Taipei added a little more than that.

There were also gains in Hong Kong, Shanghai, Sydney, Wellington and Jakarta.

The gains come as a relief to traders after a wave of tech selling, which was also linked to worries of higher US interest rates, saw Seoul fall more than 40 percent from its June record high.

The losses were led by chipmakers SK hynix and Samsung, which collapsed up to 50 percent from their own peaks.

Friday's rebound -- the Kospi surged almost 18 percent and SK hynix 30 percent -- came on the back of bargain-buying and positive earnings among other things.

Gains have been helped this week by hopes that the US-Iran truce will be reset after weeks of tit-for-tat strikes.

Crude tumbled more than five percent Tuesday -- and are down more than 10 percent this week -- after US Treasury Secretary Scott Bessent said a deal could be reached imminently with Tehran on re-opening the Strait of Hormuz to shipping traffic.

He told CNBC television that "I think there is a chance we may have a deal today or tomorrow to open the strait" -- a key sticking point in ceasefire talks.

"I'd expect the energy prices to settle back down, which, as I said, will be good for the entire world."

The Brent and West Texas Intermediate crude contracts fell again Wednesday.

"The past few sessions have been pivotal for financial markets, largely thanks to signs of diplomatic progress around the Strait of Hormuz," wrote Julian Pineda at City Index.

He said officials' comments regarding progress in talks "has had a direct impact on market confidence. With geopolitical uncertainty easing, WTI crude has slipped below the $80 mark, helping to dial back fears of global inflation.

"This, in turn, eases concerns about aggressive central bank rate hikes, clearing the way for risk appetite to recover."

And IG Markets' Tony Sycamore said "the balance of risks appears to be becoming more skewed back to the upside".

The drop in oil prices helped ease concerns about inflation and saw traders lower their expectations for the Federal Reserve to hike interest rates, according to Bloomberg.

Investors are keeping tabs on the release this week of crucial US jobs data that should provide them with a fresh idea about the state of the economy, and guide the Fed as it considers its next move.

- Key figures around 0230 GMT -

Tokyo - Nikkei 225: 3.0 percent at 65,861.00 (break)

Hong Kong - Hang Seng Index: UP 0.2 percent at 25,913.11

Shanghai - Composite: UP 0.6 percent at 3,845.76

Seoul - Kospi: UP 3.8 percent at 6,598.49

West Texas Intermediate: DOWN 1.1 percent at $74.94 per barrel

Brent North Sea Crude: DOWN 0.7 percent at $78.80 per barrel

Dollar/yen: DOWN at 157.47 yen from 157.72 yen on Tuesday

Euro/dollar: UP at $1.1535 from $1.1533

Pound/dollar: UP at $1.3456 from $1.3453

Euro/pound: UP at 85.74 pence at 85.73 pence

New York - DOW: UP 1.7 percent at 54,085.88 (close)

London - FTSE 100: UP 0.2 percent at 10,879.38 (close)

The acquisition is part of Santander's push to expand in the United States, where it currently has a footprint in nine states and operates more than $81 billion in consolidated deposits.

Webster Bank has a large footprint in the US northeast, operating consolidated deposits of approximately $69 billion, according to the US central bank.

"On consummation of this proposal, SHUSA (Santander's US holding company) would become the 19th largest insured depository organization in the United States, with consolidated assets of approximately $253.6 billion," the Federal Reserve said in a statement.

The deal for the retail and commercial bank "will create a stronger, more competitive bank for customers," Santander said in a statement in February.

The Spanish banking giant said the Webster acquisition would make it a top-10 retail and commercial bank in the United States by assets.

In April, Santander reported "record" first-quarter profit as customer growth and strong commercial activity outweighed global economic uncertainty caused by the Middle East war.

It is a major player in Europe and Latin America, and the Webster acquisition is part of its goal to grab more of the lucrative US market.

According to the latest data from Bangladesh Bank, the country received US$3.265 billion in remittances during the period from July 1 to August 3, 2026, compared with US$2.698 billion in the corresponding period of the previous fiscal year.

During the first three days of August alone, remittance inflows reached US$406 million, up by 84.4 percent from US$220 million received during the same period a year earlier.

On August 3, expatriate Bangladeshis sent US$133 million in remittances, according to the central bank data.

"The government's goal is not only to recover the economy from recent challenges but also to rebuild it on a stronger foundation to achieve sustainable prosperity," he said.

The adviser made the remarks while addressing a regional conference on agro-processing as the chief guest at the Rajshahi Primary Teachers' Training Institute.

The conference was jointly organised by the Bangladesh Investment Development Authority (BIDA) and Swisscontact.

Dr. Titumir said the government is working under the vision of "Bangladesh First, Bangladesh with Everyone and Bangladesh for Everyone," with balanced regional development being one of its key election commitments.

"Our objective is to bring the lagging regions to the forefront. Regional development has now become one of the government's top priorities," he said.

The adviser said the government has set a target of transforming Bangladesh into a US$1 trillion economy by 2034 and is working to ensure a stable and predictable investment climate to achieve that goal.

Highlighting the government's investment strategy, he said, emphasis has been placed on five key areas, beginning with policy continuity.

To help investors make long-term business decisions, he mentioned that the latest national budget introduced a five-year tax framework and ensured equitable tax incentives for all export-oriented products.

"An investor plans for at least five years. We are providing certainty about the state's policy direction," he said.

Dr. Titumir said the government is also simplifying business procedures through extensive deregulation. 

From obtaining licences to starting factory operations, he said, every stage will be completed within a fixed timeframe and monitored through an online tracking system.

"The government does not want to do business. Its responsibility is to create opportunities, not obstacles," he said, adding that excessive regulations and bureaucratic complexities had previously discouraged private investment.

On financing, he said, reforms are underway in both the banking sector and the capital market, which had suffered from years of irregularities. 

The Bangladesh Securities and Exchange Commission (BSEC) and other relevant institutions are being restructured to build a stronger capital market capable of supporting long-term investment, he added.

He said that a Tk 49,000 crore refinancing programme is currently in operation, alongside a separate Tk 19,000 crore Bangladesh Bank fund and a Tk 5,000 crore refinancing facility for cottage, micro, small and medium enterprises (CMSMEs).

For the northern region, the adviser announced that Tk 3,000 crore has been earmarked through Bangladesh Bank to promote agro-based industries.

"This is the first time in Bangladesh's history that Tk 3,000 crore has been set aside specifically to develop an agricultural hub in the northern region," he said.

However, he observed that many entrepreneurs remain unaware of such financial opportunities and stressed the need to strengthen chambers of commerce and business organisations to improve information dissemination.

Dr. Titumir said the government is digitising tax, VAT and customs systems to reduce harassment and eliminate bureaucratic delays, enabling businesses to complete procedures online.

Referring to global uncertainties, wars and disruptions in supply chains, he said production-oriented investment is now the only sustainable path to creating jobs, increasing revenue and strengthening the economy.

He also stressed the importance of developing skilled human resources to meet industrial demand.

The adviser said Bangladesh's garment industry's competitiveness had long benefited from affordable energy, prompting the government to diversify energy sources.

He highlighted Rajshahi's vast potential for solar power generation, noting that solar panels could be widely installed on public and private buildings and industrial facilities, with investments recoverable within two to two-and-a-half years.

He said the Prime Minister has already directed government offices to begin using solar energy.

On infrastructure, Dr. Titumir said the government is modernising railway connectivity to ensure faster transportation of goods from the northern region to the ports of Chattogram, Mongla and Payra. 

Plans are also underway to develop dual-gauge rail lines by addressing existing broad-gauge and metre-gauge limitations, he added.

He emphasised that the northern region should not remain merely a producer of agricultural commodities but should develop agro-processing industries capable of producing higher-value products.

He cited opportunities in potato, maize, mango and litchi processing, as well as the production of Active Pharmaceutical Ingredients (API) from potatoes, dairy products including mozzarella cheese, flower-based industries and stone-based industries.

"The government has established the policy framework and removed major investment barriers. Now it is the entrepreneurs who must come forward," he said.

Dr. Titumir said the government is providing separate support for micro, small, medium and large entrepreneurs and wants to transform primary agricultural producers into entrepreneurs through value addition and subcontracting opportunities.

He also said the Prime Minister is holding regular meetings with domestic and foreign investors and taking prompt initiatives to resolve investment-related problems, describing this as a clear demonstration of policy continuity.

The adviser further called on development partners to support Bangladesh in addressing non-tariff barriers, including Technical Barriers to Trade (TBT) and Sanitary and Phytosanitary (SPS) measures, while advancing Free Trade Agreements (FTAs) and Economic Partnership Agreements (EPAs) in the country's post-LDC graduation period.

Rajshahi Divisional Commissioner Dr. A N M Bazlur Rashid chaired the programme.

Executive Chairman of the Bangladesh Investment Development Authority (BIDA), Chowdhury Ashik Mahmud Bin Harun, Rajshahi City Corporation Administrator Md Mahfuzur Rahman Riton, Rajshahi Deputy Commissioner Kazi Shahidul Islam and local entrepreneurs also spoke.

The central bank issued the revised instructions through Foreign Exchange Policy Department (FEPD-1) today, amending the earlier requirement that importers must declare they have no direct or indirect connection or financial interest in foreign exporters.

The circular said the change was introduced in recognition of the fact that many international trade transactions are legitimately conducted between related companies.

Under the revised rules, importers engaged in intercompany transactions must declare that the transactions are conducted on an arm's length basis at competitive market prices and comply with all applicable transfer pricing regulations, relevant laws and Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) standards.

In such cases, the declaration previously required under clause 1(c) of the prescribed IMP Form regarding the absence of any relationship between the importer and the exporter will no longer be applicable. Bangladesh Bank has amended the IMP Form accordingly.

The central bank directed Authorized Dealers (ADs) to obtain the required declarations before processing import transactions. 

ADs have also been instructed to verify the legitimacy of the relationship between the importer and the foreign exporter through appropriate documentary evidence.

The circular said the revised instructions for intercompany transactions will also apply, mutatis mutandis, to export transactions, modifying the provisions of FEPD-1 Circular No. 26 issued on July 30, 2026.

All other foreign exchange regulations will remain unchanged.

Authorized Dealers have been asked to inform their concerned clients of the revised instructions and ensure their immediate and strict compliance.

"Work is underway for holding the negotiations with the ADB and finalizing other procedures for these proposed projects," said a senior official of the Economic Relations Division (ERD).

The senior ERD official informed that loan negotiations for $175 million ADB support has already been completed successfully for "Bangladesh: The Sustainable Energy Development and Empowering Communities in Chattogram Hill Tracts Project". The DPP of the project now awaits ECNEC approval.

The project is located in the southeastern region of Bangladesh, encompassing the districts of Rangamati, Khagrachhari, and Bandarban, collectively known as the Chattogram Hill Tracts (CHT).

The project encompasses a comprehensive power distribution system development and modernization program in the Chittagong Hill Tracts (CHT). 

Key activities include the construction of Six new 33/11 KV substations (Three in Rangamati, one in Bandarban, and two in Khagrachari) and the upgradation of four existing substations along with the construction of one new switching stations.

SM Jakaria Huq, ERD Additional Secretary and Wing Chief, ADB, informed that loan negotiations for $100 million for the "Bangladesh: Inclusive Affordable Housing Finance Project" and another $200 million for the "Strengthening of Distribution network for 13 Palli Bidyut Samities Surrounding Dhaka City" is likely to be held this month.

Besides, the ADB and the Global Partnership for Education (GPE) are set to provide US$350 million to support a wide-ranging education reform programme in Bangladesh.

The "Bangladesh: Inclusive Affordable Housing Finance Project" project addresses the core market failures that prevent scaling-up of inclusive, affordable housing finance solutions for low- and middle-income households, with a particular focus on access for women. 

The project envisages three key solutions: Credit line for innovative, inclusive, and affordable housing finance solutions.

A proposed $100 million financial intermediation loan will be used to fund a credit line to be established through PKSF in local currency to fund sub-loans to the target low-income beneficiaries, particularly women through eligible MFIs.

According to the proposal, the "Strengthening of Distribution network for 13 Palli Bidyut Samities Surrounding Dhaka City" project aims to modernise and strengthen distribution networks in rapidly industrialising areas, particularly Gazipur, Narayanganj and Narsingdi, where large factories and economic zones have significantly increased electricity demand.

The Taka 4,973.73 crore draft project aims to strengthen electricity distribution systems in industrially developed areas surrounding Dhaka to meet rapidly growing demand from industries, businesses and households. 

The project will be implemented by the Bangladesh Rural Electrification Board (REB) across 13 Palli Bidyut Samities in Dhaka, Gazipur, Mymensingh, Manikganj, Munshiganj, Narayanganj and Narsingdi districts.

Meanwhile, the Asian Development Bank (ADB) and the Global Partnership for Education (GPE) are set to provide US$350 million to support a wide-ranging education reform programme in Bangladesh.

The "NextGen Education Programme" aims at improving learning outcomes, expanding digital education and strengthening institutional capacity.

Of the total assistance, Bangladesh will receive a $300 million concessional loan from the ADB and a $50 million grant from the GPE, according to another official at the ERD.

The programme will be implemented through three separate projects under the Ministry of Primary and Mass Education, the Secondary and Higher Education Division (SHED), and the Technical and Madrasah Education Division (TMED) by December 2030.

Under the proposed financing structure, $220 million of the ADB loan will be allocated to secondary and higher education, while the remaining $80 million will support technical and madrasah education.

The $50 million GPE grant will support primary, secondary and technical education. Of the total grant, the Ministry of Primary and Mass Education will receive $22 million, while SHED and TMED will each receive $14 million.

According to the project proposal, the initiative aims to modernise Bangladesh's education system through digital transformation, improved learning outcomes, teacher development, infrastructure expansion and institutional reforms.

Officials said the "NextGen Education Programme" is expected to become a landmark reform initiative for Bangladesh's education sector by linking development financing to measurable improvements in learning quality, institutional efficiency and skills development.

Earlier in May this year, the ADB announced that it would provide Bangladesh with $5 billion in support over the next five years.

The funding, announced during a visit to Dhaka by ADB President Masato Kanda, will support the Integrated Growth Network Development Initiative, which aims to improving connectivity, boosting investment and thus promoting balanced regional development.

The exhibition will mark a significant step toward strengthening the country's textile and apparel industry through technology, innovation and closer industry collaboration.

The MoU was signed at a ceremony held at the Gulshan Club in the capital, with BTMA President Showkat Aziz Russell and BGMEA President Mahmud Hasan Khan signing on behalf of their respective organisations.

Under the agreement, the two apex trade bodies will jointly organise the international exhibition in Dhaka with the support of a reputed international exhibition management company.

The exhibition will showcase state-of-the-art textile and apparel machinery, artificial intelligence (AI)-based manufacturing technologies, automation solutions, sustainable production practices and emerging global fashion trends.

According to the MoU, a 10-member joint organising committee, comprising five representatives from each organisation, will oversee the strategic planning, management and financial transparency of the exhibition.

The chairmanship of the committee will rotate annually, with BTMA chairing the inaugural edition and BGMEA serving as co-chair. The agreement also provides for the sharing of the exhibition's net profit on a mutually agreed basis.

Speaking at the signing ceremony, BGMEA President Mahmud Hasan Khan said the initiative would go far beyond organising a machinery exhibition, creating a long-term platform for BTMA and BGMEA to work together in the greater interest of the country's economy and the textile and apparel sector.

"The exhibition will not remain confined to buying advanced machinery. Rather, it will serve as an opportunity for BGMEA and BTMA to work together for the country's economic interest and the sustainable development of the sector," he said.

Quoting the saying, "United we stand, divided we fall," Mahmud said Bangladesh's competitors often try to create misunderstandings within the industry, but stressed that the country's textile and garment sectors must remain united to sustain their global competitiveness.

He said the two organisations had already been working together on several policy issues, including efforts to make the Bangladesh National Building Code (BNBC) more investment-friendly and industry-friendly.

Highlighting the sector's long-term vision, the BGMEA president reiterated the industry's ambition to raise Bangladesh's readymade garment exports to US$100 billion while significantly increasing domestic value addition.

"We do not want to achieve US$100 billion in exports with only around US$5 billion in value addition. We want at least US$20 billion and onwards in value addition," he said, stressing that such a target would require a stronger backward linkage industry, particularly the spinning and textile sectors.

Mahmud also proposed encouraging international machinery suppliers to manufacture textile machinery spare parts in Bangladesh instead of only exporting equipment, noting that high import duties on spare parts substantially increase production costs.

He further suggested establishing a joint arbitration mechanism to resolve recurring disputes between yarn manufacturers and garment exporters over supply contracts.

BTMA President Showkat Aziz Russell said the association's biennial textile machinery exhibition, previously known as DTG, would become a larger, more meaningful and internationally recognised event through the partnership with BGMEA.

"We organise this fair every two years. It has already established itself as a successful event where the latest textile machinery and advanced technologies are showcased. This time we are making it stronger through joint collaboration," he said.

Russell noted that BTMA and BGMEA had been working together for nearly a decade with a shared objective of strengthening Bangladesh's textile and apparel sector. He said the exhibition would provide entrepreneurs with direct access to the latest global technologies without having to travel abroad.

"In the past, we had to travel to Italy to attend ITMA and witness the latest technologies. Now those technologies are coming to our doorstep through our own exhibition," he added.

Former BGMEA President Anwar-ul-Alam Chowdhury Parvez described the partnership as a historic "milestone" for Bangladesh's textile and apparel industries.

He said Bangladesh faces critical challenges, including graduation from the Least Developed Country (LDC) category, changes in the global trading environment and the need for greater product and market diversification. Strengthening cooperation between BTMA and BGMEA, he said, would help formulate unified policy proposals, strengthen backward linkage industries and improve the country's preparedness for post-LDC trade requirements, including compliance with GSP Plus rules of origin.

Former BTMA President A Matin Chowdhury, former BTMA Vice President Abdullah Al Mamun and BGMEA Vice President Md. Mijanur Rahman also spoke.

Industry leaders expressed confidence that the joint initiative would accelerate technology transfer, promote innovation, attract investment, strengthen workforce skills and expand international trade partnerships, while helping position Bangladesh as a globally recognised hub for sustainable textile and apparel manufacturing.

By 6.00 pm on Monday, a total of 10 trucks carrying between 9 and 10 metric tons of green chilies each had entered the country through the port. Traders expect that continued imports will help stabilize supplies and bring down prices in local markets.

Confirming the import, Bhomra Customs Commissioner Md. Mostafizur Rahman told BSS that the consignments arrived throughout Monday and were released after completion of customs and duty formalities. The imported chilies have since been distributed to markets across the country.

According to traders, the government approved the import of green chilies from India on August 2 to ensure a steady supply in the domestic market. The government also decided to reduce the existing customs duties and taxes on the imports, they said, citing sources at the Ministry of Commerce.

Retail traders in Satkhira said that green chilies were selling at Taka 50 to Taka 60 per kilogram just two weeks ago. However, prices rose sharply in several phases, reaching Taka 250 to Taka 300 or more per kilogram, placing a significant burden on consumers.

Rajab Ali, General Secretary of the Satkhira Raw and Perishable Goods Traders' Association, said prolonged rainfall had submerged chili fields in Satkhira and neighboring districts, causing extensive crop damage. Production of other vegetables has also declined, contributing to the sharp rise in prices.

"Green chilies that were selling for Taka 50 per kilogram climbed to more than Taka 250 to Taka 300. With imports from India now underway, prices are expected to start declining from today," he said.

Abu Musa, General Secretary of the Bhomra C&F Agents Association, said the first consignment of 10 truckloads arrived on Monday, while larger shipments are expected on Tuesday.

"If imports continue on a regular basis, market supply will increase and prices are expected to return to normal levels," he added.

Under the Comprehensive Economic Partnership Agreement (CEPA), Bangladesh will also extend preferential market access to 87 percent of South Korean products, including selected agricultural goods, plastics and Completely Knocked Down (CKD) items.

Commerce Minister Khandakar Abdul Muktadir today disclosed the details while making a joint announcement after the signing ceremony at the Secretariat in the city.

Describing the agreement as a landmark achievement, Muktadir said it would create new opportunities for employment generation and accelerate the country's economic growth.

He said the agreement would enable Bangladeshi export products, including readymade garments, leather goods and jute products, to gain easier access to the South Korean market.

He added that the deal would support export diversification and enhance Bangladesh's competitiveness in the global market.

"The preferential market access secured for Bangladeshi exports in South Korea is a major milestone for the country," he said, adding that the agreement would play an important role in expanding bilateral trade. Referring to the agreement as a milestone for Bangladesh's export sector, Muktadir said the CEPA would play a vital role in supporting the country's post-LDC trade transition while attracting greater foreign direct investment (FDI).

He said Bangladesh aims to become a $1 trillion economy by 2034, requiring an annual nominal GDP growth rate of around eight percent.

"As domestic resources alone will not be sufficient to achieve this target, attracting quality foreign investment is essential," he said, describing South Korea as a model economy with strong technological capabilities and a GDP of around $2 trillion.

The minister said the agreement would encourage Korean investment in high-value sectors such as semiconductors, information technology, shipbuilding, ship recycling and light engineering.

Speaking on the occasion, South Korean Trade Minister Yeo Han-koo congratulated Bangladesh on its economic progress and praised the country's leadership for concluding the agreement in a short period.

He said bilateral economic relations had traditionally centred on the textile sector but were now expanding into broader industrial cooperation and investment.

Highlighting Bangladesh's demographic advantage, he said the country's large young workforce makes it an attractive production base for Korean companies.

He noted that Korean firms could establish manufacturing facilities in Bangladesh to serve both the Korean market and global export destinations.

Responding to questions regarding the pace of negotiations, Muktadir said the process had been efficient rather than rushed.

He said while similar trade agreements often take between 10 and 20 years to conclude, the government completed the negotiations within six months through continuous efforts.

The minister also assured that the interests of local industries had been carefully safeguarded during the negotiations.

He said the CEPA would be made public for detailed review, adding that it was a transparent agreement whose long-term benefits would be evident to all stakeholders.

Both sides expressed confidence that the agreement would usher in a new chapter in Bangladesh-South Korea economic relations by expanding trade, strengthening investment and creating new opportunities for sustainable economic growth.

The war, which began in late February when the United States and Israel attacked Iran, has caused oil prices to swing sharply as it effectively closed the waterway, a vital route for global oil and gas supplies.

At around 2250 GMT on Sunday, the price of a barrel of Brent North Sea, the benchmark international oil contract, for September delivery was down 4.69 percent at $83.81.

Its American equivalent, West Texas Intermediate, fell 4.67 percent to $80.72.

Trump said on Sunday that fresh negotiations with Iran will begin on Monday after holding off on major strikes against the Islamic republic to pursue a deal.

"Now what we're doing is we're talking to them in the form of a negotiation. It begins tomorrow afternoon," he said, without providing further details of the venue of the talks or the participants.

Hours after the US had called off major strikes Iran on Sunday said it was nearing a deal with Oman over a new route through the Strait of Hormuz.

Under the programme, 30 kg of rice will be distributed every month at Taka 15 per kg for six months (August-November and March-April) among 55 lakh card-holding beneficiaries in 495 upazilas, according to a ministry press release.

To address malnutrition among the poor, particularly women and children, fortified rice is currently being distributed among about 25.29 lakh beneficiaries in 248 upazilas under the programme, while plain rice is being distributed among 29.71 lakh beneficiaries in 247 upazilas.

Meanwhile, rice and flour are being distributed regularly across the country under the Open Market Sale (OMS) programme through 1,108 centres (shops/trucks).

The country's food stock is currently satisfactory. The government has the highest food stock on record, while food grain procurement activities are continuing, the press release said.

As of August 2, the country's food grain stock stood at 23,49,385 metric tonnes, including 19,66,148 tonnes of rice, 2,80,010 tonnes of wheat and 1,52,109 tonnes of paddy.

The government is committed to ensuring food security, reducing malnutrition and making social protection programmes more effective.

Here is a breakdown of the proposals.

Regional picture -

A total of 14.95 million barrels per day (mbd) of crude oil was exported through the Strait of Hormuz in 2025, according to the International Energy Agency (IEA).

Iran exported around 1.69 mbd and is expected to continue relying on Hormuz over the long term given its effective control of the waterway, Andrew Wilson of BRS Shipbrokers told AFP.

"Iran is just going to produce as much as it can, ship as much to China as it can. It's not really such an issue," he said.

Of the remaining 13.26 mbd, as much as 11.5 mbd could eventually be rerouted by maximising existing pipeline capacity and completing planned projects, according to official announcements and industry experts.

Saudi Arabia -

Before the war broke out in late February, Saudi Arabia transported around 2 mbd of crude through its East-West Pipeline linking Abqaiq, near the Gulf coast, with the Red Sea port of Yanbu, according to the IEA.

State oil giant Aramco said in March 2025 it had increased the pipeline's capacity to 7 mbd, leaving up to 5 mbd of spare capacity.

Riyadh is also planning a further expansion of up to 2 mbd, according to the US-based Institute for Energy Research (IER).

The IER said it was "unclear" whether this would involve upgrades to the existing line or construction of a parallel pipeline.

The project could potentially be completed by 2030/2031, Wilson told AFP.

United Arab Emirates -

Before the conflict, the UAE exported around 1.1 mbd of crude through its Abu Dhabi Crude Oil Pipeline (ADCOP), which links inland oil fields with the port of Fujairah on the Gulf of Oman, bypassing the Strait of Hormuz.

The IEA said the pipeline had a capacity of 1.8 mbd, leaving an additional 0.7 mbd available.

The UAE said in May it was fast-tracking construction of a second pipeline that would run parallel to the existing route before extending to the country's northern coast, allowing crude produced north of Hormuz to bypass the strait.

The project would double export capacity through Fujairah and is expected to enter service next year, according to the Abu Dhabi Media Office.

Iraq -

The US State Department said earlier in July that plans were under way to restore a major pipeline linking Iraq's oil fields with Syria's Mediterranean coast.

Washington is overseeing an international consortium "to execute the technical and financial aspects of this project", which is expected to have an initial capacity of 2 mbd, the department said.

No timetable has been announced, however, and political and investment hurdles risk delaying the project, Wilson warned.

Kuwait and Bahrain -

Neither Kuwait nor Bahrain currently has a pipeline route that bypasses Hormuz.

However, both have recently held discussions with Saudi Arabia on a possible connection to its pipeline network, according to the IER.

The second-quarter reports from ExxonMobil and Chevron reflect the overwhelmingly positive impacts to the industry's bottom line from the US-Iran war, which has led to an unprecedented supply shock due to the virtual closure of the Strait of Hormuz.

But huge oil industry profit increases often generate political blowback.

Even Trump, a strong supporter of fossil fuel interests, has lashed out over gasoline prices, announcing in June that he was directing the Department of Justice to investigate any "gouging" perpetrated by the industry.

"Gasoline prices better start going down a lot faster than what I'm seeing," Trump said in a June 24 social media post.

Trump at the time was questioning why gasoline prices had not fallen further in a period when a US-Iran ceasefire had translated into sharply lower crude prices.

But US gasoline prices have shot back above $4 a gallon on the latest war escalations. On Thursday, US prices stood at $4.10 per gallon, about 31 percent above year-ago levels, according to the American Automobile Association.

Meanwhile, polling has shown Trump increasingly vulnerable on pocketbook issues ahead of the November midterms. Roughly two-thirds of voters said that Trump's policies have worsened economic conditions, according to a CNN poll this week.

The US earnings reports Friday come on the heels of staggering results in recent days from European petroleum heavyweights. Shell saw profits triple to $10.8 billion while TotalEnergies reported a doubling of profits to $5.4 billion.

Such mammoth profit increases reflect the lift to crude oil and natural gas prices from the closure of the Strait of Hormuz, through which about one-fifth of the world's crude oil and one-fourth of liquefied natural gas passes each day. The conflict has also tightened oil product supplies, significantly boosting refining margins.

In ExxonMobil's case, the Middle East conflict has also had dented output due to Iran's strikes on key assets in Qatar and the United Arab Emirates. In May, ExxonMobil said the downed LNG trains in Qatar would translate to a loss of roughly 100,000 oil-equivalent barrels per day.

But ExxonMobil is still projected to report $14.9 billion in quarterly profits, according to S&P Capital IQ, more than double the profit of the year-ago period.

Chevron is forecast to report profits of $11.1 billion, more than four times the 2025 level.

- Defending buybacks -

NGOs including Oxfam have blasted continued fossil fuel investment when wildfires and flooding underscore the urgency of addressing climate change.

"It's really unfair that when people are suffering, these companies are making huge profits," said Oxfam's climate policy lead Mariana Paoli.

Oxfam backs windfall profit taxes that have support in some European countries but are not on the political radar in Washington.

Lowering gasoline prices before November is high on Trump's priority list, prompting numerous White House meetings, according to US media reports.

Trump took credit for a July 6 announcement from Walmart that it was lowering prices on such household items as fresh corn, potato chips and ground beef. The company did not comment on Trump's statements.

In past media appearances, ExxonMobil Chief Executive Darren Woods and Chevron Chief Executive Mike Wirth have pointed to increased drilling in US sites such as the shale-rich Permian Basin as evidence of their commitment to boosting supply.

They have defended share buybacks -- a target of former president Joe Biden -- as an aspect of profit-oriented business, while characterizing the spike in oil prices and other commodities as an inevitable outcome of supply disruption.

"There's nothing that the oil companies can actually do," said Kenneth Medlock III, a fellow at the Baker Institute at Rice University in Houston.

"The quickest way to bring gas prices down is for the Iran crisis to disappear," Medlock said. "Most people in the public understand what's going on."

The Cupertino-based tech giant's results were powered by robust iPhone demand, a sharp rebound in China and double-digit growth in every region where it operates.

Sales rose 16 percent to $109.4 billion in the April-through-June period, while profit climbed 27 percent to $29.8 billion.

The company's performance was boosted by refunds of tariffs imposed last year by Donald Trump and overturned by the US Supreme Court in February.

Its iPhone sales jumped 22 percent to $54.3 billion as customers kept upgrading to the latest models, while Mac revenue climbed 29 percent, with higher prices doing little to dampen demand.

Apple's services business -- which spans the App Store, iCloud, Apple Music and advertising -- grew 12 percent to $30.7 billion, slightly below analyst expectations.

Souring the picture, Apple forecast revenue growth of between nine and 11 percent in the current quarter, below estimates, citing supply constraints.

Cook told analysts the constraints stemmed from unexpectedly strong demand for the iPhone and Mac.

The guidance sent Apple shares down by as much as eight percent in after-hours trading.

"Today, Apple is proud to report our strongest June quarter ever, with double-digit revenue growth across iPhone, Mac and Services, and in every geographic segment," Cook said in a statement.

The earnings announcement was expected to be the last for Cook as chief executive.

- CEO change -

John Ternus, who attended the post earnings analysts call with Cook, will take over as Apple chief executive on September 1, with Cook becoming executive chairman of the iPhone maker's board.

Cook has led the company since 2011, taking over shortly before the death of co-founder Steve Jobs.

Long criticized for falling behind in the AI race, Apple is now being rewarded by Wall Street for resisting the vast investments its big tech rivals have poured into chips and data centers.

Apple touched a $5 trillion market value this week, while some rivals have seen their shares punished as investors question the profitability of their huge AI bets.

Meta's shares sank about nine percent Thursday after this week's results stoked alarm over its spending.

Microsoft, by contrast, rose sharply after signaling its AI bets were starting to pay off.

The major concern for Apple's business is rising prices for memory chips, a key component for electronics.

The iPhone maker in June raised prices for its Mac computers and iPad tablets, citing spiraling memory and storage costs sparked by the rise of artificial intelligence, though it spared the iPhone.

Cook told analysts it was too early to say how those price hikes would affect demand over time.

Attention is now turning to how Apple will price its next lineup of smartphones, expected in September and reportedly including a foldable model.

This week the company also launched Apple Upgrade, a leasing program that lets US customers pay for an iPhone or other devices in monthly installments.

Its revenue increased 20 percent to more than $200 billion in the second quarter, compared to last year, with its cloud business, Amazon Web Services, jumping 37 percent to reach $42.2 billion.

The company meanwhile said that two of its AI-related divisions grew by "triple-digit percentages" -- its AI cloud and chips businesses each "exceeded" $25 billion annual revenue run rates, a measure of recurring sales.

Amazon stock jumped by more than 7 percent after hours.

The company is working to show that its heavy investments in artificial intelligence, alongside the rest of the tech sector, are paying off.

AWS is "booming," Amazon CEO Andy Jassy said during a call with analysts Thursday afternoon.

He added that the company believes AWS alone could "very possibly be a trillion-dollar annual revenue business for us in time."

The company has developed its own AI models, known as Nova, though a recent report from Business Insider said the company is winding down that work.

"AWS and Amazon can have a wildly successful business without its own frontier model," Jassy said on Thursday, but he denied it was abandoning the effort. "We are pursuing our own frontier model."

It also offers customers access to dozens of other models from developers, including those from OpenAI, which makes ChatGPT, and Anthropic, which makes Claude.

Some AWS customers are even using the service "to build their own foundation models," which are "smaller models that leverage their proprietary data," rather than using bigger AI models from other competitors, Jassy said.

Amazon has made investments and signed partnerships worth billions with both OpenAI and Anthropic.

-Spending billions -

Amazon, Microsoft, Alphabet and Meta are collectively on track to pour around $700 billion into AI data centers, chips and computing infrastructure this year.

On Thursday, Amazon increased its estimate for capital expenditures in 2026.

It now expects to spend $220 billion this year, up from its previous estimate of $200 billion, Jassy said.

On Wednesday, Microsoft adjusted its forecast for total spending in the 2026 calendar year to $175 billion, down from $190 billion previously.

The maker of LinkedIn and Xbox likewise showed growth in revenue and profits, and said that its AI-powered business productivity tool, called Copilot, grew to over 30 million paid users.

Microsoft shares soared over 15 percent on Thursday after reporting results on Wednesday that beat expectations.

Meta meanwhile raised its spending estimate to as much as $145 billion this year, nearly double what it spent in 2025, when it reported its results on Wednesday.

The maker of Facebook, Instagram and WhatsApp reaffirmed that it would keep spending heavily on the data centers and chips underpinning its AI effort.

Meta's shares dropped as much as 12 percent during after-hours trading on Wednesday after it reported disappointing results, and closed down another 8 percent on Thursday.

Last week, Alphabet increased its capital expenditure estimate for the full year to as much as $205 billion, a jump from its previous estimate of $190 billion that CFO Anat Ashkenazi said was driven by AI investments. 

The manufacturing purchasing managers' index (PMI), a closely watched gauge of industrial health, fell into contraction territory at 49.2, data by the National Bureau of Statistics showed.

That was well below the 50.1 expansion forecast by Bloomberg based on a survey of economists, and also down from June's 50.3.

China's manufacturing sector has faced uncertainty this year due to the Middle East war, which has driven up global energy prices.

Booming exports underpinned by strong demand overseas for electronics and AI hardware have provided a lifeline as domestic consumption remains weak.

In a stark sign of woes, the official non-manufacturing PMI, which measures activity in sectors such as services and construction, fell sharply to 49.0 in July, the data showed Friday.

That contraction was the most pronounced in more than three years.

The reading indicated "a decline in the non-manufacturing sector's prosperity level" in July, said NBS statistician Huo Lihui in a statement.

The lacklustre figures come one day after President Xi Jinping acknowledged "difficulties and challenges" facing the country's economy.

Xi said in a speech addressing leaders that in the second half of the year "we must enhance the effectiveness of macroeconomic policies (while) focusing on tapping the potential of domestic demand", according to state news agency Xinhua.

Among others the Directors of the Bank Mr Engineer Md. Towhidur Rahman, Mr. Abdul Hakim and Independent Director Mr. Md. Reazul Karim were present in the conference. The Additional Managing Director of the Bank Mr. Md. Abdullah Al-Mamun, the Deputy Managing Directors Mr. Rashed Sarwar and Mr. M. M. Saiful Islam participated & delivered speech in this conference. The Deputy Managing Director Mr. Md. Jafar Sadeq, FCA discussed elaborately on the overall performance of first six months of 2026. Through this hybrid platform conference more than one thousand participants took part in the conference. The SEVP & Company Secretary of the Bank Mr. Md. Abul Bashar moderated in the conference.

In the conference, the speakers discussed the business performance of the first six months of the current year and urged to take necessary strategy and action plan to achieve the business target for the remaining time of the year.

Dr Ahammad said the global apparel industry is rapidly shifting from cotton-based products to man-made fibre garments, creating significant opportunities for Bangladesh to diversify its export basket and strengthen its position in the international market.

"Bangladesh cannot afford to miss this transition. Capturing a meaningful share of the global MMF market is essential for sustaining export growth, strengthening competitiveness and securing the future of the country's apparel industry," he said.

Referring to a recent study, he said, the global MMF apparel market is expected to reach US$375 billion by 2030 and Bangladesh should set a target to secure a sizeable share of that market to support its long-term export growth strategy.

Dr Ahammad said the roadmap envisions transforming Bangladesh into a regional hub for MMF apparel through phased reforms, including removing policy barriers, attracting foreign and domestic investment, strengthening backward linkage industries and improving technological capabilities.

He said the government has identified tariff rationalisation on MMF raw materials, faster approval of foreign direct investment (FDI), expansion of domestic polyester staple fibre and synthetic yarn production, access to affordable financing and development of a skilled workforce as key priorities to accelerate the sector's growth.

Despite being the world's second-largest apparel exporter, Bangladesh's export basket remains heavily dependent on cotton products, while global demand is increasingly shifting towards synthetic and blended fibre garments, he observed.

"Expanding MMF production is no longer simply an opportunity; it is an economic necessity as Bangladesh prepares for the post-LDC trading environment," Dr Ahammad said.

He stressed that stronger policy support and coordinated implementation would enable Bangladesh to compete more effectively with leading MMF-producing countries.

The BFTI chief also emphasised the need to extend bonded warehouse facilities, introduce dedicated credit schemes for MMF manufacturers, encourage technology transfer and promote higher-value products such as activewear, sportswear and technical textiles to diversify the country's export basket.

Expressing optimism, Dr Ahammad said timely implementation of the government's roadmap and close collaboration between the public and private sectors would position Bangladesh as a major global supplier of man-made fibre apparel in the coming decade.

He started his new role in Dhaka today, according to an ADB press release here.

Zhang will oversee ADB’s operations in Bangladesh—one of its largest country programs—further strengthen the bank’s long-standing partnership with the Government of Bangladesh, lead strategic policy dialogue with stakeholders, and guide the preparation of ADB’s next country partnership strategy.

“It is a privilege to serve as ADB Country Director for Bangladesh at an important stage in the country’s development,” said Zhang.

“Bangladesh has demonstrated remarkable resilience and economic progress over past decades.

ADB remains committed to working closely with the government and development partners to create quality jobs, strengthen resilience, accelerate private sector-led growth, and deepen regional cooperation through innovative financing, knowledge solutions, and high-quality investments.”

Zhang brings more than 30 years of professional experience in sustainable development, including over 20 years with ADB.

Throughout his career, he has led transformative programs and strategic initiatives in agriculture, food systems, water resources, environment, natural capital, and rural development.

He has also built strong partnerships with governments, development institutions, academia, and the private sector.

Prior to this appointment, Zhang served as Senior Director of ADB’s Agriculture, Food, Nature, and Rural Development Sector Office, where he guided the bank’s strategic and operational engagement in advancing sustainable and resilient development across the region.

Zhang, a Chinese national, holds a doctorate in environmental engineering from Tsinghua University, a master’s degree in water resources management, and a bachelor’s degree in hydrology from Sichuan University. He also completed executive education at Harvard Business School.

Bangladesh joined ADB in 1973. As of July 2026, ADB’s active public and private sector portfolio amounts to approximately $12.5 billion, making Bangladesh one of ADB’s largest country programs.

ADB has committed around $43 billion in cumulative loans and grants to support the country’s development.

ADB expects to commit around $2.4 billion in annual lending over the next several years to help Bangladesh advance sustainable growth, bolster resilience to natural hazards, enhance regional connectivity, and improve lives.

ADB is a leading multilateral development bank supporting sustainable, inclusive, and resilient growth across Asia and the Pacific.

Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet. Founded in 1966, ADB is owned by 69 members—50 from the region.

Electric vehicle (EV) sales jumped 35 percent in the second quarter from the first three months of this year, hitting records in 50 countries, the IEA said in a new report.

"Despite a challenging backdrop for the global car market, sales of electric cars surged in the second quarter of this year as the energy crisis sparked by the war in the Middle East brought fuel price volatility back into sharp focus," it said.

Crude oil prices soared from around $60 a barrel at the start of the year to nearly $120 after Iran effectively closed the Strait of Hormuz -- through which a fifth of the world's oil normally transits -- after Israel and the United States launched attacks in February.

Soaring oil prices and supply shortages brought energy security to the forefront, and with road vehicles accounting for half of global oil use, EVs offer means to reduce dependence on imported fuel.

"Today, electric vehicles are in the spotlight as part of potential policy responses, thanks to the opportunity they present to enhance energy security for oil-importing countries while at the same time shielding consumers and businesses from price fluctuations," the IEA said.

It noted several particularly hard-hit oil-import-dependent countries in Southeast Asia introduced temporary tax breaks to encourage purchases of electric vehicles.

Building on the momentum from the second quarter as well as government support for buying EVs in Latin America, Southeast Asia and Europe, the IEA said that it expects electric car sales will grow 10 percent this year and account for 29 percent of total car sales.

The overall car market is expected to decline in 2026.

Sales of electric vehicles plummeted in the first quarter of the year, mostly due to China and the United States.

While the removal of subsidies hurt sales in the US, the struggling economy held back Chinese buyers, especially as it cut back subsidies as well.

With China being the biggest market for EVs, a decline there masks strong growth elsewhere in overall figures.

The IEA said Europe recorded the strongest growth in EV sales in the first half of this year, climbing by more than 30 percent.

Seoul's Kospi has been hammered since hitting a record high last month and the painful sell-off in its chip giants SK hynix and Samsung echoed a global tech retreat as traders question the vast sums pumped into AI, and when or if they will see returns.

However, analysts point out that while the sell-off reflected concerns about the spending, the artificial intelligence sector remained solid.

Optimism got a boost Thursday as Samsung posted a 1,813 percent jump in second-quarter operating profit, buoyed by sustained AI-driven demand for memory chips.

It also said revenue surged 130 percent and net profit 1,300 percent. The results met expectations, South Korea's Yonhap news agency said, citing its own financial data firm.

Samsung's shares rose more than six percent Thursday, having dropped 16 percent Tuesday and Wednesday. SK hynix was flat following a 20 percent drop in the previous two days.

The Kospi rallied more than five percent in morning trade, while Tokyo -- which has also taken a beating in recent weeks owing to its heavy tech presence -- was up more than one percent. Hong Kong, Taipei and Jakarta rose.

The advances were helped by news from Microsoft that its cloud unit grew at the fastest pace in four years, though Facebook parent Meta posted a disappointing revenue forecast for the year.

Meanwhile, South Korea's government pledged to introduce measures to curb retail traders' access to leveraged exchange-traded funds, including limits on individuals' investment in them.

"Participants agreed that concentrated trading in single-stock leveraged products has contributed to heightened market volatility and pledged to respond swiftly and decisively," the finance ministry said in a statement.

Markets in Shanghai, Sydney, Singapore, Wellington and Manila were all down.

- 'Hitting them hard' -

Traders were left on edge after the US launched "powerful" strikes on Iran in retaliation for Tehran's attacks on US bases in Jordan as the Middle East war reignited and drew in the Islamic republic's proxies.

The first strikes after a nearly week-long lull in fighting dashed hopes of a return to negotiations.

Saudi Arabia and the United States also announced strikes Wednesday on militant bases in Iraq, while Israel accused Iran-backed Hezbollah of a truce violation.

Iran launched missiles at Jordan, with Iranian state media later reporting an American attack near its border with Iraq.

Earlier, US President Trump told Fox News: "We'll be hitting them hard...We are going to beat the 'effing s' out of them."

Oil prices, which had fallen at the start of the week as hostilities were paused, jumped Wednesday with Brent up more than eight percent.

While both main contracts slipped Thursday, the latest developments reinforced the fragility of any truce and the struggles officials face in reopening the Strait of Hormuz energy passageway.

Uncertainty about the Federal Reserve's plans for interest rates also weighed on sentiment after officials stood pat at their latest meeting but three policymakers dissented by calling for a hike.

The decision came amid fears about elevated inflation and the impact of the Middle East war on energy prices.

Bank boss Kevin Warsh said: "We are on the job. We will deliver. We are focused like a laser, making sure we can do it." He also cautioned there was "no magic wand" with which the Fed could lower inflation quickly.

"Despite three committee dissents in favour of a July hike, Chair Warsh stopped short of flagging an imminent hike, echoing June's tone," said IG's Fabien Yip.

"That is starting to unsettle investors: a Fed unwilling to commit to further tightening raises the question of whether it can keep long-term inflation expectations anchored."

And SPI Asset Management's Stephen Innes added that the dissents "were the more consequential signal".

"This was not a committee comfortably waiting for inflation to subside," he wrote.

"A quarter of its voting members believed the threshold for another increase had already been crossed, despite softer recent data, renewed geopolitical uncertainty and a sharp deterioration across several risk-sensitive markets."

Analysts said a spike in 30-year Treasury yields signalled traders were sceptical and the only way to get inflation back to the Fed's two percent goal was to hike rates.

- Key figures around 0250 GMT -

Seoul - Kospi: UP 2.5 percent at 5,806.49

Tokyo - Nikkei 225: UP 1.3 percent at 62,218.41 (break)

Hong Kong - Hang Seng Index: UP 0.1 percent at 25,817.85

Shanghai - Composite: DOWN 0.4 percent at 3,814.80

West Texas Intermediate: DOWN 1.1 percent at $83.55 per barrel

Brent North Sea Crude: DOWN 1.4 percent at $89.44 per barrel

Dollar/yen: UP at 163.49 yen from 163.47 yen on Wednesday

Euro/dollar: DOWN at $1.1452 from $1.1457 on Tuesday

Pound/dollar: DOWN at $1.3348 from $1.3350

Euro/pound: UP at 85.79 pence at 85.78 pence

New York - DOW: DOWN 2.2 percent at 51,594.14 (close)

London - FTSE 100: UP 0.3 percent at 10,908.41 (close)

Detailing the scale of the tourism crisis for the first time, Marrero said seven international chains, responsible for about half of all hotel rooms, had left the island.

Tourism had been Cuba's second-largest source of foreign currency earnings, employing more than 300,000 people before the crisis deepened this year.

Today, Old Havana's streets, once clogged with tourists seeking sun, salsa and stirred cocktails, are quiet.

Some 73 percent of hotels have been closed, Marrero said, and about 25,000 workers have been left "in a vulnerable situation."

Following Havana's announcement in February of an aviation fuel shortage, Canadian, Russian and European airlines suspended flights to the island.

The sector's troubles accelerated after Washington imposed sanctions in May on the military-run conglomerate GAESA, prompting several international operators to end hotel management agreements to avoid US penalties.

Although Spanish groups Melia and Iberostar continued operating hotels in partnership with Cuba's Tourism Ministry, Washington widened its sanctions in July.

Official figures show tourist arrivals dropped 58 percent between January and June compared with the same period a year earlier.

The firm, which makes high-end optical components for AI data centres, dropped more than 8.5 percent to HK$895 at around 10:17 am (0217 GMT).

The Shenzhen-listed firm priced shares at HK$980, raising about HK$53.4 billion (US$6.8 billion) in Hong Kong's biggest public offering since Chinese tech behemoth Alibaba listed in 2019.

Zhongji InnoLight is one of several Chinese firms blacklisted by the US Department of Defense in June over alleged military ties.

The company rejected the US claims in its filing to the Hong Kong stock exchange, saying "we have not engaged in any military-related businesses or activities".

It warned investors that the blacklist "may subject us to increased scrutiny and potential further government actions".

China and the United States are locked in a race for dominance in the fast-moving AI field, fuelling huge global expansion of data centres -- warehouse-like facilities crammed with computer servers.

Thursday's listing is the latest in a recent run of blockbuster debuts from Chinese AI-related companies in Hong Kong, indicating optimism for China's ambitions in the sector.

The second-biggest economy in the European Union recorded growth of 0.2 percent, INSEE said, up from a contraction of 0.1 percent in the previous quarter, owing to stronger domestic demand and healthier export figures.

Traders are also keeping a nervous watch on the Federal Reserve's policy decision later in the day, with some observers warning the US central bank could provide a hawkish surprise.

Volatility returned to the crude market after US and Saudi warplanes carried out strikes Tuesday against Iran-backed militants in Iraq who launched more than two dozen drone attacks in recent days, the US military said.

The strikes targeted "Iran-aligned terrorists that the Islamic Revolutionary Guard Corps (IRGC) directed to attack US forces and Saudi energy infrastructure", US Central Command announced in a statement.

CENTCOM had said earlier that Tehran launched multiple ballistic missiles in an "attempted surprise attack on US forces based in the Middle East", but they were all intercepted.

Iran on Wednesday said it had halted three oil tankers in the strait, through which a fifth of global crude and gas usually pass.

The strikes ended three days of calm after the US and Iran held off attacks, following almost two weeks of nightly US strikes on Iran, and repeated missile and drone salvos targeting Washington's allies around the Gulf.

Both main oil contracts rose more than four percent Wednesday. Brent has swung wildly this month -- surging from around $72 at the start of July to more than $100 last week, before the three-day pause.

The latest developments highlight the fragility of any efforts to find a lasting peace, even though US President Donald Trump this week said there was a "good chance" of a deal.

In equity markets, the tech sector once again came under assault as traders fret over the mesmerising sums being pumped in the AI sector, with investors questioning whether firms' lofty expectations will be met.

Compounding the worries was a report by The Information tech news outlet saying China's Shanghai Yuliangsheng had started mass production of a chipmaking technology long dominated by Dutch firm ASML.

Seoul was again on the frontline, with the Kospi plunging more than six percent to extend Tuesday's near-11 percent collapse as chipmakers SK hynix and Samsung were hammered 10 percent and six percent respectively.

SK hynix's selloff came after its April-June operating profit and revenue came in below expectations, even as net profit soared a forecast-beating 1,242 percent. The firm's shares have tanked more than 50 percent since hitting a record high a month ago.

The firm is a specialist supplier of high-bandwidth memory chips to US industry behemoth Nvidia, and a pillar of South Korea's tech-led economy.

Josh Gilbert, of eToro, said: "When you're the dominant supplier of the high-bandwidth memory that powers Nvidia's chips, the AI boom lands directly on your bottom line.

"That means the market is unlikely to focus on the headline numbers alone. The bigger question is whether margins and guidance can justify its recent performance."

Tokyo was also hit, with tech firms Kioxia, Advantest and Tokyo Electron dragged into the bloodbath. Taipei gave up nearly three percent with market heavyweight chipmaker TSMC in retreat.

But while Shanghai also fell, the rest of Asia enjoyed gains, with Sydney, Singapore, Wellington, Manila and Jakarta all up.

Samsung is due to report Thursday, while Kioxia and US titans Microsoft, Meta, Apple and Amazon are also set to announce.

Wednesday also sees the Fed conclude its two-day meeting, and while most traders expect it to hold interest rates, there are concerns it could spring a surprise.

Uncertainty has been fuelled by new boss Kevin Warsh's refusal to publicly share his views on the economic outlook, part of his proposed reforms to reduce the amount of forward guidance the central bank offers.

Investors remain on edge, even after recent data suggested inflation was easing, the jobs market was softening and oil prices have come down.

"Assuming the Fed leaves rates unchanged as expected, traders will be on the lookout for a potentially stronger description of inflation risks and/or possible wording to signal conditional tightening," said Matt Weller at City Index.

But he said "Warsh has expressed scepticism toward such forward-looking comments in the past".

"Crucially, at least a couple of FOMC members are likely to favor an immediate interest rate increase, dissenting against the majority if necessary," he added.

"A third (or fourth) dissent in favour of hiking rates now would certainly represent a credible hawkish surprise and could boost the US dollar at the expense of risk assets."

- Key figures around 0230 GMT -

West Texas Intermediate: UP 4.3 percent at $82.68 per barrel

Brent North Sea Crude: UP 4.3 percent at $87.73 per barrel

Seoul - Kospi: DOWN 6.0 percent at 5,662.15

Tokyo - Nikkei 225: DOWN 1.1 percent at 61,689.86 (break)

Hong Kong - Hang Seng Index: UP 1.5 percent at 25,689.16

Shanghai - Composite: DOWN 0.2 percent at 3,805.11

Dollar/yen: DOWN at 163.70 yen from 163.87 yen on Monday

Euro/dollar: UP at $1.1395 from $1.1386

Pound/dollar: UP at $1.3296 from $1.3286

Euro/pound: UP at 85.71 pence from 85.70 pence

New York - DOW: UP 1.0 percent at 52,747.32 (close)

London - FTSE 100: UP 0.8 percent at 10,871.02 (close)

After two days of closed-door sessions, the Fed's open market committee (FOMC) will announce its decision at 2:00 pm (1800 GMT), followed by a press conference by Chairman Kevin Warsh.

Most investors expect the Fed to hold rates at 3.50-3.75 percent for the fifth straight meeting, according to CME's FedWatch monitoring tool -- but bets on a rate-hike have been rising.

Consumer inflation eased to 3.5 percent year-on-year last month, but is expected to rise again on the back of seesawing oil prices from Trump's war on Iran, which saw renewed fighting in recent weeks.

The uncertainty around the outcome of the meeting is unusual, and is fuelled by Warsh's refusal to publicly share his views on the economic outlook, part of his proposed reforms to reduce the amount of forward guidance the central bank offers.

"This is a highly unusual meeting in the sense that we don't really know what the Fed chair's current thinking is," said Gregory Daco, chief economist at EY-Parthenon.

- 'Patience running thin' -

In his few public appearances since taking office, Warsh has said the committee is committed to delivering price stability, but has not elaborated on how it would do so or when it may intervene.

"(Other policymakers') patience is running thin when it comes to inflation, and most, if not all, stand ready to act if inflation does not soon move back towards two percent," Daco told AFP.

Since the Fed's last meeting six weeks ago, a number of policymakers have been vocal in their concern about inflation, which has remained above the Fed's long-term two-percent target for more than five years.

Since March, it has surged in the wake of Trump's war on Iran, which has sent global energy and fertilizer prices skyrocketing and seen some of those price increases bleed into other goods.

The Fed "has to be ready to tighten monetary policy to prevent a repeat of the 2021-to-2022 inflation episode," said Fed Governor Christopher Waller on July 13.

"Sternly staring at inflation until it melts before our withering gaze is not an option."

- Dissents -

Since taking over, Warsh has called for policymakers to engage in a "good family fight" when deciding interest rates.

At this week's meeting, he may get what he asked for.

"I don't expect a rate hike, but I do expect dissents," said Diane Swonk, chief economist at KPMG.

"We may have a new chairman, but the old guard is now worried about where the economy has moved since the beginning of the year."

Swonk argued that the "hawks" at the Fed -- those policymakers who consider it appropriate to raise interest rates to combat high prices -- were multiplying.

"The hawkish core of the Fed has not only hardened but it's broadened," she said.

The lower consumer inflation figure for June gave policymakers enough "room to breathe" for now, but with further price rises expected Swonk was pencilling in two rate hikes for later this year.

She highlighted how "corrosive" inflation can be, affecting lower-income households much harder than those with higher incomes, whose consumption has remained robust despite the surging inflation.

"It hits those who can afford it least the most," she said. "And it's moving up the food chain."

US inflation has been fueled in recent months by the Iran war, but it has also been driven by the repeated shocks of the pandemic, the Russia-Ukraine war and Trump's disruptive tariff policies.

Fed policymakers will want to act soon, Swonk said, before inflation expectations for both households and businesses become unmoored.

"What you worry about is the repeated shocks are building a muscle memory of what it means to raise prices, and that's the exact thing the Federal Reserve is tasked to avert," she said.

At around 0015 GMT, US benchmark West Texas Intermediate was up 3.67 percent at $82.17 a barrel, while North Sea Brent crude had gained 3.39 percent to $86.94.

Wednesday's earnings figures, including quarterly net profit of 94 trillion won ($64 billion), were described in a statement by the Icheon-headquartered firm as "an all-time high quarterly performance". "We are aware of concerns that AI infrastructure investment might be slowing down," marketing chief of the AI microchip division Park Joon-deok said on a call with investors and reporters. He cited jitters over firms exploring data centre rental -- rather than construction -- and the emergence of new high-efficiency AI requiring a lower memory taskload.

"We view these developments not as a scaling back of AI investment, but rather as a process of maximising the utilisation of the massive AI infrastructure built to date and accelerating its monetisation," he said. Wednesday's report said operating profit between April and June jumped 557 percent from last year to 60 trillion won. Revenue stood at 79 trillion won, with the differential to the net profit boosted by SK hynix's one-off sale of its 20 trillion won stake in flash memory maker Kioxia -- another beneficiary of the AI boom.

SK hynix said it intends to make investments in the 40 trillion won range this year. Growth was attributed to expanding investments in AI infrastructure as the technology evolves into more complex forms requiring more high-bandwidth memory capacity. "With major tech companies increasing their AI infrastructure investments, additional supply requests continue to mount," the company said in a statement.

"As these investments are supported by revenue generated from AI services, the momentum in memory demand is expected to persist." Parent firm SK Group announced on Saturday plans for a new $500 billion collaboration with Nvidia to invest in AI infrastructure. Earlier this month, SK hynix also raised $26.5 billion through an American Depositary Receipt listing in the US, one of the world's largest-ever equity offerings.

Despite aggressive investments, shares of SK hynix and its larger South Korean rival Samsung Electronics have fallen sharply by 33 per cent and 41 per cent respectively over the past month. SK hynix shares tumbled 14 percent on Tuesday, the day before the earnings release. The dip has been caused by concerns about AI industry sustainability and conflict in the Middle East spooking investors, KB Securities analyst Kim Dong-won said in a note on Monday.

Nonetheless, Kim forecast memory chip prices are likely to rise "at least 30 percent in the third quarter" with supply shortages likely to persist through to 2028. Samsung Electronics is due to report its quarterly earnings on Thursday. The company has forecast second-quarter operating profits to increase 1,800 per cent on last year.

The IMF boss was visiting top debtor Argentina to meet with Milei, for whom the Washington-based institution has repeatedly voiced support since he took office.

"What we have today, by all indicators, is a much sounder picture" since 2023, Georgieva told a joint press conference with Argentine Economy Minister Luis Caputo.

Milei campaigned on a pledge to revive the economy by slashing public spending and reining in inflation, but the austerity measures imposed by his government have been deeply unpopular, prompting frequent protests.

Georgieva said Argentina's "much stronger position... is a result of the hard work of the government," as well as "the sacrifice of the Argentine people."

Caputo later told reporters that Georgieva "had a very good meeting with President" Milei.

"She was extremely enthusiastic in offering her congratulations throughout," he said, adding that she had also met with Milei's cabinet ministers.

During her two-day trip, Georgieva has more meetings scheduled with Argentina's central bank chief Santiago Bausili and experts from the business world and academia.

On Tuesday, she is expected to visit Vaca Muerta, a vast oil and gas production site that is key to Argentina's export economy, located about 1,200 kilometers (750 miles) from Buenos Aires.

- 'Take stock' -

IMF spokesperson Julie Kozack said the visit marked "an opportune time for us to take stock of the progress made under the current program with the Argentine authorities."

The trip comes at a mixed moment for Milei's economy, which has seen inflation on a downward trend over the past three months -- though it is still at 33.5 percent year-on-year.

But growth remains sluggish and well under the IMF's forecast of 3.5 percent in 2026, with 0.2 percent growth year-on-year. Growth was forecast to rise even higher in 2027, hitting four percent.

Consumer activity is anemic while debt defaults are skyrocketing.

Mortgage defaults have tripled over the past year, hitting 12.8 percent, the highest level in 20 years.

In 2025, Argentina concluded an extended fund facility agreement worth $20 billion over four years with the IMF. In May, the IMF greenlit a $1 billion tranche under the agreement.

Protests against the IMF in Buenos Aires on Monday sought to give Georgieva an "unwelcome" reception, with placards held up in the main square reading, "no to paying foreign debt."

Another banner bore the slogan "English out of the Malvinas, IMF out of Argentina" -- the first part referring to the British claim over the Falkland Islands.

After Argentina, the IMF director is expected to visit Uruguay to meet with President Yamandu Orsi.

The Nikkei 225 was off 3.97 percent at 62,351.73 while the Kospi was down 7.54 percent at 6,246.53, with Samsung tanking more than seven percent and SK hynix off by 7.5 percent.

According to the website The Information, Chinese company Shanghai Yuliangsheng is making immersion deep ultraviolet (DUV) lithography machines.

The Financial Institutions Division (FID) under the Ministry of Finance issued a notification on Sunday confirming the appointment.

According to the notification, Sadat has been appointed under Section 5 of the Bangladesh Securities and Exchange Commission Act, 1993. 

He will serve as a commissioner for four years from the date of joining office.

The notification said Sadat will assume the post after relinquishing his employment and affiliations with all other institutions and organisations. 

The order, issued in the public interest, took immediate effect, the notification added.

The announcement came during a meeting with Commerce, Industries, and Textiles & Jute Minister Khandakar Abdul Muktadir at the Secretariat today.

State Minister for Textiles and Jute Md. Shariful Alam was also present.

During the meeting, the Sanko delegation said the company intends to shift from supplying textile products from Turkey to establishing a full-scale manufacturing base in Bangladesh to meet growing demand from international buyers.

The proposed integrated facility will manufacture fabrics, undertake advanced textile processing and produce high-value-added textile products aimed at global export markets.

The delegation said Bangladesh's skilled workforce, strong export capacity and favourable investment environment made the country an ideal destination for the investment.

Sanko officials said the project would help introduce advanced technologies, enhance local industrial capabilities and promote technology transfer, enabling domestic manufacturers to move towards higher-value textile production.

The company has already completed preliminary site selection and discussions with local partners. Construction is expected to be completed within 12 to 18 months after receiving the necessary government approvals, while operations are planned to begin within a few months of approval.

The delegation sought government support in ensuring uninterrupted gas and electricity supplies and faster regulatory clearances. It also pledged to adopt environment-friendly technologies and coal-free energy management to meet international sustainability standards.

The investment is expected to create significant employment opportunities, strengthen Bangladesh's export competitiveness and attract more international buyers seeking high-quality textile products.

Welcoming the proposal, Muktadir assured the investors of the government's full cooperation.

He said the government is committed to maintaining a business-friendly environment by providing the necessary infrastructure and policy support for large-scale foreign investments.

The minister described the investment as an important step towards modernising Bangladesh's textile and jute sectors through advanced technology, increased employment and greater export diversification.

The minister made the announcement while addressing a meeting on e-commerce implementation at the Ministry of Commerce as the chief guest, said a press release.

The meeting was chaired by Commerce Secretary Md. Ataur Rahman Khan.

Muktadir said the AI-driven platform will analyse 10 years of historical data to forecast possible supply disruptions and market crises well in advance, allowing the government to take timely measures to maintain market stability.

He said various ministries currently oversee different commodities, making coordinated data analysis essential to determine which products are locally produced, which rely on imports, and which require a balanced supply strategy.

"The government's main objective is to ensure that markets remain stable and that the supply of essential goods is never disrupted," the minister said, adding that the AI platform would significantly reduce the time required for analysing large volumes of data.

According to him, while such assessments currently require lengthy inter-ministerial meetings, the new system will generate comprehensive analyses within minutes, enabling quicker and more effective decision-making.

The minister said the AI platform would also monitor international market trends and the export capacities of supplying countries to identify the best time and source for imports.

Using predictive analysis, the system will help determine when shortages of commodities such as pulses or onions are likely to occur, allowing the government to initiate import preparations before domestic stocks become scarce.

Muktadir said the initiative would be implemented in coordination with the Ministries of Agriculture, Food and other relevant government agencies, which would have access to the shared database to support their respective operations.

He said the database would be developed using reliable government information alongside international open-source and subscription-based data to ensure accurate forecasting.

Acknowledging that developing the system would take time, the minister expressed confidence that it would eventually become faster and more effective than conventional human analysis.

He said the ultimate goal of the initiative is to strengthen national market management and protect consumers through timely, data-driven decisions.

The meeting also discussed the future development of the country's e-commerce sector and technology-driven market management strategies.

The losses extended a sell-off across the industry globally following an eye-watering rally over the past two years that has sent several indexes and companies to record highs.

They also overshadowed a more upbeat outlook over the Middle East conflict as the United States and Iran paused tit-for-tat strikes for a third day and Donald Trump suggested there was a "good chance" of a deal to end hostilities.

Semiconductor firms were at the forefront of a region-wide rout Tuesday after website The Information said China's Shanghai Yuliangsheng had started mass production of a chipmaker technology long dominated by Dutch firm ASML.

Seoul-listed SK hynix and Samsung lost around a tenth of their value, dragging the Kospi index down more than eight percent and sparking a 20-minute circuit-breaker.

The two firms have lost around 40 percent since hitting all-time highs last month, while the Kospi is down more than 30 percent.

Tokyo's Nikkei tanked more than four percent at one point as Kioxia shed 15 percent, while Advantest and Tokyo Electron dived 10 percent.

Taipei was also off more than three percent as market heavyweight and chip giant TSMC took a hit.

There were also losses across most other markets, though Hong Kong was the standout as its tech firms enjoyed some much-needed buying following a painful first half of the year.

Tuesday's hammering followed a bleak day on Wall Street, where the Philadelphia Semiconductor Index dropped 2.2 percent as Sandisk tanked 11 percent, while Advanced Micro Devices and Nvidia gave up around five percent.

ASML shed more than 8 percent in Amsterdam.

The AI trade was already fracturing in recent weeks owing to worries about the vast sums that had been invested in AI, which had fuelled questions about when that would actually begin seeing a return, while extended valuations had also raised eyebrows.

"The immediate fundamentals of semiconductors have not collapsed," wrote Stephen Innes at SPI Asset Management.

"Demand for high-bandwidth memory remains strong, hyperscalers are still spending, and the largest technology companies have not yet abandoned their capital expenditure plans.

"What has changed is the market's willingness to capitalise those promises at almost any price.

"The AI trade spent the past several years behaving like a flywheel: rising equity values encouraged more spending, more spending validated higher earnings expectations, and those expectations pushed valuations higher again.

"Now that same wheel is beginning to throw investors off at speed."

Traders are awaiting earnings this week from SK hynix, Samsung and Kioxia as well as US titans Microsoft, Meta, Apple and Amazon.

The bloodbath in tech overshadowed renewed optimism over the US-Iran crisis, with the two sides stepping back after almost two weeks of retaliatory attacks sparked by a breakdown in diplomacy over Tehran's blockade of the Strait of Hormuz.

Trump expressed hope that renewed diplomacy could bring an end to the war that began in late February.

"I have a lot of patience... We'll see what happens," he said aboard Air Force One. "I think there is a good chance that something could happen."

Meanwhile, reports said Oman and Iran were trying to reach an agreement to restart shipping through Hormuz, through which a fifth of global oil and LNG usually pass.

Hopes for a deal sent both mains sharply lower, with international benchmark Brent losing more than eight percent Monday and WTI more than seven percent. Both were down almost one percent in early Asian trade.

- Key figures around 0230 GMT -

Seoul - Kospi: DOWN 8.7 percent at 6,169.85

Tokyo - Nikkei 225: DOWN 4.4 percent at 62,046.46 (break)

Hong Kong - Hang Seng Index: UP 0.5 percent at 25,349.49

Shanghai - Composite: DOWN 0.6 percent at 3,836.53

West Texas Intermediate: DOWN 1.2 percent at $81.63 per barrel

Brent North Sea Crude: DOWN 1.0 percent at $87.51 per barrel

Euro/dollar: UP at $1.1374 from $1.1371 on Monday

Pound/dollar: UP at $1.3295 from $1.3293

Euro/pound: DOWN at 85.50 pence from 85.54 pence

Dollar/yen: UP at 163.78 yen from 163.72 yen

According to the website The Information, Chinese company Shanghai Yuliangsheng is making immersion deep ultraviolet (DUV) lithography machines.

The process uses ultraviolet light to etch microscopic circuits onto silicon.

Contacted by AFP, Yuliangsheng did not immediately respond, nor did SiCarrier or Huawei, two companies with ties to the group.

Producing DUV machines would allow China to free itself from its dependence on ASML, which is subject to export restrictions outside the European Union.

China's chip industry could thereby speed up the development and production of processors, narrowing the gap with the most advanced US players, which are currently seen as superior.

That progress would let China's leading artificial intelligence firms close the gap a little further between their models and those of the most cutting-edge US groups.

Shares in AMD were down as much as eight percent, Nvidia nearly five percent, Micron five percent and Intel 3.7 percent.

A Chinese developer company has committed to commencing production within the designated timeframe, in response to the Prime Minister's challenge, he mentioned. 

This statement was made by the BEZA Executive Chairman during the foundation stone laying ceremony of the Bangladesh-China Economic Zone in the Belchura area of Anwara, Chattogram today.
 
At the ceremony, Ashik Chowdhury, who concurrently serves as the Executive Chairman of the Bangladesh Investment Development Authority (BIDA), noted that during the Prime Minister's recent visit to China, a meeting took place with the chairman of the developer company. 

"Initially, it was indicated that the zone would require three to five years to become operational, however, the Prime Minister challenged the timeline to launch the first factory within 18 months. Later, the chairman of the developer company also assured that production would commence within this timeframe," he stated. 

The Premier urged for comprehensive support from Chinese investors, emphasizing that foreign investors are our esteemed guests, the BEZA Executive Chairman said. 

"They will not only yield profits from their investments but also create employment opportunities for thousands in the country. A swift launch of this zone will significantly transform the region," he added.

Ashik Chowdhury appealed to local public representatives and residents to support the investors.

Encouraging collaborative efforts to address any challenges, the BEZA Executive Chairman asserted that the nation's interests must take precedence. 

He reiterated that investment is crucial for the country's advancement and called upon everyone to assist in attracting foreign investment.

Profit after tax climbed more than two percent to $2.5 billion in the three months to the end of June, compared with the same period last year, AstraZeneca said in a results statement.

Total revenue increased six percent to $15.4 billion in the quarter, thanks to sustained strong demand for its cancer and rare disease medicines.

AstraZeneca reconfirmed its outlook for the full year after its second-quarter profit beat analyst expectations.

Chief executive Pascal Soriot said the company was "on track" to deliver its ambition of $80 billion in total revenue by 2030, despite an unexpected late-stage trial failure earlier this month.

Shares in the company had slumped in early July after its new heart disease drug Wainua failed to meet targets, in a rare setback for the drugmaker.

"We remain confident in the strength of our pipeline and have more than twenty high-value readouts due over the next 18 months," Soriot said on Monday.

Alongside its blockbuster cancer drugs, the company has been investing in developing a weight-loss drug.

Last month's trial results showed that its new pill appears to help people lose a similar amount of weight to other GLP-1 oral drugs.

If confirmed by further research, the pill could mark AstraZeneca's entrance into the massively lucrative weight-loss drug market currently dominated by Denmark's Novo Nordisk and American giant Eli Lilly.

The benchmark DSEX index of the Dhaka Stock Exchange (DSE) rose 55.4 points, or nearly one percent, to close at 5,840, recovering from the previous session's close of 5,784.

Market sentiment improved throughout the trading session as investors accumulated heavyweight stocks, encouraged by a temporary pause in retaliatory actions in the Middle East and expectations of strong quarterly earnings from listed companies.

However, investors remained cautious due to persistent nationwide gas supply disruptions and concerns over the recent amendment to margin lending rules.

Turnover on the premier bourse increased by 11.7 percent to Taka 8.7 billion, up from Taka 7.8 billion in the previous session, reflecting stronger trading activity.

The textile sector dominated turnover with a 22.8 percent share, followed by pharmaceuticals at 12.4 percent and engineering at 11.1 percent.

Most sectors ended higher, with jute and mutual funds each advancing 3.3 percent, while the travel sector gained 2.4 percent.

Out of 396 issues traded, 297 advanced, 52 declined and 47 remained unchanged, indicating broad-based market participation.

Meanwhile, the Chittagong Stock Exchange (CSE) also recorded gains in its indices, with the CSCX rising 72.5 points and the CASPI advancing 125.8 points.

The Monetary Authority of Singapore (MAS) said it would increase the rate of appreciation of the local dollar's trade-weighted value.

The move comes as oil prices remain elevated owing to tensions in the Middle East, sparked by the US-Israel attacks on Iran that began on February 28, and continue to cast a shadow.

Because the city-state imports most of its needs, higher global prices for food and energy directly drive up local living costs.

Unlike many central banks, the MAS manages inflation by adjusting the Singapore dollar against a basket of currencies of its main trading partners within an undisclosed band, rather than setting interest rates.

A strong Singapore dollar eases the effects of rising import costs.

"Singapore's imported costs are likely to rise in the quarters ahead," the MAS said, adding that core inflation "is forecast to step up in July and remain elevated into early next year."

It warned that "inflation could pick up more strongly than anticipated if energy prices spike anew" as "fuel reserves have been drawn down significantly and renewed supply disruptions in the Middle East could cause sharp surges in oil prices".

The MAS last tightened monetary policy in April, the first such move since 2022.

After 13 days of attacks on sites in the Islamic republic, the United States held fire over the weekend and Donald Trump's UN envoy said the US president was "giving talks some space".

Tehran in turn said it would stop its retaliatory attacks on regional neighbours, handing Gulf shipping and the oil industry a respite.

The two resumed hostilities this month, breaking a fragile truce, after Iran attacked ships passing through Omani waters in the Strait of Hormuz, sparking a pattern of escalation.

That derailed diplomatic efforts between Washington and Tehran, but the conflict then expanded beyond the vital energy corridor, and saw Iran-backed Houthi rebels in Yemen strike Saudi vessels in the Bab al-Mandeb Strait, a crucial passage into the Red Sea.

Crude prices soared on the flare-up, with Brent breaking back above $100 a barrel last week for the first time since May. News that shipping continued in the Red Sea helped investors pare the gains Friday.

However, Trump's decision to hold off more strikes and Iran's claims Sunday that it had made progress in talks with Oman on management of the Strait of Hormuz provided some much-needed relief.

The discussions focused on "common principles and operational mechanisms" for ensuring the safe passage of shipping through the strait while respecting the sovereign rights of the two states, Iran's foreign ministry spokesman Esmaeil Baqaei said.

Meanwhile, a report said Pakistan was looking at resuming US-Iran peace talks, following a push initiated by China.

Both main oil contracts sank Monday, with Brent shedding more than seven percent at one point to briefly drop back below $90.

"It looks as if developments in the Middle East have moved in a positive direction over the weekend, adding some credibility to the notion that oil above $100 a barrel seems to induce de-escalatory behaviour from both sides," wrote National Australia Bank's Sally Auld.

The positive developments eased worries about a reignition of inflation and a fresh round of interest rate hikes, in turn helping most equity markets higher.

However, concerns about the sustainability of the AI boom and questions over the eye-watering sums pumped into the sector continue to dog traders, as tech firms bear the brunt of selling.

Seoul again led the losses, shedding more than one percent with chip giants SK hynix and Samsung in the firing line once more.

Taipei and Singapore fell, with Jakarta also in retreat following the surprise resignation of Indonesian central bank boss Perry Warjiyo citing personal reasons.

Tokyo rose, though tech firms Advantest, Kioxia and Tokyo Electron suffered more hefty selling pressure.

Hong Kong, Sydney, Shanghai, Wellington and Manila were also up.

Traders will be keenly awaiting the release of earnings from SK hynix, Samsung and Japan's Kioxia report this week, while US titans Microsoft, Meta, Apple and Amazon are also due, with focus on their outlooks and spending plans.

Tim Waterer, of KCM Trade, said: "Traders remain somewhat nervy about the scale of the capex being committed, given lingering concerns over how long the return-on-investment phase may take to fully materialise."

Also in view this week is the Federal Reserve's latest policy decision in light of the latest US-Iran flare-up and recent data indicating inflation easing.

Bets on a hike have risen over the past week, though analysts expect officials to stand pat on Wednesday.

However, Jenny Zeng at Allianz Global Investors warned: "While the (policy board) is likely to remain on hold in July, we continue to expect 50 basis points of tightening by year-end."

In company news, China's leading memory chipmaker CXMT jumped 470 percent on its market debut in Shanghai, briefly surpassing megabank ICBC as the mainland's most valuable company.

The breathtaking surge came after the Anhui-based company had raised $9.8 billion in a blockbuster initial public offering, Bloomberg News reported, making it China's biggest ever mainland tech share sale.

- Key figures around 0230 GMT -

West Texas Intermediate: DOWN 4.3 percent at $85.45 a barrel

Brent North Sea Crude: DOWN 3.9 percent at $92.97 per barrel

Tokyo - Nikkei 225: UP 0.2 percent at 64,764.01 (break)

Hong Kong - Hang Seng Index: UP 0.8 percent at 25,160.38

Shanghai - Composite: UP 0.3 percent at 3,826.19

Euro/dollar: UP at $1.1408 from $1.1373 on Friday

Pound/dollar: UP at $1.3357 from $1.3323

Euro/pound: UP at 85.41 pence from 85.34 pence

Dollar/yen: DOWN at 163.54 yen from 163.84

New York - Dow: UP 0.5 percent at 51,947.25 (close)

London - FTSE 100: UP 0.9 percent at 10,736.23 (close)

The Washington-based institution has repeatedly voiced support for Milei, who took office in 2023 with promises to revive the economy by slashing public spending and reining in inflation.

An IMF source said Georgieva also plans to meet with Economy Minister Luis Caputo, Central Bank director Santiago Bausili and experts from the business world and academia.

Georgieva is also planning a visit to Vaca Muerta, a vast oil and gas production site that is key to Argentina's export economy, located about 1,200 kilometers from Buenos Aires.

IMF spokesperson Julie Kozack said the visit marked "an opportune time for us to take stock of the progress made under the current program with the Argentine authorities."

The visit comes at a mixed moment for Milei's economy, which has seen inflation on downward trend over the past three months -- though it is still at 33.5 percent year-on-year.

But growth remains sluggish and well under the IMF's forecast of 3.5 percent in 2026, with 0.2 percent growth year-on-year. Growth was forecast to rise even higher in 2027, hitting 4 percent.

But in reality, consumer activity is anemic, and debt defaults are skyrocketing.

Mortgage defaults have tripled over the past year, hitting 12.8 percent, the highest level in 20 years.

Some left-wing political parties are planning protests Monday to give Georgieva an "unwelcome" reception.

In 2025, Argentina concluded an extended fund facility agreement worth $20 billion over four years with the IMF. In May, the IMF greenlit a $1 billion tranche under the agreement.

After Argentina, Georgieva is expected to visit Uruguay to meet with President Yamandu Orsi.

Warsh was chosen to lead the US central bank by Trump, who has made his demand for lower interest rates clear as he has exerted unprecedented pressure on the independent monetary policy making body.

After two days of closed-door sessions, the Fed's open market committee (FOMC) will announce its decision on Wednesday at 2:00 pm (1800 GMT), followed by a press conference by Warsh.

Most investors expect the Fed to hold rates steady at 3.50-3.75 percent for the fifth straight meeting, according to CME's FedWatch monitoring tool.

US consumer inflation eased to 3.5 percent year-on-year last month, but remains far higher than the Fed's long-term two-percent target, which it has not achieved for more than five years.

Since last week, a ramping up of hostilities has seen intense US strikes and Tehran's retaliatory action targeting Washington's allies across the region, while Yemen's Houthi rebels have threatened to blockade the Red Sea oil trading route.

The fighting has sent energy prices soaring once more, with the benchmark oil futures contract breaching $100 per barrel for the first time since late May, when energy prices were on their way down.

At the Fed, policymakers have been losing patience with persistent inflation, indicating that a rate hike may be near.

The Fed "has to be ready to tighten monetary policy to prevent a repeat of the 2021-to-2022 inflation episode," Fed Governor Chris Waller said last week.

"Sternly staring at inflation until it melts before our withering gaze is not an option."

- 'Hawkish core' -

Since taking office, Warsh has vowed to reduce or eliminate the amount of forward guidance the Fed provides on its decision-making process, a move that has received mixed reactions.

The new chairman has said that providing forward guidance locks policymakers into positions that they may need to change. Some analysts, however, argue that opacity in decision-making creates more uncertainty for markets.

In public statements since taking control of the Fed, Warsh has said he has a "resolute commitment" to delivering price stability, but has not offered details on how and when he thinks it would be appropriate to act.

The Fed has a dual mandate to keep inflation to its long-term target while also delivering maximum employment.

Its main tool to achieve this is the economy's key interest rate -- raising rates tends to curtail economic activity and high prices, while lowering them encourages hiring and investment but can also stoke inflation.

The US labor market has largely stabilized, with steady unemployment despite zigzagging job growth, leaving policymakers mostly focused on inflation.

"'Resolute commitment' is, in my opinion, insufficient to tighten monetary policy and curb any inflationary pressures," said Gregory Daco, chief economist at EY-Parthenon.

With Warsh largely remaining silent, several other policymakers have been vocal about their concern over high prices and the potential need for action in the near-term.

"When you create a vacuum, it's oftentimes the case that the vacuum gets filled," said Daco.

With headline inflation dipping in June, ahead of further rises expected ahead, analysts say they do not expect a rate hike at this meeting -- but that the decision will likely see some dissenting voices.

"We may have a new chairman, but the old guard is now worried about where the economy has moved since the beginning of the year," Diane Swonk, chief economist at KPMG, told AFP.

Inflation has been under pressure not just from rising fuel prices due to the war, but also due to heightened demand from the AI boom and the continued effect of Trump's tariffs rippling through the economy.

"The hawkish core of the Fed has not only hardened but it's broadened," said Swonk, who expects two rate hikes later this year.

The new tariffs, ranging from 10 percent to 12.5 percent, took effect at 12:01 am [Washington DC time] today, replacing the temporary 10-percent global tariff previously imposed under Section 122. Under the decision, imports originating from Bangladesh will face a 10-percent tariff, in addition to the existing Most-Favored-Nation (MFN) tariff rates, said the foreign ministry here today. Bangladesh is among only 17 of the 86 countries placed in the lower 10-percent tariff tier, a position expected to help preserve its competitiveness in the US apparel and broader export market. In contrast, several of Bangladesh's major competitors in global apparel manufacturing, including China, Vietnam and Thailand, have been placed under the maximum 12.5-percent tariff rate.

The tariff differential is expected to reinforce Bangladesh's comparative advantage in the US market relative to competitors facing the higher rate. Meanwhile, the USTR is considering establishing a three-year Tariff-Rate Quota (TRQ) for Bangladesh, Cambodia, Indonesia and Malaysia that could waive Section 301 tariffs on goods manufactured using US cotton and textile inputs.If implemented, the facility could provide Bangladesh with an additional competitive advantage while encouraging greater use of US textile inputs and supporting further expansion of Bangladeshi exports to the American market. The government reaffirmed its commitment to upholding international labour standards and continuing close engagement with international partners to ensure robust growth, compliance and sustainability of the country's critical export sectors.

Finance Minister Amir Khosru Mahmud Chowdhury is expected to attend the ceremony as the chief guest, while Home Minister Salahuddin Ahmed will be present as the special guest.

According to the programme schedule, the ceremony will begin at 11:30 am with the arrival of guests, followed by welcome remarks from Bangladesh CEIZ Company Limited (BCCL) chairman.

The event will feature an audio-visual presentation on the CEIZ project and speeches by the President of China Road and Bridge Corporation (CRBC), the Member of Parliament for Chattogram-13 (Anwara-Karnaphuli), the Chinese Ambassador to Bangladesh, the Executive Chairman of the Bangladesh Economic Zones Authority (BEZA), and the two ministers.

A sub-lease agreement will also be signed during the programme. The ceremony will conclude with the unveiling of the CEIZ slogan, the launch of One-Stop Service, the official groundbreaking of the project, and a tree plantation programme.

The Executive Committee of the National Economic Council (ECNEC) has recently approved a supporting infrastructure development project for the economic zone.

The project, to be implemented by BEZA, will include construction of a jetty link road, internal road network, water reservoir, gas transmission facilities, Central Effluent Treatment Plant (CETP), multipurpose jetty, solid waste collection station, boundary wall and power substations.

The infrastructure project will be implemented from January 2027 to December 2031 at an estimated cost of Tk 4,189 crore. 

Of the total, Tk 2,467 crore is expected to come through foreign financing, while Tk 1,722 crore will be provided by the government.

 The foreign financing is proposed under the Preferential Buyer's Credit (PBC) facility of the Export-Import Bank of China.

The CEIZ is being established on about 783 acres of land on the eastern bank of the Karnaphuli River in Anwara under a government-to-government (G2G) initiative between Bangladesh and China. 

Once operational, the economic zone is expected to attract at least US$500 million in foreign direct investment (FDI), create more than 100,000 direct and indirect jobs, promote export-oriented industries and develop Chattogram into a modern industrial and logistics hub.

Strategically located near the Chattogram Port and Shah Amanat International Airport, the CEIZ is expected to play a significant role in enhancing Bangladesh's industrial competitiveness and further strengthening Bangladesh-China economic partnership.

The new US tariffs targeting 60 trading partners took effect Friday, replacing an expiring global duty rolled out by President Donald Trump earlier this year.

Norway faces tariffs of 12.5 percent on a number of products, while EU exports to the US will be slapped with levies of 10 percent.

"We are firmly opposed to the United States's unilateral use of customs duties against Norway and other countries," said Foreign Minister Espen Barth Eide.

"We also dispute the justification put forward by the United States for imposing these new duties," he said.

Barth Eide said that Oslo had urged Washington to ensure that its products were treated on an equal footing with other European products.

The United States accounts for less than five percent of Norway's exports of goods, according to official statistics, but represents an important market for seafood products, including Norwegian salmon.

The European Union expressed relief over the new tariff regime following concerns of possible retaliation to a massive fine that Brussels had slapped on US giant Google.

"The EU notes positively the fact that this outcome is in line with the US tariff commitments agreed under the EU-US Joint Statement," European Commission spokesman Olof Gill said earlier in Brussels.

The eurozone purchasing managers' index (PMI) published by S&P Global, an important gauge of the economy's overall health, registered a reading of 51.9 this month after a figure of 50 in June.

A reading above 50 indicates growth while a figure below 50 signals contraction.

Escalation in the Middle East has raised fears over the impact on the global economy as oil prices are surging again.

"July is seeing a welcome revival of economic activity in the eurozone, but a volatile geopolitical environment means it remains to be seen if the good news can last," S&P chief business economist Chris Williamson said in a note.

Williamson noted the improving picture for the European economy as "Germany is reporting growth for the first time in four months, France's downturn has softened to the weakest since February, and the rest of the region as a whole is growing at a pace not seen since last November".

But whether the good news is sustained in the months ahead "largely depends" on what happens in the Middle East, he said.

"With oil prices on the rise again in recent days and shipping worries escalating, there's a danger that the economy could relapse if inflationary pressures intensify again and supply disruptions, notably for energy, derail this nascent upturn," Williamson added.

The agreement, signed between the Economic Relations Division (ERD) of the Ministry of Finance and IOM Bangladesh, will implement the three-year project titled “Promoting a Comprehensive Approach to Climate Mobility in South Asian Countries.”

Md. Shahriar Kader Siddiky, Secretary, Economic Relations Division and Dr. Laura Tomm Bonde, Chief of Mission of IOM Bangladesh signed the agreement, according to a press release.

The project aims to strengthen climate mobility data and information systems, expand research and knowledge exchange, promote diaspora engagement in climate action, enhance community resilience, and foster regional collaboration among South Asian countries to address climate-related displacement and migration.

Speaking at the ceremony, ERD Secretary Md. Shahriar Kader Siddiky underscored the growing commitment of the Government of Bangladesh in addressing the complex challenges posed by climate-induced human mobility. He stressed the importance of integrating climate mobility into national development planning, disaster risk reduction, and climate adaptation strategies to build resilience and protect vulnerable communities.

The Secretary also commended IOM for its continued support in strengthening migration governance, generating evidence for informed policymaking, assisting vulnerable populations, and promoting safe, orderly, and regular migration in line with Bangladesh’s development priorities. 

He expressed confidence that the new initiative would reinforce institutional capacity, improve knowledge and data systems, and facilitate evidence-based policymaking while advancing regional cooperation.

Dr. Laura Tomm Bonde, Chief of Mission of IOM Bangladesh, thanked the Government of Bangladesh—particularly the Economic Relations Division—for its continued partnership. 

She also expressed appreciation to the Ministry of Environment, Forest and Climate Change for its guidance and collaboration, and acknowledged the European Union for its generous financial support in making the initiative possible. She further thanked representatives of the participating ministries and agencies for their continued engagement.

Both Bangladesh and IOM reaffirmed their shared commitment to strengthening the country’s preparedness for climate-related mobility challenges. They expressed confidence that the project would make a significant contribution to advancing Bangladesh’s climate mobility agenda while creating new opportunities for regional learning and cooperation across South Asia.

The ceremony was attended by A K M Sohel, Additional Secretary & Wing Chief (UN Wing), ERD; Dr. Kazi Shahjahan, Joint Secretary of ERD, Fahmida Huq Khan, Joint Secretary of the Ministry of Environment, Forest and Climate Change, Md. Rajibul Alam, Senior Assistant Secretary, ERD; Ashfaqur Rahman Khan, National Programme Officer, IOM Bangladesh; Dr. S M Morshed, Government Liaison Expert of IOM along with representatives from relevant ministries and partner organizations.

During the meeting, the governor urged China to increase imports of Bangladeshi products to help narrow the bilateral trade gap, according to a Bangladesh Bank press release.

He also sought China's experience and technical assistance in implementing Bangladesh's Bangla QR payment system, drawing on China's Single QR framework to further advance the country's digital payment ecosystem.

Ambassador Yao underscored the importance of creating a more investment-friendly environment to facilitate greater foreign investment in Bangladesh.

In response, the governor said Bangladesh Bank has already introduced a series of policy measures to support foreign investors, making it easier for them to repatriate their invested capital and profits.

He also invited Chinese investors to expand their investments in Bangladesh, particularly in technology-based industries and the manufacturing sector.

Chinese Embassy Counsellor Song Yang and Attach, Wen Jinhua attended the meeting.

Bangladesh Bank Deputy Governors Dr. Habibur Rahman and Md. Sarwar Hossain were also present.

According to a circular issued today by the Supervisory Data Management and Analytics Department (SDAD), banks will have to provide organisation-wise reporting for government institutions, autonomous and semi-autonomous bodies, public non-financial corporations, local authorities, and public-sector insurance and pension funds.

The central bank has introduced a new set of Economic Sector Codes, detailed in Annexure 'A' of the circular, to facilitate more detailed reporting of public sector deposits.

Under the directive, banks must submit the information through the Rationalized Input Template (RIT) from the reporting period of July 2026, with reports due by the 10th day of the following month. 

However, reporting for June 2026 will continue under the previous format.

The newly introduced codes cover a wide range of public entities, including ministries and departments, security forces, autonomous organisations, public universities, public non-financial corporations, and public-sector financial institutions and funds.

Among the institutions covered are the Ministry of Finance, Ministry of Defence, Roads and Highways Department, Bangladesh Army, Navy and Air Force, Rapid Action Battalion (RAB), Special Security Force (SSF), Bangladesh Cricket Board (BCB), Bangladesh Bar Council, Bangladesh Post Office, WASA, Northern Electricity Supply Company (NESCO), Dhaka Electric Supply Company (DESCO), Palli Sanchay Bank, the Equity and Entrepreneurship Fund (EEF), and various public provident and pension funds.

The circular was issued under Section 45 of the Bank Company Act, 1991, and signed by Md. Abdul Mannan, Director of the SDAD.

Bangladesh Bank said the new reporting framework would improve oversight of government funds held in the banking system and support more efficient public cash management. 

It also instructed all scheduled banks to comply strictly with the revised reporting requirements and timelines.

The circular, which takes immediate effect, replaces FE Circular No. 45 of 2017 along with all subsequent directives related to the EDF.

Under the revised framework, the EDF will continue to provide foreign currency financing to manufacturer-exporters for importing raw materials and other production inputs through Authorized Dealers (ADs).

The fund will be administered by the Forex Reserve and Treasury Management Department-1 (FRTMD-1) at Bangladesh Bank's head office.

In a significant change, the central bank has allowed Authorized Dealers to finance eligible imports from their own foreign currency resources using up to 50 percent of their Non-Resident Foreign Currency Deposit (NFCD) balances.

The circular also enables Islamic banks to access the EDF through deal-to-deal Restricted Mudaraba Agreements, ensuring Shariah-compliant financing.

Bangladesh Bank introduced a new pricing mechanism linked to the six-month Secured Overnight Financing Rate (SOFR). Under the framework, the central bank will refinance ADs at the six-month SOFR plus 0.5 percent per annum, while banks may lend to manufacturer-exporters at the six-month SOFR plus 1.5 percent.

Banks will also be allowed to charge an additional one percent annually to cover the period between import payments and receipt of EDF refinancing from the central bank.

To discourage repayment delays, Bangladesh Bank will impose penal interest at four percentage points above the prevailing lending rate on overdue EDF loans. Islamic banks will be required to pay equivalent compensation in accordance with Shariah principles.

The Master Circular also revises exporters' maximum borrowing limits under the EDF based on membership of recognised trade associations.

The ceiling has been set at US$20 million each for member mills of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and Bangladesh Textile Mills Association (BTMA), US$15 million for members of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) and Bangladesh Linen, Fabrics, Accessories and Allied Products Manufacturers and Exporters Association (FLAXA), US$10 million for several other export sectors and US$5 million for members of the Bangladesh Fruits, Vegetables and Allied Products Exporters Association (BFFEA).

Smaller sector-specific limits ranging between US$1 million and US$2 million have also been prescribed.

For bulk imports, financing will be capped at the importer's import performance over the previous 12 months or US$500,000, whichever is lower.

To streamline operations, the circular requires Authorized Dealers to submit EDF loan applications through a standardised Form-A along with electronic calculation worksheets. Banks must also verify the eligibility of deemed exporters before seeking refinancing from Bangladesh Bank.

The repayment tenure for EDF loans remains 180 days, although Bangladesh Bank may extend it to a maximum of 270 days in justified cases.

Applications for extension must be submitted at least 10 days before loan maturity, be signed by an official not below the rank of Deputy Managing Director (DMD), and include the relevant Bill of Entry.

The central bank has also tightened compliance requirements.

Exporters who fail to repatriate export proceeds within the statutory 120-day period will become ineligible for further EDF financing. Manufacturer-exporters whose previous EDF liabilities were settled through funded facilities will also remain ineligible until the overdue export proceeds are realised or formally exempted.

In addition, Authorized Dealers that fail to repay EDF loans within the stipulated timeframe will be barred from obtaining further EDF refinancing until all overdue liabilities are cleared.

According to Bangladesh Bank, the Master Circular is intended to simplify the regulatory framework, ensure uniform implementation across the banking sector and strengthen export financing in support of Bangladesh's external trade.

The inception workshop, titled "Analysis of the Inclusive Instant Payment System (IIPS) in Bangladesh and Cross-Border Remittance as a Use Case," brought together policymakers, Bangladesh Bank officials, financial sector representatives and researchers to discuss the future of interoperable digital payments in Bangladesh.

Chairing the session, PRI Chairman Dr. Zaidi Sattar said remittances account for around 6 percent of Bangladesh's GDP and underscored the importance of channeling these inflows into productive investment. He also highlighted the continued reliance of many Bangladeshi migrant workers on informal hundi channels despite the rapid expansion of digital financial services.

PRI Research Director Dr. Bazlul Haque Khondker and Director Dr. M.A. Razzaque presented the keynote paper, outlining research on how an Inclusive Instant Payment System could create an interoperable, affordable and accessible payment ecosystem connecting banks, mobile financial service providers and other financial institutions.

The study will assess Bangladesh's payment infrastructure, regulatory framework, market incentives and user behaviour while drawing on international experience to recommend shared, low-cost payment rails. It will also explore ways to reduce remittance costs through real-time cross-border payment corridors and lessen dependence on informal transfer channels.

As part of the research, PRI will conduct a survey of Bangladeshi migrants in six major destination countries to understand why they choose formal or informal remittance channels. The survey will examine factors including transaction costs, exchange rates, transfer speed, trust, documentation requirements and recipients' access to financial services.

Speaking at the workshop, Bangladesh Institute of Bank Management (BIBM) Director General Dr. Ezazul Islam said an Inclusive Instant Payment System could significantly reduce digital payment costs, expand financial inclusion and improve the efficiency and competitiveness of Bangladesh's payment ecosystem.

He said wider adoption of digital payments would enhance transaction transparency, promote the use of formal financial channels and improve tax compliance. However, he stressed that the system's long-term success would depend on robust governance, sustainable pricing, effective dispute resolution mechanisms and sound settlement risk management.

Additional Director of Bangladesh Bank's Payment Systems Department Mohammad Jahid Iqbal said the central bank is developing the IIPS on the open-source Mojaloop platform to reduce costs, enable local customisation and integrate banks, payment service providers and, eventually, microfinance institutions into a unified digital payment infrastructure.

He said the platform, launched in November 2025, is expected to support feature-phone users, simplify account opening, reduce failed transactions and strengthen fraud prevention through the Tazama toolkit.

Representing the private sector, bKash Vice President (Remittance, Financial Services, Commercial) Sayed Shaikh Ibna Jilany shared perspectives on integrating mobile financial services into an interoperable payment ecosystem while ensuring consumer protection, affordability and user trust.

In his closing remarks, PRI Distinguished Fellow Dr. Ahsan H. Mansur said financial inclusion, the Inclusive Instant Payment System and Bangladesh's transition towards a cashless economy should be pursued as part of a single, integrated national strategy.

He said that Bangladesh Bank spends around Tk 20,000 crore annually on cash management and said accelerating digital payments would require lower transaction costs, wider access to affordable smartphones and internet services, restored confidence in the banking system and dedicated investment mechanisms for Non-Resident Bangladeshis (NRBs) to mobilise diaspora investment through formal channels.

“The budget has received appreciation from all sections of society. However, no matter how well a budget is prepared, its real success depends on successful implementation,” he said while addressing his first meeting with officials of the Finance Division at the Ministry of Finance.

Finance Division Secretary Dr. Md Khairuzzaman Mozumder chaired the meeting.

The finance minister said the negative perception about bureaucracy among the public needs to be changed through efficient and people-oriented service delivery. Drawing on his experience over the past four months, he said collective efforts could overcome any challenge.

He urged officials to move beyond conventional approaches and adopt innovative ideas (out of the box) in line with the rapidly changing global environment, said a Finance Ministry press release.

Amir Khosru also called for creating a more participatory working environment by encouraging officials to express their opinions freely instead of limiting meetings to one-way discussions.

He stressed the importance of open dialogue, mutual cooperation and “out-of-the-box” thinking to improve policy implementation and institutional performance.

The minister said officials should treat the workplace like a family and focus on identifying solutions rather than merely highlighting problems.

He also underscored the need for objective and timely feedback from different wings of the Finance Division, saying such inputs would help the government make informed policy decisions.

Describing the Finance Division as the driving force of the country’s economy, the minister urged all officials to discharge their responsibilities with sincerity and professionalism in the national interest.

Later in the day, speaking to reporters after a meeting at the Secretariat on the integrated development plan for Cox’s Bazar, the finance minister said the government had taken an initiative to prepare a comprehensive master plan to transform Cox’s Bazar into an international and regional tourism hub.

He said the government was also reviewing the long-standing 50-metre and 500-metre development restrictions in coastal areas to facilitate planned tourism development while ensuring environmental protection.

“Where tourism is to be developed, hotels, motels, resorts and recreational facilities will have to be established. Development opportunities must be created while protecting the environment,” he said.

The minister said the government had already undertaken major infrastructure projects in Cox’s Bazar, including the construction of an international airport, railway connectivity and improved road links with Chattogram.

These infrastructure developments would be integrated under the master plan to transform Cox’s Bazar into a modern digital tourism city, he added.

Amir Khosru said Cox’s Bazar would emerge as one of the country’s major growth hubs and make a significant contribution towards Bangladesh’s goal of becoming a US$1 trillion economy by 2034.

He said the expansion of tourism, trade and the services sector would further strengthen Cox’s Bazar’s contribution to the national economy.

Speaking as the chief guest at the inauguration of the three-day ‘Top Thai Brands 2026’ international trade exhibition at a city hotel, the minister said Bangladesh and Thailand enjoy a long-standing relationship based on mutual trust, respect and cooperation.

Thai Ambassador to Bangladesh Thitiporn Chirasawadi, officials of the Royal Thai Embassy, representatives of participating Thai companies, business leaders, entrepreneurs and members of the media attended the event.

The commerce minister said Thailand is one of Bangladesh’s important trading partners and noted that although bilateral trade has been growing steadily, there remains enormous potential to expand trade and investment, said a Commerce Ministry press release.

He said Bangladesh has emerged as an attractive destination for foreign investment thanks to its strategic location, large consumer market, skilled workforce and investment-friendly policies.

“We welcome Thai investment in promising sectors such as agro-processing, tourism, leather, readymade garments, automobile components, rubber products and other high-potential industries,” he said.

The minister also expressed Bangladesh’s interest in increasing exports to the Thai market, particularly pharmaceuticals, processed food, environmentally friendly jute products, leather goods and light engineering products.

Highlighting the significance of international trade fairs, Muktadir said such exhibitions are not merely platforms for showcasing products but also effective avenues for establishing direct business linkages among manufacturers, exporters, importers, distributors, investors and entrepreneurs.

He said events like ‘Top Thai Brands 2026’ would help forge new business partnerships and make a meaningful contribution to expanding bilateral trade.

Referring to the government’s efforts to improve the business climate, the minister said Bangladesh is implementing various initiatives to facilitate trade, develop infrastructure, accelerate digitalisation and strengthen connectivity with international markets.

He stressed the importance of responsible foreign investment, saying it would create employment opportunities, promote the adoption of advanced technologies and contribute significantly to the country’s industrial development.

The commerce minister called on participating Thai companies to strengthen engagement with Bangladeshi businesses, importers, distributors and investors while encouraging Bangladeshi entrepreneurs to explore new export opportunities in the Thai market.

He expressed hope that ‘Top Thai Brands 2026’ would further strengthen trade, investment and the friendly relations between Bangladesh and Thailand.

The exhibition has been organised by the Department of International Trade Promotion (DITP) under Thailand’s Ministry of Commerce with support from the Commercial Section of the Royal Thai Embassy in Dhaka.

A total of 57 Thai companies are participating in the exhibition, which will remain open to visitors at the Pan Pacific Sonargaon Hotel until July 25 from 10:00 am to 8:00 pm daily.

Tech stocks have had a bumpy ride because of fears that the buzz around artificial intelligence may not match reality and that shares in the sector are overcooked.

But mirroring overnight gains on the Nasdaq, Asia tech stocks rose for a second straight day, with Tokyo up almost two percent and semiconductor-heavy Seoul soaring 5.4 percent.

"During the early phase of the (AI stock) boom, companies were rewarded simply for announcing larger investment plans," said Stephen Innes at SPI Asset Management.

"A higher spending guide may still support chip demand, but it also raises questions about free cash flow, funding needs and how much of the future is already embedded in valuations," he said.

Some clues may come later Wednesday with results from Tesla and Google parent Alphabet, followed by fellow tech bellweathers Microsoft, Meta, Apple and Amazon next week.

Brent crude moved up around one percent to northwards of $92, the highest intraday price since June 11, as President Donald Trump said the United States was "not finished" attacking Iran.

The US military said it completed an 11th consecutive night of strikes to "further degrade Iran's ability to threaten commercial shipping in the Strait of Hormuz".

Trump also said he would "take care of" Yemen's Iran-backed Houthi rebels if they followed through on a threat on Monday to blockade Saudi Arabia's ports.

"Our view is that we'll be kind of in this $80 to $90 range, depending on the news flow," said Jay Hatfield at Infrastructure Capital Management said of the oil price.

"If we actually have a closed Red Sea, that's a threat. We haven't seen that yet. That could shoot us over $100," Hatfield told Bloomberg News.

On currency markets, the Japanese yen was under pressure again after falling below 163 against the dollar late Tuesday, its weakest since 1986, in part due to the oil price.

- Key figures around 0230 GMT -

Tokyo - Nikkei 225: UP 1.9 percent at 67,511.13

Hong Kong - Hang Seng Index: down 0.9 percent at 24,902.75

Shanghai - Composite: UP 0.4 percent at 3,880.46

Brent North Sea Crude: UP 1.2 percent at $92.09 per barrel

West Texas Intermediate: UP 1.0 percent at $85.19

Euro/dollar: UP at $1.1407 from $1.1406 on Tuesday

Pound/dollar: UP at $1.3386 from $1.3383

Euro/pound: UP at 85.21 pence from 85.20 pence

Dollar/yen: DOWN at 163.10 yen from 163.17 

The 25-percent Brazil tariff followed a year-long US investigation, with Washington accusing the Latin American giant of unfair trade practices.

This has drawn sharp pushback, although Brazil's Vice President Geraldo Alckmin told a press conference Tuesday that Brazil will seek to resolve the issue through negotiations instead of retaliating.

Various products like beef, coffee and aircraft parts will be exempted from the levy, and roughly half of Brazil's exports to the United States would remain excluded from the duty, estimates Valentina Sader of the Atlantic Council think tank.

Nonetheless, the move comes as Trump makes a renewed push to use tariffs as leverage, sparking fears of retaliation and heightened tensions.

Officials could be "using Brazil as an example to send a broader message about its priorities and negotiating approach," Sader told AFP.

While the US Supreme Court struck down many of Trump's tariffs in February, dealing a blow to his ability to impose new duties at will, Washington has moved to rebuild his trade agenda using other powers.

The United States saying the Brazil tariffs were imposed as President Luiz Inacio Lula da Silva failed to negotiate in good faith also "reinforces the perception that the action is directed not only at Brazil's trade practices, but also politically at Lula himself," Sader said.

The duty is becoming a major campaign flashpoint ahead of Brazil's October presidential elections.

The American Chamber of Commerce for Brazil recently warned that Washington's measure affects more than $11 billion in exports.

Trump on Tuesday also announced a 100-percent tariff on generic drugs from August 2028, a day after ordering a 50-percent duty on many Canadian goods to take effect in 30 days.

A broader sweep is yet to come, with officials in June proposing tariffs of between 10 percent and 12.5 percent targeting 60 trading partners over alleged failures to act against forced labor.

Analysts widely expect the duties over forced labor to replace the temporary 10-percent global tariff -- expiring Friday -- that Trump imposed after his Supreme Court setback.

"We expect to see some action soon," US Trade Representative Jamieson Greer told CNBC.

- Forced labor concerns -

Greer added Tuesday that new action over labor concerns will cover a majority of US trade, though it could reignite trade tensions.

The lower 10-percent tariff rate would hit US imports from partners including Canada, the European Union, Mexico, Taiwan and the United Kingdom. They were found to have taken some steps against forced labor.

Goods from over 40 other economies like China, India and Japan face a 12.5 percent levy.

The EU has said that it considers tariffs imposed on these grounds "unjustified."

A separate tranche of US investigations targeting 16 economies over excess industrial capacity is ongoing, and could lead to further duties.

- Canada pressure -

Washington's planned 50-percent tariff on Canadian goods comes amid ongoing talks over a North American free trade pact.

Washington recently declined to extend the accord as-is, and Greer is set to travel to Mexico from Wednesday to Friday for discussions linked to a joint review of the US-Mexico-Canada Agreement (USMCA).

US negotiations with Canada have proceeded more slowly.

Some lawyers see Trump's use of an untested legal provision -- Section 338 of the Tariff Act of 1930 -- as a means to gain leverage over Canada in USMCA negotiations.

Canadian Prime Minister Mark Carney said Tuesday that he was looking at "all options," adding that he and Trump had agreed to "intensify discussions" in upcoming weeks.

Trade lawyer Dave Townsend of Dorsey & Whitney said higher tariffs could be "aimed at encouraging an agreement between Canada and the United States, or in retaliation for the failure to reach such agreement, or both."

The question, he added, is whether both sides will start a "cycle of escalation and retaliation."

Clad in protective rubber gloves and boots, they wade through melted ice to unload fish and seafood at Shwe Padauk Fish Market, home to almost 500 vendors.

The facility and the older San Pya Fish Market are integral links in the Yangon food chain, transit points for protein that feeds millions of people across the city.

About 400,000 viss -- a traditional unit of weight in Myanmar -- equivalent to more than 650,000 kilograms (1.43 million pounds) of freshwater products pass through Shwe Padauk market daily, the government said in May, and it also handles marine goods.

But like everywhere in Myanmar, the markets cannot escape the country's five-year-old civil war.

The work is physically gruelling, and vast numbers of young men have left Myanmar in recent years to seek work abroad and avoid the conscription introduced to bolster the military, which ousted Aung San Suu Kyi's elected government in 2021.

Fighting in the western state of Rakhine, formerly a huge supplier of seafood, has also hit business, according to workers.

"For about five months, business hasn't been good," one supervisor said.

"Many of the workers have gone to Malaysia to work abroad."

Saltwater supplies now come mainly from the Irrawaddy Delta, southwest of Yangon, they said.

And the Iran war increased the cost of fuel across the world, driving up the price of fish and impacting demand.

"My income has dropped this year. It is not like the past few years," said a 40-year-old seafood dealer from Shwe Padauk Fish Market, speaking anonymously for security reasons.

"Commodity prices have gone up and sales have also dropped among the vendors," he told AFP.

"Because the prices are so high, it must be that people cannot afford to buy and eat much fish anymore."

Workers said they earned between 15,000 to 25,000 kyats ($7 to $12) a day -- more than garment factory workers, who unions say are paid 10,000 to 20,000.

The dealer said he had many friends at the market.

"Outside, we're like brothers," he told AFP.

"But inside the market, business is business. When fish is scarce, we have to fight each other for it.

"Once we head home, though, we're back to being brothers again."

The Shenzhen-listed Zhongji InnoLight said in a market filing that it was seeking to raise up to HK$55 billion (US$7 billion) on the Hong Kong stock exchange.

That would mark the city's largest share sale since Chinese tech behemoth Alibaba's mega US$12.9 billion listing in 2019.

Zhongji InnoLight is the world's largest maker of optical transceivers, according to its listing document.

The devices convert electrical and light signals into each other to transmit vast amounts of digital information through optical fibers, and are essential parts in artificial intelligence data centres.

China and the United States are locked in a race for dominance in the fast-moving AI field, fuelling huge global expansion of data centres -- warehouse-like facilities crammed with computer servers.

The listing, expected to take place on July 30, is the latest in a recent run of blockbuster debuts from Chinese AI-related companies in Hong Kong, indicating optimism for China's ambitions in the sector.

Zhongji InnoLight is offering 54.5 million shares at up to HK$1,010 (US$129) each.

Brent crude was trading up 1.2 percent at $92.09 a barrel at around 0130 GMT, its highest intraday price since June 11.

West Texas Intermediate (WTI), the main US oil benchmark, climbed 1.1 percent to $85.23.

Iran stepped up its attacks in the Middle East on Tuesday, after its war with the United States resumed.

The country said it had attacked and stopped two "non-compliant oil tankers" attempting to transit the Hormuz strait.

Tehran has attempted to blockade the strait -- through which a fifth of the world's oil supplies transited before the war -- as leverage since the US-Israeli attack that kickstarted the war in February.

In a press release issued today, the association expressed its gratitude to BSEC Chairman Masud Khan and the commissioners for initiating the reform process.

The DBA also thanked the BSEC for holding a consultation meeting on July 13 with representatives of the DSE Brokers Association of Bangladesh (DBA) and the Bangladesh Merchant Bankers Association (BMBA).

According to the association, the commission attentively heard the proposals, opinions and concerns raised by market participants regarding the proposed amendments and assured them that their recommendations would be duly considered in the reform process.

The DBA said the market-oriented and pragmatic initiative would help establish a balanced, modern and forward-looking regulatory framework for margin trading, contributing to the orderly, transparent and sustainable development of Bangladesh's capital market.

The association expressed hope that the draft of the amended Margin Rules, 2025 would soon be published for public consultation. It said the DBA would submit detailed observations and recommendations to the commission after reviewing the draft, if necessary.

DBA President Saiful Islam said the association fully supports the reform initiatives undertaken by the BSEC to build a stronger, more modern and investor-friendly capital market.

He also reaffirmed the association's commitment to working closely with the regulator in implementing future reforms aimed at further developing the country's capital market.

Oil-rich Iraq has been trying to move past decades of war and unrest, but still suffers from poor infrastructure, failing public services, mismanagement and endemic corruption.

It is in urgent need of an economic boost, especially after losing revenue due to a halt in oil exports caused by the Middle East war.

"A total of 48 agreements, memoranda of understanding, cooperation agreements, and partnership declarations were signed between public and private sector entities in Iraq and the United States," the Iraqi leader's media office said.

They include "cooperation and partnerships involving the ministries of oil and electricity... with ExxonMobil, KBR, GE Vernova, Shell, and Halliburton," as well as several deals related to the construction of a major crude oil pipeline between Iraq and Syria.

Iraq also signed a deal with Starlink, which dominates the global satellite communications sector, to introduce services to the country.

On Tuesday, US President Donald Trump praised Zaidi as a "champion" in a meeting at the White House.

Zaidi, a businessman, came to power this year with US blessing after Trump vetoed another candidate.

He has vowed to boost Iraq's fragile economy and disarm pro-Iran armed groups in Iraq that have targeted US facilities.

Iraq has long walked a tightrope between the competing influences of allies the United States and neighbouring Iran.

The auctioneer said in a press release that 45 collectors bid on the Tom Ford jacket, with Sotheby's Head of Modern Collectibles Brahm Wachter calling it "an object so closely tied to one of the defining figures of the AI era."

Much like Apple founder Steve Jobs' penchant for black turtlenecks or Meta chief Mark Zuckerberg's endless wardrobe of gray T-shirts, Huang has made leather jackets part of his signature style, wearing one in nearly every public appearance -- including the cover of Time Magazine in 2021.

As head of Nvidia, he has seen the chipmaker grow to become the highest-valued publicly traded company in the world.

Proceeds from the auction go to benefit the Edge Institute, a nonprofit organization dedicated to teaching English and instructing professionals in Western business and educational methods.

The 25-year-old is among the hundreds of recyclers and manufacturers across Egypt benefiting from a war-driven surge in demand ever since the United States and Iran choked off the Strait of Hormuz -- a major shipping lane for the raw materials from which plastic is made.

At the heart of the boom is the sprawling eastern Cairo settlement of Manshiyet Nasser, where generations of garbage collectors have built one of the world's most sophisticated informal recycling systems.

"Before the war, we were the ones calling factories, trying to sell our material," Romany told AFP, standing beside towering bales of compressed plastic.

"But after the war broke out, the factories started calling us. They'd ask: How much do you have? Can you deliver today? That never used to happen."

- Built on trash -

Home to more than 115,000 residents, Manshiyet Nasser is a predominantly Coptic Christian neighbourhood nestled beneath the Mokattam hill and facing Cairo's historic Citadel.

The settlement handles more than a third of the capital's waste, according to government figures.

Families live and work under the same roof, often separated from mountains of waste by little more than a staircase or curtain, exposing them to foul odours, plastic fumes and other health risks.

Downstairs, men sort plastics, cardboard, paper, metals and glass into neat piles destined for workshops and factories.

Upstairs, children pore over schoolbooks, mothers prepare lunch and television sets flicker in cramped living rooms, all against the constant background noise of shredders whining and baling presses pounding below.

The smell of rubbish hangs heavy in the air as pickup trucks and handcarts crawl through narrow alleyways, unloading the day's collections while children weave between them chasing footballs.

It's a well-oiled machine, kicked into overdrive by a war more than a thousand kilometres away.

- Cash upfront -

Romany specialises in recycled polyethylene, one of the world's most widely used plastics and a key ingredient in packaging.

According to the pricing agency Independent Commodity Intelligence Services (ICIS), the Middle East is a major global supplier of polyethylene, with around 85 percent of its exports passing through the strait.

Egypt imports around 40 percent of its raw plastic materials, mainly from Gulf countries, Europe, China and South Korea, according to the Chamber of Chemical Industries.

Packaging and plastic prices have more than doubled for some products, three industry sources told AFP, pushing manufacturers towards locally recycled alternatives.

Factories that would normally delay payment started putting down cash upfront "because they were so eager to secure material", said Rizq Yousif, who mainly recycles PET, the plastic widely used in beverage and food packaging.

Yousif told AFP demand had tripled, while prices for some recycled plastics increased by up to 60 percent.

- A temporary boom? -

The disruption has been good for local business all along the value chain.

"We have been in this business for 16 years," said Fayrouz El-Sayed, chief executive of Sadat City Chemical Fibre Factory, which produces polyester fibres from used plastic bottles.

But only since the latest crisis have they managed to crack new markets as far away as Brazil, she said.

Nesma El-Areef, senior marketing and sales manager at Uflex Egypt, which converts plastic waste into new packaging materials, said demand for the company's recycled products rose by up to 40 percent.

"We saw a significant increase in orders, particularly from food and beverage manufacturers, because we offered a more readily available alternative to imported materials," she told AFP.

Despite the gains, industry figures believe the boom could fade once supply routes stabilise.

Yousif said prices and demand began easing shortly after US President Donald Trump announced last month that negotiations with Iran were progressing.

"Just one post dropped the market. After the war, I am not sure this will last," he said.

But this week, Trump said the US was reinstating its blockade of Iranian ports and "taking over" the Strait of Hormuz as fresh fighting between the two countries flared.

Orders have already picked back up, according to both Romany and Yousif.

"We're used to it by now," Yousif said. "Whenever there's trouble there, the customers start calling us."

During separate bilateral meetings with the President and Vice-President of the United Nations Economic and Social Council (ECOSOC), at the UN Headquarters, the commerce minister explained to ECOSOC President and Permanent Representative of Nepal Ambassador Lok Bahadur Thapa and ECOSOC Vice-President and Permanent Representative of Algeria Ambassador Amar Bendjama the rationale behind Bangladesh's request for extending the preparatory period by three years.

Muktadir said Bangladesh could not fully utilise the originally scheduled preparatory period due to the country's ongoing economic and political transition, global economic uncertainties, the energy crisis, disruptions in supply chains, the multidimensional impacts of climate change and other external challenges, said a ministry press release.

The minister reaffirmed Bangladesh's firm commitment to graduating from the LDC category, saying the request for an extension was not intended to delay graduation but to make the transition smoother, more sustainable and more resilient.

He said the additional time would enable Bangladesh to consolidate structural reforms, strengthen governance, restore macroeconomic stability, reinforce the financial sector, create a more investment-friendly environment, improve infrastructure and effectively implement a comprehensive Smooth Transition Strategy.

Bangladesh delegation included Prime Minister's Adviser on Finance and Planning Dr Rashed Al Mahmud Titumir, State Minister for Planning Zonaed Abdur Rahim Saki, Economic Relations Division (ERD) Secretary Md Shahriar Kader Siddiky, Bangladesh Permanent Representative to the United Nations Ambassador Salahuddin Noman Chowdhury, President of the Leather Goods and Footwear Manufacturers and Exporters Association of Bangladesh (LFMEAB) Syed Nasim Manzur, and President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Mahmud Hasan Khan.

ECOSOC President and Vice-President highlighted the global challenges facing developing countries in their graduation from the LDC category and expressed their commitment to working closely with Bangladesh to ensure its smooth, sustainable and stable transition.

"The second quarter ends a turbulent first half of 2026. The China market weakened for us as well as for the whole industry, and global uncertainty resulting from the Middle East conflict increased," chief executive Hakan Samuelsson said in a comment.

For the period from April to June, Volvo Cars reported revenues of 77.7 billion kronor ($8.05 billion), down from 93.5 billion kronor a year earlier.

The number of vehicles sold dropped six percent to 171,500.

Net income came in at 417 million kronor, up from a net loss of 8.1 billion kronor, but the second quarter of 2025 was impacted by a 11.4-billion-kronor writedown of the value of its electric cars.

Samuelsson said that looking ahead, there were positive signs.

"After several months of sales decline, the US is showing signs of recovery with two consecutive months of growth in May and June," Samuelsson said, adding that Volvo Cars expected this recovery to continue.

Coupled with growth in Europe, Samuelsson said they expected "significantly stronger sales during the second half of the year as compared to the first half."

He also said that the company was making progress on cost-cutting actions, including "a reduced headcount of approximately 3,000 positions" compared to the first half of 2025.

Volvo Cars last year announced an 18-billion-kronor cost-cutting plan.

The AI boom has sent technology valuations soaring to record levels as traders looked to get a slice of the next big thing while firms splashed out enormous amounts of money in investment.

But questions have been raised in recent months about whether valuations have gone too far and when companies will actually see any returns.

Worries about the AI trade have hammered the value of chip firms, with the Philadelphia Semiconductor Index losing about 19 percent from a June peak, according to Bloomberg.

Asian markets have been hammered, with Seoul's Kospi bearing the brunt of the selling, having more than doubled in the first six months of the year before losing about a third of its value since hitting a record in June.

But with South Korea enjoying a holiday on Friday, Tokyo and Taipei -- which are also heavily weighted toward tech -- were at the forefront of the selling.

Japan's Nikkei sank as much as four percent with Advantest and tech investment titan SoftBank losing around nine percent.

Chipmaker Kioxia collapsed 16 percent, meaning it has lost more than half its value since hitting a record high and becoming the country's biggest firm by market capitalisation last month.

Taiwan's Taiex also shed four percent as chipmaker TSMC retreated more than three percent a day after announcing record second-quarter profit and that it would invest a further $100 billion in the US state of Arizona.

There were also losses in Hong Kong, Shanghai, Singapore and Sydney.

"It looks like the rally in artificial intelligence-related stocks appears to be losing some momentum after months of almost uninterrupted gains," said Fawad Razaqzada, a market analyst at Forex.com.

"Given the pace of the prior advance, some consolidation was always likely. But there are some investors who are increasingly questioning whether the enormous sums being committed to AI infrastructure can generate sufficient returns within a reasonable timeframe."

However, he added that the selling "could simply reflect a period of portfolio rotation".

"Some investors may prefer to lock in profits from richly valued semiconductor names and reallocate capital towards sectors offering more attractive valuations and steadier earnings visibility," he wrote.

The dour mood in Asia followed losses in New York, where sharp falls in Nvidia and Amazon helped drag the Nasdaq down more than one percent.

And Netflix plunged more than nine percent in after-hours trade as it warned of a second quarter of slowing sales growth.

"The AI trade keeps learning the same lesson the hard way: when a stock goes vertical, it does not need bad news to come down. It just needs buyers to stop paying any price," said SPI Asset Management's Stephen Innes.

Oil prices jumped one percent as the US and Iran continued to exchange strikes in a flare-up that has seen traffic through the key Strait of Hormuz fall back to a trickle.

The renewed hostilities have fanned fears of a return to war that could send crude prices back higher, putting fresh pressure on inflation and eventually forcing central banks to hike interest rates.

- Key figures around 0210 GMT -

Tokyo - Nikkei 225: DOWN 4.0 percent at 64,171.46

Hong Kong - Hang Seng Index: DOWN 1.0 percent at 24,771.53

Shanghai - Composite: DOWN 0.8 percent at 3,853.18

West Texas Intermediate: UP 1.0 percent at $79.70 a barrel

Brent North Sea Crude: UP 1.0 percent at $85.06 a barrel

Euro/dollar: UP at $1.1446 from $1.1436 on Thursday

Pound/dollar: UP at $1.3477 from $1.3468

Dollar/yen: UP at 162.44 yen from 162.42 yen

Euro/pound: UP at 84.93 pence from 84.91 pence

New York - Dow: DOWN 0.2 percent at 52,552.97 (close)

London - FTSE 100: UP 0.5 percent at 10,572.24 (close)

He said around seven lakh people have been affected by the floods in Chattogram. More than one lakh people have already received relief assistance, while rehabilitation efforts for the flood victims are also underway.

He made the remarks while distributing relief among flood victims in the Patenga area here this morning.

"Rice, cooked meals and dry food are being distributed among the flood-affected people," he said.

The minister said many roads have been damaged by the floods and instructed the authorities concerned to expedite repair work, which is already underway.

After distributing relief in Patenga, the finance minister left for Chandanaish upazila. Later in the day, he is scheduled to distribute relief among flood victims in different parts of Chattogram, including Satkania, Lohagara and Banshkhali upazilas.

The assurances came during separate meetings held at the United Nations Headquarters in New York between Commerce Minister Khandakar Abdul Muktadir and Head of the European Union Delegation to the UN Ambassador Stavros Lambrinidis, and Chair of the Group of 77 and China and Permanent Representative of Uruguay to the UN Ambassador Laura Dupuy Lasserre, said a press release here today.

The commerce minister was accompanied by State Minister for Planning Zonayed Saki, Economic Relations Division (ERD) Secretary Md. Shahriar Kader Siddiky, Bangladesh Permanent Representative to the UN Ambassador Salahuddin Noman Chowdhury, Footwear, Leathergoods and Accessories Exporters' Association of Bangladesh (LFMEAB) President Syed Nasim Manzur, and Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Mahmud Hasan Khan.

During the meetings, the minister explained the rationale behind Bangladesh's request for a three-year extension of the LDC graduation preparatory period, citing the country's ongoing economic and political transition, global economic uncertainties, energy challenges and the need to consolidate wide-ranging structural reforms.

He reiterated the government's commitment to strengthening governance, improving the financial sector, expanding infrastructure, enhancing domestic resource mobilisation and creating a more investment-friendly business environment.

The minister said the additional time would help consolidate reforms, address infrastructure constraints, strengthen industrial competitiveness and ensure that Bangladesh's graduation remains smooth, sustainable and irreversible.

Ambassador Lambrinidis praised the government's commitment to good governance and sustainable development, welcomed the launch of discussions on a Bangladesh-EU Free Trade Agreement (FTA), and reaffirmed the EU's continued support for Bangladesh's LDC graduation. 

He also stressed the importance of stronger public-private cooperation to facilitate the transition.

Ambassador Lasserre acknowledged the strength of Bangladesh's case for an extension, welcomed the government's pragmatic reform agenda and reaffirmed the G77's support. 

She also proposed a dedicated briefing for G77 member states on Bangladesh's graduation strategy, which was welcomed by the Bangladesh delegation.

Following the meetings, ERD Secretary Md. Shahriar Kader Siddiky described the discussions with the EU delegation as highly productive, saying the bloc had reaffirmed its continued support for Bangladesh's smooth, sustainable and irreversible graduation from the LDC category.

The interest was conveyed during a meeting between Saudi Deputy Minister of Transport and Logistics Dr. Rumaih Mohammed Al-Rumaih and his delegation with Bangladesh Investment Development Authority (BIDA) Executive Chairman Ashik Chowdhury at Biniyog Bhaban today, said a press release.

The Bangladesh side was led by Ashik Chowdhury, who also serves as Chief Executive Officer of the Public-Private Partnership (PPP) Authority. 

Officials from BIDA, the PPP Authority and the Bangladesh Economic Zones Authority (BEZA) attended the meeting.

During the discussion, the Saudi deputy minister praised Bangladesh's ongoing efforts to promote privatisation and improve the business climate, saying the initiatives are aligned with Saudi Arabia's own economic strategy.

He said Saudi Arabia aims to become a global logistics hub and is keen to create greater opportunities for Saudi companies to invest in Bangladesh, while also supporting Bangladeshi businesses interested in expanding into the Saudi market.

The meeting also discussed the operations of Red Sea Gateway Terminal (RSGT) in Bangladesh, where over 98 percent of employees are Bangladeshis.

The company is exploring further opportunities to modernise terminal operations by introducing advanced technologies and improving operational efficiency.

Both sides underscored the importance of capitalising on the current momentum to advance mutually beneficial projects and deepen bilateral investment cooperation.

Speaking after the meeting, Ashik Chowdhury said discussions focused on sectors where Saudi interest closely matches Bangladesh's development priorities, particularly logistics and supply chain infrastructure, including cold storage facilities and port development.

He added that Bangladesh is also prioritising investment cooperation in financial services and is already engaging with several Saudi companies to showcase investment opportunities and facilitate meaningful investment partnerships.

The global race to build artificial intelligence data centres has turbocharged business for chipmakers, creating shortages and sending prices soaring for memory components in particular.

And Kioxia is reaping the rewards.

While it is barely known outside the tech industry, its share price has soared around seven-fold this year, and in June it briefly became the largest Japanese firm by market capitalisation after speeding past Toyota.

Other once-obscure tech supply chain players in Asia are also hitting the big time, such as South Korea's SK hynix, which last week listed on Wall Street after one of the world's biggest ever stock sales.

Different types of memory chips that store digital information are used in AI systems alongside powerful processors able to crunch data to generate chatbot responses or realistic images.

AI use "has been expanding rapidly" so "we have high expectations that the market for the flash memory we produce will continue to expand", Kioxia CEO Hiroo Ota said this month at the new chip fab that opened in September in northern Japan.

The company specialises in so-called NAND flash chips, an increasingly hot commodity as AI agents -- tools that can carry out tasks for users -- require ever-more storage space.

- Chinese competition -

"Kioxia's stock price surge represents a normalisation of valuation for what was once an 'ignored sector'," Counterpoint Research analyst MS Hwang told AFP.

One challenge will be "maintaining its competitive edge against rivalry" from China's Yangtze Memory Technologies Co (YMTC), a rapidly expanding maker of the same type of chips, Hwang said.

Broader concerns of overstretched valuations have also fuelled fears of a market bubble, along with questions over when the eye-watering sums being spent on AI will reap returns.

The new fab is Kioxia's second facility in the green outskirts of the city of Kitakami, an area with several other big factories.

AFP was shown rows of bulky white chip-etching machines in a cleanroom, where conditions are closely controlled to stop dust contamination.

Near Kitakami station, Noriyuki Takahashi, a 47-year-old recruiter, said work has been busy lately thanks to Kioxia.

"It's a good thing to have so many jobs here experiencing improving business sentiment," he told AFP.

Hana, 57, who runs the bar Tachinomi Hanachan, had a less rosy perspective.

"Semiconductors are an industry with a lot of ups and downs," she said. "The locals are anxious about how long it will last."

- Big bonuses -

In its 1980s heyday, Japan commanded around half the share of the global semiconductor market.

That has since dropped to less than 10 percent, says the government, which is aiming for an eightfold revenue increase from domestically produced microchips by 2040 from 2020 levels.

The country is building a chip hub with top-end technology in northern Hokkaido, while Taiwanese chipmaker TSMC has a plant in southern Kyushu.

Some analysts say AI has brought a new dimension to the dramatic boom-and-bust cycles the memory chip industry is known for.

Kioxia started life as Toshiba Memory, a pioneering memory chip business that Japanese conglomerate Toshiba, then in dire financial straits, sold off in 2018.

Now the company says it is planning a US listing like SK hynix, forecasting 1.3 trillion yen ($8 billion) in operating profit for April-June -- a massive jump from 45 billion yen a year ago.

Some workers in Kitakami boast of bonuses that are "impossibly high" for the region, Hana told AFP.

But competition is fierce, and "Taiwan is working hard, other places are working hard", she added.

"It's good for the moment, but when we ask how many years the demand will continue, the local community is looking at it with unease."

The 4.3 percent year-on-year expansion reported by the National Bureau of Statistics (NBS) for April-June, was short of the 4.5 percent forecast in an AFP survey of economists and the slowest growth since the fourth quarter of 2022.

It was also short of the 4.5-5.0 percent annual rate targeted by Beijing, which is the lowest in decades.

A years-long crisis in the property sector and a persistent slump in domestic spending have left leaders reliant on exports to meet growth targets.

However, the US-Israeli war on Iran has threatened that as it chokes shipping through the Strait of Hormuz -- a vital transit route through which a fifth of global oil and natural gas normally passes.

"In the first half of the year, the national economy operated within a reasonable range," the NBS said in a statement.

"There are many unstable and uncertain external factors, and the domestic contradiction of strong supply and weak demand is prominent. The foundation for the economy to improve still needs to be consolidated," it added.

The NBS data also showed retail sales grew 1.0 year-on-year in June, beating a Bloomberg forecast of a 0.1 percent drop.

And industrial production rose 5.3 percent last month, topping a Bloomberg estimate of 4.6 percent.

But in a gloomy sign, fixed-asset investment slid 5.7 percent on-year in the first half.

- AI-driven export boom -

Domestic demand dampened by low income expectations remains China's "weakest link", Yue Su of The Economist Intelligence Unit told AFP.

"We therefore expect policymakers to place greater emphasis on boosting consumption in the second half of the year and into early 2027" through fiscal stimulus packages, increased minimum wages or directing wage growth towards frontline workers, she said.

But analyst Zhang Zhiwei said the government was unlikely to change its policy stance in the coming months as a result of the latest figures.

"We need to keep in mind that the first-quarter GDP growth was strong at five percent. This means the government is still on track to deliver growth in line with the official (annual) target they set at 4.5-5 percent," Zhang wrote in a note.

"The export boom just continues to beat expectations, and it will likely remain strong in the short term," he added.

The closely watched figures followed data Tuesday that showed exports surged a forecast-topping 27.0 percent year-on-year in June as the global AI boom helped fuel demand for chips and computing equipment.

China's semiconductor exports more than doubled in value in June year-on-year, while data-processing equipment shipments rose 53.1 percent from a year earlier.

But that expansion was "entirely a price story caused by the ongoing shortage of memory chips", Julian Evans-Pritchard of Capital Economics said Tuesday, noting that the volume of semiconductor exports actually fell year-on-year in June.

Tensions with the United States and European Union remain a source of friction.

China remains locked in a simmering trade feud with the EU, with which it recorded a trade surplus of $32.9 billion in June.

And while ties between Washington and Beijing have stabilised since US President Donald Trump visited Beijing in May, a trade imbalance and rivalry over chip production persist.

An AFP journalist at the frontier said several dozen people and vehicles crossed the border from Spain for the first time without undergoing customs checks a few minutes after midnight.

Several hundred people gathered for the occasion, waving Spanish flags, while Gibraltar's Chief Minister, Fabian Picardo, announced: "Europe is back."

Gibraltar, a self-governing British territory at the southernmost tip of the Iberian peninsula, is home to only about 40,000 people but relies on some 15,500 workers who cross from Spain every day.

During rush hours, long lines often formed at the land border as documents are checked -- especially during periods of tension between Britain and Spain, which claims sovereignty over the territory, known as "The Rock".

But under an agreement reached between Brussels and London following Britain's exit from the European Union in 2020, border controls have now been eliminated.

The deal was signed on Tuesday in Brussels.

EU trade chief Maros Sefcovic took part in the signing ceremony alongside British and Spanish ministers as well as Gibraltar's Picardo.

In a radio interview beforehand, Spanish Foreign Minister Jose Manuel Albares said the agreement "opens a new era" for Gibraltar and the adjoining region of Spain, that will create "enormous opportunities".

- 'Very positive' -

A smoother border will make it easier for Gibraltar businesses to recruit and retain workers who live in Spain, as the "hassle" of crossing the frontier can be "significant", said Owen Smith, head of the Gibraltar Federation of Small Businesses.

"It's been a big factor in retention, and certainly a fluid border is going to make life much easier," he told AFP, calling it "very, very positive".

The agreement will align Gibraltar with the rules of Europe's passport-free Schengen travel area.

It was reached after years of talks between Spain, Britain and the EU.

Travellers arriving from outside the Schengen zone will still have to show their passports to officials at Gibraltar's airport and port.

Spanish Prime Minister Pedro Sanchez is set to visit the frontier zone on Wednesday, where workers have in recent weeks taken down the old chain-link fencing separating the two sides.

He has hailed the new arrangements as bringing down "the last wall" inside the EU, saying they would create a zone of shared prosperity.

Picardo has described the agreement as removing "the physical barriers of a bygone era of friction" while keeping "the keys to our own front door".

- Sword of Damocles -

The border was closed by Spanish dictator Francisco Franco in 1969 after Gibraltar, which relies on London for defence and foreign policy, voted overwhelmingly in a referendum to remain British.

The closure, which lasted 13 years, cut off the daily movement of workers from Spain into Gibraltar and separated families.

Since then, long queues have repeatedly formed at the Gibraltar-Spain border when diplomatic tensions over the territory's sovereignty have led to tighter controls by Spain.

"It is important that this sword of Damocles disappears," said Manuel Triano Paulete, secretary general of the CCOO trade union in Spain's Campo de Gibraltar region which surrounds the British territory, saying cross-border workers often did not know how long it would take them to get to work.

With an economy based on financial services and online gaming, Gibraltar -- which covers just under seven square kilometres (2.7 square miles) -- has one of the highest per capita incomes in the world.

It has long been a lifeline for people who live in Campo de Gibraltar, which has historically had one of Spain's highest jobless rates.

London and Madrid have disputed control of Gibraltar since the tiny territory was ceded to Britain in the 1713 Treaty of Utrecht.

After a years-long freeze in talks between Canada and the South American bloc, Washington's tariff offensive pushed both parties back to the table in 2025.

As Canada navigates an increasingly tricky relationship with its US neighbor, Foreign Minister Anita Anand said her country was looking to conclude an agreement with Mercosur by the end of the year.

"We have agreed to intensify FTA negotiations with the objective of concluding negotiations...ideally before the end of 2026," she said after meeting her Brazilian counterpart Mauro Vieira in Sao Paulo.

"We're going to double non?US trade agreements in the coming decades," the minister said.

Brazil is leading talks on behalf of Mercosur, of which Argentina, Paraguay, Uruguay and Bolivia are also members.

"We've already had six rounds of negotiations that are moving along very well," said Vieira, adding that "there are still some details to be worked out."

Anand acknowledged concerns in Canada about a potential deal's impact on domestic farming.

After over a quarter-century of on-off talks, Mercosur and the European Union struck a deal in January, with fierce resistance from European farmers having stalled the process.

This cohort fears being undercut by cheaper goods from agricultural powerhouse Brazil and its neighbors.

The EU must still ratify the deal, which provisionally came into effect in May.

Perez underwent surgery for breast cancer two years ago.

She urgently needs a scan to know whether the cancer has spread to her spine, but the only working CT scanner in Havana is at the city's neurology hospital -- and the waitlist there is long.

"You can't imagine what it's like to have this pain, to know that your life span is being diminished, and to hear them say: 'Let's see when we can do that scan,'" the 64-year-old told AFP.

Perez was born a few years after Fidel Castro and his comrades overthrew a US-backed dictator and installed a communist regime that provided free, high-quality healthcare and education for all.

The health system particularly was the crowning glory of the revolution, with Castro deploying doctors around the world to showcase Cuba's achievements.

But that system is now on life support, with the Covid pandemic, the tightening of US sanctions and an energy crisis exacerbated by US President Donald Trump's six-month-old fuel blockade pushing it to the brink.

Broken or obsolete equipment -

Days-long power outages, acute shortages of medicine, an exodus of medical staff to better-paid jobs abroad or in the private sector, and serial breakdowns of ageing equipment have created the perfect storm in Cuban health facilities.

The cash-strapped government has concentrated resources on a handful of priority areas including cancer, cardiology, nephrology and maternal and child health.

But these departments too are at breaking point.

At the National Institute of Oncology and Radiobiology (INOR), the waitlist for radiotherapy tops 1,200 patients.

Eighty percent of the equipment used in diagnostics and treatment is obsolete or broken, institute director Luis Eduardo Martin told AFP.

"We administer medication without at times being able to verify they are having the effect we expect... because we don't have the reagents or the equipment to monitor them," he said.

More children dying -

Children are on the frontlines of the crisis, despite being prioritized for treatment.

The country's childhood cancer survival rate has fallen from 85 percent pre-crisis to 65 percent currently, according to government data.

Mariuska Forteza, head of INOR's pediatric oncology unit, said routine but essential blood tests were being cut back because of a lack of equipment and fuel to ferry samples between hospitals.

"It's very frustrating to know you can save the child, achieve a better survival rate, and you can't do it because your hands are tied," she said.

In time-honored Cuban tradition, technicians work to repair equipment as best they can.

"Sometimes I have to come to the hospital at midnight or 2 am to repair equipment so the patient can begin their (cancer) treatment," said Alexis Amado Dominguez, a repair technician.

Treatment of heart disease is also taking a hammering.

Jose Esteban Abreu, a doctor at the National Institute of Cardiology and Cardiovascular Surgery, said the number of heart surgeries conducted annually had fallen from more than 400 in 2018 to barely 100 currently.

Around 130 patients are waiting to be fitted with pacemakers.

In the hospital's maintenance department, technician Luis Alexis Duncan showed AFP a large array of equipment awaiting repairs, from anesthesia and cardiopulmonary bypass machines to heart monitors, some of which have been dismantled for spare parts.

"We're always inventing, working, innovating," he said.

Lives cut short -

Inventiveness is not always enough though.

In the workshop where 80 percent of Havana's medical equipment is repaired, faulty incubators and neonatal ventilators are piling up.

A personnel shortage has made an already dire situation untenable.

The health sector has hemorrhaged doctors, nurses and technicians, unable to survive on pittance state wages paid in heavily devalued Cuban pesos.

In the dialysis unit of the Hermanos Ameijeiras Hospital, a beacon of Cuban medical excellence in Havana, nurses are overwhelmed.

The hospital's head of nephrology, Iamara Castro, told AFP some dialysis sessions had to be cut from four to two hours to ensure more patients receive treatment and "avoid overworking the only staff we have."

Deciding to trim a patient's life-saving treatment is excruciating, she said.

"When you shorten the hemodialysis period, you are shortening life," she said gravely, adding that the service was kept going by dint of sheer "compassion".

One of her patients, 81-year-old Nelson Companioni, said he often feared the equipment would cave in before his session was finished.

He described watching staff trying to coax a small pump back to life.

"You see the nurses kneeling there, hitting it to get it working."

After a tough end to June -- fuelled by worries that valuations linked to the AI boom may have been overdone -- the mood was lifted on Thursday by data showing fewer US jobs than expected were created last month.

That soothed fears the Federal Reserve could hike interest rates soon to bring down inflation, and fuelled a healthy bounce across Asia, led by Seoul.

However, traders remain edgy and tech firms once again saw big moves in early trade Monday, with Seoul swinging from a near two percent gain to a more than two percent loss.

Tokyo was also in the red with Singapore and Sydney, while Hong Kong, Shanghai, Wellington and Taipei edged up.

The AI theme remains the dominant force in markets, with talk now centred on when firms will see returns on the trillions of dollars invested in the sector and whether valuations have run ahead of themselves.

Alphabet, Amazon, Meta and Microsoft have said they would put aside more than $725 billion for the industry this year alone.

Sentiment was given a lift by Taipei-listed Hon Hai, which announced a forecast-beating jump in April-June sales and predicted more growth to come.

The firm, also known as Foxconn, has gone beyond assembling low-margin iPhones to making AI servers for Nvidia, along with electric vehicles and robots. The firm's shares rose more than six percent in Taipei.

The report comes at the start of an earnings season that will be pored over for an idea about companies' plans for AI and their outlook in light of the huge sums stumped up so far.

Also in view is the Wall Street debut of South Korean chip titan SK hynix, which sees its $29 billion listing on Friday.

Crude prices extended losses as tankers continued to pass through the Strait of Hormuz and on optimism over US-Iran peace talks.

However, SPI Asset Management's Stephen Innes warned the benefits could take some time to feed through the economy.

"Energy knock-on effects rarely arrive all at once," he wrote. "First crude moves, then freight, transport, consumer confidence, corporate margins, inflation expectations, and eventually the questions central bankers would rather avoid.

"A few more tankers moving safely through Hormuz may take the edge off the immediate panic premium, but it does not undo the cost pressures already working their way through the global economy."

And Dr. Karsten Junius, chief economist at Bank J. Safra Sarasin, added: "Oil exports remain well below pre-war levels and bottlenecks are likely to persist.

"Meanwhile, efforts to re-build strategic and commercial reserves should support demand. As a result, oil prices are likely to settle around $75-$80 a barrel over the coming year, keeping the inflation trajectory more elevated this year."

- Key figures around 0230 GMT -

Tokyo - Nikkei 225: DOWN 1.2 percent at 68,919.14 (break)

Seoul - Kospi: DOWN 2.4 percent at 7,894.58

Hong Kong - Hang Seng Index: UP 0.4 percent at 23,440.64

Shanghai - Composite: UP 0.3 percent at 4,055.47

Dollar/yen: UP at 161.79 yen from 161.29 yen on Friday

Euro/dollar: DOWN at $1.1430 from $1.1442

Pound/dollar: DOWN at $1.3341 from $1.3355

Euro/pound: DOWN at 85.65 pence from 85.68 pence

West Texas Intermediate: DOWN 0.1 percent at $68.64 a barrel

Brent North Sea Crude: DOWN 0.3 percent at $71.93 a barrel

London - FTSE 100: UP 0.3 percent at 10,679.03 (close)

New York - Dow: Closed for public holiday

During the meeting, the Saudi envoy handed over an invitation letter from Saudi Crown Prince Mohammed bin Salman Al Saud to Prime Minister Tarique Rahman to visit the Kingdom of Saudi Arabia. The adviser said the Saudi ambassador also conveyed greetings from the Crown Prince and informed the Prime Minister that the Saudi Crown Prince is also interested in visiting Bangladesh at a mutually convenient time. "We will strengthen our diplomatic relations as well as the volume of trade and investment in our partnership," said Kabir.

He said the development reflected the two countries' shared interest in further elevating their long-standing brotherly relations into a stronger strategic partnership. "We are very positive about having a strategic cooperation and partnership with the Kingdom of Saudi Arabia," he said, adding that Bangladesh's relations with Saudi Arabia have historically been very good. Kabir said the ties between the two brotherly countries would reach new heights as both sides are keen to expand cooperation in areas of mutual interest.

He said there is "tremendous interest" from the Saudi government and private sector to invest in Bangladesh. Describing the exchange as a significant moment in bilateral relations, the adviser said the invitation to the Prime Minister and the Saudi Crown Prince's willingness to visit Bangladesh showed the importance both sides attach to the relationship.

Replying to a question, Humayun Kabir said the Prime Minister has accepted the invitation to visit Saudi Arabia. He said the date of the visit would be finalised through discussions between the governments. Asked whether the Prime Minister would visit Saudi Arabia first or the Crown Prince would come to Bangladesh first, the adviser said the matter has not yet been decided. "These things, through discussions, we will chalk out," he said.

Kabir said the reciprocal interest in high-level visits marked a significant moment in the visibility of the Bangladesh government to the world under the leadership of Prime Minister Tarique Rahman. Referring to the Prime Minister's recent visits to China and Malaysia, he said Bangladesh has already established strategic relationships with the two countries. He said Saudi Arabia is a very strong partner of Bangladesh in the Middle East.

"We consider Saudi Arabia not just a bilateral partner but a very brotherly partner," the adviser said. Kabir said the government, under the leadership of Prime Minister Tarique Rahman, has established strong brotherly ties across the Middle East in the last four months. He said the Prime Minister's gesture of sending him as a special messenger across the Middle East during the war had created tremendous goodwill in the region.

The adviser said the goodwill has now culminated in a significant moment where Bangladesh and Saudi Arabia will further strengthen and increase their strategic communication and partnership.

Small and medium enterprises (SMEs) in the readymade garments (RMG) sector, including knitwear, woven garments and sweaters, will receive a 3 percent incentive. Exporters expanding into new products or markets, excluding the United States, Canada, the European Union and the United Kingdom, will be eligible for a 2 percent incentive, while the RMG sector will continue to receive 0.3 percent special cash assistance.

The circular also provides significant support for the jute and leather industries. Diversified jute products will receive a 10 percent incentive, while final jute products such as hessian, sacking and CBC will receive 5 percent, and jute yarn and twine will receive 3 percent.  Leather products will qualify for a 10 percent incentive, while crust and finished leather produced at factories in the Savar Tannery Estate or those operating their own Effluent Treatment Plants (ETP) will receive 6 percent. Agricultural exports remain a priority under the scheme, with 10 percent incentives for vegetables, fruits, processed agro-products, potato exports, and 100 percent halal meat and processed meat products.

In the technology and pharmaceutical sectors, software, Information Technology Enabled Services (ITES), and hardware exports will receive a 6 percent incentive, while individual freelancers engaged in software and ITES exports will be eligible for a 2.5 percent incentive. Active Pharmaceutical Ingredients (API) exports will receive 5 percent support, while pharmaceutical products will qualify for a 6 percent incentive.

Among other sectors, accumulator batteries under HS codes 8507.10 and 8507.20 will receive a 10 percent incentive.  Furniture, agar and atar, and carbon or jute particle boards made from jute sticks will receive 8 percent.  Ship exports, plastic products, and handmade goods such as products made from hogla, straw and garment waste will receive 6 percent, while rice, bicycles and bicycle parts, and cement sheet exports will receive a 3 percent incentive.

Bangladesh Bank said applications for export incentives must be audited by audit firms approved by the central bank in line with existing regulations. All other terms and conditions governing the disbursement of export cash assistance, as issued through previous foreign exchange circulars, will remain unchanged. The central bank has instructed all authorized dealer banks to inform their respective clients about the updated incentive rates and operational guidelines.

“The contribution of BSCIC industrial parks is around Tk 65,000 crore annually to the national economy. The current level of production remained below the country's potential,” he said.  The minister made the remarks while speaking as the chief guest at the inaugural ceremony of the BSCIC Monsoon Fair at the BSCIC Bhaban in the city. During the event, Muktadir said that although the Tk 65,000 crore contribution appears substantial, it is not satisfactory considering Bangladesh's economic potential. 

Referring to countries such as Vietnam and Cambodia, he noted that the CMSME sector accounts for more than 50 to 60 percent of their economies. Increasing the sector's share in Bangladesh, he said, would help reduce income inequality and ensure wider participation of ordinary people in economic activities.

"We want the share of the CMSME sector in the economy to exceed 60 percent in the coming days," he said. The minister also instructed district-level officials to identify abandoned or unused industrial plots that have remained idle for years and immediately recover and reallocate them to active entrepreneurs. 

He said the performance of district officials would be evaluated primarily on their success in bringing these idle assets back into productive use. To support future industrial expansion, Muktadir announced that feasibility studies would be conducted to expand industrial parks where available land has been fully utilised and to establish new parks in areas with growing demand. 

He also pledged to expedite long-delayed projects and said new initiatives under the "Sabuj Pata" (Green Leaf) project pipeline would be implemented within the current year. Highlighting regional industrial development, the minister identified agri-business and light engineering as priority sectors and urged officials working in project areas to submit recommendations based on the industrial potential of their respective districts.

He directed officials to submit detailed proposals within one week, which will be discussed in district and industry-specific meetings scheduled for the following week.  The minister said coordinated efforts would be essential to achieving the target of raising the CMSME sector's contribution to over 60 percent and promoting inclusive economic prosperity.

The plan aims to unlock the economic potential of idle industrial assets while encouraging sustainable industrial growth, he said. Under the proposed public-private partnership framework, he further said, investors will gain access to ready-to-use industrial facilities and infrastructure, allowing them to establish operations more quickly.

The government expects the initiative to generate employment, improve productivity and reduce the fiscal burden associated with maintaining underperforming state-owned enterprises, the BIDA executive chairman added. The portfolio includes opportunities in the steel, textile, chemical, sugar, food and jute sectors. 

Located across Bangladesh's major industrial belts, the sites offer established utility connections, transport access and existing industrial infrastructure, providing investors with a strong foundation for new manufacturing ventures. The government plans to adopt a dual-track strategy for the assets, either restoring them to their original industrial purposes where commercially viable or repurposing them for new industries based on market demand. 

The initiative is intended to strengthen domestic production, reduce import dependence and expand export-oriented manufacturing. To facilitate investment, the government has pledged transparent legal and financial procedures, faster approval processes and improved coordination among relevant public agencies to ensure a smooth investment experience for both local and foreign investors.

Ashik Chowdhury said the private sector would play a leading role in bringing these industrial assets back into productive use and supporting Bangladesh's long-term industrial and economic transformation. Interested investors can explore the complete portfolio of 44 investment opportunities through the official online portal, he added.

It was inaugurated by BSEC Commissioner Md. Nafiz Al Tariq, CFA, FRM. Among others present were CSE Managing Director M. Saifur Rahman Majumdar, FCA, FCMA, BSEC Executive Director and Spokesperson Md. Abul Kalam, and senior officials of the commission and the stock exchange. In his inaugural address, Commissioner Md. Nafiz Al Tariq commended CSE for its dedicated efforts to establish Bangladesh's first commodity exchange.

He stressed the importance of launching the exchange under the existing market structure and said CSE had already completed most of the required work, while BSEC had given policy approval to expedite the remaining tasks. Nafiz Al Tariq expressed optimism that Bangladesh's first commodity exchange would begin operations in the near future through cash-settled futures contracts. Although the two-day course could only provide a basic understanding of the commodity market, it would serve as a foundation for participants to deepen their knowledge and prepare themselves for active participation in the market, he noted.

Delivering the welcome address, CSE Managing Director (MD) M. Saifur Rahman Majumdar said strengthening the equity market alone would not be sufficient, and other segments of the financial market must also be developed to establish a comprehensive capital market. He described a commodity derivatives exchange as a timely necessity for Bangladesh. Majumdar said the regulatory and technological framework for launching commodity derivatives had already been completed, while the technological infrastructure for equity derivatives was also in place.

He added that efforts were now focused on preparing intermediaries and developing the overall market ecosystem. As part of that process, CSE has organised several training and awareness programmes over the past three years to develop skilled market professionals who will eventually operate commodity exchange trading terminals. He expressed hope that the complete commodity exchange framework would go live within the next few months. BSEC Executive Director and Spokesperson Md. Abul Kalam said most of the groundwork for establishing the commodity derivatives market had already been completed jointly by BSEC and CSE. Sharing his experience of being directly involved in the initiative from the beginning, he highlighted the opportunities and challenges of introducing commodity derivatives in Bangladesh and urged market participants to prepare themselves to take part in this new chapter of the country's capital market.

State Minister for Planning Md Zonayed Abdur Rahim Saki, Statistics and Informatics Division Secretary Md Firoz Sarkar, Acting Director General of the Bangladesh Bureau of Statistics Md Mir Hossain and senior officials of the division and BBS attended the meeting. During the discussion, the minister underscored the importance of ensuring greater professionalism and independence in the production and dissemination of official statistics so that government data remain credible and trusted by citizens.

He directed the authorities concerned to update the organisational structure and recruitment rules of the BBS to facilitate career development and improve the professional standards of its officials. He also called for expanding research opportunities at the BBS and ensuring the maximum use of official statistics in all government policy formulation and decision-making processes, said a ministry press release.

The minister further instructed the Statistics and Informatics Division to take initiatives for establishing a Statistics Academy aimed at strengthening institutional capacity and developing skilled statistical professionals. Following the meeting, Amir Khosru Mahmud Chowdhury formally inaugurated the BBS Microdata Analysis Laboratory at the bureau’s headquarters in Agargaon, Dhaka.

The newly established laboratory is a secure on-site research facility that will allow authorised students, researchers, economists, policymakers and other approved users to analyse anonymised microdata generated through national censuses and surveys conducted by the BBS. The facility is expected to play a significant role in academic research, thesis preparation, policy analysis, programme evaluation and evidence-based development planning by providing secure access to official microdata.

Addressing the inauguration ceremony, the minister said reliable data constitute one of the key foundations of sound planning and national development. He said the Microdata Analysis Laboratory would provide researchers and policymakers with a secure and controlled environment for conducting in-depth analysis of government datasets, enabling new avenues of research and knowledge generation. He noted that the BBS regularly produces a vast amount of microdata through national censuses and surveys, and the new laboratory would ensure that these valuable datasets are utilised in a safer, more organised and research-friendly manner.

Highlighting the importance of data-driven development, the minister said the laboratory would make a meaningful contribution to building a data-based Bangladesh by transforming data into knowledge and knowledge into development. He also thanked the BBS for creating greater public access to official data through the establishment of the facility. Speaking on the occasion, State Minister for Planning Zonayed Abdur Rahim Saki said the Microdata Analysis Laboratory would open new opportunities for students, researchers, economists and policymakers by facilitating wider use of national statistical data in research and policy formulation.

Statistics and Informatics Division Secretary Md Firoz Sarkar stressed the need for maintaining a balance between access to microdata and protection of respondents’ confidentiality. He said the laboratory would serve as an effective model for secure data use, responsible research and institutional accountability.

The company plans to manufacture food and agro-based products, frozen foods, ice cream, specialized oils and fats, packaging materials, and high-tech electronics. The project is expected to create employment opportunities for around 6,000 people. Delta API Limited will invest approximately $12.30 million to establish an Active Pharmaceutical Ingredients (API) manufacturing plant on 12 acres of land, generating employment for about 200 people. 

The company has also taken over an additional 30 acres within the economic zone, where the approval process for industrial development is currently underway. Speaking at the signing ceremony, Executive Chairman of BEZA Chowdhury Ashik Mahmud Bin Harun said that Bangladesh is steadily emerging as a regional hub for investment and industrialization, adding that the new domestic investments demonstrate growing investor confidence in the National Special Economic Zone (NSEZ).

He said that BEZA's responsibility extends beyond land allocation, as the authority is committed to providing all necessary support to ensure the timely establishment of industries, commencement of production, and development of export-oriented manufacturing. Acknowledging existing challenges, he reaffirmed the government's commitment to addressing them.  Managing Director of Golden Oil Mills Limited Niaz Ahmed said the investment would strengthen Bangladesh's food processing and manufacturing sectors through technology-driven industrialization and long-term economic contributions. 

While appreciating BEZA's investor-friendly initiatives, he called for enhanced security, reliable utility services, and worker housing facilities within the economic zone. Managing Director of Delta API Limited Md. Zakir Hossain said the project would contribute to achieving self-sufficiency in pharmaceutical raw materials and sought BEZA's support in facilitating land for worker accommodation. The agreements were signed by BEZA Executive Member (Investment Promotion) Saleh Ahmed, Golden Oil Mills Limited Managing Director Niaz Ahmed, and Delta API Limited Managing Director Md. Zakir Hossain in the presence of senior officials from BEZA and the two companies.

That has seen chip firms such as South Korea's SK hynix and Japan's Kioxia plunge from record highs, along with benchmark indexes in Seoul and Tokyo. But the selling paused on Friday as investors welcomed data showing the US economy added less than half the jobs than forecast in June, while figures for the previous two months were also revised down.

The readings suggested the labour market was not as strong as previously thought, and gives the Fed some breathing room to hold off an expected rate hike for now. Speculation has grown since the central bank's June policy meeting that it will announce an increase this year as new boss Kevin Warsh said price stability was his key goal, citing persistently elevated inflation. Seoul's Kospi closed up 5.8 percent -- having tanked around 20 percent from its June 19 record high -- boosted by strong rallies in SK hynix and Samsung.

Tokyo climbed more than one percent, along with Hong Kong, Manila, Bangkok and Jakarta. There were also gains in Shanghai, Singapore, Wellington, Taipei and Mumbai. London opened higher with Paris, while Frankfurt extended gains after closing Thursday at at record high. However, the likelihood of a US rate hike before the end of the year remains.

"Not long ago the Fed had an easing bias which was primarily fuelled by concerns over the labour market," wrote Rodrigo Catril at National Australia Bank. "Recent improvement in payrolls alongside higher inflation shifted the Fed bias towards neutral with the new Fed Chair emphasising the need for the Fed 'to re-commit to deliver price stability'. "The US labour market today is not strong enough to instigate rate hikes but importantly is no longer a handbrake or impediment to hikes, leaving the Fed solely focused on the other side of its mandate.

"In other words, getting inflation down after five years of overshoot and six months of more recent core reacceleration." The gains in Asia followed a mixed day on Wall Street, where the Nasdaq sank 0.8 percent but the Dow jumped more than one percent on the last day before a long Independence Day weekend. Analysts said the retreat in tech plays was unsurprising considering the eye-watering gains they have made over the past two years, while traders were rotating from the sector into other industries where bargains can be found.

The dollar extended losses seen in the wake of the jobs data as investors lowered their rate expectations, while non-yielding gold -- which benefits from lower interest rates -- climbed towards $4,200 for the first time in two weeks. Oil prices edged up but held recent losses fuelled by increased traffic through the Strait of Hormuz and on hopes for progress in US-Iran talks.

- Key figures around 0715 GMT -

Seoul - Kospi: UP 5.8 percent at 8,088.34 (close)

Tokyo - Nikkei 225: UP 1.5 percent at 69,744.07 (close)

Hong Kong - Hang Seng Index: UP 1.4 percent at 23,372.90

Shanghai - Composite: UP 0.4 percent at 4,043.64 (close)

London - FTSE 100: UP 0.3 percent at 10,683.43

Dollar/yen: DOWN at 160.70 yen from 161.12 yen on Thursday

Euro/dollar: UP at $1.1460 from $1.1429

Pound/dollar: UP at $1.3376 from $1.3345

Euro/pound: UP at 85.67 pence from 85.65 pence

West Texas Intermediate: UP 0.6 percent at $69.10 a barrel

Brent North Sea Crude: UP 0.7 percent at $72.32 a barrel

New York - Dow: UP 1.1 percent at 52,900.07 (close)

dan/mjw

SK Hynix (isin = KR7000660001)

Samsung Electronics (isin = KR7005930003)

NATIONAL AUSTRALIA BANK (isin = AU000000NAB4)

Dow (isin = US2605431038)

INDEX CORP. (isin = JP3153300003)

The two stores tell a tale of two Cubas, one, fast disappearing, in which the state provides for all, and another, newer, in which people are increasingly forced to fend for themselves. The shelves of the bodega are glaringly nearly empty, the state having run out of the hard currency it needs to import goods and resell them at heavily subsidized prices, as it has done for decades. The adjacent "mipyme" -- Cuba's acronym for small business which is used as shorthand for any private enterprise -- is a picture of plenty, offering everything from rice, Cuba's staple starch, to rum and ketchup.

The abundance, which is set to increase under major free-market reforms adopted in June, comes at a price, however: $3 for a liter of cooking oil, a stratospheric sum for people on miniscule state salaries paid in pesos. The oil alone represents half of Velazquez's monthly pension. "For me, it's as if 'mipymes' don't exist," the retired security guard said.

- Two Cubas -

Across Havana, private enterprise is transforming the landscape, with new businesses offering cold beer, domestic appliances or car parts popping up at a bewildering rate. With no commercial premises authorized in Cuba -- one of multiple restrictions on business set to be removed under the reforms -- these ventures are run out of homes, garages or, as in the case of the 'mipyme' in the Havana's Vedado, in space leased from an ailing bodega.

It's a radical makeover for a Soviet-style state completely devoid of advertising, where for over half a century the state dominated nearly every sphere of activity, from industry to agriculture to the restaurant trade. The first major step towards a market economy came in 2021 when small businesses of up to 100 employees -- the famous 'mipymes' -- were authorized. Five years later, they account for over half of all retail sales, according to official figures, and are eyeing new opportunities, in property development, banking and agriculture, among other areas.

The rise of the "mipymero," as entrepreneurs are known, has deepened inequality in what was once a classless society. The new rich zip past crumbling neoclassical townhouses on Havana's famous seaside Malecon boulevard in SUVs. Meanwhile people without family abroad to send them dollars or order food for them online live an increasingly precarious existence, like Maritza Gomez, a 62-year-old chemist.

"At some point we have to find a more viable solution for ordinary Cubans," she said.

- 'Only surviving' -

Washington, which imposed a fuel blockade on Cuba in January and piled sanctions on the state -- on top of a six-decade-old trade embargo -- has made a show of supporting the private sector. Imports from the United States by private companies have jumped five-fold in five years. But the fuel blockade is hurting business, strangled by power cuts of up to 30 hours at a time, and fuel prices of up to $8 a liter.

Juan Carlos Blain, the 41-year-old manager of several private groceries and fast food outlets in western Havana, said his company was treading water. While the reforms allow for the creation of larger companies, he said: "We're not thinking about expanding, only about surviving." Camila Arrieta, the 32-year-old owner of a screen printing business in Havana that used to turn out 2,000 T-shirts and other items of merchandise a day, blamed the power cuts and wider collapse in purchasing power for a major decline in her business.

Arrieta said she was "inoculated" to the obstacles she kept encountering as a businesswoman but was nonetheless considering closing shop. Carlos Enrique Gonzalez, an economist at Havana University, urged the government to quickly implement reforms to restore lost credibility. If people see that what was proposed is being done, and that there is a gradual recovery, then they will begin to trust again."

That has seen chip firms such as South Korea's SK hynix and Japan's Kioxia plunge from record highs, along with benchmark indexes in Seoul and Tokyo. But the selling paused on Friday as investors welcomed data showing the US economy added less than half the jobs than forecast in June, while figures for the previous two months were also revised down. The readings suggested the labour market was not as strong as previously thought, and gives the Fed some breathing room to hold off an expected rate hike for now.

Speculation has grown since the central bank's June policy meeting that it will announce an increase this year as new boss Kevin Warsh said price stability was his key goal, citing persistently elevated inflation. In early trade, Seoul's Kospi was up more than two percent -- having tanked around 20 percent from its June 19 record high -- boosted by rallies in SK hynix and Samsung.

Tokyo was also up, along with Hong Kong, Shanghai, Sydney, Singapore, Wellington and Manila. However, the likelihood of a hike before the end of the year remains. "Not long ago the Fed had an easing bias which was primarily fuelled by concerns over the labour market," wrote Rodrigo Catril at National Australia Bank. "Recent improvement in payrolls alongside higher inflation shifted the Fed bias towards neutral with the new Fed Chair emphasising the need for the Fed 'to re-commit to deliver price stability'.

"The US labour market today is not strong enough to instigate rate hikes but importantly is no longer a handbrake or impediment to hikes, leaving the Fed solely focused on the other side of its mandate. "In other words, getting inflation down after five years of overshoot and six months of more recent core reacceleration." The gains in Asia followed a mixed day on Wall Street, where the Nasdaq sank 0.8 percent but the Dow jumped more than one percent on the last day before a long Independence Day weekend.

Analysts said the retreat in tech plays was unsurprising considering the eye-watering gains they have made over the past two years, while traders were rotating from the sector into other industries where bargains can be found. The dollar held the losses seen in the wake of the jobs data as investors lowered their rate expectations, while non-yielding gold -- which benefits from lower interest rates -- climbed towards $4,200 for the first time in two weeks.

Oil prices edged up but held recent losses fuelled by increased traffic through the Strait of Hormuz and on hopes for progress in US-Iran talks.

- Key figures around 0230 GMT -

Tokyo - Nikkei 225: UP 0.7 percent at 69,243.68 (break)

Seoul - Kospi: UP 2.8 percent at 7,864.09

Hong Kong - Hang Seng Index: UP 1.8 percent at 23,464.43

Shanghai - Composite: UP 0.3 percent at 4,041.74

Dollar/yen: UP at 161.15 yen from 161.12 yen on Thursday

Euro/dollar: UP at $1.1438 from $1.1429

Pound/dollar: UP at $1.3357 from $1.3345

Euro/pound: DOWN at 85.64 pence from 85.65 pence

West Texas Intermediate: UP 0.3 percent at $68.91 a barrel

Brent North Sea Crude: UP 0.4 percent at $72.07 a barrel

New York - Dow: UP 1.1 percent at 52,900.07 (close)

London - FTSE 100: UP 1.7 percent at 10,652.87 (close)

A program was organized on Thursday (July 2) to mark the occasion. ECS Computer City (Multiplan Center) Senior Joint Convener Md. Wahidul Hasan Dipu, Member Secretary Md. Nazrul Islam Hazari and Joint Member Secretary Md. Ehteshamul Haque were present at the program.

The organizers of the program said that one coupon will be given against every product worth 1,000 taka purchased from ECS Computer City. A total of 11 lucky winners will be selected through a lottery from these coupons. An attractive prize of a trip to Cox's Bazar has been arranged for the winners. The organizers will bear the entire cost of air tickets, accommodation and food. This offer will run from July 1 to July 20. The raffle draw will be held at 8 pm on the same day and the names of the winners will be announced.

Member Secretary Md. Nazrul Islam Hazari said at the event, this initiative has been taken to involve technology lovers in the excitement of the World Cup. As one of the largest technology product markets in the country, ECS Computer City always tries to do something exceptional for buyers. On the occasion of World Cup 2026, our initiative is not just a program, but an effort to involve businessmen, buyers and sports lovers of the technology market together.

He also said that this arrangement will make the joy of the World Cup more lively and buyers of technology products will also enjoy special benefits. ECS Computer City members Md. Mosharraf Hossain, Md. Abu Tuhin Chowdhury, Md. Sheikh Main Uddin Majumder (Sohag), and Mohammad Noman Sikder were also present at the event. Also present were businessmen, shop owners from ECS Computer City, and prominent figures from various fields.

BERC Chairman Jalal Ahmed announced the new prices, saying the revised rates will come into effect from 6:00 pm today (July 2) and must be implemented by all licensed LPG marketing companies. According to the BERC announcement, the retail price of LPG has been fixed at Tk 123.55 per kilogram, down from Tk 153.31, inclusive of VAT, for privately marketed LPG. The commission also reduced the price of LPG supplied through privately owned reticulated gas systems to Tk 274.50 per cubic metre from Tk 340.70.

As per the BERC decision, the retail prices of privately marketed LPG cylinders have been revised as follows: Tk 1,591 for a 12.5 kg cylinder, Tk 1,910 for 15 kg, Tk 2,037 for 16 kg, Tk 2,291 for 18 kg, Tk 2,546 for 20 kg, Tk 2,801 for 22 kg, Tk 3,183 for 25 kg, Tk 3,819 for 30 kg, Tk 4,201 for 33 kg, Tk 4,456 for 35 kg, and Tk 5,729 for a 45 kg cylinder. In a separate notification, BERC said the National Board of Revenue (NBR) has withdrawn Value Added Tax (VAT) at the LPG production stage and imposed VAT at the import stage.

The one percent MDR ceiling will cover transactions made through bank accounts, debit and prepaid cards, credit cards, Mobile Financial Services (MFS) accounts and Payment Service Provider (PSP) accounts. According to the circular, the move is aimed at making digital payments for government services more cost-effective while accelerating the expansion of the Bangla QR ecosystem.

The directive supplements PSD Circular No. 01/2023, issued on February 6, 2023, which fixed payment rates for POS and e-commerce transactions. The latest instruction specifically addresses QR-based government payments. Bangladesh Bank also allowed acquiring banks and financial institutions to undertake promotional campaigns to encourage greater use of Bangla QR for government fee and revenue payments. The circular has instructed all scheduled banks, Mobile Financial Services providers, Payment System Operators and Payment Service Providers to implement the directive with immediate effect.

The delegation, comprising senior representatives from the company's Dhaka and Tokyo offices, held talks with the governor and senior central bank officials on recent policy developments in the financial sector, the country's business-friendly environment and the profit repatriation process for foreign investors.

The meeting also focused on the future of digital banking, strengthening the country's payment infrastructure and expanding technology-driven financial services in Bangladesh. According to a Bangladesh Bank statement, the central bank reaffirmed its commitment to providing timely and effective support for foreign investment and innovative financial initiatives in line with the country's laws and regulatory framework.

The governor said Bangladesh Bank remains committed to promoting safe, transparent and inclusive digital financial services, adding that any constructive proposal from Mitsui & Co., one of Japan's largest general trading and investment conglomerates, would be considered through the standard regulatory process. Both sides agreed to maintain close communication and explore specific areas of cooperation in the next phase of their partnership.

In June 2026 alone, remittance inflows totaled US$2.806 billion, slightly lower than the US$2.823 billion received in the same month of the previous year, representing a marginal 0.6 percent year-on-year decline. On the last day of the fiscal year, June 30, expatriate Bangladeshis sent home US$120 million in remittances, according to the central bank data. Despite the modest decline in June, the overall fiscal year ended with the highest-ever annual remittance inflow, reflecting sustained resilience in overseas earnings throughout FY2025-26.

The programme was inaugurated by BSEC Executive Director Mir Mosharraf Hossain Chowdhury at the commission's multipurpose hall as part of its ongoing financial education initiatives, said a press release. The training focused on providing participants with a basic understanding of financial literacy and investment education to help them make informed financial decisions.

BSEC Director Sheikh Mahbub Ur Rahman conducted a session on the fundamentals of financial literacy, while Additional Director Sheikh Md. Lutfur Kabir discussed investment risks and investor protection. BSEC Commissioner Md. Nafiz Al Tarik, CFA, FRM, led a session on financial planning. The programme covered key topics including capital market investment, risk management, investor rights and protection, personal financial planning, and long-term investment strategies. Participants also took part in an interactive question-and-answer session on practical investment issues.

Speaking at the closing session, Commissioner Md. Nafiz Al Tarik stressed the importance of financial literacy in ensuring a stable, transparent and sustainable capital market. Training certificates were later distributed among the participating teachers and students. BSEC said it would continue organising similar financial literacy programmes at educational institutions and for prospective investors across the country to promote greater financial awareness and support the development of a professional investor community.

The report, published by Bloomberg, said Meta is developing plans to compete directly with Amazon Web Services, Microsoft Azure and Google Cloud by monetizing the excess computing capacity it has built up while racing to develop artificial intelligence.

The initiative supports the government's nationwide drive to plant 25 crore  trees over the next five years and reflects BEPZA's commitment to promoting green industrialization and environmental sustainability. According to BEPZA, the campaign also forms part of its broader strategy to advance decarbonisation, develop green industrial zones and ensure sustainable industrial growth across the country.

The tree plantation programme will be implemented in phases across all export processing zones and economic zones under BEPZA's jurisdiction. Through the initiative, BEPZA aims to strike a balance between industrial expansion and environmental conservation by creating green, clean and climate-resilient industrial zones.

According to the approval, the cargoes scheduled for delivery in the latter half of July 2026 to meet the country's growing energy demand. Under the approved proposals, BP Singapore Pte Ltd will supply one LNG cargo, while TotalEnergies Gas & Power Ltd, UK will provide the second cargo.

The proposals were placed by the Energy and Mineral Resources Division following recommendations from Petrobangla to address the country's immediate fuel requirements and maintain a stable supply of natural gas for power generation, industries and household consumers. The LNG imports will be procured from the international spot market in line with the government's approved procurement framework. The key agreement price is Taka 1,437.55 crore.

The committee gave policy approval to a proposal from the Ministry of Industries to procure urea fertilizer for the 2026-27 fiscal year through a G2G agreement. Under the proposal, the Bangladesh Chemical Industries Corporation (BCIC) will sign a contract with SABIC Agri-Nutrients Company of Saudi Arabia to import urea fertilizer to help ensure an adequate supply for the country's agricultural sector.

The CCEA also approved a proposal from the Ministry of Textiles and Jute to hand over the property of Jalil Textile Mills Ltd., currently under the Bangladesh Textile Mills Corporation (BTMC), to the Bangladesh Army. The industrial property, located at Bhatyari in Chattogram, will be used for the planned expansion of the Bangladesh Ordnance Factory (BOF), strengthening the country's defence manufacturing infrastructure. In the power sector, the committee approved amendments to the coal price mechanism applicable to the 2x612 MW coal-fired power plant at Banshkhali in Chattogram, developed by SS Power I Ltd., and the 307 MW coal-fired power plant of Barisal Electric Power Company Limited. The approvals are expected to help ensure a stable fertilizer supply for agriculture, support the expansion of defence production facilities, and streamline the financial framework for coal-based power generation in the country.

The Foreign Exchange Policy Department today issued a circular outlining the framework, which aims to improve efficiency, transparency and operational resilience by gradually replacing paper-based trade documentation with secure electronic processes.

Under the pilot initiative, the framework will cover transactions conducted through documentary collections and letters of credit (LCs) across approved trade corridors.

It will apply to export and import transactions governed by internationally recognised rules, including the Uniform Rules for Collections (URC), Electronic Uniform Rules for Collections (eURC), Uniform Customs and Practice for Documentary Credits (UCP), and Electronic Uniform Customs and Practice (eUCP).

The framework also facilitates the use of Electronic Transferable Records (ETRs), enabling trade documents to be issued, transferred and managed digitally, while supporting trade finance activities involving electronic documentation within approved pilot arrangements.

According to the circular, the framework is built on five guiding principles: interoperability among different systems, technology neutrality, decentralised verification of document authenticity through cryptographic mechanisms, protection of data privacy, and legal equivalence between electronic and paper-based trade documents.

To participate in the pilot programme, Authorised Dealer (AD) banks must obtain Bangladesh Bank's "concurrence in principle" by submitting details of the proposed trade corridors, counterparty institutions, transaction types and risk management arrangements.

The framework allows banks to process electronic commercial invoices, transport documents, including electronic bills of lading, and bills of exchange through secure digital platforms using digital signatures and authenticated interbank messaging.

To safeguard document integrity, participating institutions must ensure the uniqueness of electronic records, prevent unauthorised alterations, and maintain secure transmission through encryption, time-stamping and tamper-proof audit trails.

Bangladesh Bank said the pilot programme will be implemented in phases across approved trade corridors. Wider adoption of the digital trade document system will depend on the successful completion of the pilot phase and subsequent regulatory assessments.

The latest initiative follows an earlier circular issued in January this year that enabled the secure electronic submission of export documents, reflecting the central bank's continued efforts to strengthen Bangladesh's digital trade ecosystem and facilitate more efficient international commerce.

The workshop, organised by the BPPA, focused on enhancing the electronic Government Procurement (e-GP) system, strengthening e-GP monitoring, and expanding the institutional capacity of the authority. It was chaired by BPPA Chief Executive Officer (Secretary) SM Moin Uddin Ahmed while Implementation Monitoring and Evaluation Division (IMED) Secretary Shirajun Noor Chowdhury attended as special guest. 

Dohatec New Media conducted the workshop. The State Minister said the consultation aimed to assess the capacity requirements of the BPPA and explore ways to ensure greater fairness and competition by creating opportunities for new entrants in public procurement, said a press release. "To achieve this, we need to amend both the Public Procurement Act and the Public Procurement Rules," he said.

He observed that public procurement had gradually become concentrated among a limited group of participants over the years and stressed the need to remove barriers to ensure a more competitive and inclusive procurement environment. More than 30 representatives from procuring entities, business associations, government agencies, the private sector, academia, and the media participated in the consultation.

To facilitate the discussion, BPPA Director Shah Eyamin Ul Islam delivered a presentation titled "Legal Framework of Public Procurement, Achievements of the e-GP System, Challenges and Way Forward". The presentation highlighted Bangladesh's public procurement reform journey, the establishment and organisational structure of the BPPA, progress and achievements of the e-GP system, existing challenges, and future reform initiatives.

BPPA CEO, SM Moin Uddin Ahmed, said the authority is committed to transforming the existing e-GP platform into a technology-driven, citizen-centric, and fully automated procurement system. "We also plan to organize consultations at the divisional level involving users from district and Upazilla levels so that the reform process reflects the experiences and expectations of stakeholders across the country," he said.

He added that the government intends to revise the Public Procurement Act and Rules by incorporating recommendations received through the consultation process. Participants also reviewed the proposed 110-member BPPA organogram and opined that the proposed staffing strength would be inadequate to discharge the authority's growing responsibilities, including regulatory oversight, compliance monitoring, training, research, policy development, and nationwide capacity-building activities.

They further emphasized the need for greater interoperability between the e-GP platform and other automated public-sector systems to improve efficiency, transparency, and service delivery. Speaking at the workshop, IMED Secretary Shirajun Noor Chowdhury said delays in project implementation are primarily caused by two factors-land acquisition and procurement.

The government is placing the highest priority on timely implementation of development projects and, therefore, strengthening the institutional capacity of the BPPA and modernizing the e-GP system with advanced technologies have become imperative, he noted. The IMED Secretary also stressed the importance of expanding procurement training for ministry-level officials, saying that effective supervision of procurement activities by ministries requires a sound understanding of procurement act, rules, and procedures.

The release said that increasing the flow of credit to productive sectors is crucial for creating employment and achieving sustainable economic growth. The current significant rise in default loans within the banking sector is negatively impacting banks' asset quality, liquidity management, and their capacity to disburse new loans. In this context, reducing default loans has become urgent.

Bangladesh Bank noted that this special exit facility has been introduced for borrowers who, despite facing financial difficulties for various reasons, have the capacity to run their businesses and demonstrate sincerity in repaying their loans. As a result, on the one hand, the volume of default loans in banks will decrease; on the other, the capacity to disburse new loans will increase, which will play a positive role in production, investment, and employment generation.

Loans classified as substandard and doubtful as of the base date of June 30, 2026, may be brought under the special exit facility, subject to approval by the bank's board of directors and on the basis of banker-client relationships, added the release, said the release.  To avail this facility, borrowers must repay the entire outstanding liability in a single payment. At the same time, some previous conditions set by Bangladesh Bank regarding the waiver of accrued and non-accrued interest have been relaxed.

Specifically, the conditions outlined in two circulars from 2022, which required the recovery of fund costs and prohibited disruption to the income streams of state-owned commercial banks, will not apply to this special facility. Furthermore, loans re-scheduled between August 6, 2024, and June 30, 2026, that is classified as substandard or doubtful will also be eligible for this special exit facility.

Bangladesh Bank has instructed that, when granting the special exit facility, priority must be given to short-term agricultural loans in the agriculture sector and cottage, micro, and small loans under the CMSME sector. The press release also said that banks must take all necessary measures, including sending letters, to inform borrowers about this special facility. Bangladesh Bank said this directive will remain in effect until December 31, 2026. The instruction has been issued under the powers conferred by Sections 45 and 49(1) of the Bank-Companies Act, 1991.

"Point-to-point headline inflation declined to 9.4 percent in May 2026 from 11.7 percent in July 2024," he added. However, he stressed that the central bank would maintain a restrictive policy stance to help achieve the government's inflation target of 7.5 percent for FY2026-27. Under the new policy, the policy repo rate will remain at 10 percent, while the Standing Lending Facility (SLF) rate and Standing Deposit Facility (SDF) rate have been kept unchanged at 11.5 percent and 7.5 percent respectively.

The governor said monetary tightening alone cannot fully address inflation driven by structural market inefficiencies and supply-side bottlenecks, emphasizing the need for coordinated policy measures. He warned that the global economy continues to face significant downside risks due to geopolitical tensions, including conflicts in the Middle East, which could disrupt the supply of oil and fertilizers and fuel imported inflation in Bangladesh.

Highlighting domestic challenges, the governor said private sector credit growth slowed to 5 percent at the end of May 2026 as banks adopted a cautious lending approach amid rising non-performing loans and increased government borrowing. He said a substantial portion of excess liquidity has been invested in government securities instead of financing private sector activities.

To support economic recovery without undermining inflation control, the central bank announced a Tk 60,000 crore stimulus package for agriculture, cottage, micro, small and medium enterprises (CMSMEs), and key industrial sectors. Of the package, Tk 41,000 crore will come from surplus liquidity in the banking system, while the remaining Tk 19,000 crore will be financed from Bangladesh Bank's own sources.  The initiative is expected to create nearly 25 lakh direct and indirect employment opportunities.

The governor also reaffirmed the central bank's commitment to restoring discipline, transparency and stability in the banking sector through a series of structural reforms. These include implementation of the Bank Resolution Act 2026 and the Deposit Protection Act 2026, finalisation of the Distressed Asset Management Act (DAMA) to facilitate resolution of non-performing assets without using public funds, introduction of the Expected Credit Loss (ECL) framework under IFRS 9, and strengthening of Risk-Based Supervision (RBS).

The governor said Bangladesh Bank would continue to monitor inflation, financial sector vulnerabilities and external developments closely while maintaining a market-based exchange rate regime to preserve macroeconomic stability. Deputy governors and senior officials, among others, were present on the occasion.

Nagad will then disburse the funds directly to beneficiaries' mobile wallets on behalf of Rupali Bank, enabling recipients to access the money anytime from anywhere in the country. The partnership aims to encourage remittance inflows through formal channels by ensuring quick, secure and convenient delivery of funds. Speaking at the signing ceremony, Nagad Administrator Md. Motasem Billah said remittances are vital for the country's economy and the partnership would enable beneficiaries to receive money directly in their Nagad wallets safely and conveniently.

He said the initiative would strengthen formal remittance channels and promote digital financial inclusion by allowing recipients to spend digitally or cash out through Nagad's nationwide network at low cost. Rupali Bank MD Kazi Md. Wahidul Islam said the agreement would help the state-owned bank deliver expatriates' hard-earned money safely and swiftly, particularly to beneficiaries living in remote areas. He expressed hope that the collaboration would increase remittance inflows through legal channels while improving customer service. Nagad said it has been introducing various initiatives to encourage remittances through formal channels, including reward-based campaigns for expatriate families. The MFS provider has recently introduced Bangla QR payment services and National Payment Switch Bangladesh (NPSB) facilities, allowing users to make digital payments at nearly one million Bangla QR merchant outlets and instantly transfer funds between bank and mobile financial service accounts.

The chamber stressed that aligning monetary policy with these fiscal initiatives would help maximize their impact by improving access to affordable financing for businesses. DCCI welcomed Bangladesh Bank's Tk 60 billion refinancing and incentive package, describing it as a timely initiative to revive business activities. It urged the central bank to ensure transparent and efficient implementation of the fund so that cottage, micro, small and medium enterprises (CMSMEs), export-oriented industries and other productive sectors can benefit through simplified procedures and faster approvals.

The chamber also underscored the importance of extending priority support to businesses currently facing operational challenges to help preserve production, investment and employment. Referring to private sector financing, DCCI said adequate credit flow would be essential to achieving the government's investment and industrial growth objectives. It also highlighted the need to maintain a balanced distribution of banking sector liquidity to support productive private sector activities.

Under the project, the company will manufacture a wide range of footwear products, including injected, cemented, casual, formal, ladies' and safety shoes, with an annual production capacity of around three million pairs. The factory is expected to create employment for 468 Bangladeshi nationals and generate annual export earnings of about US$37.5 million by supplying products to markets in Italy, other European countries, the United Kingdom, the United States and Colombia.

Md. Tanvir Hossain, Executive Director (Investment Promotion) of BEPZA, and Deltaport Footwear Limited Chief Executive Officer Junaid Iqbal Umerani signed the agreement on behalf of their respective organisations. BEPZA Executive Chairman Major General Mohammad Moazzem Hossain witnessed the signing ceremony.

Speaking on the occasion, the BEPZA Executive Chairman welcomed Deltaport Footwear as a new investment partner and said BEPZA is continuously upgrading its infrastructure, services and investment facilities to provide a modern and business-friendly environment for investors. He expressed hope that the investment would strengthen Bangladesh's export competitiveness while creating new employment opportunities. Junaid Iqbal Umerani said the project marks the company's third investment in Bangladesh, all of which are located in BEPZA-administered zones.

He said the company had considered several destinations, including India and Vietnam, for its regional expansion but chose Bangladesh because of BEPZA's investment-friendly environment, reliable infrastructure, professional services and the firm's positive experience since its first investment at Cumilla EPZ in 2013. Senior BEPZA officials and representatives of Deltaport Footwear attended the signing ceremony.

The market remained in positive territory throughout the day as investors continued buying amid expectations of a favourable near-term market outlook. Investor interest was further boosted by supportive capital market measures included in the approved Finance Bill, while buying in blue-chip stocks remained strong as investors sought to take advantage of the final opportunity to secure tax rebates through capital market investments before the end of the fiscal year.

Turnover at the DSE jumped 16.4 percent to Tk 15.7 billion from Tk 13.5 billion in the previous session, surpassing the Tk 15 billion mark for the first time in around two years. Among the sectors, textiles accounted for the largest share of turnover at 16.3 percent, followed by banks at 13.5 percent and pharmaceuticals at 11.4 percent. Most sectors ended higher, with engineering leading the gains with a 3.2 percent rise, followed by mutual funds (2.5 percent) and services (2.2 percent). 

On the other hand, travel and leisure fell 2.2 percent, while miscellaneous and paper sectors declined 0.7 percent and 0.4 percent, respectively. Out of 396 issues traded on the DSE, 243 advanced, 89 declined and 64 remained unchanged. Meanwhile, the Chittagong Stock Exchange (CSE) also finished higher, with the CSCX index rising 59.7 points and the CASPI advancing 98.1 points.

Sarwar Hossain has been appointed on a contractual basis for three years from the date of assuming office. The appointment is subject to his voluntary retirement from his permanent post as Executive Director and the suspension of his Post-Retirement Leave (PRL). The notification said the terms and conditions of his service, including salary and other benefits, will be determined through a separate supplementary agreement to be signed between the government and the appointee.

During the first 27 days of June 2026, remittance inflows stood at US$2.452 billion, compared with US$2.499 billion during the same period in June 2025, reflecting a 1.9 percent year-on-year decline for the month up to June 27. Despite the slight decrease in June, overall remittance inflows remained robust throughout FY2025-26, supported by strong contributions from Bangladeshi workers abroad, resulting in double-digit growth over the previous fiscal year.

Ashik Chowdhury, Executive Director of Bangladesh Investment Development Authority (BIDA), who was poresent at the meeting, said on Saturday that political stability had been restored following the assumption of office by the newly elected BNP government, creating renewed investors confidence. He said Bangladesh also presented a five-year tax outlook for the first time, highlighting policy stability and long-term predictability to prospective foreign investors.

According to investment proposals, Shanghai SUS Environment Co. Ltd. proposed to invest US$890 million in developing Waste-to-Energy (WTE) plants in Bangladesh. China Future Energy Group Holding Limited proposed US$250 million for gas field exploration and development, while China Civil Engineering Construction Corporation (CCECC) offered US$650 million to develop and operate the Mongla Port Economic Zone, including bonded warehouse facilities and logistics infrastructure expected to generate around 50,000 jobs.

Shenzhen Kaifa Technology Co. Ltd. proposed investing US$250 million in manufacturing electric smart meters, while SF Express sought to invest US$180 million in cold-chain logistics and bonded warehouse facilities in Mongla to support e-commerce and export industries. Huaxin Textile Industry Co. Ltd. proposed US$190 million for expanding recycled cotton and yarn production, manufacturing cylindrical lithium batteries and establishing a 200 MW captive solar power plant in the Payra Port Industrial Zone.

Zhongxin Environmental Protection Group proposed the single-largest environmental investment of US$1.65 billion to establish an e-waste recycling and disposal industrial project in the Payra Port Industrial Zone. CRRC Ziyan Co. Ltd. proposed investing US$190 million in a rolling stock assembly plant through a joint venture with Bangladesh Machine Tools Factory (BMTF), while Sichuan Road & Bridge Group Co. Ltd. proposed a US$4.5 billion investment in the Dhaka-Chattogram Highway Public-Private Partnership (PPP) Project.

China Kepai Education Group proposed investing US$270 million to establish a modern application-oriented university and vocational education industrial park with capacity for 30,000 students, while China Shandong Zhongxin Pharmaceutical Co. Limited proposed US$190 million to develop a large-scale Chinese medicinal herb cultivation industry in Bangladesh.

The minister made the remarks while speaking at a programme marking the ‘International MSME Day-2026' at the Bangladesh Investment Development Authority (BIDA) conference room in the city. Muktadir said that the United Nations' declaration of June 27 as International MSME Day in 2017 reflected global recognition of the sector's vital contribution to economic development.

He expressed concern over widening income inequality during the past 15 to 20 years, attributing it partly to a slowdown in the emergence of new entrepreneurs compared with the period between 1991 and 2006. While existing industries have expanded, he said, many aspiring entrepreneurs have faced difficulties entering the market due to challenges, including the gas and energy crisis.

"The country's economic activities have become concentrated within a limited number of sectors, contributing to income disparity," he said, adding that the share of MSMEs in GDP is higher in neighbouring countries such as Vietnam, Cambodia, India and Pakistan. Outlining the government's plans to strengthen the MSME sector, Muktadir said the Bangladesh Small and Cottage Industries Corporation (BSCIC) is implementing new industrial park projects in Pabna, Sylhet, Nilphamari and Syedpur, while feasibility studies are underway to establish additional parks in areas with strong demand for industrial plots.

He said the government is also introducing mentorship programmes to nurture a new generation of entrepreneurs and will encourage less energy-intensive industries to reduce dependence on fuel amid energy constraints. Muktadir expressed optimism that the ongoing gas crisis would be resolved, enabling industries to operate at full production capacity.

Paying tribute to entrepreneurs, he described them as the "economic lifeblood" of the country and said Bangladesh's future development would largely depend on their innovation, resilience and contribution to the economy. This year's International MSME Day was observed under the theme, "Human-Centric Entrepreneurship in Enhancing Future Economic Growth for the Next Generation of MSMEs," highlighting the importance of inclusive and sustainable entrepreneurship in the era of artificial intelligence and the Fourth Industrial Revolution.

A total of 208 officials from various merchant banker and portfolio manager institutions participated in the sessions, which ran daily from 9:30 am to 3:30 pm. The programme aimed to provide participants with a comprehensive understanding of the legal and regulatory framework governing Bangladesh's capital market.

The training covered key laws and regulations, including the Securities and Exchange Ordinance, 1969; the Bangladesh Securities and Exchange Commission Act, 1993; the Securities and Exchange Commission (Merchant Banker and Portfolio Manager) Rules, 1996; the BSEC (Public Offer of Equity Securities) Rules, 2025; and the BSEC (Debt Securities) Rules, 2021. The initiative was organised by the Financial Literacy Division of the BSEC as part of its ongoing efforts to promote regulatory compliance, strengthen institutional capacity and support the professional development of capital market intermediaries, the release added.

The market opened on a positive note and maintained steady gains throughout the day as investors actively participated across most sectors. Market analysts attributed the rally to improving market outlook, easing geopolitical concerns and the continued attractiveness of equity investments, supported by tax rebate facilities.

Turnover on the premier bourse rose sharply by 23.4 percent to Taka 13.7 billion from Taka 11.1 billion in the previous session. Heavy trading in BEXIMCO shares, which rebounded from a prolonged slump, also contributed significantly to the increased market activity. The banking sector accounted for the highest share of turnover at 16.3 percent, followed by miscellaneous (11.9 percent) and engineering (11.2 percent).

Most sectors posted gains during the session. The ceramic sector led the advance with a 2.9 percent gain, followed by miscellaneous (2.2 percent) and food (1.7 percent). In contrast, only general insurance and life insurance registered marginal declines of 0.4 percent and 0.1 percent, respectively. Out of the 396 issues traded on the DSE, 209 advanced, 129 declined and 58 remained unchanged, reflecting a broadly positive market sentiment.

The Chittagong Stock Exchange (CSE) also ended the session higher. Its Selective Categories' Index (CSCX) rose by 136.4 points, while the All Share Price Index (CASPI) gained 205.1 points.

The clarification formalizes the funding mechanism for the scheme aimed at supporting agricultural lending. The central bank also confirmed that the refinancing scheme will remain in force for three years from June 8, 2023, the date of issuance of the original circular. Bangladesh Bank said the refinance facility is intended to boost domestic agricultural production, strengthen food security, and promote employment generation by expanding economic activities in rural areas. The circular further stated that all other provisions of ACD Circular No. 01, issued on June 8, 2023, will remain unchanged and continue to be effective.

At the ceremony, FORTRESS’ Founder and Chairman Lutfor Rahman Opu said, the ‘Golfview’ project, built in a beautiful environment adjacent to the golf course, has been planned and implemented keeping in mind the needs of modern living. The project has a combination of contemporary architecture, advanced construction standards, aesthetic design and comfortable housing facilities. In addition, the surrounding green nature and open environment will create opportunities for a peaceful life for the residents.

He further said, it is a matter of pride for the organization to complete the project on time and hand it over to the customers. FORTRESS will continue to work on implementing new projects with utmost importance to quality, transparency and customer satisfaction in the future.

After receiving the flat from FORTRESS, Ruksana Sharmin said, I am very happy to have received the address of my dream. I thank FORTRESS for handing over the quality flat on time. I was impressed by the construction quality, aesthetic environment and green natural atmosphere of the project.

At the ceremony, Land Owner Retired Lieutenant Colonel Atiqul Haque Chowdhury said, the successful implementation of the Golf View project and the handover of the flat is a moment of joy. Fortress has completed the project with great professionalism and honesty. The keys were officially handed over to the flat owners at the ceremony. At that time, the new residents expressed their satisfaction with the construction quality and environment of the project.

FORTRESS' Planning and Development Control Director Md. Mizanur Rahman, Operations Director Md. Zahid Hasan Niloy, and Capital Management Director Md. Faruk Hossain were also present at the flat handover ceremony.

The minister made the remarks while addressing a workshop titled “National Budget 2026-27: Expectations and Achievements of the SME Sector” as the chief guest in the capital. The event was organized by the Economic Reporters’ Forum (ERF) and chaired by its President Daulat Akhtar Mala. Among others, National Board of Revenue (NBR) Member (Tax Policy) Barrister Mutasim Billah Faruqui and SME Foundation Managing Director Anwar Hossain Chowdhury attended the workshop as special guests.

SME Foundation General Manager Mohammad Jahangir Hossain presented the keynote paper. Muktadir said that according to the Economic Census conducted by the Bangladesh Bureau of Statistics (BBS), the country has around 11.7 million economic establishments, the majority of which belong to the SME sector. 

The sector contributes around 34 percent to the national GDP, he added. He said that the proposed budget for FY2026-27 includes various incentive and support programmes worth nearly TK  7,800 crore for the SME sector. In addition, he said, TK  5,000 crore has been earmarked for the CMSME sector from TK  60,000 crore stimulus package announced by Bangladesh Bank.

Of the allocation, he mentioned that TK  2,000 crore will be distributed as low-interest loans on easy terms. Separate special funds of TK  500 crore for startups and women entrepreneurs and TK  300 crore for the creative economy have also been formed, he added. The minister said the government is implementing a range of initiatives, including the “One Village, One Product” programme, creation of a national designers’ pool, updating SME cluster mapping, youth entrepreneurship development, startup support, mentorship programmes, skills development and establishment of an entrepreneur database.

Referring to Bangladesh’s graduation from the Least Developed Country (LDC) category, he said the country has already met all three criteria required for graduation. However, further preparation is necessary to ensure a smooth and sustainable transition, he said, adding that the government has requested a three-year extension of the graduation timeline.

Muktadir also said the government would ensure uninterrupted energy supply to enable existing industries to utilize their full production capacity. He added that there is a plan to gradually transfer underperforming state-owned industrial enterprises to the private sector. The minister further said strategic reserves of import-dependent commodities and energy resources would be built to protect the economy from global crises and supply disruptions.

Emphasizing the need to reduce logistics costs, he noted that Bangladesh’s logistics expenses currently account for around 16 percent of GDP, compared to the global average of 10 percent. The government will take measures to reduce the cost through improved port management, enhanced supply chain efficiency and greater product traceability, he added.

According to the latest data from Bangladesh Bank released today, remittance inflow reached $35 billion till June 23 of FY2025-26, up from $29.72 billion received during the same period of FY2024-25.

On June 23, 2026, expatriates sent $87 million through official banking channels, reflecting the continued contribution of overseas workers to the country's foreign exchange reserves.

During the first 23 days of June, remittance inflow totalled at $2,238 million.

The discussion, held at the EPB Conference Room, brought together representatives from leading export associations, chambers, and trade bodies to explore strategies for increasing awareness and use of the DCTS, addressing market access challenges, and expanding export opportunities in the UK market, said a press release.

The event was inaugurated by Mohammad Hasan Arif, Vice Chairman and Chief Executive (Additional Secretary) of the EPB, while James Goldman, Deputy High Commissioner of the British High Commission in Dhaka, delivered opening remarks on behalf of the UK Government.

A keynote presentation was delivered by Ellie Parker, Regional Trade for Development Advisor for South Asia, Central Asia and the South Caucasus at the British High Commission. 

She outlined the implications of Bangladesh’s upcoming LDC graduation, recent enhancements to the DCTS, opportunities for Bangladeshi exporters, and possible collaborative initiatives to improve awareness and utilization of the scheme.

Participants discussed opportunities and challenges arising from Bangladesh’s transition from LDC status, barriers to accessing the UK market, and lessons from the ready-made garment sector that could help diversify exports into other promising sectors.

The meeting emphasized the importance of ensuring that Bangladeshi exporters fully benefit from the preferential market access available under the DCTS. 

To support this objective, the EPB and the British High Commission agreed to undertake a series of awareness and capacity-building initiatives in the coming months.

Addressing the gathering, Hasan Arif announced that the EPB would publish a comprehensive DCTS booklet containing practical guidance on eligibility criteria, rules of origin, documentation requirements, and preference utilization procedures.

 He also said a series of sensitization workshops would be organized in Dhaka and Chattogram in collaboration with the British High Commission, sector associations, and chambers to strengthen exporters’ understanding of the scheme and improve utilization rates.

In addition, both organizations will carry out wider information dissemination activities through business associations and digital platforms to reach exporters across the country.

The roundtable was attended among others  by leaders and representatives of several trade and industry bodies, including the Bangladesh Ceramic Manufacturers and Exporters Association (BCMEA), Bangladesh Plastic Goods Manufacturers and Exporters Association (BPGMEA), Banglacraft, Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), Dhaka Chamber of Commerce and Industry (DCCI), Metropolitan Chamber of Commerce and Industry (MCCI), Footwear, Leather Goods and Accessories Exporters Association (FLAXA), Bangladesh Frozen Food Exporters Association, Bangladesh Chamber of Industry (BCI), Bangladesh Agro-Processors Association (BAPA), Bangladesh Land Port Authority (BLPA), and  Bangladesh Association of Pharmaceutical Industries (BAPI).

Participants welcomed the initiative and underscored the need for continued collaboration among the Government of Bangladesh, the British High Commission, and the private sector to maximize the benefits of the DCTS, diversify exports, and strengthen Bangladesh’s competitiveness in the UK market after LDC graduation.

According to the circular, the decision has been taken to determine the timeframe of budget release, budget bill submission and dispose and to increase the extent of cheques or EFT issuance. All kinds of bills related to salary and allowance will be excluded from this and such types of bills could be submitted even after June 25, the circular reads.

Following the workshop, stakeholders adopted a Joint Statement reaffirming their collective commitment to establishing a comprehensive, self-sustaining and permanent EIS-BEPZA by 2027, said a press release.

The delegation was led by Major General Mohammad Moazzem Hossain, ndc, afwc, psc, G, MPhil, Executive Chairman of BEPZA. Other participants included Md. Tanvir Hossain, Executive Director (Investment Promotion), BEPZA,  Md. Nazmul Islam Bhuiyan, Additional Executive Director (Enterprise Services and Industrial Relations), BEPZA, Miran Ali, Chairman of Remi Holdings Limited of Adamjee EPZ and Chairman of a BGMEA Sub-Committee, Hans-Herman Adlof, Chief Executive Officer of Germany-based OSPIG Group,  and Coral Erum Gregorio, Director of Spain-based ERUM Group. Actuarial and technical experts from the ILO also participated in the workshop.

The German development agency GIZ provided overall support for the event.

Mentionable, the EIS Pilot was launched on 26 February 2025 through a Letter of Intent signed among BEPZA, ILO and GIZ for workers in the ready-made garment sector operating in the EPZs. 

Financed by international brand buyers, the pilot provides financial benefits to workers and their dependents in cases of death or permanent disability resulting from workplace accidents, as well as commuting accidents.

 Since the distribution of benefits commenced on 14 September 2025, a total of 48 beneficiaries have received financial assistance under the scheme.

The workshop in Turin, Italy included detailed discussions on the implementation experience, administrative structure, financing mechanism, legal aspects, and long term operating methods of the ‘EIS Pilot Project’. Participants finalized a roadmap for transforming EIS-BEPZA into a permanent social protection mechanism. 

Under the proposed scheme, EPZ workers will be covered from their first day of employment and will receive compensation promptly and transparently in accordance with international standards in cases of occupational death or permanent disability. 

This is a major milestone in the ‘Two-Year Action Plan on Labour Reform (2025-2027)’ signed between BEPZA and the ILO.

Speaking at the workshop, the Executive Chairman of BEPZA stated, “Industrial development is truly meaningful only when it is accompanied by workers’ safety, dignity and social protection. 

He said EIS-BEPZA is an important step towards achieving that objective. We aspire to build an industrial ecosystem where productivity and human values receive equal emphasis.

BEPZA, the ILO and other stakeholders reaffirmed their commitment to working together to successfully implement these initiatives and further strengthen Bangladesh’s export sector as a competitive, responsible and sustainable destination in the global market.

During the visit, the BEPZA delegation also met with SUVA, the Switzerland-based occupational insurance and rehabilitation institution headquartered in Sion. 

The meeting included fruitful discussions on the possibility of establishing a modern rehabilitation centre of international standard under BEPZA. 

The proposed facility is expected to play a significant role in providing advanced treatment, rehabilitation services and restoring the work capacity of workers injured in workplace accidents, thereby strengthening social protection and occupational health services within the EPZs.

During the visit, the BEPZA delegation also held several bilateral and multilateral sideline meetings with business leaders, chamber representatives and potential investors from Italy, Germany, Spain and Switzerland. 

The delegation highlighted Bangladesh’s investment-friendly environment, BEPZA’s efficient management system, modern infrastructure, compliance with international labour standards and the range of investment incentives offered by the Government of Bangladesh.

During the discussions, participating business leaders and investors expressed interest in exploring investment opportunities in Bangladesh and in expanding their existing operations in the country.

The call came during a meeting between a BGMEA delegation, led by its President Mahmud Hasan Khan, and Environment, Forest and Climate Change Minister Abdul Awal Mintoo at the Bangladesh Secretariat, said a press release.

The delegation included former President of the Bangladesh Textile Mills Association (BTMA) A Matin Chowdhury, BGMEA Director Nafis-ud-Doula and Kingsley CEO Md Ashikur Rahman.

During the meeting, industry leaders highlighted several challenges arising from the implementation of the Environment Conservation Rules, 2023, particularly the existing Effluent Treatment Plant (ETP) colour parameters, which they said are difficult to achieve with current technologies and infrastructure.

The BGMEA president urged the ministry to revise the standards and adopt parameters that are technically feasible and aligned with international practices.

The delegation also pointed out that environmental monitoring data can be influenced by factors beyond industrial control, including seasonal rainfall and humidity, which affect effluent concentrations during sampling.

To address the issue, they proposed introducing tolerance limits for environmental parameters and adopting a more balanced air-quality assessment system that distinguishes industrial emissions from pollution originating from external sources.

On the issue of Zero Liquid Discharge (ZLD), the industry leaders recommended replacing the existing mandatory pledge requirement for environmental clearance renewals with a phased and performance-based implementation roadmap.

They also sought clear guidelines on water conservation and reuse, along with fiscal incentives such as VAT and duty exemptions on ZLD-related machinery imports and the creation of a dedicated ZLD financing window under Bangladesh Bank’s Green Transformation Fund (GTF).

The delegation further expressed concern over uncertainties surrounding land use under the Forest Ordinance, 2026, urging the government to expedite the formulation of implementing rules to provide clarity for industrial expansion and investment planning.

To strengthen transparency and accountability in environmental compliance, the industry leaders proposed introducing a mirror-testing mechanism for environmental sampling and a risk-based, long-term environmental clearance renewal system for factories with proven compliance records.

Speaking at the meeting, Abdul Awal Mintu acknowledged the apparel sector’s significant contribution to Bangladesh’s economy and assured the industry representatives that the government would consider their proposals positively.

He said the government remains committed to establishing a rational and realistic regulatory framework that balances environmental protection with the operational needs of industries.

The meeting concluded with a shared commitment to promoting environmental sustainability while maintaining the competitiveness of Bangladesh’s export-oriented apparel sector.

The benchmark DSEX index of the Dhaka Stock Exchange (DSE) advanced 11.6 points to close at 5,617, up from 5,605 points in the previous session.

Market analysts said easing concerns over potential shipping disruptions in the Strait of Hormuz also helped improve investor sentiment and supported buying interest across selected sectors.

Although the market came under broad-based selling pressure at the opening, bargain hunters gradually stepped in to absorb the selling. 

Sellers maintained dominance until the middle of the session, but renewed buying interest in the latter half enabled the market to recover and finish in positive territory, reflecting growing confidence among investors regarding near-term market prospects.

Turnover on the DSE rose significantly by 13.5 percent to TK  9.4 billion, compared with TK  8.2 billion in the previous session.

Among the sectors, Engineering contributed the highest share of turnover at 14.0 percent, followed by Pharmaceuticals at 13.8 percent and General Insurance at 11.4 percent.

Sector-wise performance remained mixed. Financial Institutions posted the highest gain of 2.8 percent, followed by Information Technology with 1.8 percent and Mutual Funds with 0.9 percent. On the downside, Miscellaneous shares fell 1.8 percent, while Ceramic and Paper sectors declined by 0.7 percent and 0.5 percent respectively.

Out of the 396 issues traded on the DSE, 176 advanced, 147 declined and 73 remained unchanged.

Meanwhile, trading at the Chittagong Stock Exchange (CSE) showed a mixed trend. The Selective Categories' Index (CSCX) lost 6.8 points, while the All Share Price Index (CASPI) edged up by 1.8 points at the close of trading.

Oil prices fell further as shipping traffic through the Strait of Hormuz picked up, hitting its highest level on Monday since the Middle East war began, according to two maritime tracking platforms.

European stock markets mostly rose, with London and Paris both edging higher nearing the half-way stage.

Frankfurt was weighed by an almost 17-percent fall in German defence giant Rheinmetall after reports -- subsequently confirmed -- that Berlin had scrapped a multi-billion-euro plan to build six new frigates for its navy.

French-German tank maker KNDS, meanwhile, said it would launch a stock market flotation in Paris and Frankfurt within weeks, firing the starting gun on Europe's biggest defence sector IPO in years.

In Asia, Seoul closed up more than three percent after a 10-percent collapse Tuesday led by losses for chip giants SK hynix and Samsung.

There were gains in Hong Kong and Shanghai Wednesday, though Tokyo once more ended lower.

"The global tech sell-off appears to have started to stabilise, but investors remain super-cautious, nervous that high valuations could be chipped away at again," said Susannah Streeter, chief investment strategist at Wealth Club.

While no specific catalyst was blamed for the selling, analysts cited questions over when firms will see a return on the trillions that have been invested in all things AI, and the prospect of a US interest-rate hike that is boosting the dollar.

Eyes turn later in the day to the release of earnings from US chipmaker Micron Technology, which will provide a fresh idea about the state of demand in the sector and whether the AI rally still has legs.

"The next-stage debate on AI investing is not whether the theme is real, but whether the scale of investment will ultimately generate the returns that investors expect," said Christoffer Enemaerke at RBC BlueBay Asset Management.

After more selling of tech stocks on Wall Street -- where the Nasdaq lost two percent Tuesday -- Samsung shares gained almost 10 percent Wednesday, though SK hynix added just one percent.

SK hynix announced that it plans to raise 45.45 trillion won ($29 billion) through a listing on Wall Street's tech-heavy Nasdaq index.

Seoul, Tokyo and Taipei -- where many of the world's hardware makers are listed -- have been at the forefront of the tech rally this year.

- Key figures around 1045 GMT -

London - FTSE 100: UP 0.1 percent at 10,439.62 points

Paris - CAC 40: UP 0.2 percent at 8,360.70

Frankfurt - DAX: DOWN 1.0 percent at 24,655.36

Seoul - Kospi: UP 3.3 percent at 8,471.02 (close)

Tokyo - Nikkei 225: DOWN 0.9 percent at 69,174.97 (close)

Hong Kong - Hang Seng Index: UP 0.3 percent at 23,412.18 (close)

Shanghai - Composite: UP 0.1 percent at 4,110.81 (close)

New York - Dow: DOWN 0.1 percent at 51,666.84 (close)

Brent North Sea Crude: DOWN 1.7 percent at $75.76 a barrel

West Texas Intermediate: DOWN 1.7 percent at $71.98 a barrel

Euro/dollar: DOWN at $1.1343 from $1.1383 on Tuesday

Pound/dollar: DOWN at $1.3162 from $1.3196

Dollar/yen: UP at 161.68 yen from 161.52 yen

Euro/pound: DOWN at 86.17 pence from 86.23 pence

But negotiations have dragged since the US Supreme Court struck down much of President Donald Trump's sweeping tariff regime. They then became more complicated when Washington chose to launch a probe into unfair trade practices against several countries including India. An Indian commerce ministry statement said Goyal and Greer held "multiple rounds" of talks, and that the visit was a "key step in ongoing efforts".

Both sides have spoken optimistically about the possibility of finalising an interim deal. Goyal has insisted that "99 percent" of the deal's first tranche is done. The US Ambassador to India, Sergio Gor, said negotiators were working on the "last one percent". One sticking point, Goyal has noted, is India's need to ensure that its final tariff rate remains competitive when compared to other regional manufacturing rivals. An Indian commerce ministry official told AFP that New Delhi has also floated the idea of a clause to allow both nations to revisit the deal's terms after a fixed period of time.

The move was launched under Section 301 of the Trade Act of 1974, and it comes months after the Trump administration tapped similar authorities to investigate dozens of trading partners over issues like forced labor and industrial overcapacity. A federal register notice released by the USTR charged that "evidence indicates that Germany implements unfair pricing policies and practices with regard to innovative pharmaceutical products."

It added that reduced revenue associated with these practices also appeared to contribute to reduced investment for research and development, among other issues. "As a result, the United States pays a disproportionate share of global R&D costs for innovative pharmaceuticals," the notice said. The probe will look into the means that Germany uses to implement its pricing policies and practices.

"President (Donald) Trump has made clear that American patients should not be shouldering a disproportionate share of global pharmaceutical research and development," said USTR Jamieson Greer in a statement. He expressed concern over Germany's plans to fast-track legislation "that would further reduce its spending on innovative pharmaceuticals."

The trade envoy's office will next receive comments and hold a hearing in September as part of the investigation. Earlier this month, the USTR's office proposed new tariffs of up to 12.5 percent on dozens of economies under its investigation into forced labor concerns. Trump has rolled out sweeping tariffs since returning to the White House last year, although the Supreme Court struck down many of them in February. His administration has since turned to trade probes as officials look to reimpose more lasting duties.

Excluding also energy, the reading was 1.8 percent, down from 1.9 percent and in line with market forecasts. Unadjusted, inflation inched up to 1.5 percent from 1.4, also meeting forecasts. The Bank of Japan (BoJ) raised its benchmark rate on Tuesday by 25 basis points to 1.0 percent, the highest level since 1995 and marking the first increase since December. The United States and Iran have agreed a peace deal to end their three-month conflict and reopen the Strait of Hormuz, a vital waterway for oil and gas.

But the full resumption of traffic through the strait back to pre-conflict levels is expected to take considerable time. The European Central Bank hiked rates last week after the war pushed up prices for oil and other goods worldwide. The US Federal Reserve on Wednesday held rates steady. But with US inflation at a three-year high, expectations are growing that its policy rate will rise later this year, despite pressure from President Donald Trump to cut.

Australia's central bank, which has raised borrowing costs three times this year, also held rates steady this week as did the Bank of England. Indonesia has hiked rates three times in four weeks. Before the conflict began on February 28, Japan relied on the Middle East for around 90 percent of its crude supplies. Government subsidies has helped to keep core inflation under the BoJ's target of two percent.

But the BoJ warned on Tuesday that there was a risk that inflation could accelerate past its objective as firms pass higher prices for raw materials onto consumers. Marcel Thieliant at Capital Economics said that "there are no clear signs yet that higher energy costs are lifting prices of other goods and services". "However, that is only a matter of time," he said in a note, forecasting inflation excluding fresh food and energy to rise to around 3.5 percent in the first half of next year. The yen has also come under major pressure in recent weeks, caused by the rise in oil prices and the gap between US and Japanese interest rates, pushing up resource-poor Japan's already colossal import bill.

Takaichi's government spent around 11.7 trillion yen ($72 billion) last month propping up the currency, which has been languishing at around 160 yen against the dollar.

The 27-nation bloc's trade deficit in goods hit around 360 billion euros ($413 billion) last year, meaning Chinese exports sharply exceeded the EU's. During a two-hour summit dinner in Brussels, leaders chewed over how the EU could address the imbalance, and whether the bloc needed to boost its arsenal.

After talks ended early on Friday, an EU official said the leaders tasked the commission with continuing to engage "in a constructive dialogue with our main economic partners" but did not directly say China. They also asked the executive "to develop and eventually complement the toolbox in the area of trade defence" and to make sure the EU has "all the instruments it needs to defend its interests and derisk", the official said.

While EU capitals agree on a common diagnosis, the positions differ on the cure and several leaders on Thursday had called for dialogue as a priority. Spanish Prime Minister Pedro Sanchez struck a more conciliatory tone than his counterparts before the dinner. "We need friends, we need balanced relationships, we need to be pragmatic, and we need to build bridges both with major economies and potential allies, such as China," Sanchez told reporters.

One way to beef up the EU's arsenal could be creating a new tool to impose sector-specific tariffs such as chemicals or green tech -- taking a page out of President Donald Trump's playbook. French President Emmanuel Macron last month called for a "European equivalent of Section 301" -- the trade tool Trump has employed to set sweeping tariffs -- arguing Europe's "sovereignty is at stake". Germany has until now adopted a cautious posture because its economy is more exposed to potential retaliation, while Spain has sought to avoid tensions as it chases Chinese investment.

But Berlin appeared to be coming around to France's way of thinking. A German official said Berlin was "open" to new tools if they are necessary so long as they were "not targeted at specific recipients". German Chancellor Friedrich Merz, however, would not be drawn on China by reporters in Brussels. Irish Prime Minister Micheal Martin said before the dinner he wanted to see "the shape and nature of any mechanisms" introduced but warned Europe had to make sure it understood the consequences.

The EU official did not comment on what any new tools would look like. Concern about Chinese dominance is not limited to the EU. Fears are rising in the West over Beijing's control in the market for rare earth minerals used in everyday electronic appliances, and China was on the agenda of G7 talks in France this week. Brussels often evokes the need for fair competition, pointing to the unfair advantage Chinese companies have because of massive state subsidies.

Between 2005 and 2024, Chinese firms received around three to eight times more government support than firms in the Organisation for Economic Co-operation and Development, according to the OECD, which called it "a conservative estimate". Even as its resolve appears to be hardening, the EU has shown no appetite to trigger a broader trade war with China. Fears over Chinese retaliation are not unfounded. After the EU hit Chinese electric cars with higher tariffs in 2024, China imposed anti-dumping duties on European cognac.

And Beijing has vowed to hit back if the EU pushes through rules that would exclude certain products manufactured outside the bloc from public contracts. Sefcovic has invited Chinese Commerce Minister Wang Wentao to Brussels later this month as the bloc still hopes it can prevent escalation through dialogue with China -- but an EU official would not confirm the visit.

The market opened on a firm note and maintained upward momentum throughout the session, driven by sustained buying pressure in large-cap stocks, which played a key role in lifting overall indices. Market participants said the recovery was mainly led by focused accumulation in quality equities, as investors positioned themselves in perceived undervalued stocks following recent market adjustments.

Improved macro sentiment and easing geopolitical concerns also contributed to strengthening risk appetite in equities. Despite the index gain, market turnover slightly declined by 1.2 percent to Taka 12.0 billion from Taka 12.1 billion in the previous session, indicating cautious but selective participation in the market. Sector-wise turnover remained concentrated in key areas, with Pharma (14.3%) leading, followed by Textile (12.7%) and Engineering (11.1%), reflecting continued investor preference for large, liquid, and fundamentally strong sectors.

On the price front, sector performance was mixed. Mutual Funds (4.3%), Cement (2.5%), and Telecom (1.6%) recorded the highest gains, while Miscellaneous (-2.6%), Services (-2.1%), and Ceramic (-1.0%) faced notable corrections, indicating ongoing sector rotation. Market breadth remained slightly negative, with 171 issues advancing, 181 declining, and 44 remaining unchanged out of 396 traded securities, suggesting that the recovery was driven by selective stock performance rather than a broad-based rally.

Meanwhile, the port city bourse also closed higher. The Chittagong Stock Exchange (CSE) indices-CSCX and CASPI-rose by 74.4 points and 116.6 points respectively, mirroring the positive trend in Dhaka.

On June 17, 2026, expatriates sent US $88 million through official banking channels, reflecting the continued contribution of overseas workers to the country's foreign exchange reserves. During the first 17 days of June, remittance inflow totalled US $1816 million.

The adviser made the remarks while addressing a budget discussion as the chief guest at the CIRDAP Auditorium in the capital. The discussion was organized by Research and Policy Integration for Development (RAPID). Titumir said the government has adopted a new development model centred on investment, production, employment generation and enhanced domestic resource mobilization without increasing tax rates.

"We have moved towards a new model - from investment to production, from production to employment, and from employment to increased domestic resource mobilization without raising tax rates. This marks a significant departure from previous approaches," he said. He noted that the government is promoting production-oriented industrialization to help the country cope with emerging global uncertainties and economic challenges.

Referring to recent global disruptions, including the COVID-19 pandemic and geopolitical tensions in the Middle East, he said Bangladesh is pursuing country-specific strategies to strengthen economic resilience and reduce vulnerability to supply chain disruptions. "Our people have placed their trust in us, and every strategy we adopt is designed in line with the country's realities and requirements," he added.

Highlighting the government's energy sector reforms, the adviser said the reform agenda is based on five key priorities. The first priority, he said, is ensuring a livable planet for future generations by gradually shifting from fossil fuels to renewable and nuclear energy sources. Secondly, he noted, the government aims to make energy affordable and keep it within the purchasing capacity of consumers.

He said several initiatives are underway in this regard and their outcomes will become visible in the coming years. Titumir also said that the government has found that gas exploration and extraction activities were neglected in the past and is now working to accelerate exploration and production both onshore and offshore. He also stressed the importance of developing domestic capacity in renewable energy production, particularly solar power, and said the current budget includes a range of measures to support that transition.

The adviser expressed optimism that these initiatives would strengthen the country's productive capacity, create employment opportunities and contribute to sustainable economic growth.

IBFB president said this at a press conference titled “Proposed Budget 2026-27: Expectations and Outcomes,” at Jatiya Press Clubtoday, said a press release. Lutfunnisa Saudia Khan noted that if effectively implemented, these measures could help attract both domestic and foreign investment, generate new employment opportunities, and accelerate overall economic growth. 

However, she also underscored the need to address key challenges, including ambitious revenue targets, inflationary pressures, weaknesses in the banking sector, and limitations in implementation capacity. IBFB also reiterated its long-standing recommendations including full digitalization of tax administration, structural reform of the National Board of Revenue (NBR), improvement of the ease of doing business, expansion of SME financing, attraction of foreign investment, development of the capital market, and ensuring policy continuity.

Former IBFB President Humayun Rashid, Life Member and former Chairman of NBR Dr. Muhammad Abdul Mazid, IBFB Director M.S. Siddiqui, and Vice President Engr. Utpal Kumar Das were present.  Responding to a journalist’s query, Dr. Abdul Mazid stressed that policy continuity and predictability are essential for maintaining an investment-friendly environment and ensuring long-term economic stability. IBFB observed that with effective implementation, strengthened governance, and necessary reforms, the FY 2026-27 Budget could play a significant role in reinforcing the foundation for sustainable economic growth, increased investment, and development in Bangladesh.

Under the new directive, Authorized Dealers (ADs) in foreign exchange are now permitted to process remittances for ship lease rentals on a ‘mutatis mutandis' basis, applying existing aviation-sector rules with necessary adjustments for maritime operations. The policy aligns with Paragraph 53 of FE Circular No. 37 (dated September 30, 2025), which earlier allowed airlines to remit lease payments up to “guaranteed hours” specified in contracts. 

The central bank said the same framework will now be adapted for shipping companies to reduce administrative complexities and support fleet expansion. To qualify for outward remittances, shipping companies incorporated in Bangladesh must meet strict regulatory requirements, including securing all necessary government approvals for vessel operations, maintaining regular submission of financial returns to Bangladesh Bank, and complying with rules on repatriation of surplus earnings under Paragraph 08 of FE Circular No. 08 (dated May 07, 2026) and subsequent updates.

Bangladesh Bank has directed all Authorized Dealers to inform their clients about the updated provisions promptly.  It also clarified that all other existing provisions of the 2025 aviation-related circular will remain unchanged and must be strictly followed by financial institutions.

The notification said that as per the previous decision of the Ministry of Power, Energy and Mineral Resources and the decision of the 1414th General Board Meeting of BPDB, an amount equivalent to 400 units of electricity bill is being paid as electricity allowance to officers and employees. But recently, Bangladesh Energy Regulatory Commission (BERC) has re-determined the retail price of electricity, so the amount of allowance has been increased in line with the current cost of using 400 units of residential electricity, it said.

The notification, however, said as per latest decision, the BPDB will pay Tk 3,584, per month for a residential connection of one phase with 2 kilowatt load. However, a condition was imposed in order to receive the aforesaid benefit. As per the condition, officers and employees under distribution areas of BPDB will have to ensure collection of outstanding electricity bills.

Of these, one proposal was submitted by the Ministry of Industries and two by the Prime Minister’s Office. According to official decisions of the meeting, the committee approved a proposal from the Ministry of Industries to import urea fertilizer from Russia through the direct procurement method in a move aimed at ensuring a stable supply of the essential agricultural input.

The committee also endorsed, in principle, a proposal from the Prime Minister’s Office regarding the Development Agreement and Land Lease Agreement signed with Bangladesh CEIZ Company Limited, a Special Purpose Company (SPC), for establishing the CEIZ at Anwara Upazila in Chattogram. The planned economic zone is expected to attract substantial Chinese investment, promote industrialization, create employment opportunities and strengthen economic cooperation between Bangladesh and China.

In another decision, the CCEA approved a proposal related to the establishment of a Free Trade Zone.  The approval covers the specific recommendations put forward by the Bangladesh Economic Zones Authority (BEZA) based on the findings of a committee report. The decisions are expected to facilitate foreign investment, enhance industrial development and support the country’s long-term economic growth strategy.

It brought together class representatives, teachers, members of the Board of Studies, syllabus sub-committee members, councilors and syllabus resource persons. The event focused on the revised curriculum covering Certificate, Professional and Advanced levels, highlighting changes introduced since the previous syllabus and discussing implementation strategies. Participants also emphasized the need for continuous curriculum enhancement to develop future-ready chartered accountants.

Welcoming the participants, ICAB Acting Chief Executive Officer (CEO) Mostafa Kamal, FCA, said the institute remains committed to providing a globally competitive professional education framework aligned with international standards, technological advancements and evolving business needs. He noted that the revised syllabus reflects ICAB's vision of producing professionals capable of thriving in an increasingly dynamic and digital economy. Speaking on the occasion, ICAB Vice-President (Education and Training) and Chairman of the Board of Studies Md Rokonuzzaman, FCA, underscored the importance of the Revised Syllabus-2025 in developing competent, ethical and innovative chartered accountants. He said the new curriculum is designed to strengthen critical thinking, analytical skills, professional judgment and practical competencies essential for success in today's changing business landscape.

He informed the workshop that the revised syllabus is scheduled to be implemented from the examination sessions due in November-December 2026. He also revealed that another version of the syllabus, aligned with the "Next Generation ACA" model of the Institute of Chartered Accountants in England and Wales (ICAEW), is under consideration and may be introduced between late 2027 and early 2028. ICAB President N K A Mobin, FCA, highlighted the institute's ongoing efforts to modernize its education system and learning methodologies. He described the revised syllabus as a strategic initiative to nurture chartered accountants capable of leading organizations, promoting sustainable growth and contributing to the country's economic development. A detailed presentation on the revised syllabus was delivered by Professor Dr. Ali Noor, Dean of the Faculty of Business Studies at Jagannath University and Convener of the Syllabus Sub-Committee of the ICAB Board of Studies.

The presentation outlined key features of the curriculum, including outcome-based learning, enhanced professional skills development, updated technical content, modern assessment methods and stronger alignment with international best practices. The presentation was followed by an interactive discussion and feedback session where participants shared views and suggestions on various aspects of the curriculum. Questions raised during the session were addressed by syllabus resource persons and policymakers.

Concluding the workshop, Mohammad Redwanur Rahman, FCA, co-chairman of the Board of Studies, thanked participants for their contributions and reaffirmed the board's commitment to the effective implementation of the revised syllabus. The programme ended with a vote of thanks delivered by ICAB Director (Education and Examination) Masud Parvez, FCA. The workshop reflected ICAB's commitment to strengthening chartered accountancy education in Bangladesh and developing highly skilled, ethical and globally competitive professionals. Through the Revised Syllabus-2025, the institute aims to equip aspiring chartered accountants with the knowledge, competencies and leadership qualities needed to contribute meaningfully to the country's economic progress.

"Despite the significant reductions in demand for crude oil and refined products, the buffers in the system continue to erode at a record pace," the agency said. To ease the burden from soaring oil prices due to Tehran's effective closure of the Strait of Hormuz, the IEA organised coordinated stock releases of 400 million barrels to the global market, of which 252 million have been released as of June 12.

"The flow of emergency stocks is expected to decelerate somewhat in June and July," the agency said, after a deal was announced this week to end the war that began on February 28 with US and Israeli strikes on Iran. But the impact of high prices will weigh heavily on demand through this year, with an expected decline of 1.1 million barrels a day compared to 2025 levels. "We see growth rebounding to 2 mb/d in 2027, as a normalisation of trade flows, lower oil prices and an improving economic outlook contribute to the recovery," the IEA said.

Crude has tumbled more than 10 percent this week on optimism for a lasting agreement between the two countries after more than three months of conflict that rattled energy markets and revived inflation.

The latest drop was boosted by a report in The Wall Street Journal that Washington could ease sanctions on Iranian crude as part of the deal to end the war, allowing Tehran to immediately sell crude and refined oil products.

Attention now turns to Friday's official signing ceremony in Switzerland and the subsequent negotiations that will focus on the fate of Tehran's nuclear programme and a plan for the lifting of international economic sanctions.

US President Donald Trump has said the Strait of Hormuz -- through which a fifth of global crude usually passes -- would "completely open" once the peace agreement is signed.

Both main contracts started Wednesday slightly higher after shedding more than five percent on Tuesday before turning negative, though analysts warned that with so many hurdles ahead prices were likely to be sensitive to developments.

"The risks are skewed to the upside," said Fabien Yip, market analyst at IG.

"Any failure at the 19 June signing to produce a durable and transparent agreement -- particularly on nuclear provisions -- could rapidly reverse the recent decline, as each prior false start has demonstrated.

"A sustained recovery in strait traffic remains the most credible evidence that the deal is holding."

Meanwhile, oil industry experts and shipping companies have cautioned that the restoration of normal operations after the strait's near shutdown will take time.

And on Wednesday the OECD said inventories held by member countries fell in May to their lowest level since 1990 as governments drew down stocks to offset the blockage of Gulf crude shipments during the war.

Equity markets mostly advanced ahead of the Federal Reserve's first policy announcement under new, Trump-appointed boss Kevin Warsh.

Tokyo and Seoul enjoyed their best finishes -- both markets building on their breakneck tech rallies.

Shanghai, Sydney, Singapore, Mumbai and Taipei also rose, though Hong Kong, Wellington, Manila, Bangkok and Jakarta all fell.

Paris rose but London and Frankfurt edged down.

The broad gains came after a mixed day on Wall Street, where the Dow hit a fresh record high but the S&P 500 and Nasdaq retreated.

While expectations are for the Fed to stand pat on interest rates, investors will be keeping a close eye on its post-meeting statement for an idea about the policy committee's thinking in light of surging inflation and a strong jobs market.

Data last week showed US consumer prices rose in May at their highest level for three years owing to the impact of surging oil costs caused by the war.

Some observers predict the Fed will eventually announce an increase before the end of the year, despite Trump's previous demands for cuts.

"Warsh... inherits the most divided committee in more than three decades, with three voting members already dissenting against the easing bias in April, while outgoing governor Stephen Miran again voted in favour of a rate cut," said Michael Krautzberger, chief investment officer for public markets at AllianzGI.

"The minutes suggested that the committee's centre of gravity has shifted in a more hawkish direction as uncertainty about the duration and economic implications of the Middle East conflict continues to mount."

He added that "resilient economic activity and indications that labour-market conditions are stabilising support a less accommodative policy outlook".

"In a rapidly evolving economic and geopolitical environment, we expect the (bank) to remain on hold this year," he said.

"But resilient growth, a stabilising labour market and increasing inflation pressures have shifted the balance of risks in a hawkish direction."

- Key figures around 0810 GMT -

West Texas Intermediate: DOWN 1.1 percent at $75.18 a barrel

Brent North Sea Crude: DOWN 0.9 percent at $78.25 a barrel

Tokyo - Nikkei 225: UP 0.7 percent at 69,902.25 (close)

Hong Kong - Hang Seng Index: DOWN 0.7 percent at 24,312.16 (close)

Shanghai - Composite: UP 0.4 percent at 4,108.08 (close)

Seoul - Kospi: UP 1.6 percent at 8,864.24 (close)

London - FTSE 100: DOWN 0.1 percent at 10,484.22

Euro/dollar: DOWN at $1.1606 from $1.1608 on Tuesday

Pound/dollar: DOWN at $1.3418 from $1.3427

Dollar/yen: DOWN at 160.17 yen from 160.45 yen

Euro/pound: UP at 86.50 pence from 86.45 pence

However, bargain hunters gradually entered the market and maintained buying support throughout the day. Following active participation from both buyers and sellers, strong buying interest in the final trading hours pushed the index into positive territory at the close. Market turnover also increased by 1.3 percent to Taka 12.1 billion, compared with Taka 12.0 billion in the previous session. Among the sectors, textile stocks accounted for the largest share of turnover at 15.9 percent, followed by engineering at 11.8 percent and pharmaceuticals at 10.1 percent.

Most sectors posted gains during the session. The information technology sector led the advance with a 3.3 percent rise, followed by services with 3.1 percent and ceramics with 2.0 percent. On the other hand, miscellaneous stocks declined by 3.0 percent while life insurance and general insurance sectors fell by 0.9 percent and 0.8 percent respectively. Meanwhile, trading at the port city bourse ended in negative territory. The Chittagong Stock Exchange's Selective Categories Index (CSCX) and All Share Price Index (CASPI) fell by 17.2 points and 22.0 points respectively at the close of trading.

The central bank said that under the International Monetary Fund's (IMF) Balance of Payments and International Investment Position Manual (BPM-6) accounting standard, the country's reserves were recorded at US$31.24 billion.

Officials noted that the reserve position reflects the country's external sector stability amidst ongoing global economic uncertainties.

The central bank noted that some media reports had calculated so-called distressed loans by adding together classified or non-performing loans, rescheduled loans and written-off loans. It described this method as an inappropriate and technically incorrect approach that led to inflated figures. Bangladesh Bank further stated that there is no internationally recognized or standardized definition of "distressed loans" among global regulatory and policy-making institutions.

While the term is often used to describe loans that are not generating income or are not being serviced regularly, the aggregate calculation used in the reports does not conform to accepted regulatory or accounting practices. Explaining its position, the central bank said rescheduled loans cannot be considered distressed because borrowers continue to make repayments under approved restructuring arrangements. These loans remain active assets that generate cash flow for banks.

It also noted that written-off loans are maintained off-balance sheet in line with international practices and therefore cannot be added to active loan portfolios when assessing the current condition of the banking sector. Bangladesh Bank warned that publication of unverified and technically inaccurate financial data could create negative perceptions about the country's financial stability among domestic and international stakeholders, potentially affecting confidence in the economy. The central bank urged media organisations to exercise greater caution in reporting financial sector data and to verify information with official sources to ensure accuracy and maintain public and investor confidence.

"We will have a respectful but firm discussion," Macron told French television on Monday ahead of the meeting. "Tariffs don't do anyone any good, especially tariffs between G7 countries," Macron said, calling for trade "stability". In the Post interview, Trump said he had asked Macron "not to charge American companies"."If they do, I have no choice but to charge a 100 percent tariff on all champagnes and all wines coming out  of France," he was quoted as saying.

"All he has to do is get rid of the sales tax, and he wouldn't have that kind of pressure," he said of Macron. Gabriel Picard, president of the French Federation of Wine and Spirits Exporters (FEVS), called for preserving a "balanced and constructive trade relationship between France and the United States in the interest of both economies." The dispute "concerns issues that fall outside our scope of action, even though our companies could directly suffer the consequences... This new threat is bad news for our highly export-orientated sector," Picard told AFP. The United States is the biggest importer of French wines and spirits, according to the FEVS, accounting for 21 percent of the overall export market  last year.

French and European wines exported to the United States already face a 15 percent tariff, up from an earlier 10 percent. FEVS said exports of French wines and spirits to the United States slumped by 21 percent last year.

- Repeated threats -

According to the French customs agency, the United States imported 2.9 billion euros ($3.4 billion) of wines and spirits between May 2025 and April 2026, representing 18 percent of total exports. That made it by far the biggest single market for French producers, ahead of the UK (11 percent) and Germany (six percent). Champagne and cognac accounted for 40 percent of the export values, at around 600 million euros each.

Red wines from Bordeaux were next, at 220 million euros, followed by whites from Burgundy at 170 million euros. But some French regions are especially dependent on the US market. Producers of Loire Valley whites send 45 percent of their exports to the United States and Beaujolais sends 30 percent, whereas just 16 percent of  champagne exports go to the US market. In January, Trump threatened 200 percent tariffs on French wine over France's intention to decline an invitation to join his "Board of Peace" aimed at  resolving international conflicts. Canada decided to scrap its digital services tax last year in order to salvage trade talks with the United States, following pressure from Trump.

Proponents for special taxes on big tech firms say the goal is to force them to pay taxes where they carry out business, as well as to counter tax  optimisation strategies. During his first term Trump also threatened to set tariffs on US imports of champagne and French cheese.

On June 14 alone, expatriate Bangladeshis sent home US$179.08 million through official banking channels. The steady inflow of remittances has also strengthened the country's external sector performance during the current fiscal year.

According to the data, total remittance inflows stood at US$34.30 billion during the period from July 2025 to June 14, 2026, compared with US$28.69 billion received during the corresponding period of fiscal year 2024-25. As a result, remittance earnings recorded a robust 19.54 percent growth during the current fiscal year up to June 14, 2026.

Opening the session, AmCham President Syed Mohammad Kamal welcomed several budget measures, including VAT exemption on recycled cotton, zero-percent turnover tax incentives for startups and technology-driven businesses, and continued support for renewable energy through tax exemptions and rebates. While appreciating these initiatives, he said some concerns of the business community remain unresolved and stressed the need for further tax rationalization to encourage investment, business expansion, and long-term economic development.

Delivering the keynote presentation, Chairman and CEO of Policy Exchange Bangladesh Dr. M. Masrur Reaz described the proposed FY2026-27 budget as a pragmatic effort aimed at supporting economic recovery while laying the foundation for long-term transformation. He said the budget sends positive signals for private sector-led growth through measures designed to ease business costs, promote investment, and strengthen social protection programmes.

However, Dr. Reaz noted that achieving the budget's objectives would require addressing several challenges, including the ambitious 6.5 percent GDP growth target, significant revenue mobilization requirements, persistent inflationary pressures, and vulnerabilities in the banking and energy sectors. He emphasized that effective implementation would be crucial to translating policy intentions into tangible outcomes. The panel discussion, moderated by MetLife Bangladesh Vice President and Chief Executive Officer Ala Uddin Ahmad, featured Syed Mohammad Kamal, former Standard Chartered Bank Bangladesh CEO Naser Ezaz Bijoy, Centre for Policy Dialogue (CPD) Executive Director Dr. Fahmida Khatun, and PRAN-RFL Group Chairman and CEO Ahsan Khan Chowdhury.

Panelists identified weak revenue mobilization as a major challenge for the FY2026-27 budget, noting that revenue targets remain ambitious amid a subdued economic environment. They warned that increased government borrowing from the banking sector to finance fiscal deficits could crowd out private sector credit, raise interest rates, and limit businesses' access to financing. Such pressures, they said, could constrain investment, business expansion, and job creation, ultimately slowing economic growth. Responding to a question on inflation's impact on vulnerable groups, speakers acknowledged the government's efforts to expand social protection programmes but stressed the need for stronger governance and improved targeting mechanisms.

They observed that weaknesses in beneficiary selection often result in support reaching less needy individuals, while many vulnerable households remain excluded, reducing the effectiveness of social safety net programmes in addressing rising living costs. AmCham Bangladesh welcomed several positive measures in the proposed budget, particularly those promoting sustainability, entrepreneurship, digitalization, and renewable energy. The chamber, however, noted that several of its recommendations remain unaddressed and called for continued reforms to enhance competitiveness, strengthen investor confidence, and accelerate private sector-led economic growth.

The event concluded with a vote of thanks by AmCham Treasurer Reza-Ur-Rahman Mahmud. The discussion was attended by AmCham Executive Committee members, former AmCham presidents, officials of the US Embassy, senior government representatives, business leaders, media professionals, and AmCham Executive Director Chowdhury Kaiser Mohammad Riyadh.

The central bank said that under the International Monetary Fund's (IMF) Balance of Payments and International Investment Position Manual (BPM-6) accounting standard, the country's reserves were recorded at US$31.08 billion.

Officials noted that the reserve position reflects the country's external sector stability amidst ongoing global economic uncertainties.

"The Deal with the Islamic Republic of Iran is now complete," US President Donald Trump swiftly confirmed with his own statement on Sunday. Trump also announced that the strategic Strait of Hormuz -- a vital maritime chokepoint through which roughly 20 percent of the world's crude oil supply transits -- would reopen. "I hereby fully authorize the toll free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the United States Naval blockade. Ships of the World, start your engines. Let the oil flow!"

Soon after, Iran said that the newly announced agreement with the United States put an "immediate end" to the countries' war. "This is a first step deal, not a final peace settlement," Stephen Innes of SPI Asset Management said. "The market will now trade verification," he said including the official signing in Switzerland, mine clearance and Israeli restraint. "It is a marketable ceasefire framework that kicks the hard problems down the road. Iranian compliance, and Hezbollah quiet."

At around 0030 GMT the Nikkei 225 was up 3.91 percent, after briefly jumping above four percent, while South Korea's benchmark Kospi index surged 7.80 percent.

Trump's announcement fuelled a rally on Wall Street on Thursday and oil prices tumbled, although Iran's position was unclear, with foreign ministry spokesman Esmaeil Baqaei saying Tehran "had not reached a final conclusion on the agreement".

Claiming that talks with Iran had been "brought to the highest level of Iranian leadership and approved," Trump said he had "cancelled the scheduled strikes and bombings against Iran this evening."

"Time and place of the signing to be announced shortly," he said.

first 10 days of June as expatriate Bangladeshis continued to send higher amounts of money through

formal banking channels.

According to the latest data, the country received US$1,203.15 million in remittances during the

period from June 1 to June 10, 2026, compared to $956.19 million during the corresponding period of

June last year.

The inflow registered a significant 25.83 percent year-on-year growth, reflecting sustained

confidence among expatriate workers in the country's formal financial system.

On June 10 alone, remittance inflow amounted to $104.84 million, indicating steady momentum in

foreign currency earnings.

Banking sector experts said the continued rise in remittance inflow is playing a vital role in

easing pressure on the foreign exchange market and strengthening the country's external sector.

They said various policy supports, including cash incentives for remitters, simplified banking

services and stricter monitoring against illegal money transfer channels, contributed to the

encouraging growth trend.

Meanwhile, total remittance inflow during the current fiscal year from July 2025 to June 10, 2026

reached $33.96 billion, up from $28.46 billion during the same period of the previous fiscal year,

marking a 19.31 percent growth.

"The underlying philosophy of the proposed FY27 budget appears to be one of economic recovery through human development, private-sector-led growth, and social protection. Alongside physical infrastructure, this budget also emphasises jobs, entrepreneurship, education, healthcare, and welfare," she said. She said that this orientation broadly aligns with the BNP's election manifesto, which stressed employment generation, private investment, business-friendly policies, deregulation, and improvements in the social sector.

Fahmida Khatun made the remarks today while speaking at a media briefing session titled 'CPD's Analysis of the National Budget FY2026-27' at a hotel in the city. She welcomed the introduction of a five-year roadmap for Personal Income Tax (PIT), saying it would provide taxpayers with greater predictability regarding future tax obligations. Fahmida Khatun also praised the proposed incentive-and-penalty mechanism for tax return submissions, including a five percent incentive for early filing, which she believes will strengthen compliance and reduce the need for repeated extensions of filing deadlines.

She highlighted the reduction of corporate tax for private universities, medical colleges and IT-based educational institutions from 15 percent to 10 percent, noting that it had previously recommended such a move to support the education sector. She termed it inspiring that health and education remain among the top five sectors in the Annual Development Programme (ADP).

According to her, the health sector allocation has increased by around 50 percent to Tk 62,852 crore, while education received Tk 1,22,495 crore, marking a 28 percent rise from the previous fiscal year. She also welcomed the introduction of the Family Card and Farmer's Card programmes under the government's social protection framework. The Family Card Programme will support around 41 lakh beneficiaries, including female-headed and landless households, making it the largest women-focused social protection initiative in the proposed budget, she added.

She said that the Farmer's Card Programme is expected to benefit about 42.5 lakh marginal farmers through direct cash assistance and subsidised agricultural inputs, contributing to food security and rural development. Dr. Khatun further praised a number of green and technology-oriented fiscal measures included in the budget. These include a zero percent tax rate for the solar power sector until 2035, reduced annual income tax on electric vehicles (EVs), and the withdrawal of import duties on EV charging equipment.

She also noted the extension of VAT exemptions on locally manufactured computers and ICT products until 2030 and the proposal to remove SIM card taxes, which could help expand digital access. She said the budget offers additional support to domestic industries through VAT exemptions on agricultural fertilisers and raw materials used in medicine production. Fahmida Khatun also welcomed VAT exemptions on imported heart rings and intraocular lenses, saying the measures would help lower healthcare costs for patients.

In her concluding remarks, Dr. Khatun said the larger budget presents an important opportunity for the government to accelerate economic recovery. She added that the strong emphasis on entrepreneurship, education and social welfare provides a solid foundation for building a more humane and inclusive economy, provided that implementation is effective and efficient. CPD Distinguished Fellow Professor Mustafizur Rahman, among others, spoke on the occasion.

International benchmark, Brent North Sea crude, shed 5.0 percent to $85.86 a barrel, on hopes of unblocking the waterway through which large amounts of the world's oil and gas are shipped.

The main US contract, West Texas Intermediate, lost 5.0 percent to $83.32 a barrel.

He said the proposed reforms would have a positive long-term impact on the country's industrial sector and contribute to economic recovery at a time of global uncertainty, persistent inflationary pressures, energy challenges and sluggish investment. The BCI president also welcomed the government's emphasis on developing ten priority sectors, the creative economy and the blue economy, saying these initiatives would help diversify the economy and create new opportunities for sustainable growth.

The chamber appreciated budgetary measures aimed at supporting small and medium enterprises (SMEs), reopening closed industrial units and expanding the tax net, which it believes will strengthen the industrial base and improve revenue collection. Highlighting the need for export diversification, Chowdhury urged the government to include halal products among the country's priority export sectors. 

He said Bangladesh has significant potential to capture a larger share of the rapidly expanding global halal market due to its production capacity and competitive advantages. The BCI also lauded the government's deregulation initiatives aimed at improving the ease of doing business, although it stressed that the success of such measures would depend on effective implementation. While describing the budget as necessary for meeting the development aspirations of a nation of nearly 190 million people, the chamber noted that implementation capacity remains a major challenge.

To ensure successful execution of the budget, BCI recommended preparing detailed action plans and implementation timelines from the beginning of the fiscal year and ensuring active participation of stakeholders throughout the process. The chamber expressed hope that the proposed budget would contribute to the overall development of the economy through reforms, export diversification and industrial expansion, provided the announced measures are implemented effectively.

The chamber noted that the budget has been formulated amid significant economic challenges, including persistent inflationary pressure, global geopolitical uncertainties, elevated interest rates and sluggish investment growth. MCCI welcomed the government's targets of achieving 6.5 percent GDP growth and reducing inflation to 7.5 percent in the coming fiscal year. 

It also appreciated the identification of 10 priority areas aimed at restoring economic discipline and providing relief to citizens. MCCI also welcomed the proposed allocation of Taka 144,338 crore for social safety net programmes, a 13.89 percent increase from the previous fiscal year. 

It particularly appreciated initiatives such as family cards for low-income households and farmer cards that will provide financial assistance through mobile banking channels. The chamber also praised the increased allocations for education and health sectors, with education spending projected to rise to 2.0 percent of GDP and health expenditure to 1.01 percent of GDP. On taxation, MCCI appreciated several business-friendly measures, including raising the tax-free income threshold for individuals to Taka 375,000, introducing a tax calendar under the Income Tax Act 2023, reducing tax payment requirements for appeals, recognizing labour as an input for VAT purposes and shifting VAT return submission from monthly to quarterly.

At the same time, it urged the government to reconsider the proposed increase in the minimum tax rate from 5 percent to 10 percent and the reduction of the investment tax rebate from 15 percent to 10 percent, warning that these measures could discourage savings and penalize compliant taxpayers. The chamber also expressed disappointment over the absence of a refund mechanism for the Minimum Turnover Tax and stressed the need for strong legal and technological safeguards to protect data privacy under new digital connectivity initiatives.

MCCI emphasized that the ultimate success of the budget would depend on institutional good governance, a harassment-free tax regime and efficient revenue administration. It called for full digitalization of tax management and the adoption of risk-based audit systems to improve compliance while fostering a more business-friendly environment. The chamber reaffirmed its commitment to working with the government to ensure economic stability, sustainable growth and inclusive development.

Speaking at a post-budget press conference at the Osmani Memorial Auditorium in the capital this afternoon, following the presentation of the FY2026-27 national budget on Thursday, the finance minister acknowledged that inflation remains one of the country’s biggest economic challenges and warned that the problem cannot be solved through short-term administrative measures alone.

“Inflation is not a three-month issue. It has been building up for years, and over the last three years it has become a persistent challenge. On top of that, the Middle East conflict has added a new external pressure,” he said.

The finance minister noted that Bangladesh is facing both domestic and international inflationary pressures. He said rising global fuel prices, supply disruptions caused by geopolitical tensions and increasing import costs continue to affect local markets.

At the same time, he pointed to structural weaknesses within the economy, including inefficiencies in business operations, logistics and financing.

“Banks are carrying huge capital shortages because of years of looting and money laundering. As a result, the cost of funds remains very high, and that cost is ultimately reflected in prices,” he said.

The finance minister explained that obtaining business permits often takes months, while inefficiencies at ports, customs and regulatory agencies increase costs throughout the production and distribution chain.

“From obtaining a licence to receiving goods from the port and transporting them to factories, costs continue to rise at every stage. All these costs are eventually added to the price consumers pay,” he said.

He stressed that inflation cannot be controlled by market raids or law enforcement actions alone.

“Prices cannot be controlled by deploying police, RAB or government officials. Inflation must be controlled through sound policies and efficient management,” he added.

The government, he said, plans to reduce business costs through deregulation, digitalisation, improved logistics and greater transparency. It also intends to move away from excessive reliance on spot purchases of fuel and essential commodities and instead adopt long-term procurement strategies.

“If we can reduce our domestic cost of doing business, it will have a positive impact on inflation. We want to build reserves and maintain better planning in fuel, food and fertiliser procurement,” he said.

On the issue of government salaries, the minister defended the decision to introduce a new pay scale, noting that public servants have not received a major salary revision for nearly 11 years despite significant increases in living costs.

“The government employees have also been suffering from inflation. While wages in the private sector have adjusted over time, government employees have not had a pay-scale revision for more than a decade,” he said.

Asked whether higher salaries would reduce corruption, the minister replied: “When people face financial hardship, there is naturally a tendency to seek unethical means. We hope that as incomes rise and living standards improve, corruption will decline.”

He added that improving the quality of public services and strengthening accountability would remain essential alongside salary adjustments.

The proposed budget projects inflation at 7.5 percent in FY2026-27 and places strong emphasis on reforms aimed at lowering structural business costs and improving economic efficiency.

Information and Broadcasting Minister Zahir Uddin Swapon, Power, Energy and Mineral Resources Minister Iqbal Hassan Mahmood, Education minister Dr. A N M Ehsanul Hoque Milon, Health and Family Welfare Minister Sardar Md. Sakhawat Husain, Agriculture Minister Mohammed Aminur Rashid, State Minister for Planning Zonayed Abdur Rahim Saki, Adviser to the Honorable Prime Minister on Post, Telecommunication and Information Technology Rehan Asif Asad, Prime Minister's Adviser and PMO Spokesperson Dr Mahdi Amin, Prime Minister's Special Assistant on Investment and Capital Market Tanvir Gani, Cabinet Secretary Nasimul Gani, Principal Secretary to the Prime Minister A B M Abdus Sattar, Bangladesh Bank Governor Md Mostaqur Rahman, Finance Secretary Dr. Md Khairuzzaman Mozumder, chairman of the National Board of Revenue (NBR) Md. Abdur Rahman Khan were present on the dais.

“We have to move towards an investment-driven economy. If we continue to rely excessively on borrowings, especially from local banks, sustainable growth will be difficult to achieve,” he said. Addressing a post-budget press conference at the Osmani Memorial Auditorium in the capital this afternoon, the minister said government borrowings from domestic banks have historically crowded out private-sector investment and limited economic dynamism.

The finance minister noted that the government has already reduced planned bank borrowings compared with the previous fiscal year and intends to further diversify financing sources. “We are gradually moving from a debt-dependent economy towards equity and investment-driven economy,” he said. A central pillar of the government’s strategy, he said, is a broad deregulation agenda aimed at reducing bureaucratic barriers and improving the overall investment climate.

“If we cannot implement deregulation effectively, neither local nor foreign investors will invest in Bangladesh,” he warned. To ensure implementation, the government plans to establish a high-powered oversight mechanism and digital monitoring system to track delays and hold officials accountable. The minister said investment reforms would be accompanied by extensive social protection programmes to ensure that economic growth remains inclusive.

Highlighting the Family Card programme, he said the initiative is designed to support vulnerable households without any political discrimination. “We are providing services to citizens, not to political parties. The budget is for every citizen of Bangladesh,” he said. According to the minister, a pilot phase involving around 37,000 beneficiaries has already produced encouraging results. “We were surprised by the success of the pilot programme. The error rate was only over one percent, and we are correcting those issues before expansion,” he said.

The government plans to expand the programme significantly, eventually covering around 4.1 million women across the country in the next fiscal year. The finance minister stressed that beneficiaries are selected through objective criteria rather than political considerations. He also highlighted other major initiatives, including Farmer Card, universal healthcare programmes, skills-development projects and investments in the creative economy.

Referring to the creative economy initiative, the minister said the government aims to support rural artisans, musicians, performers, designers and cultural entrepreneurs by providing financing, design support, training and market access. “Bangladesh has enormous untapped potential in culture, tourism and creative industries. We want to monetise these opportunities and bring millions of people into the economic mainstream,” he said.

The minister said creative industries would also complement tourism development and strengthen Bangladesh’s cultural presence internationally. Reiterating the philosophy behind the budget, he said the government’s objective is to ensure that every segment of society—from farmers and workers to entrepreneurs and artists—benefits from economic growth. “Bangladesh comes first. This budget has been designed for all citizens, regardless of background or political affiliation,” he said, adding that they have already taken decision that there would be no political appointment in the financial sector.

Information and Broadcasting Minister Zahir Uddin Swapon, Power, Energy and Mineral Resources Minister Iqbal Hassan Mahmood, Education minister Dr. A N M Ehsanul Hoque Milon, Health and Family Welfare Minister Sardar Md. Sakhawat Husain, Agriculture Minister Mohammed Aminur Rashid, State Minister for Planning Zonayed Abdur Rahim Saki, Adviser to the Prime Minister on Post, Telecommunication and Information Technology Rehan Asif Asad, Prime Minister's Adviser and PMO Spokesperson Dr Mahdi Amin, Prime Minister's Special Assistant on Investment and Capital Market Tanvir Gani, Cabinet Secretary Nasimul Gani, Principal Secretary to the Prime Minister A B M Abdus Sattar, Bangladesh Bank Governor Md Mostaqur Rahman, Finance Secretary Dr. Md Khairuzzaman Mozumder, chairman of the National Board of Revenue (NBR) Md. Abdur Rahman Khan were present at the dais.

Finance Minister Amir Khasru Mahmud Chowdhury today announced the national budget for the FY 2026-27 in the Jatiya Sangsad Bhaban. 
Presenting the budget, the minister said enhancing legal and scientific capacity to protect women and children remains one of its highest priorities which will strengthen women’s empowerment, child protection, social security and rehabilitation initiatives across the country.

Under the multi-sectoral programme to prevent violence against women, a National Forensic DNA Profiling Laboratory and seven divisional DNA screening laboratories have already been established to strengthen investigation and justice mechanisms.

To bring emerging and aspiring women entrepreneurs under a formal state framework, the government is compiling a comprehensive national database. The initiative is expected to facilitate training opportunities, access to credit and stronger market linkages for women entrepreneurs.

The budget speech also highlighted specialised adaptation projects for women living in coastal regions to enhance resilience and strengthen their capacity to cope with climate change challenges.

To increase women’s economic self-reliance, the second phase of the Income-Generating Activities (IGA) Training Project for Women is being implemented successfully at the upazila level.
Under the Vulnerable Women Benefit (VWB) programme, 1,040,000 women across 4,586 unions in 493 upazilas are currently receiving 30 kilograms of rice and fortified rice every month.

The government is also implementing extensive social awareness and parenting programmes to ensure the proper development, protection and social security of children from conception to eight years of age.

A ‘Quick Response Team’ has been formed to respond immediately to incidents of violence against women as well as children and strengthen integrated support services.

To support working women, the government has undertaken an initiative to establish 20 modern daycare centres in the first phase, followed by an additional 60 centres in the next phase to facilitate greater participation of women in the workforce.

Specific projects have also been adopted to ensure social security and rehabilitation support for returnee female migrant workers with the aim of reducing migration-related vulnerabilities.

The government announced special long-term rehabilitation initiatives for street children and children at risk. Measures include reintegrating educated and trained children into their families and providing financial assistance to those households.

For girl children in conflict with the law, Child Development Centers are currently providing accommodation for an average of 350 girls annually while ensuring legal aid, social protection and access to justice.

At present, 33 Integrated Child Rehabilitation Centers are operating across 17 districts, offering separate accommodation and livelihood facilities for 3,300 boys and 3,300 girls through government support.

Special action plans are also being implemented for children with speech, hearing and visual impairments as well as children with autism.

The budget speech further recognised the sacrifice of children who lost their lives during the July Mass Uprising. As part of government support measures, financial assistance was provided to 84 affected families during World Children’s Day and Children’s Rights Week, including a one-time award of Tk 50,000 in prize bonds and a crest of honour.

“A total of Taka 28,881 crore have been proposed for the agriculture sector where Taka 20,935 crore for operating expenditure and Taka 7,946 crore for development”, according to the proposed budget. In 2025-26, the budgetary allocation for the agriculture sector was Taka 27,224 crore and Taka 24,825 crore was in the revised budget. Of the total proposed budget, Taka 22,963.47 crore has been allocated under the head of recurrent expenditure and Taka 5,917.91 crore for capital expenditure. 

Of these allocations, Taka 1671 crore will be spent for wages and salaries, Taka 255.55 crore for administrative expense and Taka 17,001 crore for public nonfinancial corporations subsidies. In the revised budget of 2025-26, Taka 1550.89 crore earmarked for wages and salaries in cash and over Taka 200 crore for administrative expenses. While presenting the national budget of 2026-27, the finance minister said, “We are committed to developing the agricultural sector, which is the foundation of the country's economy and food security, into a self-reliant, climate-resilient and technology driven modern system”. 

The finance minister said special priority was given to ensure affordable price of agricultural inputs including fertilizers, seeds, and irrigation aimed at reducing production costs at farmers’ level, as well as to promoting agricultural mechanization. One of the principal commitments of the present government is to transform agriculture into a key driver of national prosperity, he said. Above all, our objective is to ensure safe food and nutritional security through good agricultural practices and achieve the sustainable transformation of the rural economy, said the finance minister.

For the welfare of the farmers, he said, fishermen, livestock farmers, and salt cultivators have also been brought under the coverage of this special Farmer Card programme which was launched on April 14, this year. As a pre-pilot for the 2025–26 fiscal year, 22,065 farmers have been provided with cards across 11 blocks in 11 upazilas of 10 districts, he said. In the 2026–27 fiscal year, 42.5 lakh cards will be distributed across 100 upazilas, with plans to gradually provide Farmer Card to all farmers in the country.

Through this card, landless, marginal, and small farmers will receive an annual one-time cash assistance of Taka 2,500, along with an additional 10 types of multifaceted benefits as per electoral commitments of BNP. The minister said to strengthen the agricultural sector, agricultural and rural credit programs will be expanded through scheduled banks. Loans at a 4 percent concessional interest rate for the cultivation of pulses, oilseeds, spices, and maize will continue in order to reduce import dependency. In order to address the impacts of climate change, initiatives have been taken to strengthen agricultural research for the development of salt-tolerant and drought-resistant crop varieties, the minister added.

In addition, to create employment opportunities for youth, initiatives have been taken to formulate an “Agropreneurship Start-up Policy” and an “Agricultural Cooperative Policy” to ensure the balanced distribution of modern agricultural technology and agricultural credit on a large scale. 

 “Of this amount, I propose to collect Tk 6 lakh 4 thousand crore through the National Board of Revenue (NBR) and Tk 91 thousand crore from other sources,” he said. Meanwhile, the proposed total expenditure for the upcoming FY 2026-27 is estimated at Tk 9.38 lakh crore, which represents 13.7 percent of GDP and is Tk 1.48 lakh crore higher than the budget of the previous financial year. “Of this amount, I propose an allocation of Tk 3 lakh 16 thousand 75 crore for development expenditure, including Tk 3 lakh crore for the Annual Development Programme(ADP), and  Tk 6 lakh 21 thousand and 925 crore for operating and other expenditures,” he said. 

The Finance Minister said the government has adopted a plan to gradually increase the share of development expenditure in the budget. “In line with that objective, it has been proposed to raise the share of total development expenditure in the fiscal year 2026–27 from 27.27 percent in the current fiscal year (revised) to 33.70 percent and to reduce operating expenditure from 72.73 percent in the current fiscal year to 66.30 percent in the upcoming fiscal year,” the minister said.  He said the total expenditure includes Tk 1 lakh 5 thousand crore for interest payments on domestic debt and Tk 22 thousand 5 hundred crore for interest payments on foreign debt.

In the proposed budget, utmost importance has been given to ensuring social protection for marginalised and low-income groups to achieve the development goals.  At the same time, in allocating resources for the Annual Development Programme (ADP), priority has been given to human resource development and education, health, science, research, and technology which are vital for building a knowledge-based society.

In addition, special emphasis has been placed on the development of physical infrastructure necessary for investment and sustainable development. In the proposed budget, a total allocation of Tk 2 lakh 79 thousand 1 crore has been proposed for the social infrastructure sector, which accounts for 29.74 percent of the total allocation. An allocation of Tk 1 lakh 74 thousand and 988 crore has been proposed for the physical infrastructure sector, representing 18.66 percent of the total budget. For the general services sector, Tk 2 lakh 45 thousand and 117crore has been proposed, which is 26.13 percent of the total allocation. “The increased and highest allocation for the social sector reflects the government’s electoral commitment to giving priority to education, healthcare, and social safety net programmes.” added the Finance Minister.

According to the budget document, the government is undertaking multifaceted initiatives, including the development of railway infrastructure, introduction of modern technologies and establishment of an integrated transportation system. Efforts are underway to strengthen the country's communication network by bringing all districts and major cities under railway connectivity, expanding rail links with seaports and land ports, improving regional and cross-border railway communication and increasing commuter train services.

The document said work is progressing on the construction of dual-gauge double lines, gauge unification, modern signalling systems and the introduction of electric traction. A chord line will be constructed on the Dhaka-Cumilla section of the Dhaka-Chattogram railway corridor. Once completed, the proposed new chord line will reduce the distance between Dhaka and Chattogram by approximately 80 kilometres, bringing the total route length down from 320 kilometres to 240 kilometres.

As a result, train travel time between Dhaka and Chattogram is expected to decrease from the current five hours to only three hours, bringing a transformative improvement to the communication system in the region. The budget document said freight trains carrying goods from Chattogram Port, the Bay Terminal and the Matarbari Deep Sea Port will be able to connect directly to the proposed Dhirashram Inland Container Depot (ICD) through the existing Chattogram-Feni-Cumilla-Brahmanbaria-Bhairab-Narsingdi railway line, further strengthening the country's economy and logistics sector.

Integrated development activities in the railway sector will be further strengthened with greater priority during the tenure of the present government. To this end, initiatives are being undertaken for the construction of new railway lines and rail bridges, procurement of modern locomotives, coaches and wagons and strengthening the maintenance of existing railway tracks and bridges. Measures are also being taken to enhance the capacity of the railway workshops at Saidpur and Pahartali to facilitate the local assembly of coaches and locomotives.

Furthermore, the quality of passenger and freight transport services will be improved through the introduction of new train services, modernization of signalling systems and expansion of optical fibre-based communication networks. To transform Bangladesh Railway into a commercially viable institution, greater emphasis is being placed on freight transport services alongside passenger services, while private investment is also being encouraged.

The document said plans have been undertaken to introduce electric trains, establish high-speed rail connectivity and procure new rolling stock as part of the sector's modernization, while railway infrastructure development will be carried out through Public-Private Partnership (PPP) arrangements.

He said remittance inflows reached a historic milestone in March this year, when expatriate Bangladeshis sent US$ 3.75 billion through official channels, the highest amount ever received in a single month in the country's history. The Finance minister said the record remittance inflow came just one month after the government assumed office and reflected the confidence and trust of expatriate Bangladeshis in the country's democratic administration.

"We expect this positive trend to continue in the coming years," he said. To maintain the momentum in remittance growth, the government will continue to encourage the use of formal channels for money transfers and retain the existing 2.5 percent cash incentive for remittances sent through legal means, he added. The minister expressed optimism that the ongoing measures would further strengthen foreign exchange earnings and contribute to the country's overall economic stability.

The minister also outlined a set of taxpayer-friendly reforms accompanying the budget, including simplifying corporate tax compliance, enabling online income tax return filing and payment, reducing regulatory burden on businesses, expanding allowable business expenditures, and scrapping provisions that disallow costs when withholding tax is not deducted. He added that the process of selecting tax cases for audit and withholding tax verification would be made fully transparent and automated.

Under existing rates, now carried forward, general companies defined under the income tax law face a flat rate of 27.5 percent. Listed companies that transfer more than 10 percent of paid-up capital through IPO are taxed at 22.5 percent, reducible to 20 percent upon meeting additional conditions. Publicly traded banks, insurance companies, and non-bank financial institutions face a 37.5 percent rate, while their non-listed counterparts pay 40 percent. Merchant banks are taxed at 27.5 percent.

Tobacco product manufacturers, including cigarettes, bidis, zarda and gul, face the steepest burden at 45 percent plus a 2.5 percent surcharge. Publicly traded mobile phone operators with at least 10 percent IPO shareholding are taxed at 40 percent, while non-listed operators face a 45 percent rate. Co-operative societies are taxed at 20 percent. Private universities, medical, dental and engineering colleges, and IT-focused private institutions enjoy a concessional rate of 10 percent.

This is the first budget of the current BNP government after it took office through the February 12, general election.

Prices likely to go down

The FY27 budget is likely to reduce prices of Kidney dialysis equipment, heart stents or rings, intraocular lenses (for eye surgery), special assistive devices for persons with disabilities, cancer medicines, active Pharmaceutical Ingredients (API), other life-saving medicines, medical equipment, laptop computers, desktop computers, computer printers, computer monitors, computer accessories, SSD (Solid State Drive), Point of Sale (POS) machines, baby food, all types of spices, all types of dates, all types of fertilizers, veterinary medicines, insecticides and pesticides, poultry, dairy, and fish feed, Electric vehicles (EVs) up to $50,000, Plug-in hybrid electric vehicles (PHEV) up to 2000 cc, electric buses and trucks, E-bikes, EV chargers/stations, solar panels / photovoltaic cells, solar inverters, calcium battery packs, Battery Energy Storage Systems (BESS), solar panel mounting structures, smart cards (banking cards), Sewage Treatment Plants (STP), mortuary refrigerators, cosmetic and beauty products, musical instruments (e.g., piano, guitar, violin, etc.), cinematography cameras and projector accessories, hair care and beauty products, jewelry, SIM cards, electric cookers, induction cookers, infrared cookers, water purifiers, water heaters, irons, locally produced products, mobile phones, refrigerators, freezers, Washing machines, ATM machines and CCTV cameras.

Prices likely to go up

On the other hand, prices are likely to increase for Cigarettes and tobacco products nicotine pouches, locally produced alcoholic beverages in Bangladesh, passenger vehicles with 1200–1600 cc engine capacity, imported washing machines, imported copper tubes, imported cold-rolled and coated coils/sheets, imported transformers (1 kVA capacity), imported DC motors up to 1200 watt capacity, imported honey, imported coffee, imported cashew nuts, imported toys, imported tiles, imported toilets and basins, imported paints and sanitary fixtures, imported mayonnaise and edible oils, imported potato chips, imported leather and leather products and MS (mild steel) products.

Placing the national budget in the parliament, the finance minister said the proposed health allocation would account for 1.01 percent of the country's Gross Domestic Product (GDP), up from 0.58 percent of GDP in the revised budget of the outgoing fiscal year.

“I propose an allocation of Tk 69 thousand and 409 crore for the Ministry of Health and Family Welfare in the fiscal year 2026-27, which is equivalent to 1.02 percent of GDP. In the revised budget for fiscal year 2025-26, the allocation for this sector was Tk 35 thousand and 477 crore, representing 0.58 percent of GDP,” he told parliament while unveiling a Tk 9.38 lakh crore national budget.

The minister described the increased allocation as the first major step towards fulfilling the BNP government's electoral commitment to gradually raise health spending to 5 percent of GDP within the next five years.

“Building a healthy nation is the prerequisite for sustainable development and a prosperous Bangladesh,” he said, adding that years of neglect, corruption, political interference and lack of accountability had weakened the country's healthcare system.

Outlining the government's policy direction, Khosru said the administration aims to transform Bangladesh's healthcare system from a treatment-centred model to a prevention-focused one by strengthening primary healthcare, expanding immunisation, improving maternal and child health services, enhancing nutrition programmes and ensuring early detection of non-communicable diseases.

A key feature of the government’s plan is the establishment of modern primary healthcare units in every union and urban ward, a commitment included in the BNP manifesto. The government has already begun implementing the initiative, with each unit to be supported by three community clinics providing preventive healthcare, maternal and child services, nutrition support and primary medical care at the grassroots level.

The minister also announced plans to introduce a nationwide Health Card system under universal health coverage. Linked to an Integrated Patient Management System and Referral System, the digital platform will allow healthcare providers across the country to instantly access patients' medical histories, prescriptions and diagnostic records.

To strengthen secondary healthcare, district hospitals and upazila health complexes will be integrated into comprehensive healthcare units, while complex surgeries and specialised treatment will be concentrated at district headquarters hospitals. A National Ambulance Pool and Emergency Services Network will also be established to improve patient transportation.

The minister said the government would continue strengthening immunisation programmes after successfully administering measles-rubella vaccines to nearly all eligible children within its first 100 days in office following a nationwide measles outbreak.

Significant emphasis was also placed on healthcare workforce expansion. The government has initiated the recruitment of 5,000 MBBS doctors to fill long-vacant positions and launched the process of hiring 100,000 additional health workers, around 80 percent of whom are planned to be women, to strengthen preventive and community healthcare services.

The budget also outlines reforms in medical education, including the introduction of a modern competency-based MBBS curriculum by 2030, enhanced use of artificial intelligence in medical training and expansion of nursing and midwifery education.

Alongside healthcare delivery reforms, the government announced support for pharmaceutical exports, development of an Active Pharmaceutical Ingredient (API) industrial park, expansion of vaccine and medicine supply networks and initiatives to develop a domestic medical equipment manufacturing industry.

Calling healthcare investment a cornerstone of human resource development, Khosru said the increased allocation marked “the beginning of a people-centred, accountable and future-oriented healthcare system”.

The proposed budget, he added, seeks not only to improve healthcare services but also to ensure that “no poor family is ruined by the cost of medical treatment”, reflecting one of the BNP government's central electoral commitments.

The total outlay of the budget has been set at Tk 9.38 lakh crore, the largest national budget in the country's history. This is the first budget of the BNP government this time following a landslide victory in parliamentary election held on February 12 this year. A BNP-led government had last presented its national budget for the fiscal year 2006-'07 under then Finance Minister M. Saifur Rahman. The proposed budget, the largest in the country's history, reflects the government's commitment to economic recovery, investment promotion, human resource development and improved public service delivery.

According to budget documents, the total expenditure outlay has been estimated at Tk 9.38 lakh crore, while domestic revenue mobilisation is projected at around Tk 6.95 lakh crore. The overall budget deficit is expected to stand at Tk 2.43 lakh crore, equivalent to 3.6 percent of the Gross Domestic Product (GDP). The government has set a GDP growth target of 6.5 percent and an inflation target of 7.5 percent for FY27, with the projected size of the economy estimated at Tk 68.30 lakh crore. In his budget speech, the finance minister highlighted the government's priorities in education, healthcare, employment generation, private-sector-led investment and social protection. He reiterated the government's pledge to build a knowledge-based economy and expand opportunities for the country's growing youth population.

The budget speech also featured a series of deregulation and business facilitation measures, including simplification of licensing procedures, modernisation of tax administration and expansion of digital services to improve the ease of doing business and attract both local and foreign investment. Officials said the FY27 budget has been framed in line with the government's electoral commitments and long-term development vision, placing greater emphasis on human capital development alongside macroeconomic stability. The proposed budget will be discussed in parliament before its passage and implementation from July 1, 2026.

The association noted that on May 4, 2026, it had submitted a formal letter to BSEC seeking the removal of the floor prices in order to eliminate market stagnation and restore normal trading activities.  The letter, signed by DBA President Saiful Islam, highlighted that the prolonged floor price restrictions on the shares of Islami Bank and Beximco had hindered normal trading activities for sellers and disrupted the market's price discovery mechanism.

The DBA also pointed out that the floor price system increased the risk of negative equity for investors who had taken margin loans and created a negative perception of Bangladesh's capital market among international investors. Considering the DBA's proposal and the overall market situation, the newly constituted BSEC commission decided to withdraw the floor prices on the shares of Islami Bank Bangladesh PLC and Beximco Limited. Welcoming the decision, DBA President Saiful Islam expressed his sincere thanks and appreciation to Chairman Masud Khan and the commission under his leadership.

The DBA believes that the timely decision will play a significant role in removing long-standing market stagnation, restoring normal trading activities and strengthening investor confidence.  It also said the move would help make the market-based price determination system more effective, transparent and dynamic. The association further expressed hope that under the leadership of Masud Khan, the new commission would undertake necessary reforms to remove regulations and barriers that have long been considered inconsistent with a business- and investment-friendly environment, and take effective steps to build a transparent, modern, sustainable and confidence-based capital market.

Saiful Islam also welcomed and congratulated the newly appointed chairman and all commission members, reaffirming the DBA's commitment to working closely with the regulator and providing full cooperation in promoting capital market development, protecting investors' interests and ensuring market stability.

Stung by surging energy costs, the rupiah has fallen to more than 18,000 to the dollar, a record low. The country's stock market has lost a third of its value in 2026. "This increase is a further step to strengthen the stability of the rupiah exchange rate against the impact of high global volatility due to the war in the Middle East," the central bank said in a statement. It called the move a "preemptive measure to maintain inflation in 2026 and 2027 within the government's target range of 2.5 +/- 1.0 percent".

The hike "is also intended to increase returns and attract foreign portfolio investment inflows into Indonesia". Despite recently tightening the rules for dollar purchases, the central bank has been unable to halt the exchange rate rout. Last week, parliament passed a bill expanding the central bank's mandate to include responsibility for economic growth, and increasing lawmakers' oversight of the institution -- raising fears for its independence.

The rupiah has tumbled more than seven percent this year and has been Asia's worst-performing currency, according to financial outlet Bloomberg News. The global oil price surge caused by the Middle East war has also had a strong impact on Indonesia, a net oil importer. Despite the country's struggles with high crude costs, the government has insisted on leaving heavily subsidised fuel prices unchanged.

The country's trade surplus narrowed to just $89 million in April from $3.3 billion a month before, according to government data. Further fuelling investor concerns, President Prabowo Subianto announced commodity export controls last month, sending a tremor through the markets with investors concerned over "resource nationalism" in the world's largest palm oil producer.

The launch follows a memorandum of understanding (MoU) signed between BDBL and the National Pension Authority on July 14, 2025. To facilitate the service, the bank opened a special SND account at its Principal Branch and integrated its Core Banking System (CBS) with the authority's software platform. Speaking at the function, Dr. Suratuzzaman underscored the growing importance of a comprehensive pension system in the face of changing demographic trends.

 Referring to data from the United Nations Population Fund, he said life expectancy in Bangladesh is projected to increase from the current 73 years to 84.3 years by 2075, while the elderly dependency ratio is expected to rise sharply from 8.6 percent in 2022 to 48 percent by 2075. He said the Universal Pension Scheme is designed to provide social security to the country's 77.4 million labour force, around 85 percent of whom are engaged in the informal sector and remain outside formal pension and provident fund coverage.

 The government aims to bring at least one member from each of the country's 40 million families under the scheme by 2030. Currently, the Universal Pension Scheme offers four packages: Probash for expatriate Bangladeshis, Progati for private-sector employees, Surokkha for self-employed and informal-sector workers, and Somota for low-income citizens. Monthly contributions range from Tk 1,000 to Tk 15,000, with pension benefits determined by the amount and duration of contributions.

The programme has also attracted international support. The Asian Development Bank has pledged a soft loan of US$100 million to strengthen universal pension activities, and a feasibility study is currently underway. Officials said future plans include introducing Shariah-compliant versions of all pension packages to better serve the country's Muslim-majority population, as well as considering lifelong pension benefits for nominees. These initiatives are in line with the government's 2026 election manifesto commitment to establishing pension funds for private-sector workers.

BDBL Managing Director and CEO Md. Jasim Uddin said the bank's involvement in the Universal Pension Scheme would add a new dimension to the country's socio-economic development. Following the inauguration, a special training programme was held for BDBL officials on customer registration, subscription collection and the operation of the integrated CBS software. Citizens can obtain further information and register for the scheme through the official website, (Universal Pension Scheme Portal) (https://www.upension.gov.bd?utm_source=chatgpt.com), or by visiting any BDBL branch.

The market maintained positive momentum throughout the session, supported by broad-based gains across most sectors. Continued accumulation of insurance shares reflected investors' preference for momentum-driven stocks and expectations of short-term returns. Investor sentiment also remained resilient despite the recent withdrawal of floor price restrictions on the remaining two heavyweight stocks, helping the market sustain its upward trend.

Turnover on the DSE increased significantly by 29.4 percent to Tk 13.9 billion, up from Tk 10.7 billion in the previous session. Among sectors, general insurance stocks dominated turnover with 24.4 percent of total transactions, followed by engineering (11.8 percent) and pharmaceuticals (9.4 percent). Sector-wise performance remained mixed. Services advanced by 4.4 percent, financial institutions by 3.1 percent and general insurance by 2.6 percent. In contrast, miscellaneous stocks declined by 4.4 percent, while cement and food sectors fell by 1.2 percent and 0.7 percent, respectively. Out of 396 traded issues, 241 gained, 94 lost ground and 61 remained unchanged.

Meanwhile, the Chittagong Stock Exchange also ended the day in positive territory. The Selective Categories Index (CSCX) edged up by 0.8 point, while the All Share Price Index (CASPI) gained 3.0 points.

During the same ceremony, an Exchange of Notes (E/N) was signed by Siddiky and Saida Shinichi, Ambassador of Japan to Bangladesh, on behalf of their respective governments. Under the agreement, JICA will provide a Development Policy Loan to support Bangladesh in enhancing its economic and energy resilience. The programme is the first Official Development Assistance (ODA) loan initiative under the Partnership on Wide Energy and Resources Resilience Asia (POWERR Asia), a Japanese initiative aimed at addressing energy supply vulnerabilities and supply-chain disruptions across the region.

The programme is structured around two key pillars—strengthening energy resilience and enhancing economic management and governance. Under the energy resilience component, the programme will support policy measures aimed at diversifying energy sources and improving energy efficiency.  It is expected to contribute to a stable power and energy supply through the sustainability of high-efficiency power generation facilities, strengthened grid system planning and increased energy conservation efforts.

The second pillar focuses on economic management and governance reforms and will be co-financed in collaboration with the Asian Development Bank (ADB). Officials said the initiative is expected to help maintain macroeconomic stability, strengthen the resilience of the energy sector and improve the country's overall economic structure. The support comes as Bangladesh continues implementing reforms to ensure sustainable and inclusive growth amid growing uncertainties in the global economy.

The successful conclusion of the agreement before the end of the current fiscal year reflects the strong partnership between Bangladesh and Japan and reaffirms JICA's commitment to supporting Bangladesh's long-term development priorities. The initiative is also expected to further strengthen bilateral friendship and cooperation while contributing to Bangladesh's journey towards resilient and sustainable economic growth.

According to the latest data from Bangladesh Bank released today, remittance inflow reached $33.74 billion till June 8 of FY2025-26, up from $28.41 billion received during the same period of FY2024-25. On June 8, 2026, expatriates sent $107.94 million through official banking channels, reflecting the continued contribution of overseas workers to the country's foreign exchange reserves.

Inflow of remittances also witnessed a year-on-year growth of 7.92 percent reaching US$979.09 million in the first eight days of June. Last year, during the same period, the country's remittance inflow was $907.20 million. 

The scheme will provide refinancing facilities for the establishment of green industries and green factory buildings under Bangladesh Bank's broader sustainable financing framework that covers 70 environmentally friendly products and projects. Under the scheme, participating financial institutions (PFIs) will receive refinance support from Bangladesh Bank at an interest or profit rate of 2 percent per annum, while the maximum lending rate for customers has been capped at 5 percent.

The refinance tenure will range from three to ten years, with a grace period of up to one year. All repayments will be made under the Fixed Principal Method. The circular also prohibits PFIs from imposing any hidden charges or additional fees on borrowers beyond applicable government taxes and duties. The facility will be available to all conventional banks, Islamic banks and financial institutions.  State-owned banks and finance companies are automatically eligible, while private and foreign commercial banks must maintain a classified loan ratio below 10 percent. 

The central bank may relax the threshold up to 15 percent in special cases, depending on institutional performance. Interested financial institutions will be required to sign participation agreements with Bangladesh Bank's Sustainable Finance Department before accessing the fund. To qualify for financing, borrowers must not be loan defaulters according to Credit Information Bureau (CIB) records and must maintain a minimum debt-equity ratio of 70:30. The maximum refinance limit for an individual borrower has been fixed at Tk 100 crore.

For green factory building projects, Bangladesh Bank will recognize certifications from LEED, EDGE, BEEER and GreenARCH in the absence of a dedicated national certification framework.  Foreign certification agencies must collaborate with local partners to ensure compliance with domestic requirements. The circular also requires PFIs to ensure that financed projects comply with standards and regulations prescribed by relevant authorities, including the Department of Environment, Fire Service and Civil Defence, Sustainable and Renewable Energy Development Authority (SREDA), Directorate General of Health Services and the Office of the Chief Inspector of Boilers.

Bangladesh Bank said the initiative is aligned with several national and international development commitments, including the Perspective Plan of Bangladesh, National Sustainable Development Strategy, Intended Nationally Determined Contributions (INDCs), Bangladesh Delta Plan 2100 and the Sustainable Development Goals (SDGs). The Sustainable Finance Department will oversee implementation of the scheme. Participating institutions must submit refinance applications through Bangladesh Bank's E-Refinance Software and provide quarterly utilization reports.

Repayment installments, including interest or profit, will be automatically deducted from the participating institutions' current accounts maintained with Bangladesh Bank every quarter. Failure to maintain sufficient balances will result in penalties based on the applicable refinance rate plus the prevailing bank rate. The central bank warned that submission of false information or failure to submit reports on time may result in financial penalties and exclusion from the refinance programme. 

Bangladesh Bank also reserves the right to conduct on-site inspections to verify proper utilization of funds.

The circular was issued under Section 45 of the Bank Company Act, 1991 (amended 2023) and Section 41 of the Finance Company Act, 2023, and came into effect immediately.

Market operators said investors opted to lock in profits following the recent rally, while many remained watchful of market momentum amid pre-budget uncertainties. The market opened on a volatile note and remained in negative territory throughout the session as selling pressure persisted across major stocks.

Turnover on the premier bourse also fell significantly, dropping 29.9 percent to Tk 10.7 billion from Tk 15.3 billion in the previous session. Among sectors, General Insurance dominated turnover with a 19.2 percent share, followed by Engineering at 13.2 percent and Pharmaceuticals at 12.1 percent.

Most sectors posted losses during the session, with Services, Cement and Financial Institutions registering the sharpest declines. However, General Insurance gained 1.9 percent, while Paper and Tannery sectors rose by 0.7 percent and 0.4 percent respectively. Out of 396 issues traded on the DSE, 98 advanced, 246 declined and 52 remained unchanged, reflecting the prevailing bearish sentiment. The Chittagong Stock Exchange (CSE) also closed lower. The Selective Categories' Index (CSCX) fell by 56.5 points, while the All Share Price Index (CASPI) declined by 84.7 points at the close of trading.

According to the circular, the fund aims to strengthen production activities, revive economic momentum and create direct and indirect employment opportunities by providing working capital support to active CMSMEs facing financial constraints. Under the scheme, Bangladesh Bank will provide refinance to participating banks at an interest or profit rate of 4 percent, while banks may charge a maximum interest or profit rate of 9 percent to end borrowers. The revolving nature of the fund will ensure continued liquidity as repayments are recycled into new financing. Interest will be calculated quarterly in March, June, September and December.

Borrowers will be eligible for a grace period of three to six months before repayment of installments begins. The circular directs Shariah-based banks and Islamic banking windows of conventional banks to provide financing under approved Shariah-compliant models while maintaining the maximum profit rate of 9 percent and complying with all conditions of the scheme.

Active CMSMEs experiencing production or service disruptions due to working capital shortages will be eligible for financing under the fund. Refinance facilities will also be available against renewed working capital loans. However, borrowers classified as defaulters by the Credit Information Bureau (CIB) will not qualify for the facility. Bangladesh Bank said clients already benefiting from other refinance schemes may also be considered for financing under the new fund, subject to banks' assessment and credit limits.

All scheduled banks will be eligible to participate after signing a Participation Agreement with Bangladesh Bank's SME and Special Programmes Department. Banks maintaining an advance-to-deposit ratio (ADR) or investment-to-deposit ratio (IDR) above 70 percent will receive priority in accessing the fund, although they must remain within overall regulatory limits. The central bank said participating banks would bear full responsibility for loan recovery and would be required to repay Bangladesh Bank regardless of whether funds are recovered from borrowers.

To mitigate credit risk, banks may obtain collateral from clients but will not be allowed to charge any fees beyond the approved Schedule of Charges. Bangladesh Bank expects the fund to contribute to income growth, employment generation and the development of import-substituting products and services, while supporting small entrepreneurs and stimulating industrial activity. Issued under Section 45 of the Bank Company Act, 1991, the circular takes immediate effect. Bangladesh Bank also reserved the authority to inspect loan utilization and seek relevant documents from participating banks to ensure compliance with the scheme's provisions.

President of the Sampadak Parishad and New Age Editor Nurul Kabir, General Secretary and Bonik Barta Editor Dewan Hanif Mahmud, The Financial Express Editor Shamsul Huq Zahid, Manab Zamin Editor Matiur Rahman Chowdhury, Prothom Alo Editor Maitur Rahman, Daily Inqilab Editor AMM Bahauddin , The Daily Samakal Editor Shahed Mohammad Ali and Agamir Shomoy Editor Mustafa Mamun attended at the meeting.

During the discussion, the governor highlighted the central bank's efforts to strengthen governance in the banking sector, address challenges facing weak banks and accelerate modernization initiatives. Referring to the merger of weak banks, Rahman said the process was progressing steadily, with a number of administrative and management reforms already completed.  He added that the restructuring efforts would gain further momentum once the integration and development of the banks' Core Banking Systems (CBS) are finalized.

On the issue of non-performing loans (NPLs), the governor said amendments to the Money Loan Court Act are being prepared to expedite the settlement of loan-related cases. He also informed the editors that a new Distressed Asset Management Company Act is being formulated to deal with irrecoverable loans more effectively. The governor further disclosed that $25 million in stolen assets had already been seized in the United Kingdom and that efforts were underway to repatriate the funds to Bangladesh at the earliest opportunity.

Emphasizing the need to keep the banking sector free from political influence, Rahman said the reform initiatives are aimed at ensuring professionalism, accountability and sound governance in bank management and loan disbursement.  He also briefed the delegation on measures taken to safeguard depositors' interests through the reconstitution of boards and management changes at several major banks, including Islami Bank.

Highlighting the central bank's digitalization agenda, the governor said BB envisions an integrated digital financial ecosystem featuring digital nano-loans, artificial intelligence-based credit assessment and the concept of "One Citizen, One Identity, One Wallet." He said wider adoption of Bangla QR would promote cashless transactions and improve revenue collection by bringing customer transactions into the formal reporting framework.

The governor also assured that Bangladesh Bank is providing prompt approval for foreign currency requirements exceeding authorized limits for overseas medical treatment, provided applications are submitted through the relevant banks. In addition, he said the reduction in interest rates for fund discounting under the Usance Payable at Sight (UPAS) facility is expected to help lower the cost of imported goods. The editors offered a number of constructive suggestions during the meeting, while both sides expressed their commitment to continued cooperation for the development and stability of the country's banking sector.

The envoy made the remarks at a meeting between the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and a high-level Indonesian business delegation held at Motijheel in the capital, said a press release. Highlighting the upcoming “D-8 Halal Expo 2026,” scheduled to be held in Jakarta from July 8 to 12, Listyowati  urged Bangladeshi businesses to participate in the exhibition with their products. 

She expressed hope that a high-level Bangladeshi business delegation would attend the event and assured that the Indonesian Embassy in Dhaka would provide all necessary support. Listyowati noted that halal products extend far beyond halal meat and food, encompassing clothing, cosmetics, medicines, healthcare, medical equipment, halal finance and tourism. She described the D-8 Halal Expo as more than a conventional trade exhibition, saying it would serve as a unique platform for strengthening the halal ecosystem among D-8 member countries while promoting trade, investment and business partnerships across multiple sectors.

At the meeting, Director General of Indonesia’s National Committee for Islamic Economy and Finance (KNEKS), Putu Rahwidhiyasa, presented a report on the D-8 Halal Expo 2026. He said Indonesia is not only focused on exporting halal products but is also working to develop a comprehensive halal value chain. Rahwidhiyasa expressed optimism that Bangladesh and Indonesia could further expand bilateral trade by leveraging opportunities within the halal value chain.

According to the report, Indonesia ranked among the top 10 exporters in intra-OIC trade in 2022, trailing only Türkiye and the United Arab Emirates (UAE) among OIC member countries. Indonesia currently ranks sixth globally in the Halal Economy Trade and Investment Index.  The country holds the fourth position in the halal food sector and sixth place in fashion and apparel, demonstrating the strength and diversity of its halal market.

The report also noted that halal food remains the largest contributor to the global halal economy.  Consumer spending on halal food in OIC countries reached approximately US$1.24 trillion in 2023, with an estimated annual growth rate of 6.2 percent.  Spending on halal clothing, the second-largest segment, stood at US$277.9 billion, with an annual growth rate projected at 6.8 percent.

President of the Indonesia-Bangladesh Chamber of Commerce and Industry (IBCCI) and former FBCCI director Mohammad Riyad Ali said the D-8 Halal Expo would provide an important opportunity to observe how D-8 countries incorporate halal practices into daily life and commerce. He added that Bangladesh could also learn from their experiences in improving halal certification systems. Earlier, FBCCI Secretary General Md. Alamgir, in his welcome remarks, said Bangladesh and Indonesia enjoy strong trade relations, although Bangladesh still faces a trade imbalance. 

He expressed the view that participation in large international platforms such as the D-8 Halal Expo would help diversify bilateral trade and unlock new opportunities in the halal economy. He also assured the Indonesian delegation that FBCCI would work sincerely to facilitate the participation of a Bangladeshi business delegation in the D-8 Halal Expo 2026. Among others present at the meeting were former FBCCI directors and business leaders Abdul Haque, Gias Uddin Chowdhury (Khokon) and Md. Abul Hashem, along with representatives from various chambers and associations, members of the FBCCI General Council, and officials from the ministries of foreign affairs, industries and livestock, as well as representatives from BSTI, BIDA, EPB and the Islamic Foundation.

Consumer price rises in the 21 countries that use the euro accelerated to 3.2 percent in May, above the ECB's two-percent target. Analysts expect the central bank's governing council to deliver a quarter percentage point increase to the key deposit rate, taking it from 2.00 to 2.25 percent, when it meets Thursday. "Anything but a rate hike at the ECB meeting would be a big surprise," said ING economist Carsten Brzeski. Higher borrowing costs tend to dampen demand, helping to bring down inflation.

Other major central banks, including the US Federal Reserve and the Bank of England, have so far kept rates on hold as they assess the fallout from the conflict. Thursday's move would mark the first time the Frankfurt-based institution has increased rates since September 2023, as it battled a historic surge in inflation unleashed by Russia's invasion of Ukraine. Following that, the central bank delivered a series of cuts as inflation eased, but has held rates steady since June last year.

Several ECB officials have been laying the groundwork for an increase in borrowing costs in their public remarks. Chief economist Philip Lane signalled in late May a hike is ahead, with comments that he expects the ECB's inflation forecasts to be raised again at Thursday's meeting. "There are several factors related to the Iran war that show that the macroeconomic outlook has gotten worse," he told Japanese business daily Nikkei.

But some economists have criticised the expected hike as it could constrict growth further in the sluggish eurozone by making it more costly for households and businesses to borrow. This comes with the war already adding to headwinds as the single currency area is heavily dependent on energy imports. The European Union last month slashed its growth forecast for the eurozone to 0.9 percent for 2026, down from a previous prediction of 1.2 percent.

Revised data released Friday showed the eurozone economy contracted 0.2 percent in the first quarter. Chief economist at Allianz, Ludovic Subran, told AFP that raising borrowing costs would be a bid to "provide reassurance" that the ECB was keeping an eye on higher inflation. But he added: "This hike is not necessary; the ECB could wait, especially since the slowdown in growth is clear."

ECB officials may however be nervous about waiting too long to act, especially after facing criticism for moving too slowly to tame the inflation surge in 2022. Investors will be watching ECB President Christine Lagarde's post rate-decision press conference closely for any clues about the path forward, although she is expected to stay tight-lipped. Most analysts stress the economic backdrop now is different to that in 2022; inflation was already elevated before the outbreak of the Ukraine war, and the global economy was struggling with post-pandemic supply chain woes.

Given that, they don't expect Thursday's move to herald the start of an aggressive rate-hiking cycle. Jack Allen-Reynolds, deputy chief eurozone economist at Capital Economics, said he thought that the ECB would likely deliver another hike at its next meeting in July, but stop there. The knock on-effects "of higher energy prices on inflation should be limited, meaning that the ECB's tightening cycle will be short," he said.

"The financial and banking sector, both at the Italian and European level, requires a consolidation process that creates large-scale projects capable of supporting the necessary investments," Intesa said. Larger banking groups can "compete with new players and maintain adequate levels of profitability in an increasingly integrated market", it added.

Intesa's bid is also a direct challenge to Banco BPM, which on Sunday said it would invite MPS to discuss a potential "merger of equals" to create Italy's second-biggest bank. BPM said the combined company would be worth "more than EUR50 billion" ($58 billion) and constitute "a new national champion". MPS recently formed the country's third-biggest banking group after buying Mediobanca last year.

Chowdhury possesses multidisciplinary academic qualifications in Law, Finance and Banking, and Computer Science. He has also received advanced professional training from several reputed national and international institutions.

Apart from his extensive regulatory career, he is widely recognized as a trainer, mentor, and guest faculty member in the banking and financial sector. Welcoming the new appointment (effective from June 7, 2026), ICSB expressed confidence that Chowdhury's leadership, regulatory expertise, and commitment to institutional excellence will contribute significantly to advancing the institute's strategic goals and strengthening its professional activities.

Brent crude was up 2.4 percent at $95.32 per barrel, while West Texas Intermediate was 2.3 percent higher at $92.59. Air raid sirens sounded in Israel on Sunday as its military said it intercepted incoming Iranian missiles, the first such barrage since an April ceasefire took hold in the Middle East war.

Iran's powerful Revolutionary Guards called the attack a "warning" after Israel struck Beirut's southern suburbs earlier in the day, threatening wider strikes in the event of repeated aggression. On Friday, Wall Street's key indices closed heavily in the red, hit by a massive sell-off in technology stocks following a recent surge driven by AI investment.

President Donald Trump described on Wednesday the talks as being on the "borderline" between a deal and renewed strikes. Cautious hopes rippled quickly through financial markets. Oil prices fell more than five percent Wednesday, while US stocks rose, though analysts warned investors remained wary after weeks of false starts. Trump, who said earlier that negotiations were in their "final stages," later warned that the window for diplomacy could close quickly.

Iranian foreign ministry spokesman Esmaeil Baqaei said Tehran had "received the points of view of the American side" and was examining them. Overnight gains of US shares, hopes for the end of the war in Iran and drops of oil prices were among factors that cheered Tokyo investors, said brokerage house Monex. "Following the upward trend in the US market", the Japanese market was expected to open with "buying activity dominating today", it said.

The decision "reflects a sustained weakening in fiscal strength that accelerated in 2024 and that we expect to persist," Moody's said. It cited government spending levels, a narrow revenue base and continued fiscal support to state-owned petroleum corporation Pemex as factors that limited the government's ability to stabilize its debt.

Moody's said the government's policy priorities, including pursuing energy sovereignty and a redistributive spending model, had weakened the fiscal outlook. "Mexico's fiscal position has weakened relative to Baa-rated peers and its vulnerability to fiscal shocks has increased," the agency said. Moody's expects near-term economic growth "to remain subdued," and to return to around two percent gradually.

In addition to the cuts, Meta said in April it would cancel plans to hire 6,000 people and shift 7,000 other employees into AI workflow-related roles. In a memo to staff Wednesday, posted by Business Insider, Zuckerberg expressed thanks to departing employees and sought to reassure those remaining.

"It's always sad to say good-bye to people who have contributed to our mission and to building this company," he wrote. "I feel the weight of that." Zuckerberg said he did not expect additional company-wide layoffs this year, and acknowledged the company had fallen short in its communications with staff.

He struck an optimistic tone about the company's direction, saying Meta was "one of the few companies positioned to help define the future" and reaffirming his goal of delivering "personal superintelligence" to users worldwide. The restructuring is the largest company-wide round of cuts since Zuckerberg's 2022-2023 "Year of Efficiency" campaign, which eliminated roughly 21,000 positions. The move comes as Meta dramatically ramps up spending on AI infrastructure. Meta has forecasted capital expenditures to reach between $125 billion and $145 billion for the year -- more than double the company's 2025 outlay.

The licence is of "indefinite duration", according to the Department of Business and Trade website, and will be periodically reviewed. The Labour government also issued a temporary licence loosening sanctions on liquefied natural gas originating from certain Russian plants. The UK had announced in October it would ban imports derived from Russian crude, part of a push to cut off revenues funding Russia's war in Ukraine.

But Starmer said the government was issuing "two targeted short-term licences to phase the new sanctions in and to protect UK consumers". "This is not a question of lifting existing sanctions in any way whatsoever, and we will continue to work with our allies on further sanction packages," he said. Starmer told Zelensky that Britain is "ramping up measures to crack down on Russia's economy including through the new package of sanctions".

The British prime minister said this was part of an "ongoing commitment to do everything possible to debilitate and degrade (Russian President Vladimir) Putin's war machine", Downing Street said. But Conservative leader Kemi Badenoch accused the prime minister of "choosing to buy dirty Russian oil. That money will be used to fund the killing of Ukrainian soldiers". Britain imposed a stringent sanctions regime on Russia following the 2022 invasion of Ukraine, targeting oil exports as well as more than 3,000 individuals and companies.

The decision follows a US sanctions waiver for Russian oil cargoes already at sea, which was extended Monday for the second time as its war against Iran squeezes global oil supplies and sends energy prices soaring. The European Union criticised the US waiver extension at a meeting of G7 finance ministers on Tuesday that the UK was part of.

EU economics commissioner Valdis Dombrovskis said it was not a time to "ease pressure on Russia". But UK Treasury minister Dan Tomlinson said the sanctions easing was "protecting the UK national interest". "The government has announced yesterday this time-limited change to the rules around oil and refining given the extremes of the impacts of the conflict in Iran, and the impact of it washing up on our shores," Tomlinson told Sky News.

Later, trade minister Chris Bryant apologised to MPs for the government's "clumsy" handling of the issue and said he wanted the licences to be as "temporary as possible". In retaliation to US-Israeli strikes launched in February, Iran effectively shut the Strait of Hormuz, a key shipping lane for global gas and oil, though traffic has slowly edged higher during a ceasefire. On Wednesday, the international benchmark Brent North Sea crude remained close to $110 a barrel, far above pre-war levels.

"We're in the final stages of Iran, we'll see what happens," Trump told reporters. "We'll either have a deal or we're going to do some things that are a little bit nasty. But hopefully that won't happen." Later Wednesday, Trump described talks with Iran as "on the borderline" between a deal to end the Middle East war and a resumption of strikes on Iran. All three major US indices powered higher, with the Dow winning 1.3 percent and the Nasdaq 1.5 percent.

Oil prices slid more than five percent while yields on the 30-year US Treasury bond retreated from Tuesday's 19-year peak. "We've been hearing about negotiations for two months, so investors are taking President Trump's rhetoric with a cautious tone," said Jack Ablin of Cresset Capital. Ablin said Wednesday's gains were also fueled by positive results from big-box retailers such as Target, as well as anticipation of earnings later Wednesday from chip giant Nvidia, which has a record of sometimes buoying the broader equity markets.

While Asian markets mostly fell in the wake of losses on Wall Street Tuesday, European indexes gained as bond yields fell back from inflation-driven highs. Oil prices were also under pressure, with the main US contract, WTI, falling under $100 per barrel, but sticking well above pre-war levels. Earlier Wednesday, a South Korea-flagged tanker transited the Strait of Hormuz, one of 26 that Iran's Revolutionary Guards later said it had allowed to pass over the past 24 hours.

Since the United States and Israel began their war with Iran, the Strait of Hormuz -- an energy corridor through which 20 percent of global crude usually transits -- has been effectively closed to shipping. "Oil remains the central macro pressure point," said Sucden Financial analyst Viktoria Kuszak. "We expect the combination of higher yields, a firm dollar and unresolved energy risk to keep risk appetite constrained, with Nvidia earnings the next key test for equity sentiment," she added. A majority of US Federal Reserve policymakers indicated that interest rate hikes could be needed if inflation continued to run persistently above the central bank's two-percent target, according to minutes of their last meeting.

- Key figures at around 2015 GMT -

Brent North Sea Crude: DOWN 5.6 percent at $105.02 a barrel

West Texas Intermediate: DOWN 5.7 percent at $98.26 a barrel

New York - DOW: UP 1.3 percent at 50,009.35 (close)

New York - S&P 500: UP 1.1 percent at 7,432.97 (close)

New York - Nasdaq: UP 1.5 percent at 26,270.36 (close)

London - FTSE 100: UP 1.0 percent at 10,432.34 (close)

Paris - CAC 40: UP 1.7 percent at 8,117.42 (close)

Frankfurt - DAX 30: UP 1.4 percent at 24,737.24 (close)

Tokyo - Nikkei 225: DOWN 1.2 percent at 59,804.41 (close)

Hong Kong - Hang Seng Index: DOWN 0.6 percent at 25,651.12 (close)

Shanghai - Composite: DOWN 0.2 percent at 4,162.18 (close)

Euro/dollar: UP at 1.1629 from $1.1605 on Tuesday

Pound/dollar: UP at 1.3442 from $1.3395

Dollar/yen: DOWN at 158.89 from 159.07 yen

Euro/pound: DOWN at 86.53 from 86.64 pence 

Four of 12 voting officials, however, opposed the outcome, the largest number of dissents since 1992. Three regional Fed presidents -- Beth Hammack, Neel Kashkari and Lorie Logan -- backed the pause but not language in the Fed statement that signaled an inclination towards interest rate cuts. One member, outgoing Fed Governor Stephen Miran, voted for an interest rate cut. The divisions at the Fed will be a key challenge for incoming chair Kevin Warsh, who will be sworn in this week at the White House and who himself has backed interest rate cuts in the recent past.

The meeting's minutes, released after the customary delay of three weeks, revealed divisions on the Fed's path forward. "In discussing risk-management considerations bearing on the outlook for monetary policy, participants assessed that both upside risks to inflation and downside risks to employment remained elevated," the minutes said. The Fed has a dual mandate of keeping inflation to a long-term two-percent target while ensuring maximum employment in the world's largest economy.

US households have been battered by higher-than-expected inflation since the pandemic, with consumer inflation hitting a peak of 9.1 percent in mid-2022. Last month, that figure hit a three-year high of 3.8 percent, fueled by the economic fallout of US President Donald Trump's war on Iran, which has seen energy prices surge due to Tehran's retaliatory action. The US unemployment rate has remained relatively steady over the past year, but job growth has see-sawed between expansion and contraction, prompting concerns about labor market weakness.

Some participants of the meeting expressed concern at the possibility of a long-term conflict in Iran leading to a sustained energy price surge, potentially "creating a greater tradeoff between the Committee's employment and inflation goals." Setting the economy's key interest rate is the Fed's main tool in addressing its dual mandate. Cutting rates tends to boost economic activity and job growth; raising them can cool both inflation and growth. At the meeting, Fed policymakers "generally judged that the current policy rate was within the range of plausible estimates of its neutral level," meaning one with neither a restrictive nor expansionary effect.

Fed policymakers agreed at the meeting that the situation in the Middle East was "contributing to a high level of uncertainty about the economic outlook." Before the United States and Israel launched the war in February, markets had priced in two interest rate cuts for 2026, after the Fed held rates steady in January. Price increases due to the conflict, however, "could necessitate maintaining the current policy stance for longer than previously anticipated," the latest meeting's minutes said. The Fed is now not expected to change rates until late in the year -- after which the next move is expected to be a hike, according to derivatives marketplace CME Group's FedWatch tool. 

President Donald Trump described on Wednesday the talks as being on the "borderline" between a deal and renewed attacks. Cautious hopes rippled quickly through financial markets. Oil fell more than five percent Wednesday, while US stocks rose. But analysts warned investors remained wary after weeks of false starts, and on Thursday crude prices edged up around 0.5 percent.

South Korea's benchmark Kospi index soared 6.8 percent in morning trade -- with Samsung Electronics trading 5.9 percent higher. Samsung's union said late Wednesday that a strike had been put on hold after negotiations with management resumed with the participation of Seoul's labour minister. The labour union at the world's top memory chip maker had planned to begin a strike on Thursday after talks over bonuses broke down -- raising concerns about potential disruption to semiconductor production.

But the strike "will be put off until further notice", it said, adding that it would put a tentative wage deal to a members' vote between May 23 and May 28. Taipei jumped 3.6 percent, Sydney gained 1.6 percent and Singapore was up 0.4 percent. Hong Kong, Shanghai, Bangkok and Wellington were up, but Jakarta lost 1.5 percent.

Adding to tech investors' excitement over the IPO for US rocket and satellite giant SpaceX was a Wall Street Journal report that ChatGPT maker OpenAI could be next. Citing people familiar with the matter, the newspaper said OpenAI was preparing to file for a stock market listing in the coming days, possibly as early as Friday. OpenAI did not immediately reply to a request for comment. But shares in Japan's SoftBank Group -- a major investor in the top US artificial intelligence startup -- skyrocketed 20 percent.

Chip giant Nvidia also posted record quarterly revenue Wednesday, blowing past Wall Street forecasts thanks to insatiable demand for its AI hardware. Overnight gains of US shares, hopes for the end of the war in Iran and drops of oil prices were among factors that cheered Tokyo investors, said brokerage house Monex. "Following the upward trend in the US market", the Japanese market was expected to open with "buying activity dominating today", it said.

In Iran, foreign ministry spokesman Esmaeil Baqaei said Tehran had "received the points of view of the American side" and was examining them. "We've been hearing about negotiations for two months, so investors are taking President Trump's rhetoric with a cautious tone," said Jack Ablin of Cresset Capital.

- Key figures at around 0230 GMT -

West Texas Intermediate: UP 0.5 percent at $98.75 a barrel

Brent North Sea Crude: UP 0.4 percent at $105.43 a barrel

Tokyo - Nikkei 225: UP 3.5 percent at 61,920.02

Hong Kong - Hang Seng Index: UP 0.3 percent at 25,716.38

Shanghai - Composite: UP 0.8 percent at 4,194.28

Pound/dollar: DOWN at $1.3428 from $1.3442 on Wednesday

Euro/pound: UP at 86.55 pence from 86.53

Euro/dollar: DOWN at $1.1622 from $1.1629

Dollar/yen: UP at 158.92 yen from 158.89

New York - DOW: UP 1.3 percent at 50,009.35 (close)

London - FTSE 100: UP 1.0 percent at 10,432.34 (close)

"EU-US trade: Council and Parliament strike a deal to implement the tariff elements of the Joint Statement," said a statement announcing the provisional deal, which puts the bloc on track to meet Trump's deadline.

High energy prices sparked by the Middle East war have fuelled fears of inflation, in turn prompting the bond sell-off. Trump told reporters at the White House on Tuesday that he had been just "an hour away" from relaunching Washington's attacks on Iran before postponing the order, after weeks of a fragile truce and stalled talks to end the war that began late February. "You know how it is to negotiate with a country where you're beating them badly. They come to the table, they're begging to make a deal," he said.

"I hope we don't have to do the war, but we may have to give them another big hit. I'm not sure yet." Iran's army spokesman Mohammad Akraminia warned the Islamic republic would "open new fronts against" the United States if it resumed its attacks. Trump offered a deadline of several days for resuming strikes if a deal was not agreed. "I'm saying two or three days, maybe Friday, Saturday, Sunday, something, maybe early next week, a limited period of time," he said.

Since the United States and Iran began their war with Iran, the Strait of Hormuz -- a key energy corridor which normally sees 20 percent of global crude transit through -- has been effectively closed to shipping. Oil prices above remained above $100 a barrel since then, raising concerns that inflation could remain elevated for longer and erode corporate margins as well as consumer demand. Across Asia, most major markets were in the red, with Tokyo leading losses as the Nikkei fell more than one percent in morning trade.

Sydney, Hong Kong, Singapore, Shanghai, Wellington, Manila and Kuala Lumpur were also trading down. Seoul and Taipei were ahead. The retreat comes just days after a tech-driven rally pushed global equities to fresh highs. But investors are increasingly questioning whether the artificial intelligence-led surge in valuations has outrun underlying fundamentals. Attention is also turning to upcoming earnings from chip giant Nvidia as investors determine whether huge spending on AI data centres is justified by potential returns.

Gold and silver, typically seen as safe-haven assets, held near recent losses as rising yields reduced the appeal of non-yielding assets.

- Key figures at around 0230 GMT -

Brent North Sea Crude: DOWN 0.4 percent at $110.86 a barrel

West Texas Intermediate: DOWN 0.4 percent at $103.78 a barrel

Tokyo - Nikkei 225: DOWN 1.2 percent at 59,855.73

Hong Kong - Hang Seng Index: DOWN 0.7 percent at 25,611.99

Shanghai - Composite: UP 0.6 percent at 4,145.06

Euro/dollar: DOWN at 1.1599 from $1.1606 on Tuesday

Pound/dollar: DOWN at 1.3391 from $1.3401

Euro/pound: UP at 86.62 from 86.60 pence

Dollar/yen: DOWN at 158.96 from 159.04 yen

London - FTSE 100: UP less than 0.1 percent at 10,330.55 (close)

New York - DOW: DOWN 0.7 percent at 49,363.88 points (close)

"Today the Government of the Republic of Indonesia, under my leadership, is issuing a government regulation on the governance of exports of natural resource commodities," Prabowo told parliament.

The 27-nation bloc struck an accord with Washington last July setting levies on most European goods at 15 percent, but to Trump's frustration it had yet to make good on its pledge to scrap levies on most US imports in return. After lengthy talks, negotiators from the EU's parliament and capitals reached a deal to move forward early Wednesday. While broadly welcoming the deal, Germany's auto industry association VDA warned that "newly added safeguard clauses must not lead to the US side terminating the agreement".

"Both sides are therefore now called upon to reliably finalise the negotiations as quickly as possible," the group's president Hildegard Mueller said in a statement. "This also includes a withdrawal of the recent tariff threats by US President Trump," she said. Trump had threatened to raise duties on European cars and trucks from 15 to 25 percent.

The final text empowers the European Commission to trigger a suspension mechanism if Washington fails to meet its commitments or disrupts trade and investment with the EU, and also gives the bloc means to address spikes in US imports that are deemed a threat to domestic producers.

Britain imposed a stringent sanctions regime against Russia following the 2022 invasion of Ukraine, targeting oil exports as well as over 3,000 individuals and companies. The decision follows a US sanctions waiver for Russian oil cargoes already at sea, which was extended Monday for the second time as its war against Iran squeezes global oil supplies and sends energy prices soaring. The European Union criticised the US waiver extension on Tuesday at a meeting of G7 finance ministers that the UK was a part of.

EU economics commissioner Valdis Dombrovskis said it was not a time to "ease pressure on Russia". UK Treasury minister Dan Tomlinson said the sanctions easing was "protecting the UK national interest". "The government has announced yesterday this time-limited change to the rules around oil and refining given the extremes of the impacts of the conflict in Iran, and the impact of it washing up on our shores," Tomlinson told Sky News.

In retaliation to US-Israeli strikes launched in February, Iran effectively shut the Strait of Hormuz, though traffic in the key waterway has slowly edged higher during a ceasefire. Kemi Badenoch, leader of the opposition Conservative party, denounced the move. "After 18 months of 'standing up to Putin' the Labour govt quietly issued a licence allowing imports of Russian oil refined in third countries," Badenoch said on X.

The NBR chief made the remarks while presiding over a business session on "Improving Financial Statement Quality: Role of CFOs, Accountants, Managements and Oversight Bodies" at the "Financial Accounting and Reporting (FAR) Summit 2026" at a hotel in the city. Financial Reporting Council (FRC) organised the summit in collaboration with the Institute of Chartered Accountants of Bangladesh (ICAB) and the Institute of Cost and Management Accountants of Bangladesh (ICMAB).

Mahatab Uddin Ahmed, FCMA - Founder, Buildcon Consultants Ltd; Suraiya Zannath, FCA - Vice President; Ala Uddin, FCA - ICAB Council Member, DMD & CFO MetLife; Zinnia T Huq, FCMA - CFO & Finance Director, Unilever Bangladesh; and Nabil J Ahmad - Executive Director, FRC took part as panellists at the session. Highlighting challenges in the tax system, The NBR chief said that many businesses continue to complain about a high effective tax burden despite a significant reduction in corporate tax rates over the years from nearly 50 percent to around 20 percent.

He attributed part of the problem to inaccurate and manipulated financial reporting, which often forces revenue authorities to adopt discretionary assessments and policy interventions to recover potential revenue losses. According to him, widespread underreporting of turnover and omission of cash transactions have become major concerns in corporate reporting practices, creating friction between taxpayers and tax officials.

He said dishonest financial disclosures not only hurt government revenue collection but also create unfair competition by allowing non-compliant businesses to evade taxes while compliant taxpayers suffer disadvantages. The NBR chief stressed that transparent and accurate financial statements are vital for ensuring a fair taxation system, protecting investors, strengthening banking stability and restoring confidence in the wider economy. He also underscored the importance of strengthening the FRC to ensure better oversight and accountability in financial reporting practices across the country.

Speaking at the meeting, Taskeen Ahmed said New Zealand has established a strong global reputation in dairy production, dairy processing, advanced agriculture, and food safety standards. He noted that Bangladesh could greatly benefit from New Zealand's expertise in dairy processing and livestock feed production, modernization of dairy farms, development of improved cattle breeds, fisheries, veterinary training, and technology transfer. He urged New Zealand's private sector to undertake both joint venture and independent investments in Bangladesh's agriculture, food processing, consumer goods, food supply chain management, water and climate management, and renewable energy sectors.

Referring to the bilateral trade volume of US$497.43 million in FY2025, the DCCI President also called upon New Zealand businesses to increase imports of Bangladeshi products, including readymade garments, leather goods, and ICT-enabled services, to further strengthen bilateral trade ties. David Pine said New Zealand would continue duty-free and preferential market access facilities for Bangladeshi products even after Bangladesh graduates from the Least Developed Country (LDC) category.

He said New Zealand has been placing special importance on ensuring continued market access for Bangladeshi goods following the country's LDC graduation. The envoy also stressed the need to explore trade agreements, including a possible Free Trade Agreement (FTA), to expand bilateral trade and investment opportunities between the two countries. Highlighting evolving global trade realities, he said countries should diversify not only their export destinations but also their import sources. 

He described New Zealand as a reliable trade partner known for high standards, strict food safety measures, and GMO-free products, adding that the country is interested in establishing a stable and long-term trade framework with Bangladesh. DCCI Senior Vice President Razeev H. Chowdhury and Vice President Md. Salem Sulaiman were also present at the meeting.

The theme of the summit was "Trustworthy Financial Reporting: What Really Matters." Finance Minister Amir Khosru Mahmud Chowdhury attended the event as the chief guest, while Prime Minister's Finance Adviser Rashed Al Mahmud Titumir joined as the special guest. Finance Division Secretary Dr Md Khairuzzaman Mozumder chaired the programme. FRC Chairman Dr Md Sajjad Hossain Bhuiyan delivered the keynote presentation, highlighting the importance of transparency, compliance and quality financial statements in ensuring investor confidence and institutional stability.

The summit brought together policymakers, regulators, business leaders, accountants, auditors and corporate executives to discuss the future of financial reporting standards and oversight mechanisms in Bangladesh. In his remarks, Amir Khosru Mahmud Chowdhury underscored the need for rebuilding trust in financial systems through stronger governance, professional integrity and effective regulatory enforcement.

Rashed Al Mahmud Titumir emphasized the importance of institutional reforms and responsible financial management to ensure long-term economic resilience. The event also featured special remarks from Bangladesh Textile Mills Association (BTMA) President (Acting) Md. Abul Kalam, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Mahmud Hasan Khan (Babu), ICAB President NKA Mobin FCA and ICMAB President Md. Kausar Alam FCMA.

Two technical business sessions were held during the summit. The first session, titled "Improving Financial Statements Quality: Role of CFOs, Accountants, Managements and Oversight Bodies," focused on strengthening financial discipline and enhancing reporting standards through coordinated institutional efforts. The second session, "External Audit and Assurance: International Practice and Compliance," discussed global best practices in auditing, regulatory compliance and assurance frameworks. Senior professionals from regulatory bodies, multinational companies, accounting firms and business organizations participated as session chairs and panelists.

The lease agreement was signed by Md. Tanvir Hossain, Executive Director (Investment Promotion) of BEPZA, and Liang Difa, Chairman of Sunshine Outdoor (BD) Co., Ltd. BEPZA Executive Chairman Major General Mohammad Moazzem Hossain, ndc, afwc, psc, G, MPhil witnessed the signing ceremony. The company will produce annually 1.5 million pieces of outdoor products like tent, canopy, bag, duffel bag, waterproof dry bags, and sleeping bag, back pack, tarpaulins, inflatable pillows and mattresses, air pillows, mosquito nets, carpets, mats, folding chairs, and different types of bins & baskets.

 The company is expected to create employment opportunities for 2,975 Bangladeshi nationals. The Executive Chairman of BEPZA thanked Sunshine Outdoor (BD) Co., Ltd. for choosing Bangladesh, particularly the BEPZA Economic Zone, as its investment destination and assured them of BEPZA's seamless cooperation to ensure smooth and successful business operations in the zone. He emphasized that this investment would further accelerate BEPZA's efforts toward export diversification. 

The ceremony was attended by Abdullah Al Mamun, Member (Engineering); Md. Khorshid Alam, Executive Director (Enterprise Services); Samir Biswas, Executive Director (Administration); Khadiza Parvin, Executive Director- Additional Charge (Public Relations); along with senior officials of BEPZA and representatives of Sunshine Outdoor (BD) Co., Ltd.

Earlier, on May 11, CAG Nurul Islam virtually inaugurated the programmes of the special service week at all audit and accounts offices and audit directorates across the country,  During the visit, the CAG inspected various activities conducted under the special service week, including receiving replies to audit objections through the Audit Management and Monitoring System (AMMS-2), quick disposal of objections based on broadsheet replies supported with proper information and evidence, providing necessary advice, reconciliation of audit objections with audited institutions, and issuance of No Objection Certificates (NOCs).

He also exchanged views with directors general and other officials of the concerned audit directorates and was briefed on the progress of the activities. Speaking on the occasion, the CAG said the government has been working relentlessly to ensure faster, transparent and quality public services for the people. He said the present government is continuously working to make the service delivery system easier, more humane, technology-driven and accountable with a view to building a people-friendly administration.

The CAG said various audit operations are carried out through the 17 audit directorates. He noted that the government has attached special importance not only to compliance audits but also to performance audits to ensure economy, efficiency and effectiveness in public expenditure and in achieving the objectives of ongoing and implemented development projects.

In this regard, he provided necessary directives to the directors general of the concerned audit directorates for conducting audits properly. According to the CAG office, special service activities were carried out from May 11 to May 19, 2026 at 17 audit directorates, the Controller General of Accounts (CGA), 50 CAFO offices, offices in eight divisions, 64 districts and 495 upazilas, as well as CGDF, SFC, FC offices in different cantonments, area FC/FPO offices, ADG Finance Bangladesh Railway, FA&CAO and DFA offices in Dhaka, Chattogram and Rajshahi, alongside all audit and accounts offices across the country.

The initiative seeks to address a long-standing challenge for millions of holidaymakers leaving Dhaka, who often struggle to secure tickets both out of the capital and for their return journeys before resuming work. As a digital transformation partner in public transport, bdtickets offers instant booking confirmation and round-the-clock customer support, aiming to curb seasonal travel problems such as ticket scalping and inflated fares. Holidaymakers can book round-trip tickets through the official bdtickets mobile app or website (www.bdtickets.com).

The Minister made the remarks while speaking as the chief guest at the “Financial Accounting and Reporting (FAR) Summit 2026” titled “Trustworthy Financial Reporting: What Really Matters,” organized by the FRC in collaboration with the Institute of Chartered Accountants of Bangladesh (ICAB) and the Institute of Cost and Management Accountants of Bangladesh (ICMAB) at the Pan Pacific Sonargaon hotel in the city. Amir Khosru Mahmud Chowdhury said that the economy currently stands at a crossroads following years of turbulence that weakened several key institutions.

,He expressed deep concern over widespread financial indiscipline in the banking and capital markets, noting that a number of companies entered the stock market through false disclosures and misleading financial representations. According to him, such practices discouraged fundamentally strong companies from participating in the market under fair competitive conditions. Emphasizing the importance of proper price discovery and asset valuation, he warned that the existing weaknesses have contributed to a serious capital deficit in both the banking industry and the private sector.

The minister linked the situation to rising Non-Performing Loans (NPLs), money laundering, and cases where bank owners and management allegedly colluded to siphon off funds. He also criticized the long-standing culture of treating banks as privately owned entities despite operating with depositors’ money, stressing that conflicts of interest must be addressed decisively to restore discipline and public confidence in the sector. Calling for stronger professional responsibility, the minister urged the ICAB and the ICMAB to ensure rigorous self-regulation among their members.

While acknowledging the oversight role of the Financial Reporting Council, he said the primary responsibility for maintaining the quality and credibility of financial reporting ultimately lies with accounting professionals themselves. Referring to his earlier experience, the minister cited a successful example where responsibility for issuing Utilization Certificates was delegated to a private-sector association, arguing that self-regulation can be highly effective when exercised with professionalism and accountability.

Despite the challenges, he highlighted growing international interest in Bangladesh’s economy, revealing that major global fund managers, including JPMorganChase and investment funds based in London and Hong Kong, have shown strong interest in investing in Bangladesh. However, he cautioned that attracting such investment would depend heavily on the credibility of audited financial statements and compliance with international accounting standards.

“If investors find that reporting does not meet standard accounting practices, that are the end of the story,” he warned. The minister concluded by urging stakeholders in the financial sector to move beyond short-term interests and focus on building a sustainable and professionally managed economic system.  He reaffirmed the government’s commitment to carrying out comprehensive reforms in the banking and capital markets to establish a stronger foundation for long-term economic stability and investor confidence.

Prime Minister’s Finance Adviser Rashed Al Mahmud Titumir attended the summit as the special guest, while Finance Division Secretary Dr. Md Khairuzzaman Mozumder chaired the session. FRC Chairman Dr. Md Sajjad Hossain Bhuiyan delivered the keynote address at the summit, which brought together senior government officials, accounting professionals, auditors, valuers, actuaries, and business leaders. The event also featured business sessions on improving financial statement quality and strengthening external audit and assurance practices in line with international standards.

Financed by the Department of Foreign Affairs of the Australian government, the programme was jointly organized by Bangladesh Livestock Research Institute (BLRI) and Australian leading Charles Sturt University (CSU). The main theme of the seminar was “Climate-resilient food systems–practical solutions and partnerships”. The minister said, safe and nutritional food now becomes very much important in the present world. Invention of genetically modified or GMO food could not achieve full benefit for the people.

So, people are ultimately waiting for safe and organic food for getting overall health benefit. Regarding the research-based invention of Napier grass, a feed commonly used across the tropics and subtropics for dairy and meat production, the minister said the new grass variety which containing 18 percent protein, has been invented. Noting that the innovation of such high-protein and drought tolerant grass variety for the livestock is a remarkable progress in the livestock sector, he said this innovation will play a significant role in producing high quality animal feed in low cost.

The animal feed will reduce meat production cost and it would possible to bring the meat price comparatively at a tolerable limit for the common people, the minister added. Addressing the researchers and scientists, Rashid said opportunity should be created for conducting research and innovative works for the welfare of the country. The innovation by the Bangladeshi scientists will get recognition in coming days at the international level and it will more enrich country’s livestock and agriculture sector. 

Regarding the higher livestock feed cost, state minister for fisheries and livestock Sultan Salauddin Tuku said if the livestock feed cost is reduce the meat production cost will also come down enabling the consumers to buy meat at affordable price. He emphasized research and technology based initiative aiming to ensure quality grass and animal feed in less cost. With BLRI Director General (DG) Dr Shakila Faruque in the chair, the seminar also was attended by fisheries and livestock secretary M Delwar Hossain and Australian Deputy High Commissioner to Bangladesh Clinton Pobke.

Director General of the Department of Livestock Services (DLS) Shahzaman Khan also spoke on the occasion. BLRI director Dr M Zillur Rahman and Professor of Farming Systems and Deputy Director of the Gulbali Institute at Charles Sturt University Professor Cameron Clark gave the welcome address at the seminar. BLRI’s senior scientific officer and project coordinator Dr Mohammad Khairul Bashar presented a key note paper titled ‘Environmentally sustainable low-cost beef production practical solutions and partnership”.

Both sides "agreed to continue working together to define concrete areas of technical collaboration for the benefit of the economic and social development of the Venezuelan people," it added. The renewal of relations between Caracas, the World Bank and the International Monetary Fund -- which had been frozen since 2019 -- has opened the door to possible financial support for Venezuela, if the government asks for it. The January capture by US special forces of Venezuelan leader Nicolas Maduro prompted the IMF to poll its members about how to proceed, and if they saw Rodriguez as the country's legitimate leader.

At the same time, the United States has heaped pressure on Caracas to open its flailing economy to foreign investment, particularly in its energy sector. Venezuela has the world's largest proven crude oil reserves, but its infrastructure is dilapidated and has suffered from corruption and underinvestment. Washington has lifted a large number of sanctions targeting Caracas, and direct flights between the two countries are progressively resuming. Increased exchanges between global financial institutions and Venezuelan leaders could reassure investors who are hesitant to commit funds to the fledgling government.

"This included an initial commitment for 200 aircraft and we expect further commitments will follow after this initial tranche," Boeing said, without specifying which models were on the negotiating table. When asked by AFP to specify which planes were part of the deal, Boeing declined to comment. The group thanked the Trump administration "for making this milestone happen," adding: "We now look forward to continually addressing China's aircraft demand."

In its latest 20-year outlook for global commercial aviation, published in June last year, Boeing estimated that 44,000 planes would be built worldwide by 2044, both to replace the existing roughly 21,000 aircraft in use and to respond to a growth in demand. About half of that demand is expected to come from China, South Asia and Southeast Asia -- music to the ears of Boeing executives, who really only have one major competitor, Europe's Airbus. China's last order from Boeing dates back to 2017, when Trump went to Beijing at the start of his first White House term. At that time, it ordered 300 single-aisle and wide-body planes -- a mega-deal valued at $37 billion.

On Thursday, Trump had said China planned to order "200 big ones," in an interview with Fox News host Sean Hannity. "I think it was a commitment," the president said. "That's a lot of jobs." Speaking to reporters aboard Air Force One as he flew home from China, Trump said the deal included "a promise of 750 planes, which will be by far the largest order ever, if they do a good job with the 200." US media have reported for several months that Beijing was poised to make a major order from Boeing that would include 500 single-aisle 737 MAXs and about 100 larger 787 Dreamliners and 777s.

The overall record in terms of number of planes for an aircraft order came from IndiGo, which purchased 500 Airbus A320s. China was the last country in the world to reauthorize flights by Boeing 737 MAXs, after two fatal accidents on Lion Air in 2018 and Ethiopian Airlines in March 2019 that left a total of 346 people dead. The 737 MAX family, Boeing's top seller, was grounded worldwide for 20 months after the accidents. It returned to the skies in the United States in November 2020 and in Europe in January 2021 -- but only in 2023 in China.

In 2019, Beijing had suspended all deliveries of Boeing aircraft. Four years later, in December 2023, it gave the green light to a delivery of 787 Dreamliners, and for 737 MAXs one month later. Chinese regulators again halted deliveries for a few weeks in mid-2024 over a lithium battery issue in several models. Boeing, the biggest US exporter by dollar value, was caught up in the tariff war launched when Trump returned to the White House in January 2025.

Beijing retaliated by forbidding Chinese companies from ordering Boeing jets -- or receiving those already ordered. The world's top two economies reached a trade war truce late last year, allowing Boeing to resume normal activity with Chinese customers. As of late last month, Boeing had 6,814 planes on order, including 4,371 737 MAXs, for a total value of an estimated $600 billion. 

Hasriya had been governor since April 2025, taking over from Maysa Sabreen, who had been appointed caretaker governor in December 2024, after an Islamist-led offensive toppled longtime president Bashar al-Assad. Hasriya oversaw the change in Syrian money bills at the start of the year, removing two zeros, which does not impact the currency's value but was done to make transactions easier and restore trust in the Syrian pound.

They also replaced bills showing images of Assad and his family. The governor change is the latest since a partial overhaul last week saw Sharaa replace two ministers, several governors and even the secretary-general for the presidency, a post previously occupied by his brother Maher. The reasons behind the overhaul are unclear.

The dollar firmed against the British pound, the euro and the yen. The London, Paris and Frankfurt stock markets all ended the day with losses of more than 1.5 percent. "It's been a strong, strong rally and there are some valid reasons for a pause," said Angelo Kourkafas of Edward Jones. "Today the catalyst is really the rally in bond yields, bond markets are under pressure as oil prices rise. There are some growing worries about government debt as countries potentially look to cushion the impact of higher energy prices via some consumer support."

Rising crude futures also pushed up government bond yields, including in Britain, where Prime Minister Keir Starmer faced fresh threats to his leadership. The yield on 30-year UK government bonds reached 5.869 percent, surpassing Tuesday's mark to hit its highest level since 1998, as investors demanded higher returns to reflect growing inflation risks. In Japan, the 30-year bond rate hit four percent for the first time since 1999.

"The equity markets have been supported by fast-rising corporate profits and all the AI investments, while bond performance has been reflecting the concerns around energy and inflation," said Kourkafas. Investors were left disappointed as a highly anticipated summit between US President Donald Trump and Chinese leader Xi Jinping in Beijing failed to deliver major breakthroughs on the Middle East war or trade relations. Washington and Beijing both said trade agreements had been made, but no details were shared. Trump told Fox News that Beijing had voiced interest in buying US oil and soybeans.

He also said he did not bring up the issue of tariffs -- on pause since October -- during the summit. China's top diplomat later said the two countries had agreed to continue implementing "all" agreements previously reached and to establish councils for trade and investment. "The meeting... was big on warm words and symbolism but not outcomes," said Susannah Streeter, chief investment strategist at Wealth Club.

"With diplomatic efforts aimed at resolving the Middle East conflict in limbo, fresh uncertainty has flooded in," she added. The White House said the leaders had "agreed that the Strait of Hormuz must remain open to support the free flow of energy." But investors had hoped for more progress toward reopening the crucial strait, where oil tanker traffic has ground to a near standstill since the outbreak of the war, sending energy prices soaring.

Trump also told Fox News on Thursday that he was "not going to be much more patient" with Iran. "Stalled US-Iran diplomacy keeps supply fears firmly in focus," said Matt Britzman, senior equity analyst at Hargreaves Lansdown. "Even if resolved next month, the oil market could remain undersupplied through October, keeping inflationary pressures high and adding another headache for consumers, central banks, and, eventually, investors," he added.

In Asia, Tokyo stocks closed two percent lower, while Hong Kong and Shanghai fell more than one percent.

- Key figures at around 2000 GMT -

Brent North Sea Crude: UP 3.4 percent at $109.26 a barrel

West Texas Intermediate: UP 4.2 percent at $105.42 a barrel

New York - DOW: DOWN 1.1 percent at 49,526.17 points (close)

New York - S&P 500: DOWN 1.2 percent at 7,408.50 (close)

New York - Nasdaq Composite: DOWN 1.5 percent at 26,225.14 (close)

London - FTSE 100: DOWN 1.7 percent at 10,195.37 (close)

Paris - CAC 40: DOWN 1.6 percent at 7,952.55 (close)

Frankfurt - DAX 30: DOWN 2.1 percent at 23,950.57 (close)

Tokyo - Nikkei 225: DOWN 2.0 percent at 61,409.29 (close)

Hong Kong - Hang Seng Index: DOWN 1.6 percent at 25,962.73 (close)

Shanghai - Composite: DOWN 1.0 percent at 4,135.39 (close)

Pound/dollar: DOWN at $1.3316 from $1.3400

Euro/dollar: DOWN at 1.1620 from $1.1673 on Thursday

Dollar/yen: UP at 158.78 yen from 158.33 yen

Euro/pound: UP at 87.25 pence from 87.09 pence

Cunningham's 21 points included five three-pointers, while at the defensive end, Detroit center Jalen Duren delivered a dominant performance that included 11 rebounds, three blocks and a steal. Cunningham was one of six Pistons players to finish in double figures, with Paul Reed adding 17 off the bench, and Duren and Daniss Jenkins scoring 15 points apiece. "We're just playing our brand of basketball, coming out competing, trying to execute our system to the best of our ability, and we're together," Cunningham said afterward.

"We stick together through everything, so it's a great win for us." James Harden led Cleveland's scoring with 23 points while Donovan Mitchell was restricted to 18 points. The Cavs started Friday's game brightly, opening up a six-point lead in the first quarter before the Pistons started firing to take a grip on the contest.

A devastating 22-4 run by Detroit saw the visitors accelerate into a commanding 39-27 lead in the second quarter and although Cleveland closed the gap to 54-51 at halftime, the Pistons regrouped impressively to snuff out the Cavs' threat with a 30-19 third quarter. That left Detroit leading by 14 points heading into the fourth and the result was never in doubt, with the Pistons maintaining a double-digit lead to close out victory.

Vehicle were charged a customs duty of 30 percent but several other taxes make the effective import tax on a car more than 100 percent. Sri Lanka has increased energy prices by more than a third since the start of the Middle East war and has rationed diesel and petrol in a bid to reduce the import bill. Official figures show that Sri Lanka's rupee has depreciated by 4.5 percent against the dollar so far this year.

Central Bank Governor Nandalal Weerasinghe told a parliamentary panel last week that the rupee would continue to slide unless global oil prices fell or Sri Lanka slashed energy imports. Sri Lanka is emerging from its worst economic meltdown in 2022, when it ran out of foreign exchange to finance even the most essential imports such as food, fuel and medicines. Since then, the country has been under a $2.9 billion IMF bailout programme.

The minister said Bangladesh has limited natural resources and therefore electricity, gas, and water must be used efficiently in industrial production.  He stressed the need for energy conservation, water recycling, circular production systems, and improved management practices to ensure optimum utilization of resources, said a press release. Muktadir said although Bangladesh’s RMG industry has achieved remarkable success over the past decades, exports still remain heavily dependent on a limited range of products. 

He warned that the country would face difficulties sustaining its competitive edge globally unless it moves quickly towards higher value-added products such as sportswear, man-made fibre-based apparel, and technical textiles. Referring to the European market and the challenges following Bangladesh’s graduation from the Least Developed Country (LDC) category, he said the country must become more proactive in diversifying products and exploring new export destinations. 

At the same time, greater emphasis should be placed on research, design development, skills enhancement, and the adoption of modern technologies to take the industry to a new height, he added. Highlighting the contribution of the textile sector to the country’s economic development, the minister said the industry has become one of the main driving forces of industrialization and export growth by generating large-scale employment with relatively low investment. 

He noted that the sector still holds immense untapped potential if supported by proper planning and innovation. On the issue of reopening closed industrial units, the minister said the government would not spend money on non-functional factories while keeping outdated machinery unchanged.  Instead, industry-specific solutions would be adopted, including the development of industrial parks, public-private partnership (PPP) initiatives, and lease-based investment models to attract fresh investment.

He said decisions in this regard would be taken in consultation with experienced private sector entrepreneurs. The minister also said promising sectors such as leather, light engineering, and shipbuilding would be revitalized through modern technology, skills development, and international cooperation.

Welcoming the Textile Innovation Exchange initiative, Muktadir said collaboration between industry and academia, along with the exchange of experiences among entrepreneurs, would help make Bangladesh’s textile sector more modern, environmentally friendly, and competitive. The government, he added, would continue to support such initiatives. Among others, Professor Dr Engineer Md Julhas Uddin spoke as guest of honour, while Enamul Haque Khan, Professor Dr Engineer Ayub Nabi Khan, Md Abdul Hamid, and Engineer Md Enayet Hossain addressed the event as special guests.

Engineer Md Shamsuzzaman delivered the welcome speech. Dr Md Hasib Uddin and Tareq Amin also spoke at the programme, while Engineer Ehsanul Karim Kaisar delivered the concluding remarks. Later, the minister inaugurated the Innovation Textile Exchange platform and visited different stalls at the venue. 

“The government had to spend Taka 40,000 crore from budget for fuel purchase and another Taka 50,000 crore for foreign debt payment in the power sector,” he said. “With all together, the country’s economy is not in a good shape. Even though government has decided to provide highest allocation in health sector in upcoming budget to ensure healthcare services for downtrodden people free of cost” Amir Khosru said.

The Finance Minister said this while speaking as chief guest at the foundation laying ceremony of 17th storey academic building of Chattogram Maa O Shishu Medical College Hospital here today. He alleged that most of the allocation in health sector during the fallen regime was misappropriated, and both administrative and academic atmosphere as well as medication education deteriorated due to political interference. The minister said the present government would give highest allocation to health sector and closely monitor whether the allocation is spent properly.

Amir Khosru said primary healthcare is fundamental rights of every citizen, but people are being deprived of such rights for a long time. The present government is working to strengthen the primary healthcare delivery system, preventive and universal healthcare measures, he said.  The minister urged the hospital authorities not to enroll students beyond their capacity and strictly maintain standard teacher-student ratio.

The planning minister said the government has been planning to provide medical services commoners to poor in private hospitals, considering the limitations of the public sector facilities.  The government will pay for the poor patients if they take treatment in any designated private hospitals, he said. The minister put importance on setting up medical technology institute as the country has been facing acute dearth of skilled medical technologist and valuable medical equipment are laying idle or being damaged due to lack of sufficient number of medical technologist. 

Presided over by chairman of the hospital governing body Syed Morshed Hossain, General Secretary Rezaul Karim Azad and hospital Principal Prof. Ashim Barua spoke at the function held at the college premises. Later, the Finance and Planning Minister attended a prize distribution and reception given to brilliant students and freshers at Agrabad Mohila College.

Chairman of the Chattogram Education Board Prof. Abdullah Al Mamun, Chattogram Regional Director of Department of Secondary and Higher Secondary Education Prof. Fazlul Quader Chowdhury addressed, among others, on the occasion while College Governing Body President Advocate Mofizul Haque Bhuiyan was in the chair.

DCCI publishes the EPI to address the lack of adequate information regarding business, trade, investment planning and economic forecasting. Noted Economist and Chairman of Policy Research Institute of Bangladesh (PRI) Dr. Zaidi Sattar,  Professor Mizanur Rahman of Business Studies of Dhaka University, Professor M Niaz Asadullah of Economics department of DU, Additional Secretary of Ministry of Commerce Shibir Bicitro Barua; International Trade Expert Nesar Ahmed, former DG of BIDA Ariful Hoque, DG of International Trade, Investment & Technology Wing of Ministry of Foreign Affairs Dr. Syed Muntasir Mamun, and Senior Private Sector Specialist of IFC Miah Rahmat Ali, took part in the seminar. 

Dr. Zaidi Sattar, though the Index was conducted focusing on Dhaka, its acceptability and effectiveness would increase significantly if it can be expanded nationwide. Such an index would help entrepreneurs to assess the current business climate and take appropriate measures, he said. Nesar Ahmed said the CMSME sector is at risk of being severely affected. He stressed that there is no alternative to reducing the cost of doing business and ensuring supportive business policies to overcome the current situation.

Shibir Bicitro Barua said, Bangladesh’s economy is currently going through a difficult phase and to better understand the actual state of the economy this type of research should be conducted nationwide. He also informed that the Ministry of Commerce has taken steps for necessary reforms to the “Import Policy Order,” which is expected to be finalized within the next few months. Prof. Mizanur Rahman emphasized the necessity of institutional reforms, especially strengthening the capacity of financial sector institutions.

Dr. Syed Muntasir Mamun said, Bangladesh should depend more on capital market for long-term financing instead of relying heavily on the banking sector. Dr. Akhand Mohammad Akhtar Hossain, Chief Economist of Bangladesh Bank said, there is no alternative to FDI for increasing economic growth, an area in which Bangladesh is still lagging behind. Miah Rahmat Ali emphasized that the government must come forward with necessary policy and financial support for entrepreneurs to tackle global economic instability caused by wars and climate change.

In his welcome remarks, DCCI President Taskeen Ahmed stated that Bangladesh’s economy is currently going through a challenging period marked by high inflation, pressure on foreign exchange reserves, sluggish investment, energy uncertainty, rising manufacturing costs and declining employment opportunities, all of which are creating pressure on the macro economy. He mentioned that the “Economic Position Index (EPI)” developed by DCCI is a timely initiative that will help policymakers, entrepreneurs, and researchers take effective decisions based on actual economic conditions.

DCCI Secretary General (Acting) Dr. A.K.M. Asaduzzaman Patwari in the keynote paper said, Dhaka Chamber has undertaken the initiative to develop the “Economic Position Index (EPI)” on a quarterly basis to address the lack of adequate information regarding business, trade, investment planning and economic forecasting. Considering the concentration of industrial activities, he said, the research was conducted in Dhaka using data collected during the first quarter (July-September) and second quarter (October-December) of FY2025-2026. 

He mentioned that the data for this index was collected from 762 respondents, including 330 representatives from the manufacturing sector and 432 from the service sector. During the open floor discussion session, former Senior Vice President of DCCI Alhaj Abdus Salam, former Director M. Bashirullah Bhuiyan among others also spoke. DCCI Senior Vice President Razeev H Chowdhury, Vice President Md. Salem Sulaiman, members of the Board of Directors and representatives from both public and private sector were present.

“Billions of taka was looted” under the patronage of former Prime Minister Sheikh Hasina, he said adding that public money had been misappropriated during the previous administration. He said the present government aims to recover from the situation and rebuild the country’s financial and banking institutions. The event was chaired by former secretary Dr. A.F.M. Matiur Rahman, chairman of the board of directors of Karmasangsthan Bank. Among others, Member of Parliament Abdus Salam Azad, Religious Affairs Secretary Munshi Alauddin Al Azad, Financial Institutions Division Secretary Nazma Mobarek, Karmasangsthan Bank Managing Director Arun Kumar Chowdhury, Deputy Commissioner Syeda Nurmahal Ashrafi and Superintendent of Police Md. Menhajul Alam, were present at the function.

The Principal Secretary said that discussions about banks now bring to mind ‘two contrasting images- one positive and one negative’, and expressed his hope that Karmasangsthan Bank would maintain a positive image. He urged the bank’s officials and employees to work with honesty, dedication and sincerity.

Referring to the 2024 mass uprising, Sattar claimed that the Awami League was responsible because of what he described as “irregularities and fascist behavior,” which, he said, were disliked not only by the public but also by members of the party itself.

He also said that present Prime Minister Tarique Rahman intends to govern the country following the examples of former President Ziaur Rahman and former Prime Minister Khaleda Zia. He called upon the citizens to extend full cooperation to the government, saying such support would help to build the country in a better way.

Sattar further announced that the present government plans to provide four crore family cards under which each recipient family would receive Taka 2,500 per month. He added that farmers would receive farmer cards, while mosque imams and temple purists would receive monthly allowances.

"Whatever the actual percentage may be, if we can work collectively, we will be able to significantly increase the contribution of this sector to GDP," he said, adding that the ICT and telecom sector would remain a thrust sector for the BNP-led government. He said the government's goal is not only to remain among the world's top countries in terms of mobile subscribers but also to bring service quality to the top level globally.

Telecom and Technology Reporters' Network (TRNB) organized the seminar titled "Telecom Future: New Government's Vision" in a city hotel. Rehan Asif Asad said the effective tax rate for mobile operators in Bangladesh currently ranges between 51 percent and 56 percent, while the global average is around 22 percent. He said Bangladesh's tax-to-GDP ratio stands at 6.5 percent according to the World Bank Spring Summit, which is among the lowest in the world, making it difficult to maintain balance despite the telecom sector.

"It is highly difficult for government to reduce taxes in this situation . . . We can't solve all the problems in the next budget, we will make tangible progress and solve those step by step," he said, adding that multiple meetings had already been held regarding budget and tax rates. "We will make those changes what is possible for us," he said, adding, "Our key point, when it comes to tax, better, international competitiveness, we want to be one of the best country in the world, which invite the foreign direct investment."

The adviser said attracting foreign direct investment (FDI) remains one of the government's major priorities, noting that Bangladesh's FDI-to-GDP ratio is 0.34 percent compared to 4.63 percent in Vietnam. He said predictability in VAT, tax, customs duty and related policies for at least five years is essential for business planning in the telecom and IT sectors. On connectivity, the adviser said affordability of devices is the key factor for expansion of 4G and 5G services.

He stressed the importance of mobile manufacturing and said countries including India, Pakistan, Sri Lanka and China are moving towards smartphone manufacturing and operator-based smartphone networks. Rehan Asif Asad said the government's priority regarding spectrum is no longer only revenue generation, but also creating an ecosystem, building a value chain and ensuring overall economic development. He also highlighted the importance of AI, cyber security, data centres, CDN, POP and connectivity infrastructure, saying Bangladesh must have its own data centres and connectivity as a sovereign nation.

The adviser said the government would encourage young innovators and entrepreneurs through startup funds and support mechanisms, while efforts would be made to build a complete startup value chain with support from the ICT ministry and private sector stakeholders. He expressed optimism that Bangladesh could emerge as one of the world's leading manufacturing hubs and said the ICT sector could become one of the world's top sectors alongside the country's goal of becoming a one trillion-dollar economy.

Bangladesh Telecommunication Regulatory Commission (BTRC) Chairman Major General (Retd) Emdad Ul Bari spoke as the main discussant. He said the telecom regulator wants to build a subscriber-centric industry through balanced policies, transparent regulation and a diversified connectivity ecosystem comprising fibre, wireless cellular mobile and satellite services. He said the government has already sought a proposal for preparing a National Connectivity Master Plan involving industry and academia, adding that a committee and roadmap are expected to be formed before Eid, while work may begin after Eid.

BTRC Chairman said the regulator wants to maintain a balance among the three major stakeholders of the telecom sector - subscribers, telecom businesses and the government or regulator. "Even if we equally emphasise all three stakeholders, my starting point would be subscribers," he said, adding that businesses would be supported for ensuring services to subscribers. The BTRC chairman said the regulator wants service delivery to remain technology-agnostic so that subscribers receive all services regardless of delivery systems.

He said the government's vision, followed by clear strategy, policy and implementation plans on connectivity, access, digital services, digital payment systems, data governance and security-based trust building, would be highly useful for regulators. Emdad Ul Bari said the telecom sector's core functions are connectivity and access, while digital services would become the "lifeline" of the digital economy.

Referring to spectrum management, he said BTRC published its first spectrum roadmap in late 2024 for both local operators and international investors. According to the roadmap, 700 MHz spectrum auction was scheduled for 2025, while 3.5 GHz spectrum for 5G has been planned for 2027 and 2028, he added.

He said the 700 MHz auction, held in early 2026, was open to all operators and no participant was barred from joining. On concerns over monopoly and duopoly, he said the new licensing regime does not allow such opportunities, although "natural oligopoly" may emerge in heavy capex-dependent segments of the telecom industry. The BTRC chief also stressed data-driven decision making, transparency and extensive use of regulatory sandbox provisions introduced under the new telecom act.

He urged the media to maintain objective reporting, saying incomplete information could affect policy decisions and harm the industry. Barrister Shahed Alam, Head of Regulatory and Corporate Affairs, Robi presented the keynote paper titled "Shaping the Next Era of Telecom: Bangladesh Perspective." With TRNB President Samir Kumar Day in the chiar, General Secretary Masuduzzaman Robin delivered welcome address.

The meeting was held with a view to collecting opinions and recommendations from stakeholders considering the country’s overall economic situation, global economic uncertainties and the current realities of the domestic market. “The opinions of stakeholders are very important in the policy-making process. The constructive recommendations received at today’s meeting will be reviewed properly and reflected in the monetary policy for the first half of FY2026-27,” the BB Governor added.

The governor also stressed transparency, accountability and expansion of technology-based services in the banking sector. Emphasis was laid on ensuring easy-term financing for small, medium and export-oriented industries at the consultation meeting,organised by Bangladesh Bank, Khulna, on formulation of the monetary policy for the first half of fiscal year 2026-27.

Participants discussed issues relating to inflationary pressure, stability of the foreign exchange market, interest rate management, private sector credit flow, production and investment situation and employment generation in the present economic context.

They observed that a balanced and timely monetary policy is crucial at this moment so that inflation can be controlled while maintaining positive momentum in production, investment and export activities.

Special emphasis was given on ensuring easy financing conditions for small, medium and export-oriented industrial sectors.

Calls were also made for necessary policy support to further strengthen the agriculture, fisheries and rural economy sectors.

Deputy Governor Dr. Md. Habibur Rahman, Executive Director Mahmud Salahuddin Naser of Monetary Policy Department at Bangladesh Bank headquarters, Executive Director Md. Rukunuzzaman of Bangladesh Bank Khulna, officials of Bangladesh Bank, university teachers, regional heads and senior officials of different scheduled banks, businessmen, industrial entrepreneurs, exporters, importers, agricultural entrepreneurs, SME representatives, leaders of Khulna Women Chamber and Khulna Chamber, representatives of civil society and media personnel were present at the meeting.

Focusing on the Khulna region, participants highlighted the prospects and challenges of Mongla port-based commercial activities, shrimp and fisheries exports, jute and jute goods, agro-based industries and other production-oriented sectors.

They said stability in foreign currency supply, simplification of LC opening procedures and improvement in efficiency and transparency in banking services are essential to remain competitive in the international market.
Importance was also attached to strengthening good governance in the banking sector, reducing default loans and ensuring overall stability of the financial sector.

Participants expressed satisfaction over the opportunity to hold open discussions and welcomed such initiatives by Bangladesh Bank.

At the end of the meeting, hope was expressed that the monetary policy formulated on the basis of coordinated cooperation and constructive opinions of all stakeholders would play an important role in maintaining macroeconomic stability, controlling inflation, increasing investment and employment and achieving sustainable development goals. 

The company initially targeted a price range of $115 to $125 per share, before raising it to between $150 and $160, and finally settling at $185. It plans to issue 30 million shares, with an over-allotment option for an additional 4.5 million shares, according to a Cerebras statement released Wednesday evening. Raising $5.55 billion will place Cerebras among the 15 largest initial public offerings ever completed on Wall Street, and the largest since medical equipment group Medline in December.

Cerebras specializes in giant processors, also known as wafer-scale systems. They are viewed as suitable for the development and use of AI models. After three years of sustained growth following the release of OpenAI's ChatGPT, the AI infrastructure market has exploded this year. In January, OpenAI committed to acquiring a massive quantity of Cerebras processors, a contract valued at over $10 billion. As part of this agreement, Cerebras granted OpenAI warrants -- derivative products that can be converted into shares under certain conditions. If all the conditions are met, OpenAI could control more than 10 percent of Cerebras's capital.

Polls show he faces stiff competition from his main rival, senator Flavio Bolsonaro -- son of far-right former president Jair Bolsonaro, who is in jail for an attempted coup attempt. The pro-government camp is thus on the lookout for anything that might help their cause. Brazilian gas stations have seen skyrocketing prices ever since the outbreak of the US-Israel war against Iran on February 28.

But prices have eased slightly in recent weeks, according to authorities. "The situation is still complex," planning and budget minister Bruno Moretti told a press conference in Brasilia. "That requires us to constantly update our strategy for mitigating the impacts of the war on fuel prices and on the population," he said.

The latest measures would have no fiscal impact, according to the minister. Brazil, a net crude exporter according to the International Energy Agency (IEA), is relatively more insulated to exteral petroleum price shocks compared to countries that rely on imports.

While the Dow edged lower, both the S&P 500 and Nasdaq powered to fresh records. The Nasdaq led major US indices, piling on 1.2 percent behind big gains in most tech giants, including Google parent Alphabet and Nvidia. The strong session on Wall Street came on the heels of a benign day in Europe and Asia, where leading bourses also advanced. That came despite a US wholesale inflation report that greatly exceeded expectations, following Tuesday's rise in the consumer price index.

Wholesale prices rose six percent for the 12 months ending in April, according to US Department of Labor data. Month-on-month increases greatly exceeded expectations and were at their highest level since March 2022. The average price of a gallon of diesel in the United States is up around 50 percent since the start of the war, according to the AAA motor club.

"There are also signs that higher energy costs are beginning to bleed through to other goods and services, like transportation costs, which will keep producer price inflation lifted in the coming months," said Grace Zwemmer, US economist at Oxford Economics, in a note. Also Wednesday, the International Energy Agency warned that countries were tapping into oil inventories and strategic reserves at a "record pace," meaning further price volatility was likely. "Rapidly shrinking buffers amid continued disruptions may herald future price spikes ahead," the IEA warned in its monthly report.

Despite these concerns, equity markets advanced for the most part, a sign of hope ahead about the talks in China. Trump landed in Beijing, accompanied by leading CEOs, including Tesla boss Elon Musk and Nvidia chief Jensen Huang. Trump and Xi are set to discuss extending a one-year tariff truce, which the two leaders reached during their last meeting in South Korea in October, although a deal is far from certain.

China's controls on rare earth and agriculture exports are also expected to be on the menu.

- Key figures at around 2015 GMT -

Brent North Sea Crude: DOWN 2.0 percent at $105.63 a barrel

West Texas Intermediate: DOWN 1.1 percent at $101.02 a barrel

New York - DOW: DOWN 0.1 percent at 49,693.20 (close)

New York - S&P 500: UP 0.6 percent at 7,444.25 (close)

New York - Nasdaq Composite: UP 1.2 percent 26,402.34 (close)

London - FTSE 100: UP 0.6 percent at 10,325.35 (close)

Paris - CAC 40: UP 0.4 percent at 8,007.97 (close)

Frankfurt - DAX 30: UP 0.8 percent at 24,136.81 (close)

Tokyo - Nikkei 225: UP 0.8 percent at 63,272.11 (close)

Hong Kong - Hang Seng Index: UP 0.2 percent at 26,388.44 (close)

Shanghai - Composite: UP 0.7 percent at 4,242.57 (close)

Euro/dollar: DOWN at $1.1714 from $1.1739 on Tuesday

Pound/dollar: DOWN at $1.3522 from $1.3539

Dollar/yen: UP at 157.87 from 157.63 yen

Euro/pound: DOWN at 86.59 pence from 86.69 pence 

US President Donald Trump and Chinese counterpart Xi Jinping met in Beijing for a closely watched summit that covered thorny issues including Taiwan, but yielded few concrete outcomes in its opening phase.

The cautious mood came after another tech-led rally on Wall Street, where the Nasdaq and S&P 500 hit record highs, driven by continued enthusiasm for artificial intelligence investment.

Trump praised Xi as a "great leader" and "friend", predicting a "fantastic future together" in talks lasting more than two hours at the Great Hall of the People.

Xi, however, delivered a blunt warning on Taiwan -- which Beijing claims as its territory -- saying missteps could push the two powers into conflict.

Accompanying Trump was a US delegation including Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and high-powered business leaders such as Nvidia's Jensen Huang, Apple's Tim Cook and Tesla's Elon Musk.

"China's doors to the outside world will open wider and wider... American companies will enjoy even brighter prospects in China," Xi told the business executives, according to Chinese state media.

Experts said the presence of top executives underscored the deep economic interdependence between the two nations despite years of tensions and talk of decoupling.

SPI Asset Management's Stephen Innes said in a comment that Beijing used the summit to project "stability, strategic coexistence, and economic interdependence".

"The presence of top US corporate leaders highlighted how deeply connected the American and Chinese economic systems still remain," he added.

He warned the key risks facing markets were increasingly intertwined.

"Rare earths, AI, Taiwan, and the Strait of Hormuz are now interconnected strategic pressure points shaping the next phase of global market risk," Innes said.

The meeting in Beijing took place against the backdrop of conflict in the Middle East, which has disrupted shipping through the Strait of Hormuz and driven energy prices higher.

International benchmark Brent crude hovered just above $105 a barrel on Thursday.

Across Asia, Seoul led gains as the Kospi climbed 1.75 percent, nearing the 8,000 mark. Taipei, Mumbai, Bangkok and Manila also advanced.

Shanghai, Tokyo, Jakarta, Wellington and Singapore slid. Hong Kong was flat.

Following Wall Street's lead, Taiwanese tech giant Foxconn reported a 19-percent jump in quarterly net profit, fuelled by booming demand for AI servers, and forecast strong growth in shipments this year.

But there were signs of strain elsewhere.

Japanese automaker Honda announced a $2.6 billion operating loss, its first since 1957, after a sweeping overhaul of its electric vehicle strategy in the United States, citing heavy charges and policy shifts under the Trump administration.

Honda blamed tariffs and the removal of EV incentives, as well as intensifying competition in China.

London, Paris and Frankfurt opened on the front foot, tracking the positive lead from Wall Street.

The Nasdaq led major US indices Wednesday, piling on 1.2 percent behind big gains in most tech giants, including Nvidia and Google parent Alphabet.

That came despite a US wholesale inflation report that greatly exceeded expectations, following Tuesday's rise in the consumer price index.

Wholesale prices rose six percent for the 12 months ending in April, according to US Department of Labor data.

Month-on-month increases greatly exceeded expectations and were at their highest level since March 2022.

- Key figures at around 0820 GMT -

Brent North Sea Crude: UP 1.20 percent at 106.90 a barrel

West Texas Intermediate: UP 1.20 percent at 102.18 a barrel

Tokyo - Nikkei 225: DOWN 1.0 percent at 62,654.05 (close)

Hong Kong - Hang Seng Index: FLAT at 26,389.04 (close)

Shanghai - Composite: DOWN 1.5 percent at 4,177.92 (close)

London - FTSE 100: FLAT at 10,321.42

Pound/dollar: DOWN at 1.3514 from $1.3522 on Wednesday

Euro/pound: UP at 86.65 from 86.59

Euro/dollar: DOWN at 1.1709 from $1.1714

Dollar/yen: UP at 157.89 from 157.87

New York - DOW: DOWN 0.1 percent at 49,693.20 (close)

New York - S&P 500: UP 0.6 percent at 7,444.25 (close)

New York - Nasdaq Composite: UP 1.2 percent 26,402.34 (close)

abs/fox

NVIDIA (isin = US67066G1040)

Alibaba (isin = KYG017191142)

Tencent (isin = KYG875721634)

S&P Global Ratings (isin = US78409V1044)

INDEX CORP. (isin = JP3153300003)

As part of the programme, the CAG visited the CGA office along with activities being carried out by 50 CAFO offices under different ministries, divisions, departments and agencies, said a press release. Deputy Comptroller and Auditor General (Senior) Md Shariful Islam, Deputy Comptroller and Auditor General (A&R) Saifullah Sobhan were present. During the inspection, the CAG observed various citizen service initiatives, including instant support relating to salary allowances and pension services for pensioners and service recipients, life verification services and related mobile applications, settlement of General Provident Fund (GPF) issues, one-stop service centres, help desks and different automation activities.

He also exchanged views with officials and employees concerned. The CAG gave necessary directives to the CAFOs for speedy disposal of family pension and restored pension cases as well as issues relating to disabled children and their entitlements. Highlighting the government’s commitment to ensuring quick, transparent and quality public services, Md Nurul Islam said the present government is working relentlessly to make the service delivery system easier, more humane, technology-based and accountable with the goal of building a citizen-friendly administration.

He urged all concerned to work with sincerity, dedication and responsibility to ensure quality services for pensioners and all service recipients. Officials of the concerned offices briefed the CAG on the special activities being conducted during the service week. Pensioners and other service recipients also expressed satisfaction over the prompt and cordial services being provided. The special service activities are being conducted nationwide at 17 audit directorates, the CGA office, 50 CAFO offices, offices in eight divisions, 64 districts and 495 upazilas, alongside CGDF, SFC, FC offices at different cantonments, Area FC/FPO offices, ADG Finance Bangladesh Railway, FA&CAO and DFA offices in Dhaka, Chattogram and Rajshahi.

Under the programme, important services including pay fixation, pension settlement, GPF/DSPF/DSOP services, TA/DA bills, commutation bills and Net Entitlement (NE) cases are being delivered with due respect, efficiency and promptness.

Data also showed that expatriate Bangladeshis sent a total of $31,076 million in remittances during the period from July to May 13 of the current fiscal year. In comparison, the inflow was $25,805 million during the corresponding period of the previous fiscal year. The upward trend in remittance earnings is expected to provide support to the country’s foreign exchange reserves and help stabilise the external sector, analysts added.

In his speech, Muktadir urged Chinese investors to make meaningful investments that would create a win-win partnership between the two countries. Highlighting that China is Bangladesh’s largest trading partner, Muktadir emphasized the importance of increasing Chinese Foreign Direct Investment (FDI) to help reduce the bilateral trade gap.  He specifically sought Chinese cooperation in reopening and modernizing closed state-owned mills, revitalizing the jute sector, promoting renewable energy, and advancing green industrialization initiatives.

The minister noted that Bangladesh currently has the world’s highest number of green-certified garment factories, reflecting the growing environmental awareness among local entrepreneurs.  He said the textile and garment sector must ensure efficient use of water, electricity, and fuel to remain globally competitive and environmentally sustainable. Expressing optimism about the exhibition, Muktadir said the joint initiative would create new opportunities for technology exchange, investment expansion, and sustainable industrial development.

Chinese Ambassador to Bangladesh Yao Wen attended the event as special guest. Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Director Shah Rayeed Chowdhury, Bangladesh China Chamber of Commerce and Industry (BCCCI) President Mohammad Khorshed Alam, Bangladesh Garments Buying House Association (BGBA) President Abdul Hamid Pintu, Savor International Limited Managing Director Md. Foyzul Alam, Chinese Enterprises in Bangladesh President Han Kun, and Overseas Chinese Association in Bangladesh Vice President Lisa Lu, among others, were present. 

Following the inaugural ceremony, the minister visited different stalls at the expo. The three-day international exhibition has brought together leading textile and garment companies, investors, and technical experts from Bangladesh and China. The event also features seminars and panel discussions on eco-friendly and recyclable textile technologies. The expo remains open to visitors daily from 10am to 7pm and will conclude on May 16.

Market turnover, however, registered a notable increase, rising 16.5 percent to Taka 9.9 billion from Taka 8.6 billion in the previous session, indicating improved trading activity. On the sectoral front, the General Insurance sector dominated turnover, accounting for 18.6 percent of total transactions, followed by Textile at 14.1 percent and Pharmaceuticals at 11.5 percent. Sector performance remained mixed during the session. Financial Institutions posted the highest gain with a 3.4 percent rise, followed by Ceramic with 1.7 percent and Life Insurance with 1.5 percent gains. On the losing side, the Food sector declined by 1.1 percent, while Information Technology and Jute sectors fell by 0.8 percent and 0.7 percent respectively.

Out of the 397 issues traded on the DSE, 197 advanced, 138 declined, and 61 remained unchanged. Meanwhile, the Chittagong Stock Exchange also ended the session in positive territory, although its key indices showed declines. The Selective Categories’ Index (CSCX) fell by 32.7 points, while the All Share Price Index (CASPI) declined by 44.7 points at the close of trading.

Market turnover, however, registered a notable increase, rising 16.5 percent to Taka 9.9 billion from Taka 8.6 billion in the previous session, indicating improved trading activity. On the sectoral front, the General Insurance sector dominated turnover, accounting for 18.6 percent of total transactions, followed by Textile at 14.1 percent and Pharmaceuticals at 11.5 percent. Sector performance remained mixed during the session. Financial Institutions posted the highest gain with a 3.4 percent rise, followed by Ceramic with 1.7 percent and Life Insurance with 1.5 percent gains. On the losing side, the Food sector declined by 1.1 percent, while Information Technology and Jute sectors fell by 0.8 percent and 0.7 percent respectively.

Out of the 397 issues traded on the DSE, 197 advanced, 138 declined, and 61 remained unchanged. Meanwhile, the Chittagong Stock Exchange also ended the session in positive territory, although its key indices showed declines. The Selective Categories’ Index (CSCX) fell by 32.7 points, while the All Share Price Index (CASPI) declined by 44.7 points at the close of trading.

Against a total face value of Taka 5,900 crore, the auction attracted bids amounting to Taka 72,597.94 crore, reflecting strong confidence in Shariah-compliant government investment instruments. The seven-year Sukuk carries an annual profit or lease rate of 10.40 percent.  Due to the massive oversubscription, Bangladesh Bank allocated the Sukuk certificates among investors on a pro-rata basis.

The auction was conducted through Bangladesh Bank’s dedicated Shariah Securities Module (SSM), an internal digital platform designed to facilitate Islamic securities operations efficiently. To enhance liquidity and encourage institutional participation, the Sukuk has been recognized as an eligible asset for maintaining the Statutory Liquidity Reserve (SLR).  In addition, Shariah-based banks and conventional banks operating Islamic windows or branches will be able to use the Sukuk certificates as collateral under the Islamic Banks Liquidity Facility (IBLF).

The auction drew participation from a broad range of investors, including Islamic banks and financial institutions, conventional banks with Islamic banking operations, insurance companies, mutual funds, provident funds, deposit insurance entities, and individual investors.  The strong participation from retail and category-based investors highlighted the increasing popularity of Islamic financial products among the public.

According to official data, Taka 441.62 crore worth of Sukuk certificates were allocated to 1,011 successful individual and category-based bidders. Secondary market trading of the CIBRR-1 Sukuk is scheduled to begin on May 14, 2026. Funds raised through the Sukuk issuance will be utilized for the construction of important bridges on rural roads across Bangladesh under the CIBRR-1 project. The initiative is expected to strengthen rural connectivity, facilitate trade and transportation, and improve socio-economic conditions in different regions of the country through enhanced infrastructure development.

Muktadir made the remarks while virtually addressing a directive meeting with divisional commissioners, city corporation administrators, and deputy commissioners on overall raw hide management at the Secretariat in the city, said a press release. The minister described raw hides as an important national asset and said proper preservation would strengthen the country’s leather industry, increase export earnings, and improve the financial capacity of orphanages, madrasas, and Lillah boarding institutions. 

He noted that a significant number of hides are wasted every year due to lack of awareness and inadequate preservation practices, adding that the government is determined to prevent such losses this year through coordinated initiatives. Muktadir instructed divisional commissioners to ensure that Khatibs and Imams emphasize the importance of proper hide preservation and correct skinning techniques during Friday sermons in the two weeks leading up to Eid. 

He also directed them to supervise training programmes arranged by deputy commissioners for madrasas, orphanages, and other stakeholders involved in hide collection and preservation. The minister further ordered the formation of special monitoring teams at the field level and instructed deputy commissioners to maintain active supervision after the training activities.  City corporation administrators were also asked to integrate raw hide preservation monitoring with ongoing waste management operations during Eid.

During the meeting, officials informed that the government has already allocated more than Tk 17 crore for the free distribution of salt among madrasas, orphanages, and Lillah boarding institutions across the country to help maintain the quality of raw hides. In addition, around Tk 2.63 crore has been allocated for training programmes, including Tk 50,000 at the upazila level and Tk 75,000 at the district level.

To raise public awareness, the government plans to distribute 300,000 posters and 800,000 leaflets nationwide. Awareness campaigns will also be conducted through television, radio, newspapers, social media platforms, and mobile SMS services. Documentary films demonstrating proper hide management techniques will be aired on television channels beginning three days before Eid.

The meeting was moderated by Md. Abdur Rahim Khan, Secretary (Routine Charge) of the Ministry of Commerce, where divisional commissioners and other officials shared local-level action plans and recommendations. Concluding the session, the commerce minister expressed optimism that through coordinated implementation of the government’s initiatives and collective public participation, the country would be able to preserve this valuable national resource and prevent wastage of sacrificial animal hides this year.

Government officials, aviation leaders, tourism experts, academics, private entrepreneurs and media professionals attended the roundtable chaired by H M Hakim Ali, President of United Tourism Stakeholders Society of Bangladesh. General Secretary of UTSSOB Rezaul Ekram gave welcome address while the session was moderated by Vice President Toufiq Rahman.

Speaking at the event, Mofizur Rahman, Managing Director of Novoair and Secretary General of the Aviation Operators Association of Bangladesh, said Bangladesh remains significantly behind in research-based tourism planning despite possessing enormous natural and cultural potential. “Without credible data, market intelligence and proper research, it is impossible to formulate sustainable tourism policies,” he said, adding that aviation and tourism are deeply interconnected, but both continue to suffer from policy inconsistency and lack of institutional coordination.

He stressed the need for a united voice among tourism stakeholders and urged policymakers to include industry professionals in decision-making process. Deputy Director of the Bangladesh Tourism Board, Borhanuddin said, Despite limited manpower and budget  the Tourism Board continues to work on innovative destination branding by integrating local heritage, indigenous products and rural cultural experiences into tourism development.

He dismissed the perceptions of rivalry between the Tourism Board and Bangladesh Parjatan Corporation, saying both institutions share the same goal of advancing the national tourism industry. Pointing out the extremely limited research on tourism sector, former DU professor and tourism expert Badruzzaman Bhuiyan said universities, researchers and students should be involved in destination planning.

Director of the Tour Operators Association of Bangladesh (TOAB) Taslim Amin Shovon called for stronger public-private coordination, international standard tourism fairs, road shows, digital marketing, simplified visa systems and tourist-friendly infrastructure to promote country’s tourism.

Aviation and Tourism Journalists Forum of Bangladesh (ATJFB) president Tanzim Anwar said Bangladesh has failed to transform many of its tourism assets into globally marketable products due to inadequate research and lack of reliable statistics.

“Destinations like Bali have built million-dollar attractions around simple cultural experiences, while many of Bangladesh’s rural traditions and natural assets remain commercially underutilised,” he said. Speakers also warned that exaggerated or misleading destination branding could damage Bangladesh’s credibility in the international tourism market and called for research-driven, realistic and data-based strategies to make a position of the on the global tourism map.

According to central bank data, total foreign currency purchases by Bangladesh Bank during the current fiscal year 2025–26 stand at $5,883.50 million now. The intervention in the foreign exchange market is part of the central bank’s ongoing measures to manage liquidity and ensure stability in the foreign exchange regime.

The project will be implemented on 412 acres of BEZA-owned land in Sonagazi Upazila of Feni. The initiative aims to establish a bankable and sustainable solar energy model that can be replicated nationwide by utilizing unused government land for renewable energy production. Under the proposed framework, the plant will have a generation capacity of 130-140 MW (AC) with integrated battery storage facilities.

 The Bangladesh Power Development Board (BPDB) will serve as both the contracting authority and the purchaser of the electricity generated by the project.  The procurement process is expected to begin by August 2026. Speaking as the chief guest, Power, Energy and Mineral Resources Minister Iqbal Hassan Mahmood said the government intends to spark a revolution in the solar sector similar to the transformation achieved in the garment industry.

He added that an investment-friendly renewable energy policy is expected to be unveiled by June to support private sector participation. State Minister for Power, Energy and Mineral Resources Aninda Islam Amit said expanding solar power generation is essential to reduce Bangladesh’s dependence on imported fuels and strengthen grid stability. The initiative will be developed under the newly approved “Guidelines for Development of Renewable Energy Projects using Land Owned by Government Agencies under PPP Modality, 2026.”

 An MoU between BEZA and BPDB was signed on May 7, 2026, formalizing their respective roles as land owner and contracting authority. The Asian Development Bank (ADB) is providing technical support for the project, including feasibility studies, financial modeling, environmental impact assessments, and legal evaluations. The ADB is also assisting with the international competitive bidding process to ensure transparent tariff determination.

Executive Chairman of BEZA Chowdhury Ashik Mahmud Bin Harun, who chaired the workshop, said the project represents a strategic effort to attract private investment while making productive use of government-owned land. Once operational, the solar plant is expected to provide uninterrupted electricity to industrial zones and significantly reduce carbon emissions within the national power grid, he added.

Under the revised framework, the central bank has deferred the implementation of Section 2A(i)(b) of BRPD Circular No. 01/2022, which had capped the aggregate principal amount of funded exposure to a single borrower or borrower group at 15 percent of a bank’s capital. In place of that restriction, banks will now be permitted to maintain combined funded and non-funded exposure of up to 25 percent of their capital base. This enhanced limit will remain effective until June 30, 2028, enabling banks to extend larger credit facilities to industrial and commercial clients.

In another major relief measure, Bangladesh Bank reduced the conversion factor applied to non-funded exposures — such as Letters of Credit (LCs) and guarantees — from the standard 0.50 to 0.25 for the general industrial sector. The move effectively doubles banks’ capacity to provide trade finance facilities under existing capital constraints and extends benefits that were previously available mainly to the power sector. The central bank has outlined a phased normalization roadmap for the conversion factor over the next four years. The factor will remain at 0.25 until June 30, 2027, before increasing gradually to 0.30 by December 31, 2027, 0.40 by December 31, 2028, and returning to the standard 0.50 on January 1, 2030.

Bangladesh Bank has also revised the large loan portfolio ceiling structure by replacing Section 2B(i) of the 2022 circular with a performance-based mechanism linked to banks’ non-performing loan (NPL) management. Under the new structure, banks with classified loans of 10 percent or less of total outstanding loans will be allowed to maintain large loan portfolios equivalent to up to 50 percent of their total loans and advances.  The allowable ceiling gradually declines as NPL ratios rise, falling to 46 percent for banks with classified loans between 10 and 15 percent, 42 percent for banks between 15 and 20 percent, 38 percent for banks between 20 and 25 percent, 34 percent for banks between 25 and 30 percent, and 30 percent for banks with classified loans exceeding 30 percent.

The revised framework will remain effective until December 31, 2027. However, the central bank has retained an overarching prudential safeguard by stipulating that aggregate large loan exposure must not exceed 600 percent of a bank’s total capital. The policy changes were introduced under the authority granted to Bangladesh Bank through Sections 26(Kha) and 45 of the Bank Company Act, 1991 (as amended). The central bank stated that all other provisions of BRPD Circular No. 01/2022 will remain unchanged unless specifically modified by the latest directive.

Longtime arch-foes Washington and Caracas pressed the reset button on relations after Maduro's January 3 overthrow by US special forces in a raid on Caracas. US President Donald Trump approved Maduro's former deputy Delcy Rodriguez to succeed him on condition that she grant the United States access to Venezuelan oil. The two countries formally restored diplomatic relations in March.

Rodriguez moved immediately after Maduro's fall to end state control over the oil sector to attract foreign investors. The United States, for its part, has eased a series of sanctions on the Venezuelan oil industry and granted licenses to foreign companies to operate in the country. Several US oil companies have signed deals with the Venezuelan state, which has also liberalized its mining code. Venezuela's second-biggest export to the United States is coffee, whereas its chief imports were grain, electrical equipment and animal feed.

The war on Iran, launched on February 28, has engulfed the Middle East in violence, with Tehran's retaliatory action targeting US regional allies and virtually blocking the key Strait of Hormuz. The halt in shipping through the waterway, which normally sees about a fifth of global oil and gas traffic, has seen energy prices skyrocket.

As of Tuesday, the average price of a gallon of regular gasoline in the United States had risen about 51 percent since the start of the war, according to data from the AAA motor club. The US Federal Reserve has a long-term two-percent target for inflation, but policymakers have not achieved that level in more than five years. Inflation hit a recent peak of 9.1 percent in 2022. Asked if Americans' financial situation motivated him to make a peace deal with Iran, Trump offered a robust response.

"Not even a little bit. That only thing that matters when I'm talking about Iran: they can't have a nuclear weapon," he said. "I don't think about Americans' financial situation, I don't think about anybody."

Iran's chief negotiator said Tuesday that Washington must accept Tehran's latest peace plan or face failure.

"The longer they drag their feet, the more American taxpayers will pay for it," Mohammad Bagher Ghalibaf said in a post on X.

Trump, on his way towards Beijing, said he expected a "long talk" with counterpart Xi Jinping about Iran, which relies on China as the top customer for its US-sanctioned oil.

But he also played down disagreements on Iran, saying that Xi has been "relatively good, to be honest with you."

"I don't think we need any help with Iran. We'll win it one way or the other. We'll win it peacefully or otherwise," Trump told reporters as he left the White House.

But the lack of progress means the Strait of Hormuz remained largely closed to tanker traffic. The international benchmark Brent North Sea crude and the main US contract, West Texas Intermediate, both rose more than three percent.

Meanwhile, the latest consumer price index data in the United States confirmed that high energy prices are stoking inflation, with the index recording the largest annual gain in nearly three years in April.

CPI rose 3.8 percent year-on-year, up from March's 3.3 percent figure, the US Bureau of Labor Statistics said.

Analysts see the report as dimming the odds for Federal Reserve interest rate cuts this year.

The inflation report weighed on Wall Street stocks throughout the session, but major indices finished well above session lows. The S&P 500 finished at 7,400.96, down 0.2 percent after earlier losing around one percent.

"The market remains calm," said Mabrouk Chetouane, head of global markets at Natixis, adding that investors believe Washington and Tehran will reach an agreement before too long.

Markets are also optimistic about the upcoming US-China summit, Chetouane said, while noting that any additional tariffs after the meeting would be an unwelcome surprise.

"Stability is essential for the capital markets," he said.

Europe's main stock markets ended the day in the red after losses for some major Asian indices.

In Britain, the yield on the country's 30-year bonds reached 5.814 percent Tuesday, the highest level since 1998.

The rise in yields reflects political uncertainty as Prime Minister Keir Starmer clings to power.

More than 80 of Labour's 403 members of parliament have now called for Starmer to quit immediately or to set out a timetable for his departure.

On Tuesday, more than 100 Labour members of parliament signed a statement backing their leader, highlighting the deep divisions within the beleaguered ruling party.

In South Korea, calls for a social tax on artificial intelligence profits largely dragged down the tech-rich Kospi index by five percent.

South Korea is riding a chip boom driving massive earnings for tech giants Samsung and SK hynix, which had sent the Kospi to record highs in recent weeks.

- Key figures at around 2020 GMT -

Brent North Sea Crude: UP 3.4 percent at $107.77 a barrel

West Texas Intermediate: UP 4.2 percent at $102.18 a barrel

New York - DOW: UP 0.1 percent at 49,760.56 points (close)

New York - S&P 500: DOWN 0.9 percent at 7,400.96 (close)

New York - Nasdaq Composite: DOWN 0.7 percent at 26.088.2 (close)

London - FTSE 100: DOWN less than 0.1 percent at 10,265.32 (close)

Paris - CAC 40: DOWN 1.0 percent at 7,979.92 (close)

Frankfurt - DAX 30: DOWN 1.6 percent at 23,954.92 (close)

Tokyo - Nikkei 225: UP 0.5 percent at 62,742.57 (close)

Hong Kong - Hang Seng Index: DOWN 0.2 percent at 26,347.91 (close)

Shanghai - Composite: DOWN 0.3 percent at 4,214.49 (close)

Euro/dollar: DOWN at $1.1745 from $1.1783 on Monday

Pound/dollar: DOWN at $1.3542 from $1.3610

Dollar/yen: UP at 157.57 from 157.19 yen

Euro/pound: UP at 86.70 pence from 86.58 pence 

The officials are likely to put the finishing touches on any announcements made during Trump's summit with Chinese leader Xi Jinping. Washington and Beijing last year slapped tit-for-tat tariffs on each other's exports, with levies exceeding 100 percent. Trump and Xi agreed on a year-long trade truce at their October meeting in South Korea.

"Economic security is national security," Bessent said as he announced his South Korea trip on social media. Bessent will then travel to Beijing for the Trump-Xi summit, he added. More than a dozen business executives including Nvidia CEO Jensen Huang and Tesla boss Elon Musk are also travelling to China with Trump.

Speaking at the event, DCCI President Taskeen Ahmed said that Bangladesh and Turkiye enjoy longstanding friendly relations, adding that stronger business-to-business engagement can significantly boost bilateral trade and investment in the coming years. He informed that bilateral trade between Bangladesh and Turkiye during FY 2024-25 stood at around USD 1.05 billion, while Turkish investment in Bangladesh has already reached US$74.05 million across different sectors. 

He urged Turkish investors to undertake both joint venture and independent investments in Bangladesh's high-potential sectors, including readymade garments, leather and footwear, jute goods, agro-processed products, pharmaceuticals, ICT services and software, light engineering products, home textiles, and consumer goods. Taskeen Ahmed also emphasized the importance of expanding cooperation in the electronics and electrical equipment sectors, stating that increased Turkish participation would help diversify Bangladesh's industrial base and strengthen technology transfer and industrial capacity.

Burak Basegmezlar said that there is strong demand in Bangladesh for electronic equipment, home appliances, generators, and related products, adding that Turkish investors are keen to explore investment opportunities in these sectors. He informed that a delegation of Turkish entrepreneurs from the electronics and electrical equipment sector is scheduled to visit Bangladesh in November this year for bilateral discussions and B2B meetings with local businesses.

Ambassador Ramis Sen said that there is substantial untapped potential in Bangladesh-Turkiye trade relations and stressed the need for closer private sector cooperation between the two countries.  He also mentioned that DCCI can play an important role in strengthening economic and commercial ties between Bangladeshi and Turkish businesses. DCCI Senior Vice President Razeev H Chowdhury and Vice President Md. Salem Sulaiman, among others, were present at the meeting.

As of December 2025, the company maintained a capital adequacy ratio (CAR) of 30.73 percent, while return on equity (ROE) for 2025 stood at 9.8 percent. Founded in 1996, the company has disbursed home loans of more than Tk 17,600 crore to over 63,000 families over the past 30 years to meet housing needs.

DBH Finance PLC, through its 17 branches across the country, provides conventional home loans, Islamic housing finance and affordable housing loans to customers.  It also mobilises both conventional deposits and mudaraba deposits from retail and corporate clients. The company’s non-performing loan ratio has never exceeded 1 percent to date, which has helped it maintain the highest credit rating, AAA, for 20 consecutive years, said the press release.

The trainers delivered detailed presentations on different aspects of securities laws, particularly focusing on recent amendments and additions to regulations. They also explained legal interpretations for accurate report preparation and highlighted common mistakes frequently found in reporting procedures to help participants gain a clearer understanding of compliance requirements.

Speaking at the programme, CSE Managing Director M. Shaifur Rahman Mazumdar said the capital market is passing through unprecedented global, political and structural challenges, making regulatory and technical adaptation essential for business sustainability. He said there is a misconception that strict legal compliance creates obstacles for businesses, adding that greater compliance actually enhances transparency and helps institutions build stronger confidence among customers and stakeholders for long-term success.

Shaifur Rahman also said the CSE is working on introducing new products, including a Commodity Market, and urged market participants to become familiar with the rules and operational framework of the upcoming segments. Chief Regulatory Officer Mohammad Mahadi Hasan said such training programmes help officials remain updated with frequent regulatory changes and ensure the proper application of securities laws for maintaining a transparent and dynamic capital market.

The programme ended with an interactive question-and-answer session where participants sought clarification on different legal issues. Participants termed the session timely and effective and requested the CSE authorities to arrange similar training programmes regularly. The event was moderated by M. Sadek Ahmed, Head of Training and Awareness at CSE, while senior officials, including Md. Nahidul Islam Khan, DGM and Head of Compliance, Inspection and Enforcement, were also present.

Representatives from several BSIA member companies, including Dynamic Solution Innovators (DSi), PrimeSilicon Technology Limited, Siliconova Limited, Ulkasemi Private Limited, and Neural Semiconductor Ltd., later met with SuperGate, a Korean semiconductor design house, to explore potential collaboration opportunities in semiconductor design services, verification, embedded systems, AI-centric chip design, and engineering support capabilities, said a press release.

The BSIA delegation also held an important bilateral meeting with the Korea Semiconductor Industry Association (KSIA). The discussion focused on three major strategic initiatives: Exploring the formation of a collaborative “15-nation semiconductor alliance” to strengthen global semiconductor resilience, talent mobility, and long-term ecosystem cooperation. The discussions also include expanding collaboration in semiconductor talent development through joint training, research initiatives, academic engagement, and workforce development programs apart from establishing long-term cooperation between KSIA and BSIA for the joint promotion of the Korean and Bangladeshi semiconductor industries and exploring opportunities for global collaboration.
KSIA leadership expressed appreciation for Bangladesh’s emerging semiconductor vision and acknowledged the country’s unique strategic positioning, demographic advantage, growing engineering base, and focused ecosystem-building initiatives. Discussions highlighted the potential for Bangladesh to evolve into the world’s 12th semiconductor hub through disciplined capability development, international partnerships, and long-term policy alignment.

The evening concluded with a major Banquet Reception jointly organised by BSIA and the Embassy of Bangladesh in Seoul. The event brought together semiconductor industry leaders, policymakers, researchers, academia, and corporate representatives from both countries.  The programme included remarks from KSIA leadership, BSIA President M A Jabbar, and Toufiq Islam Shatil, Ambassador of Bangladesh to the Republic of Korea.  

Professor Muhammad Mustafa Hussain of Purdue University delivered a strategic presentation titled “Vision of Bangladesh for Semiconductor Packaging,” highlighting the growing importance of advanced packaging, heterogeneous integration, AI-driven semiconductor infrastructure, and ecosystem-oriented value creation. BSIA member companies also presented their technical capabilities and ongoing engagements across semiconductor design, verification, testing, reliability engineering, memory systems, embedded systems, AI hardware, and advanced engineering services. 

Presentations demonstrated that Bangladeshi companies are already contributing to globally relevant semiconductor workflows and technologies. The event further featured an industry case-study session by Changhyun Kim, Vice President and Head of Packaging & Module at SK hynix, on Korea’s packaging success story and the evolution toward AI-era memory packaging technologies. 

An insight session by McKinsey & Company explored the dynamics of the advanced packaging ecosystem, emphasizing the growing importance of 2.5D and 3D packaging architectures, memory-centric AI infrastructure, and the emergence of advanced packaging as a new “middle-end” of the semiconductor value chain. BSIA noted that the South Korea Roadshow reflects Bangladesh’s broader “Silicon River” vision, which seeks to build a sustainable deep-tech ecosystem through the convergence of talent, industry, policy, global partnerships, and strategic infrastructure development.

As part of the evening remarks, BSIA formally invited Korean industry leaders, researchers, and ecosystem partners to participate in the BEAR Summit 2026 to be held in Dhaka, Bangladesh on July 25-26, 2026.

Data also showed that expatriate Bangladeshis sent a total of $30,938 million in remittances during the period from July to May 12 of the current fiscal year. In comparison, the inflow was $25,671 million during the corresponding period of the previous fiscal year. The upward trend in remittance earnings is expected to provide support to the country's foreign exchange reserves and help stabilise the external sector, analysts added.

According to a BSEC press release, Fortune Shoes had declared a 10 percent cash dividend and 5 percent stock dividend for the fiscal year ended June 30, 2022.  However, the company failed to disburse Tk 3.98 crore out of the total declared cash dividend of Tk 16.25 crore. The company also failed to pay Tk 18.29 lakh in listing fees to the Dhaka Stock Exchange as of July 31, 2023. 

The commission directed the company to clear the unpaid dividend and listing fees within 30 days. BSEC said the penalties were imposed due to violations of securities laws and actions deemed harmful to general investors. As part of the enforcement action, Md. Mizanur Rahman was fined Tk 5 crore, while Roksana Rahman, Md. Amanur Rahman, Robiul Islam and Md. Khosrul Islam were each fined Tk 50 lakh.

In addition, Jamil Ahmed Chowdhury was fined Tk 10 lakh, while Md. Nazmul Hossain and Riaz Uddin Bhuiya were each fined Tk 5 lakh. The penalized officials have been instructed to deposit the fines to the commission within seven days. The commission meeting also approved issuance of a notification regarding capital raising, including rights and bonus shares, for companies where sponsor-directors jointly hold less than 30 percent shares.

Besides, 'A' category banks will now be allowed to maintain dividend accounts within their own banks. The BSEC further announced the "BSEC Capital Market Journalism Excellence Awards & Fellowship 2026" aimed at encouraging analytical and credible reporting on the capital market.  Under the initiative, nine journalists from print, electronic and online media will receive awards and fellowships.

Turnover, however, declined by 22.3 percent to Taka 8.6 billion from the previous session’s Taka 11.0 billion, when a large block transaction involving BRAC Bank PLC boosted overall market activity. Among the major sectors, General Insurance accounted for the highest share of turnover at 17.5 percent, followed by Textile at 12.7 percent and Pharmaceuticals at 12.1 percent. The IT sector posted the highest gain, advancing 2.5 percent, followed by General Insurance with 2.1 percent and Financial Institutions with 1.0 percent gains. In contrast, Mutual Funds and Jute sectors each declined by 2.3 percent, while Life Insurance fell by 0.8 percent.

Out of the 396 issues traded on the DSE, 147 advanced, 184 declined and 65 remained unchanged. Meanwhile, the Chittagong Stock Exchange PLC closed in the red. The Selective Categories’ Index (CSCX) lost 8.8 points, while the All Share Price Index (CASPI) fell by 13.1 points at the close of trading.

The report placed strong emphasis on improving bilateral trade volume, encouraging cross-border investment, and strengthening commercial connectivity between the two countries. It identified sectors including ICT, agriculture, healthcare, tourism, education, and manufacturing as promising areas for deeper economic cooperation. BPCCI leaders said there remains significant untapped trade potential between Bangladesh and the Philippines, which could be unlocked through stronger business-to-business engagement, policy support, and institutional collaboration.

The report also recommended expanding market access, facilitating trade promotion activities, and enhancing private sector partnerships to accelerate economic exchanges. Raquib Md. Fakhrul expressed appreciation to the Embassy of the Philippines in Dhaka and the Embassy of Bangladesh in Manila for supporting the delegation visit, saying BPCCI is committed to creating new trade and investment opportunities for businesses in both countries. Humayun Rashid stressed the need for continuous dialogue between the business communities of the two nations to strengthen commercial relations and diversify bilateral trade cooperation.

Ambassador Nina P. Cainglet welcomed BPCCI’s initiative and reiterated support for continued engagement aimed at boosting economic and trade relations between Bangladesh and the Philippines. The meeting reflected growing momentum in bilateral economic cooperation and highlighted the private sector’s increasing role in advancing trade diplomacy between the two friendly countries.

The directive also outlined separate application methods depending on the type of credit facility. For continuous and demand loans or investments, the penalty will be charged on the total outstanding amount. In the case of term loans or investments, the penalty will apply only to the overdue installment amount, ensuring the charges remain proportionate to the extent of default.

According to the central bank, the revised ceiling is intended to ease financial pressure on borrowers and investors, encourage business expansion, and help sustain productive economic activities during a challenging global economic environment. Bangladesh Bank also clarified that all other instructions contained in the earlier BRPD Circular No. 10 will remain unchanged and effective, while actions already taken under the previous guidelines will continue to be considered valid.

Growth in eleven island nations monitored by the World Bank has slowed to 3.2 percent in 2024-25, down from 6.5 percent in 2023, it said. It now expected economic growth to fall to below three percent in 2026. "Turbulence has become the new normal, with shocks transmitting rapidly to small island economies acutely exposed to forces far beyond their control," the report said. "Growth this decade is expected to remain below the pace of the 2010s, insufficient to return incomes to their pre-pandemic trajectory."

The slowdown was led by Fiji as tourism fell, while the Solomon Islands saw its logging industry decline. Workers in Australia and New Zealand sending money home had become an essential income source for Pacific households. However island states needed to create local jobs and build essential services such as water, energy, transport and digital connectivity to increase resilience from repeated natural disasters and "external turbulence", the bank said.

Only around half of working age adults are employed, and nearly 20 percent of youth are not in education, employment, or training, it said. Improving water services, for example, would create jobs, support tourism and improve health, the report recommended. Despite high rainfall access to fresh water varies widely. On steep volcanic islands, about 70-80 percent of rainfall is rapidly lost to runoff, limiting dry-season reliability. Disasters also frequently disrupt water supply. Poor sanitation is a cause of absenteeism from work, and stunted growth among children, the World Bank said.

Following a soft start, Wall Street's three main indices finished a meandering session modestly higher as traders continued to shrug off the war.

"Basically the market has decided that geopolitics are just background noise right now," said Steve Sosnick of Interactive Brokers, who characterized the market as "very momentum-driven right now."

In Europe, London and Frankfurt rose while Paris fell, pulled down by luxury shares following an analyst report that warned of weak growth opportunities for the sector.

The stalemate between the United States and Iran dashed investors' hopes of an imminent peace deal and heightened concerns over further violence and disruptions to oil supplies through the Strait of Hormuz.

Trump described Tehran's response to the latest US outline for peace talks as "TOTALLY UNACCEPTABLE" in a social media post.

Iran said it had demanded the release of its frozen assets and the end of a US blockade of its ports.

Oil prices spiked more than four percent following the exchange, before easing.

Brent oil futures finished up almost three percent at $104.21 a barrel.

"The price of oil remains highly reactive to news around the reopening of the Strait of Hormuz, both positive and negative," said Kathleen Brooks, research director at trading group XTB.

But Briefing.com analyst Patrick O'Hare said traders see Trump as unlikely to aggravate the oil supply situation ahead of his summit meeting with his Chinese counterpart Xi Jinping this week.

Beijing has said it is ready to work with Washington in pursuit of "more stability" as the two countries remain at odds over key issues including trade tariffs, the Middle East war and Taiwan.

In Asia, Tokyo stocks fell, Hong Kong was little changed and Shanghai jumped more than one percent, while Seoul climbed around four percent, supported by a rally in tech stocks.

A tech-led surge driven by strong quarterly earnings and optimism about artificial intelligence has pushed several markets to record highs despite the Mideast crisis.

In Tokyo, Nintendo shares plunged almost 10 percent after the Japanese gaming giant warned Friday of lower profits this year and said it would raise the price of its Switch 2 console.

- Key figures at around 2010 GMT -

Brent North Sea Crude: UP 2.9 percent at $104.21 a barrel

West Texas Intermediate: UP 2.8 percent at $98.07 a barrel

New York - DOW: UP 0.2 percent at 49,704.47 (close)

New York - S&P 500: UP 0.2 percent at 7,412.83 (close)

New York - Nasdaq Composite: UP 0.1 percent at 26,274.13 (close)

London - FTSE 100: UP 0.4 percent at 10,269.43 (close)

Paris - CAC 40: DOWN 0.7 percent at 8,056.38 (close)

Frankfurt - DAX 30: UP 0.1 percent at 24,350.28 (close)

Tokyo - Nikkei 225: DOWN 0.5 percent at 62,417.88 (close)

Hong Kong - Hang Seng Index: UP 0.1 percent at 26,406.84 (close)

Shanghai - Composite: UP 1.1 percent at 4,225.02 (close)

Euro/dollar: DOWN at $1.1775 from $1.1787 on Friday

Pound/dollar: DOWN at $1.3628 from $1.3631

Dollar/yen: UP at 157.23 from 156.68yen

Euro/pound: UP at 86.40 pence from 86.39 pence 

US federal taxes on gasoline amount to 18.4 cents per gallon on gasoline and 24.4 cents per gallon for diesel, according to the US Energy Information Administration (EIA). Suspending the tax would require an act of Congress, where Trump's Republican party holds a razor-thin majority in both houses. Trump ally Senator Josh Hawley said he would introduce legislation to do so on Monday. In the House, Republican Anna Paulina Luna made a similar pledge to introduce a bill "this week." US fuel prices have skyrocketed since Trump launched the war on Iran, with gasoline and diesel both up about 50 percent since late February.

Iran's retaliatory action has included virtually closing the key Strait of Hormuz, through which about a fifth of the world's oil and natural gas passes. On Monday, the average price of a gallon of regular gasoline in the United States was $4.52, with diesel at $5.64, according to the AAA motor club. Suspending the federal fuel tax would bring those prices down by about four percent. State taxes on fuel, which average 32.61 cents per gallon for gasoline and 34.76 cents for diesel according to the EIA, would be unaffected by the move.

Managing Director of DSE Nuzhat Anwar and Managing Director & CEO of BRAC Bank Tareq Refayet Ullah signed the agreement on behalf of their respective organizations. Senior officials from both institutions, along with representatives of the lead arranger and trustee, were also present at the ceremony. The bond was arranged by BRAC EPL Investment Ltd. while UCB Investment Ltd. acted as trustee for the issue.

With the inclusion of the BRAC Bank Second Subordinated Bond, the total number of bonds listed on the DSE Alternative Trading Board has risen to eight, while the platform currently hosts one equity listing. The listing is expected to contribute to the expansion and diversification of the ATB market by enhancing participation in specialized trading instruments and strengthening the country's capital market structure.

Data also showed that expatriate Bangladeshis sent a total of $30,775 million in remittances during the period from July to May 11 of the current fiscal year. In comparison, the inflow was $25,459 million during the corresponding period of the previous fiscal year. The upward trend in remittance earnings is expected to provide support to the country’s foreign exchange reserves and help stabilise the external sector, analysts added.

Market analysts said investors showed renewed buying interest in fundamentally strong stocks at attractive price levels, helping restore some momentum to the market. The market opened on a strong note and maintained steady upward momentum throughout the trading session, with most traded issues posting gains and pushing the indices into positive territory by the close. Turnover on the prime bourse surged significantly, crossing TK 10 billion mark. Total turnover rose by 54.1 percent to TK 11.0 billion, compared to TK 7.1 billion in the previous session, mainly supported by a block market transaction of TK 3.4 billion in shares of BRAC Bank PLC.

Sector-wise, the banking sector dominated turnover, accounting for 36.0 percent of the total market turnover, followed by engineering at 11.0 percent and pharmaceuticals at 9.7 percent. Most sectors showed mixed performance during the session. The jute sector posted the highest gain with a 2.5 percent rise, followed by services with 1.6 percent and information technology with 1.2 percent gains. On the other hand, mutual funds suffered the highest correction, declining by 2.2 percent, while paper and printing lost 1.0 percent and tannery shares shed 0.9 percent.

Out of the 396 issues traded on the DSE, 185 advanced, 135 declined and 76 remained unchanged. Meanwhile, the Chittagong Stock Exchange (CSE) also ended higher. The Selective Categories’ Index (CSCX) gained 25.3 points, while the All Share Price Index (CASPI) rose by 41.1 points at the close of trading.

The central bank said various embassies and visa centres have been experiencing difficulties in instantly verifying financial documents due to the absence of a streamlined digital verification system.  To address the issue, the new directive seeks to reduce the time and administrative costs associated with visa processing and establish an infrastructure enabling immediate online verification of submitted financial documents.

Under the new framework, banks must ensure that scanning the QR code on the specified documents provides secure and instant access to five key data points: account number, account name, report date opening balance, report date closing balance, and statement generation date. The directive further stated that the information embedded in the QR-based verification system must remain digitally accessible for at least six months from the date of issuance of the document.

Bangladesh Bank instructed all scheduled banks to complete the required technical preparations and system upgrades within 90 days from May 12, 2026. During the implementation and operation of the verification systems, banks have also been directed to strictly comply with prevailing cyber security standards and data protection regulations to safeguard customer financial information. The instruction was issued under Section 45 of the Bank Company Act, 1991, and took immediate effect. 

The minister made the remarks while presiding over the 62nd board meeting of the institute held at the ministry’s conference room in the city, said a press release. Highlighting the growing complexity of global commerce, Muktadir said a permanent expert panel would be formed under the BFTI comprising experienced trade specialists, legal experts and researchers from both the public and private sectors.

The panel will provide support in areas including World Trade Organization (WTO) dispute settlement mechanisms, trade policy analysis and negotiations relating to bilateral and multilateral trade agreements, he added. “We want to develop BFTI as a permanent and effective resource base,” the minister said, adding that the institute’s expert support would play an important role in safeguarding national interests during international trade negotiations.

As part of broader institutional reforms, the board approved a recommendation for appointing a qualified Chief Executive Officer (CEO) to ensure dynamic leadership of the organisation. The meeting also decided to introduce post-graduate diploma programmes in international trade, trade law and trade policy research under the BFTI, subject to approval from the University Grants Commission (UGC).  The programmes are aimed at developing skilled professionals in specialised trade-related disciplines.

The board further stressed the need to expand the institute’s research activities, strengthen training capabilities and establish collaborative research networks at both national and international levels.

Among others, the meeting was attended by Md. Abdur Rahim Khan, secretary (routine duty) of the Ministry of Commerce; Md Shahriar Kader Siddiky, secretary of the Economic Relations Division (ERD); Md. Obaidur Rahman, secretary of the Ministry of Industries; Md. Nazrul Islam, rector of the Foreign Service Academy; Mohammad Hassan Arif, vice chairman of the Export Promotion Bureau (EPB); Md. Abdul Gafur, Chairman of the Bangladesh Trade and Tariff Commission; Mahbubur Rahman, President of ICC Bangladesh; Mahmud Hasan Khan Babu, President of BGMEA; Taskin Ahmed, President of the Dhaka Chamber of Commerce and Industry (DCCI); Kamran T Rahman, President of the Metropolitan Chamber of Commerce and Industry (MCCI); and Dr. Saif Uddin Ahmed, CEO of BFTI.

The fund has been designed to support startups across three major growth stages — seed, late-seed and Series A. The seed-stage financing will focus on product development and market research, while late-seed investments will help startups refine business models ahead of larger fundraising rounds. Series A financing will target businesses seeking to scale operations after establishing proven concepts. Addressing the programme, Finance Minister Amir Khosru Mahmud Chowdhury acknowledged that the country’s financial sector is passing through a difficult period.

“Everyone knows what happened in the banking sector and stock market in the past. We are working to overcome those challenges,” he said. Md Mostaqur Rahman said that the next phase of the country’s financial sector development would require institutions capable of supporting innovation while ensuring transparency, accountability and discipline. He also stressed the importance of ensuring that marginalised communities benefit from the new investment initiatives.

“If marginalised communities remain outside this process, a large segment will remain deprived,” he said. BSIC Chairman Mashrur Arefin said the initiative aimed to connect local entrepreneurial potential with international venture capital standards. “We are creating a bridge between local confidence and global venture standards,” he said. Arefin, who is also the Managing Director of The City Bank, said the initiative would help Bangladeshi startups strengthen governance, improve access to financing and attract credible foreign investment partnerships.

Among the key decisions, the committee recommended approval of a proposal from the Health Services Division for procuring 10,69,80,000 units of Anti-TB Drug (2FDC) under Package No. GR-2558(R) through the open tender method. The procurement cost has been fixed at Tk 74.35 crore, while M/S Renata PLC of Mirpur, Dhaka, emerged as the recommended bidder for supplying the medicines. Officials said the procurement is aimed at ensuring uninterrupted supply of anti-tuberculosis medicines across the country under the national TB control programme.

The committee also approved a major edible oil procurement proposal submitted by the Ministry of Commerce for purchasing 2 crore litres of refined palm olein oil in 2-litre PET bottles through the local open tender (national) method. The total procurement cost has been estimated at Tk 368.90 crore. Under the proposal, Sonargaon Seeds Crushing Mills Ltd. will supply 1 crore litres of palm olein, while Shabnam Vegetable Oil Industries Limited will provide another 1 crore litres.

The edible oil is expected to help stabilise prices and ensure supply in the domestic market. In another decision, the committee approved a proposal under the “Customs Modernisation and Infrastructure Development” project for construction of residential buildings of Customs House, Chattogram under Package No. WD-01. The proposal was submitted by the Internal Resources Division.

The construction work will be implemented at a cost of Tk 102.41 crore by M Jamal & Company Limited of Dhaka. The project is intended to strengthen accommodation and infrastructure facilities for customs officials as part of broader customs modernisation initiatives. The committee also approved a procurement proposal under the revised project titled “Construction of 34 Buffer Godowns at Different Places of the Country for Fertiliser Preservation and Distribution Facilities.” The proposal, submitted by the Industries Ministry, involves construction of a warehouse at Rangpur with a storage capacity of 20,000 metric tons under Package-5, Lot-5.

The work will be carried out by SS Rahman International Ltd. at a cost of Tk 59.20 crore. Officials concerned said the warehouse project would help improve fertiliser storage and distribution management across the country, ensuring timely supply to farmers. 

The Minister made the remarks during a call-on meeting with a delegation from Business Initiative Leading Development (BUILD) held in the capital,  said a press release. Regarding the expansion of bonded warehouse facilities, the minister said any sector with a viable proposal would be encouraged to come forward. He also expressed the government’s interest in working with BUILD for the development of the jute sector, noting that jute pulp produced from green jute could emerge as a promising option.

The Commerce Minister further informed that plans are underway to unify investment-related authorities, including Bangladesh Investment Development Authority (BIDA), Bangladesh Economic Zones Authority (BEZA), and Bangladesh Export Processing Zones Authority (BEPZA), under a single umbrella entity to streamline the country’s investment ecosystem. He added that concerns regarding private sector representation in Public-Private Partnership (PPP) initiatives have also been noted for further review.

Speaking at the meeting, BUILD Chairperson Abul Kasem Khan said deregulation remains the most effective tool for controlling the grey economy and bringing more businesses into the formal sector. He observed that the current trade license system remains a major obstacle for new entrepreneurs and stressed the need for introducing a “One License” system to foster innovation and entrepreneurship. To encourage youth-led ventures, he proposed a five-year tax exemption for young entrepreneurs.

Khan also said BUILD is in active discussions with the Prime Minister’s Office regarding critical logistics reforms and plans to present its proposals to the Prime Minister shortly. He added that BUILD intends to organise a “Policy Summit” later this year to outline the private sector’s priorities for the next decade in support of achieving a trillion-dollar economy. BUILD Trustee and Metropolitan Chamber of Commerce and Industry President Kamran T. Rahman said the jute sector remains a pillar of the national economy but requires urgent modernization.

He stressed the need for  integrating  modern technology into the jute industry to improve efficiency and value addition, ensuring long-term profitability and sustainability. BUILD Chief Executive Officer Ferdaus Ara Begum highlighted the importance of product traceability, saying it has become mandatory for maintaining access to global supply chains, particularly in the European Union market. She said a robust National Traceability Strategy is essential to ensure transparency and compliance with evolving international sustainability standards, which directly affect the competitiveness of Bangladesh’s exports.

Ferdaus Ara Begum also suggested leveraging Geographical Indication (GI) products to promote the “One Village, One Product” initiative. She noted that manufacturing industries currently require up to 23 different licenses to operate and urged the government to reduce the regulatory burden to maintain the country’s competitive industrial edge.

The group, majority-owned by the state, said in a statement published on the Saudi stock exchange website that "total revenue for the first quarter of 2026 was 433.10 billion Saudi riyals ($115.49 billion), compared to 405.65 billion riyals ($108.17 billion) for the same quarter in 2025".

"The increase in revenue was mainly due to higher prices and volumes sold of refined and chemical products as well as higher crude oil volumes sold and higher crude oil prices," it said.

The April PMI reading increased by 1.1 points from the previous month, signalling faster expansion in overall business activity.  The manufacturing sector returned to growth after contracting in March, while agriculture sustained strong momentum.  The services sector continued to expand, though at a slower pace, whereas the construction sector experienced a sharper contraction.

The agriculture sector recorded its eighth consecutive month of expansion, supported by faster growth in business activity, input costs and order backlogs. New business and employment also returned to positive territory during the month. Manufacturing rebounded into expansion on the back of stronger factory output, increased input purchases and higher input prices. 

New orders, export orders and employment also returned to growth. However, finished goods inventories and imports remained in contraction, though at a slower pace than before, while supplier deliveries and order backlogs slipped back into contraction. Construction activity contracted for the third straight month, with the pace of decline accelerating further in April.

New business, construction activity and employment all remained weak, although input costs and order backlogs continued to expand at a slower rate. The services sector marked its nineteenth consecutive month of expansion, supported by growth in business activity, employment and input costs. However, both new business and order backlogs reverted to contraction during the month.

The report said future business expectations remained positive across agriculture, manufacturing, construction and services, indicating sustained optimism among businesses despite ongoing economic pressures. Despite several challenges, many businesses expressed cautious optimism that production and overall business conditions would improve in the coming months if the energy situation stabilises and broader economic conditions improve.

Commenting on the findings, the report noted that although the Middle East conflict has contributed to higher oil prices, supply chain disruptions and inflationary pressures, strong future business indicators across all sectors suggest that short-term business confidence in Bangladesh remains stable and cautiously optimistic.

The program commenced with the opening remarks from Uttam Kumar Dey, Chairman of the Members’ Placement Sub-Committee.  In his address, Dey stated that the series has been carefully designed to bridge the gap between academic excellence and professional success, enabling members to remain competitive in the dynamic job market, said a press release today.

M. Zulfiquar Hussain, CEO & Lead Consultant of Grow n Excel, conducted the first session and provided participants with practical insights on job market overview, employer expectations, CV writing, interview preparedness, and job-search strategies. Md. Rakibul Hasan Mahmud, CEO of Professional Business Solutions Bangladesh, facilitated the second session, which focused on career development and skill enhancement techniques. 

The event concluded with an address by the President of ICSB, Hossain Sadat, who emphasized the Institute's commitment to member development and highlighted the importance of equipping Chartered Secretaries with modern skills and a strategic mindset to lead in today's evolving corporate environment. This was followed by the formal distribution of participation certificates among the attendees.  In the closing remarks, Muhammad Rony Islam, Co-Chairman of the Members’ Placement Sub Committee, expressed gratitude to the facilitators and participants, reinforcing the Institute's commitment to the professional development of its members.

Maria Howlader, JBCCI Secretary General, said that the chamber proposed reducing the corporate tax rate from 25 percent to 20 percent in order to align Bangladesh with competing regional economies. As an alternative, she suggested implementing a gradual one percentage point reduction annually over the next five years to balance fiscal requirements while signaling a more business-friendly investment climate. She also recommended major reforms in the Value Added Tax (VAT) system, including reducing the standard VAT rate from 15 percent to 7.5 percent and introducing a unified structure to simplify compliance procedures for businesses.

She further called for the withdrawal of the minimum tax imposed on gross receipts for loss-making enterprises, arguing that such measures place additional pressure on struggling businesses and hinder sustainability. In addition, she urged the government to lower customs duties on industrial raw materials, renewable energy equipment and manufacturing inputs to enhance export competitiveness and industrial productivity. 

She also proposed introducing an automated and time-bound refund mechanism for VAT and income tax payments to reduce delays and release blocked working capital for businesses. Highlighting strategic growth sectors, JBCCI also identified, agro-processing, textiles and automobiles as industries capable of transforming the country’s economic landscape. Regarding the automobile sector, JBCCI Founding President Matiur Rahman noted that the domestic market is expected to surpass five lakh units annually by 2030. 

He recommended gradually reducing the dominance of used vehicles in the market in order to encourage local automobile assembly and attract foreign investment in the sector. In the textile industry, the chamber emphasized the need to shift toward high-end technical textiles and man-made fiber production to enable Bangladesh to move further up the global value chain. 

It also underscored the significant potential of the agro-processing sector, noting that the global halal food market exceeds $2 trillion and remains largely underutilized by Bangladesh. The chamber also stressed the importance of logistics and administrative reforms, observing that logistics costs in Bangladesh currently account for 12 to 15 percent of GDP, significantly higher than the 8 to 10 percent seen in competing economies. To address this gap, it called for greater automation at Chattogram Port to reduce vessel turnaround times and container dwell periods.

JBCCI further recommended repealing the “Bangladesh Flag Vessels (Protection) Act 2019” to improve maritime competitiveness and called for stronger coordination among the country’s 47 ministries to eliminate contradictory policies and reduce bureaucratic delays affecting trade and investment. The chamber leaders also expressed support for the newly elected government under Tarique Rahman, praising what they described as an agenda of transformative reform. To ensure continuity in policy implementation and trade facilitation, they proposed establishing a quarterly dialogue mechanism between the government and business stakeholders.

Among others, JBCCI President Tareq Rafi Bhuiyan, JBCCI Vice President Md Anwar Shahid also spoke on the occasion. 

The agreement will remain effective from May 2026 to February 2028 and establishes a broad framework for technical cooperation focused on green industrial transformation. The agreement was signed by BGMEA President Mahmud Hasan Khan and Gundolf Klaehn on behalf of GIZ Cluster Coordinator Thomas Rolf. Senior representatives from both organizations attended the ceremony, including BGMEA Vice President Vidya Amrit Khan, Vice President Mohammed Rafiq Chowdhury, Director Shah Rayid Chowdhury, Director Sheikh Hossen Mohammad Mustafiz, Director Enamul Aziz Chowdhury, alongside GIZ Bangladesh officials including Michael Klode and Md. Tanveer Masud.

Under the partnership, BGMEA and GIZ will jointly implement a range of technical initiatives in coordination with the Ministry of Commerce, the Export Promotion Bureau (EPB), and the Department of Environment (DoE). The cooperation is designed to align industrial growth with international sustainability benchmarks and climate commitments. A major focus of the collaboration is the energy transition of the apparel sector. Initiatives including Energy Efficiency for Development (EE4DEV), Technical and Vocational Education and Training for Renewable Energy (TVET4RE), and the Project Development Programme (PDP) will support renewable energy adoption and energy efficiency improvements in garment factories. 

These projects will be complemented by the Skills for Sustainable Employment (SKILLs4SE) programme, aimed at upgrading workforce capabilities to meet emerging industrial demands. The MoU also prioritizes circular economy practices, compliance, and worker welfare through projects such as Sustainability in the Textile and Leather Industries (STILE II), Skills for self-Monitoring and Compliance with Clean and Fair Production in the Textile Industry (SCAIP), Social Protection for Workers in the Textile and Leather Sector (SOSI), and the CIRCLE initiative. 

These programmes are expected to strengthen environmental accountability, improve social protection mechanisms, and enhance textile waste management systems. The agreement outlines several strategic areas of cooperation, including preparation for evolving European Union market requirements related to supply chain due diligence, traceability, and decarbonization. 

The Responsible Business Helpdesk (RBH) will also receive institutional support to improve compliance readiness among manufacturers. Additional areas of collaboration include advanced environmental and chemical management, regular energy audits, technical workforce training, digitalization of worker protection systems, transparent textile waste marketplaces, and greater adoption of international technologies for sustainable manufacturing.

Gender inclusion has also been identified as a key pillar of the partnership. Both organizations will work to strengthen the “Shakti Kanya” network to increase women’s participation in engineering, technical, and leadership positions within the apparel industry. To ensure effective implementation and accountability, BGMEA Vice President Vidya Amrit Khan has been appointed as the focal point for German technical cooperation. GIZ will coordinate directly with BGMEA’s specialized working groups on circularity, decarbonization, energy efficiency, data systems, and responsible business practices.

Speaking at the event, BGMEA President Mahmud Hasan Khan described the partnership as a major step toward strengthening Bangladesh’s reputation as a sustainable manufacturing destination. “This partnership will serve as a milestone in establishing the Bangladesh garment industry as a responsible and eco-friendly global hub,” he said.

GIZ reaffirmed its commitment to providing sustained technical assistance to support the green transformation of Bangladesh’s apparel sector.  Industry stakeholders believe the collaboration will further strengthen the country’s position as a reliable sourcing destination for international brands by enhancing compliance with global environmental and ethical standards.

Commerce Minister Khandakar Abdul Muktadir is scheduled to officially inaugurate the sales programme in the Agargaon area of the capital on May 11, 2026. According to an official order signed by TCB Deputy Director (Commercial) Md. Shahadat Hossain, the special sale will continue until May 21, excluding Fridays.

The programme has been designed to reach a broad segment of the population, with each of the 720 trucks expected to serve around 400 consumers daily. Over the 10-day campaign, an estimated 28.80 lakh people are expected to benefit from the subsidized sales. Unlike the regular TCB cardholder programme, the special truck sale will remain open to all consumers, allowing anyone to purchase products without requiring a TCB permanent card.

A total of 13,939 metric tons of essential commodities will be distributed under the emergency measure. Consumers will be able to buy edible oil at Tk 130 per litre with a maximum purchase limit of two litres, sugar at Tk 80 per kilogram with a limit of one kilogram, and lentils at Tk 70 per kilogram with a limit of two kilograms per person. To ensure nationwide coverage, TCB has adopted a strategic deployment plan for the 720 trucks. Fifty trucks will operate in Dhaka Metropolitan and Dhaka district, while 20 trucks will serve Chattogram Metropolitan and Chattogram district. 

Other divisional cities and their respective districts will receive 15 trucks per division across six divisions, while the remaining 56 districts will each receive 10 trucks. Officials said the Eid-season truck sale is intended as a supplementary initiative alongside TCB’s ongoing permanent card holder programme for low-income families. In May 2026, around 72 lakh cardholder families are expected to receive 34,848 metric tons of subsidized products under the regular programme. Authorities confirmed that the prices and quantities of edible oil, sugar, and lentils under the permanent distribution system will remain unchanged.

The steady rise in inward remittances reflects continued resilience in external earnings and stronger inflows through formal banking channels, officials said. Data also showed that expatriate Bangladeshis sent a total of $30,362 million in remittances during the period from July to May 9 of the current fiscal year. In comparison, the inflow was $25,401 million during the corresponding period of the previous fiscal year.

The upward trend in remittance earnings is expected to provide support to the country’s foreign exchange reserves and help stabilise the external sector, analysts added.

According to the circular, the verification booths must remain operational continuously from the opening of the cattle markets until the night before Eid-ul-Azha. Banks have been strictly instructed to provide note verification and cash-counting services free of charge to traders and buyers. The central bank directed banks to equip the booths with modern note-counting and counterfeit detection machines while ensuring that experienced cash officers capable of identifying forged notes are stationed at every booth. 

Each booth must prominently display banners identifying it as a “Fake Note Verification Booth” to ensure visibility and public awareness. To ensure effective implementation, Bangladesh Bank instructed every scheduled bank to appoint a Deputy General Manager-level official as coordinator for the operation. In districts where the central bank does not maintain branches, Sonali Bank PLC has been assigned to lead the initiative through its chest branches in coordination with other scheduled banks.

The circular further instructed banks to provide appropriate allowances and financial benefits to employees assigned to the verification booths in recognition of the additional responsibilities during the Eid period. Banks have also been directed to maintain close coordination with City Corporations, Municipalities, and Upazila administrations, while ensuring security support through cooperation with law enforcement agencies including the Police, Rapid Action Battalion, Border Guard Bangladesh, and Ansar.

The central bank reiterated that officials must strictly follow existing counterfeit note management policies when forged currency is detected. Under the prescribed protocol, suspected counterfeit notes must be immediately seized and the presenter’s full identity, including local and permanent addresses, must be recorded. 

Officials are also required to collect a statement regarding the source of the note and obtain the presenter’s signature or thumb impression on the reverse side of the impounded currency. 

The seized note must then be marked “Forged” or “Fake” in red ink. If bank officials suspect that the note was knowingly presented in bad faith, the matter must be referred to the police for further investigation. As part of a broader public awareness campaign, all bank branches have been instructed to display videos demonstrating the security features of genuine banknotes on branch monitors throughout banking hours ahead of Eid-ul-Azha. 

Banks will also be required to submit detailed reports on the activities and outcomes of the verification booths to the Department of Currency Management within 30 working days after the completion of Eid operations. Bangladesh Bank has also assigned specific banks to manage verification booths at major cattle markets in the capital. 

At Gabtoli Permanent Cattle Market, responsibilities have been assigned to Islami Bank Bangladesh PLC and Simanto Bank PLC, while Sarulia Bazar will be managed by the Premier Bank PLC and Uttara Bank PLC. Verification operations at Uttara Diabari Sector 16 and 18 areas will be conducted by BRAC Bank PLC and Bangladesh Commerce Bank. 

United Commercial Bank PLC has been assigned to the Merul Badda Kachabazar area, while IFIC Bank PLC and Meghna Bank PLC will oversee operations near the Dhaka Polytechnic Institute area. Jamuna Bank PLC has been assigned to the Shyampur Kadamtali Truck Stand area, while Mercantile Bank PLC will operate at the Golapbagh Math Outfall Staff Quarter area. The central bank’s initiative reflects a broader effort to protect cattle traders, farmers, and consumers from financial fraud during one of the country’s busiest seasonal trading periods. 

By ensuring accessible verification services and strengthening coordination among banks, local administrations, and law enforcement agencies, Bangladesh Bank aims to enhance confidence and transparency in the Eid-ul-Azha livestock market economy.

Trump imposed the temporary 10-percent duty in February, shortly after the Supreme Court struck down many of his global tariffs. The new tariff was meant to deal with balance of payments deficits, citing Section 122 of the Trade Act of 1974. It lasts only until late-July, unless extended by Congress, but the Trump administration has in the meantime been pursuing more lasting means to rebuild his trade agenda. To do so, US officials have opened new investigations into dozens of trading partners over forced labor and overcapacity concerns -- which could lead to fresh tariffs or other action.

The Court of International Trade ruling on Thursday ordered defendants to implement the decision within five days, and for the importers who sued in this case to receive refunds. The Trump administration could appeal the trade court's decision. "Section 122 was passed in response to a specific historical crisis that resulted in the United States's currency and gold reserves being depleted," said Liberty Justice Center senior counsel Jeffrey Schwab after the ruling.

"The United States has a trade deficit, not a balance-of-payments deficit, and does not have international payments problem," Schwab said in a statement. Trump's sector-specific tariffs on goods like steel, aluminum and autos remain unaffected by these legal challenges. Yet, Thursday's ruling marks the latest complication in Trump's tariffs agenda. Since the high court dealt a sharp blow to Trump's economic policy, businesses have also rushed for refunds.

US Customs and Border Protection estimated in March that more than 330,000 importers could be eligible for refunds after the Supreme Court's decision. The tariffs that were earlier struck down, imposed under the International Emergency Economic Powers Act, collected approximately $166 billion in duties and estimated deposits.

Von der Leyen said Thursday that the bloc has made "good progress" towards ratifying the deal by early July. "We remain fully committed, on both sides, to its implementation," she added on X. The 27-member EU bloc and the United States struck a deal last July, setting tariffs on most European goods at 15 percent.

But Trump has been dissatisfied at the speed of its implementation. The situation became more complicated after the US Supreme Court ruled in February that Trump had exceeded his authority in imposing a wide swath of his tariffs, including on the EU. The Trump administration has since imposed a temporary 10-percent duty, while his administration pursues more lasting ways to rebuild his trade agenda.

But the court ruling did not affect sector-specific tariffs like those on cars, which under the EU agreement had been lowered to 15 percent. As the deal continues to await signoff by EU member states, Trump vowed last week to raise duties on EU cars and trucks to 25 percent, accusing the bloc of failing to hold up its side of the bargain. Cyprus, which holds the rotating presidency of the Council of the European Union, said it wanted to maintain "positive momentum" at talks with MEPs on May 19.

"I've been waiting patiently for the EU to fulfill their side of the Historic Trade Deal we agreed in Turnberry, Scotland, the largest Trade Deal, ever!" Trump posted on his Truth Social platform. "A promise was made that the EU would deliver their side of the Deal and, as per Agreement, cut their Tariffs to ZERO!" In late March, EU lawmakers gave their green light to the tariff deal with Trump, but they also sought additional safeguards. Despite conditional approval by the European Parliament, the deal must be negotiated with EU states before it can be implemented by the bloc.

The benchmark international oil contract Brent Crude finished just above $100 at $100.06 a barrel, down 1.2 percent. Major US indices were in positive territory early in the day, but finished lower. Both the S&P 500 and Nasdaq retreated from records. "I just think the market is a little tired here after a pretty extensive run since the end of March," said Tom Cahill of Ventura Wealth Management.

"There are a lot of bits of information coming out with reference to what's going on between Iran and the United States," Cahill said. "So I think the market right now is more focused on that than anything else." Earlier, European stock markets declined after big gains the previous session, while leading Asian markets climbed. Tokyo soared 5.6 percent, which largely reflected resumption of trading in Japan after public holidays this week.

"The wild streak of enthusiasm which hit markets amid hopes for a major de-escalation in the Iran conflict is tempering," noted Susannah Streeter, chief investment strategist at Wealth Club. "There's a realization that there are more hurdles to climb for a longer-term resolution to be agreed, even though Iran is reported to be studying a US peace proposal aimed at formally ending the conflict." US President Donald Trump said an agreement could be near after what he called positive talks. Iran said it would pass on its latest position to mediator Pakistan.

The war, launched by the United States and Israel in late February, has seen Iran respond with attacks across the Middle East and impose a chokehold on the Strait of Hormuz, the gateway to the Gulf oil and gas industries and a strategic trade route. Norway's central bank on Thursday hiked its guiding rate by a quarter point to 4.25 percent, citing a risk that the war in the Middle East could worsen already elevated inflation.

"Inflation is too high and has run above target for several years," Norges Bank governor Ida Wolden Bache said in a statement. Elsewhere, Emirates Group on Thursday announced a three-percent rise in annual profits to $5.7 billion despite severe disruption to flights owing to the war. Whirlpool fell 11.9 percent as it reported an $85 million loss on lower sales, saying that the Iran war "resulted in recession-level industry decline in the US as consumer confidence collapsed in late February and March."

Ventura's Cahill said more companies could face such pressures due to spiking gasoline prices that have left consumers strapped for cash.

"The consumer continues to feel the pinch of higher prices," he said.

- Key figures at around 2015 GMT -

Brent North Sea Crude: DOWN 1.2 percent at $100.06 a barrel

West Texas Intermediate: DOWN 0.3 percent at $94.81 a barrel

New York - DOW: DOWN 0.6 percent at 49,596.97 (close)

New York - S&P 500: DOWN 0.4 percent at 7,337.11 (close)

New York - Nasdaq Composite: DOWN 0.1 percent at 25,806.20 (close)

London - FTSE 100: DOWN 1.6 percent at 10,276.95 (close)

Paris - CAC 40: DOWN 1.2 percent at 8,202.08 (close)

Frankfurt - DAX: DOWN 1.0 percent at 24,663.61 (close)

Tokyo - Nikkei 225: UP 5.6 percent at 62,833.84 (close)

Hong Kong - Hang Seng Index: UP 1.6 percent at 26,626.28 (close)

Shanghai - Composite: UP 0.5 percent at 4,180.09 (close)

Euro/dollar: DOWN at $1.1746 from $1.1748 on Wednesday

Pound/dollar: DOWN at $1.3576 from $1.3593

Dollar/yen: UP at 156.83 yen from 156.39 yen

Euro/pound: UP at 86.52 pence from 86.42 yen

Atsushi Mimura, Japan's top currency official, on Thursday declined to comment, local media reported. US Treasury Secretary Scott Bessent was due in Japan next week to discuss currency issues and other matters, the Nikkei daily reported. Bessent was then due to join US President Donald Trump in China, the report said, citing US- and Japanese diplomatic sources.

The yen has weakened on the back of the recent rise in oil prices as well as the gap between US and Japanese interest rates. The last time Japanese authorities intervened was in July 2024 as the yen neared 162 per dollar, spending some 5.5 trillion yen.

The refinery resumed operations after receiving the new supply. A vessel named MT Ninemia brought 100,000 tonnes of crude oil to the Kutubdia Channel, bypassing the Strait of Hormuz route disruption. Due to the large size of the vessel, the crude oil is being transferred to smaller tankers through lightering operations before being delivered to the refinery in Patenga. Commodore Mahmudul Malek confirmed the safe arrival of the vessel carrying the crude oil needed for refinery operations.

After completion of customs and survey formalities, the process of transporting the crude oil to Eastern Refinery through lighter vessels has begun. Another tanker named MT Fossil has been dispatched to collect another 100,000 tonnes of crude oil from Fujairah in the United Arab Emirates. The tanker is expected to arrive at the port on May 9 and will begin loading on May 10. 

Additionally, Bangladesh Petroleum Corporation (BPC) has 100,000 tonnes of crude oil on board the vessel 'Nordics Pollux', which is currently stranded in Ras Tanura port in eastern Saudi Arabia due to disruptions in shipping through the Strait of Hormuz. The state-owned Eastern Refinery processes around 1.5 million tonnes of crude oil annually, meeting approximately 20 percent of the country's annual fuel demand of 7.2 million tonnes.

Bangladesh still depends heavily on imported fuel to meet domestic demand, while a small portion is supplied from local gas condensate processing. Diesel remains the country's most demanded fuel, followed by furnace oil, petrol, octane, kerosene and jet fuel used in aviation operations. In the fiscal year 2024-2025, BPC sold 6,835,341 tonnes of fuel.  

The agreement marks a significant step toward integrating renewable energy infrastructure into the country’s industrial development strategy and creating a framework for utilizing unused government land for clean energy generation. Under the MoU, the two organizations will jointly develop a pilot solar power project on approximately 412 acres of land in Sonagazi Upazila of Feni district, which falls under the National Special Economic Zone extending across Mirsarai and Sonagazi.

The project will be implemented in accordance with the “Guidelines for Development of Renewable Energy Projects using Land Owned by Government Agencies under PPP Modality, 2026,” recently approved by the Ministry of Power, Energy and Mineral Resources. Officials said the MoU establishes a clear institutional framework for project implementation, defining the responsibilities of both agencies under a split-governance structure. According to the agreement, BEZA will act as the land-owning authority and will provide the project site while ensuring alignment with industrial requirements inside the economic zone. BPDB, on the other hand, will serve as the contracting authority responsible for technical procurement, grid integration and management of the Power Purchase Agreement (PPA).

Officials described the agreement as a strategic initiative to encourage private investment in renewable energy by reducing land acquisition complexities and providing a structured policy framework for investors. The Sonagazi project was officially designated as the country’s pilot renewable energy PPP initiative during a high-level ministerial meeting held on April 2, 2026.  Earlier, the Advisory Committee on Economic Affairs approved the policy concept on March 6, 2025, while the ministry formally endorsed the guidelines on April 7 this year.

Sector experts believe the MoU could become a model for future renewable energy projects on government-owned land, allowing state agencies to transform underutilized assets into productive clean energy infrastructure. A key feature of the proposed project is the inclusion of Battery Energy Storage Systems (BESS), aimed at ensuring grid stability and reliable power supply for industrial consumers within the economic zone. Officials said the initiative is expected to strengthen Bangladesh’s green industrialization efforts, improve the environmental sustainability of economic zones and enhance the country’s attractiveness to environmentally conscious foreign investors.

As part of the next phase, authorities are preparing to organize a market sounding workshop to engage potential domestic and international investors and finalize the structure of the competitive bidding process. The government expects the pilot project to serve as a replicable framework for future PPP-based renewable energy developments across the country.

Although the index remained marginally positive during mid-session trading, persistent selling pressure gradually eroded early gains, pushing the market into negative territory by the close. Market activity showed a rise in participation, with turnover increasing by 10.1 percent to TK  8.4 billion from TK  7.7 billion in the previous session. Analysts noted that despite the index decline, heightened trading reflected active repositioning by investors across select sectors.

Sector-wise performance remained mixed. Engineering accounted for the highest share of turnover at 15.5 percent, followed by Textile at 13.5 percent and General Insurance at 12.9 percent. Among sectors, General Insurance led gains with a 2.5 percent rise, while Travel and Ceramic advanced by 0.8 percent and 0.5 percent respectively. On the other hand, Paper declined by 1.4 percent, while Life Insurance and Jute each fell by 0.8 percent.

Investor sentiment remained cautious as market participants weighed global uncertainties, including developments surrounding ceasefire negotiations in the Middle East. Speculative activity, however, shifted selectively toward the insurance sector, driven by short-term trading opportunities. Of the 396 issues traded on the DSE, 123 advanced, 194 declined, and 79 remained unchanged. Meanwhile, the port city bourse also ended lower. The Chattogram Stock Exchange (CSE) Selective Categories Index (CSCX) fell by 61.7 points, while the All Share Price Index (CASPI) declined by 98.8 points.

During the meeting, the Ambassador said Bangladesh’s ongoing industrialization, infrastructure development, and large consumer market have made the country an attractive destination for international investors. The two sides discussed issues relating to the creation of a business-friendly environment, expansion of investment opportunities, infrastructure development, and strengthening long-term strategic partnerships. 

Ambassador Séré-Charlet welcomed the government’s initiatives aimed at making business operations more efficient and streamlined. Muktadir said the government is implementing a series of reforms to maintain a competitive and investment-friendly economic environment. He noted that special emphasis is being placed on improving the ease of doing business through reducing administrative complexities, digitalizing approval processes, and ensuring faster services for investors. The meeting was also attended by Md. Abdur Rahim Khan, Secretary (Routine Duty)  of the Ministry of Commerce.

“We have registered 8.1 percent YoY growth and that too under very adverse socio-economic conditions intensified by the war in the west Asia,” said Robi Managing Director and CEO, Ziad Shatara. He said “This clearly shows that our AI-driven personalized product and service offers supported by sustained investment in network improvement is producing the desired result.” “Meanwhile, we have been able to generate healthy profit for our shareholders in Q1’26 by sustaining our disciplined approach to cost management and investment planning,” said Ziad, adding, “We look forward to continuing this performance with brightening economic climate over time.”

According to the statement, CAPEX for Q1’26 reached TK 349.5 crore, while total payment to the Government exchequer reached TK 2,073.6 crore at the end of Q1’26, which was 82 percent of the total revenue for the quarter. Active subscriber base in Q1’26 stood at 5.74 crore followed by 4.45 crore and 4.03 crore at Data subscriber base and 4G subscribers base respectively.  On average, each data user used 8.95 GB data every month in Q1’26, which was 15.4 percent higher than same period last year.

EBITDA reached TK 1,350.3 crore with 53.3 percent margin in Q1’26. YoY EBITDA growth of 21.6 percent indicates that the company’s high level of discipline in cost management is producing the desired results.  YoY EBITDA margin grew by 5.9 percentage points (pp). Network milestones included over 19,300 4G sites at the end of Q1’26, achieving 98.98 percent population coverage. 

From the quarterly perspective, Robi’s revenue in Q1’26 dipped slightly by 2.1 percent compared to the last quarter (QoQ). This dip was primarily caused by having couple of fewer calendar days than the last quarter. Average data usage by data users in Robi network grew by 6.1 percent compared to last quarter. EBITDA saw a decent growth of 4.3 percent and the EBITDA margin experienced a growth of 3.3pp compared to last quarter.

Data also showed that expatriate Bangladeshis sent a total of $30,085 million in remittances during the period from July to May 6 of the current fiscal year. In comparison, the inflow was $25,163 million during the corresponding period of the previous fiscal year. The upward trend in remittance earnings is expected to provide support to the country’s foreign exchange reserves and help stabilise the external sector, analysts added.

In a significant development for the country’s offshore energy exploration framework, the committee accorded in-principle approval to the draft “Bangladesh Offshore Model Production Sharing Contract (PSC) 2026”. The proposal, presented by the Energy and Mineral Resources Division, seeks to modernize and strengthen the contractual structure governing offshore hydrocarbon exploration activities. 

The committee recommended the draft for approval in- principle to facilitate future investment and operational arrangements in offshore oil and gas exploration. The CCEA also discussed a proposal from the Power Division concerning subsidy support for selected power import and generation entities to maintain uninterrupted electricity supply. Following discussions, the committee granted “in-principle approval (Partial)” to the proposal. 

The partial approval covers subsidy eligibility for power imports from India and Nepal, electricity imports from Adani Power Jharkhand, government-owned power plants, and joint venture-based power projects.

The Minister made the remarks while speaking as the chief guest at the inauguration of the three-day 1st International Dhaka Industrial Packaging Expo 2026 at the Bangladesh-China Friendship Conference Centre in the city. On logistics, the Minister said the sector accounts for about 16 percent of Bangladesh’s GDP, compared to the global average of around 10 percent.

He attributed the higher cost to inefficiencies in port management and said the government is bringing in internationally experienced foreign operators to improve efficiency. Muktadir stressed that as Bangladesh moves toward developing country status, temporary measures are no longer sufficient and long-term structural reforms are necessary.

Regarding state-owned industries, he said many large enterprises under the Ministry of Industries and the Ministry of Textiles and Jute have remained idle or loss-making for years, requiring continued government subsidies. He said there are around 40 such units under the Industries Ministry and 50 under the Textiles and Jute sector.

The government, he added, plans to open up these assets for private investment within the next one to two years, including converting underutilized sugar mills into modern industrial parks and multi-purpose production hubs. Highlighting the packaging sector, the minister urged entrepreneurs to expand into global markets, assuring policy and institutional support from the government. 

He said the industry itself must take the lead in driving growth. Export Promotion Bureau (EPB) Vice-Chairman Mohammad Hasan Arif said packaging plays a crucial role in export diversification and accessing new international markets. The event also underscored the strength of the domestic plastic industry, which comprises over 6,000 production units, employs around 1.5 million people, and meets more than 80 percent of domestic demand, with about 450 export-oriented units.

Organized by Exponet Exhibition Private Limited, the expo aims to connect entrepreneurs, technology providers, and investors to promote industrial growth and innovation.

The directors elected from panel 'Kha' are: Touhid Hasan, Mainul Haque, Md. Shamsuzzaman, Tasnim Hossain, Golam Saklain, A J M Jannatul Islam, Aminul Islam, and Mahmud Hasan. The biennial election of the Board of Directors for the Rajshahi Chamber of Commerce and Industry was held on Saturday, after 17 years, in a festive atmosphere. Voting took place from 8:00 am to 5:00 pm at the Chamber building. Chief Election Commissioner Arif Hossain, Assistant Commissioner (Land) of Boalia Thana Land Office, announced the results around 11:30 pm after counting.

Out of 2,900 total voters, 2,434 cast their votes. The election was in a peaceful and festive atmosphere. The election saw strong voter turnout from morning onward, with candidates actively seeking support until the final hour.

They emphasized that the FY27 budget must proactively address these constraints to prevent further economic deceleration. The speakers made the observation at a seminar on "National Budget 2026-2027: Private Sector Priorities and Perspectives," at a hotel in the city. The Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI) and the Economic Reporters' Forum (ERF) jointly organised the seminar. In the seminar, Kamran T. Rahman, MCCI president, presented a comprehensive series of recommendations for the upcoming fiscal year 2024-25, calling for a decisive transition from a punitive tax approach to a supportive and growth-oriented fiscal framework.

He underscored the necessity of a balanced and realistic policy to stimulate investment and employment. He also sought the continued cooperation of the media, expressing gratitude for the professional role journalists play in highlighting the critical challenges facing the private sector. To bolster revenue collection and broaden the tax base, the MCCI president recommended the full integration of the National ID (NID) and Taxpayer Identification Number (TIN) databases. Citing a significant discrepancy, he pointed out that while the country has over 10 million TIN holders, less than half currently file tax returns. To address this, he suggested specific measures intended to remove the fear associated with entering the tax net, including introduction of a nominal annual tax of Tk 100 or Tk 1,000 for new taxpayers to encourage registration and development of a simplified mobile application for hassle-free return filing.

The minister said FBCCI must play a stronger and more active role in protecting the interests of businessmen and thus effectively placing their demands before the government, said a Commerce Ministry press release. He noted that the apex trade body should also take a constructive and positive stance, including creating necessary pressure when required, to secure policy support. He, however, cautioned that the organization must not be used for any political purposes.

"We want to see an FBCCI that truly works as a united platform for all businessmen," he said, adding that the body would act as a force supportive to the Ministry of Commerce by providing realistic inputs in policymaking. Muktadir said dynamic and result-oriented leadership is essential to make the organization more effective, adding that leadership should come from within the business community to ensure it can safeguard interests of the businesses properly.

Assuring the business leaders, he said the government remains committed to creating a business-friendly environment. "A new import policy is at its final stage and will be unveiled soon," he said, adding separate committees comprising business representatives will be formed to simplify services in the ministries of textiles and jute, industries, and commerce. Additional Secretary (Export) of the Ministry of Commerce and FBCCI Administrator Md Abdur Rahim Khan also spoke at the meeting.

Among others, former FBCCI president Mir Nasir Hossain, BKMEA president Mohammad Hatem, former FBCCI director Nasrin Fatema Awal, Abdul Haque, president of Bangladesh CNG Machineries Importers Association Zakir Hossain Nayan, general secretary of Bangladesh Super Market Association Zakir Hossain, former FBCCI director Gias Uddin Chowdhury Khokon, former Rangamati Chamber president Belayet Hossain Bhuiyan, former FBCCI vice-president Nizam Uddin Rajesh and former director Syed Bakhtiar, among others, took part in the meeting.

The business leaders placed various recommendations to make FBCCI more effective and business-friendly. They also proposed appointing a representative from the business community as administrator ahead of the upcoming election.

Although the indices held steady through mid-session, the momentum fell short as mounting selling pressure in major large-cap scrips eroded early gains, ultimately pulling the market into negative territory by the session's close. Nevertheless, market turnover remained resilient, while slightly increasing by 1.6% to Taka  8.2 billion from Taka 8.1 billion in the previous session. 

On the sectoral front, Engineering (18.9%) accounted for the highest share of turnover, followed by Textile (13.6%) and General Insurance (13.3%) sectors. Sectors mostly displayed dismal returns, out of which Paper (-1.7%), Travel (-1.5%) and Jute (-1.1%) displayed the most corrections on the bourse today, while General Insurance (2.2%), Textile (0.4%) and Tannery (0.1%) exhibited positive returns. 

Of the 397 issues traded, 123 advanced, 208 declined, and 65 remained unchanged. The port city bourse, CSE, also settled on a negative territory. The Selective Categories' Index (CSCX) and All Share Price Index (CASPI) declined by 5.4 points and 10.0 points, respectively.

The inclusion of five leading banks will allow investors to access essential banking services from a single platform, he added. The banks that joined the initiative are NCC Bank PLC, One Bank PLC, United Commercial Bank PLC, Shimanto Bank PLC, and Al-Arafah Islami Bank PLC.  Under the agreement, investors will now be able to open bank accounts online through the OSS portal, including temporary accounts for foreign investors. Currently, the OSS platform offers 142 services and is integrated with 47 stakeholder agencies.

So far, more than 215,000 applications have been processed through the system. With the addition of the five banks, the scope of services is expected to expand further. BIDA has so far signed 68 MoUs with various service providers. BIDA also plans to expand OSS services to more than 150 services across 60 institutions in the coming years. In addition, it is working on developing "BanglaBiz", a unified single digital platform that will integrate all investment promotion agencies (IPAs), enabling investors to access services through a "one-time information" principle.

At the beginning of the programme, Director (OSS & Data Analytics) Sunil Kumar Adhikari delivered the welcome speech. A presentation on the OSS system was given by BIDA Director General Jiban Krishna Saha Roy. Speakers at the event included Md Shahidul Islam, Head of Business at Shimanto Bank; Adnan Masud, Additional Managing Director of UCB; M. Shamsul Arefin, Managing Director and CEO of NCC Bank; Md Rafat Ullah Khan, Managing Director and CEO of Al-Arafah Islami Bank; and Kazi Ziaul Islam, Managing Director and CEO of One Bank.

During the meeting, Khandaker Abdul Muktadir underscored the government's prioritized focus on attracting both domestic and foreign investment to the renewable energy sector. Highlighting a central pillar of the nation's energy strategy, the minister revealed that the government has already initiated comprehensive activities to reach a 10,000 MW solar power production target. In a direct call to action for international partners, the minister assured that the government is prepared to offer all necessary policy and institutional support to facilitate foreign capital.

In the meeting, Ajit Singh acknowledged the robust foundation of the Bangladesh-Canada relationship, noting a vast potential for further trade expansion. He specifically pointed to the Bangladeshi diaspora in Canada as a vital economic bridge, contributing significantly to the prosperity of both countries. According to the High Commissioner, Canadian investors are increasingly eyeing the Bangladeshi market, with a strategic focus on three key areas, Agri-food, Fintech and Renewable Energy (Solar Power).

The High Commissioner expressed confidence that such sectoral cooperation would not only drive economic returns but also further solidify the friendly diplomatic relations between Dhaka and Ottawa. The meeting concluded with both parties reaffirming their commitment to a broader economic partnership. The dialogue was characterized by a mutual intent to transform diplomatic goodwill into tangible trade milestones. Additional Secretary (Export) of the Ministry of Commerce Md. Abdur Rahim Khan, among others, was present on the occasion.

In his speech, Ashik Mahmud Bin Harun, contended that for Bangladesh to thrive, policymakers and business leaders must pivot from a reliance on conventional local trade toward a deep integration with the global economy. To regain the confidence of international investors and shareholders, the BIDA Chairman urged a transition from traditional administrative functions to a model of genuine stewardship.

He positioned Chartered Secretaries as the primary facilitators of this transformation, noting that their expertise is essential for restoring institutional trust and ensuring that corporate entities operate with the highest levels of transparency and accountability. During the session, the leadership of the ICSB articulated several strategic policy recommendations designed to modernize the nation's regulatory framework and enhance investment facilitation. Hossain Sadat FCS, President of the Institute of Chartered Secretaries of Bangladesh (ICSB), formally urged the government to include a Chartered Secretary on the BIDA Advisory Board to leverage professional governance expertise in national investment strategies.

He further emphasized the urgent need for the mandatory introduction of Corporate Governance Audits and Secretarial Audits to provide systemic verification of compliance and ethical conduct. Mohammad Sanaullah FCS, Past President and Chairman of the Professional Development Committee (PDC) of ICSB, called for the enactment of a new Companies Act, arguing that updated legislation is prerequisite to attracting and sustaining significant Foreign Direct Investment (FDI).

Presenting the keynote paper, Akhter Matin Chaudhury FCA, FCS, former Councilor of ICSB, defined the Board of Directors as the central driver of governance, strategy, and sustainable value creation. He noted that a board’s effectiveness is measured by its ability to translate statutory mandates into disciplined oversight and strategic clarity. Akhter Matin Chaudhury FCA, FCS identified ethical leadership, independence, and diversity as the foundational operational pillars of sound governance.

He cautioned that regulatory complexity and existing governance gaps, particularly in family-owned enterprises, frequently create structural weaknesses. He concluded that long-term organizational success hinges on a triad of balanced integration: control, foresight, and strategic leadership, all supported by continuous director development. The symposium featured a high-level panel discussion exploring the evolution of professional board standards. 

Md. Naharul Islam Molla, Managing Director of Unilever Consumer Care, focused on the board's role in fostering sustainability through a trust-based governance culture. He advocated for a relationship between the board and management that is both independent and constructive, emphasizing the need for forward-looking practices and adaptability. Contributing a different perspective, Mohammad Iqbal Chowdhury FCS, Chief Executive Officer of LafargeHolcim Bangladesh PLC, addressed the challenge of transforming family-owned businesses into professionally governed institutions. He stressed the importance of the tone at the top, transparency, and the strategic utilization of external expertise and reverse mentoring.

Traffic in the strategic waterway, through which one-fifth of the world's crude oil normally flows, has been disrupted by Iran since the US-Israeli offensive began on February 28, at one point sending oil prices to a peak of nearly $120 a barrel and roiling the global economy. Both Brent, the benchmark international contract, and its US equivalent WTI fell below $90 per barrel following Tehran's announcement. Brent later cut its losses and finished at $90.38 a barrel, down 9.1 percent. "This news is having an immediate impact on markets," said Kathleen Brooks, research director at XTB.

The move also sent a jolt through equity markets, extending a rally in New York, where equities have pushed ever higher since late March in anticipation of a breakthrough in the Middle East crisis. "We had seen a big move the last two weeks and now it's just really pricing completely out the worst-case" scenario, said Angelo Kourkafas, from Edward Jones. Kourkafas also pointed to underlying strength in the US economy that should get more attention in the coming period as geopolitical concerns ebb.

"Geopolitical developments are moving the right direction and at the same time the earning strength is hard to ignore," Kourkafas said. The broad-based S&P 500 finished at 7,126.06, up 1.2 percent for the day and 4.5 percent for the week. Earlier, European stocks closed higher, with both Frankfurt and Paris gaining two percent. US President Donald Trump cheered the reopening of the Strait of Hormuz in an interview with AFP.

"We're very close to having a deal," Trump said in a brief telephone call with AFP from Las Vegas, adding there were "no sticking points at all" left with Tehran. But Iran quickly pushed back on one key point. Iran's foreign ministry said Friday that its stockpile of enriched uranium would not be transferred "anywhere," rejecting an earlier claim by Trump that the Islamic republic had agreed to hand it over. Shipping industry figures, meanwhile, gave a cautious welcome to Iran's announcement.

A spokesman for German transportation giant Hapag-Lloyd, which has ships stuck in the Gulf, told AFP by phone that the reopening was "in general... good news." But he cautioned that shippers still needed details of what route vessels could take and in what order, citing fears of mines. "One thousand ships cannot just go now to the entrance of the strait, that will be chaos. They (the Iranians) need to give clear orders," said the spokesman, Nils Haupt.

"We would be ready to go very soon if some of these open questions can be solved within the weekend."

- Key figures around 2020 GMT -

Brent North Sea Crude: DOWN 9.1 percent at $90.38 a barrel

West Texas Intermediate: DOWN 11.5 percent at $83.85 a barrel

New York - Dow Jones: UP 1.8 percent at 49,447.43 (close)

New York - S&P 500: UP 1.2 percent at 7,126.06 (close)

New York - Nasdaq Composite: UP 1.5 percent at 24,468.48 (close)

London - FTSE 100: UP 0.7 percent at 10,667.63 (close)

Paris - CAC 40: UP 2.0 percent at 8,425.13 (close)

Frankfurt - DAX: UP 2.3 percent at 24,702.24 (close)

Tokyo - Nikkei 225: DOWN 1.8 percent at 58,475.90 (close)

Hong Kong - Hang Seng Index: DOWN 0.9 percent at 26,160.33 (close)

Shanghai - Composite: DOWN 0.1 percent at 4,051.43 (close)

Euro/dollar: DOWN at $1.1776 from $1.1781 on Thursday

Pound/dollar: UP at $1.3530 from $1.3527

Dollar/yen: DOWN at 158.49 yen from 159.17 yen

Euro/pound: DOWN at 87.02 pence from 87.09 pence

Gross domestic product in the world's second-largest economy expanded 5.0 percent year-on-year in January-March -- beating an AFP forecast of 4.8 percent -- according to data published by the National Bureau of Statistics.

Gross domestic product in the world's second-largest economy expanded 5.0 percent year-on-year in January-March, according to the National Bureau of Statistics (NBS). The reading was slightly higher than an AFP forecast of 4.8 percent based on a survey of economists. During the first quarter, China's economy "achieved a strong start to the year, further demonstrating its resilience and vitality", the NBS said in a statement announcing the data.

The reading came days after the International Monetary Fund cut its 2026 global growth projection, warning that the world economy could be "thrown off course" by the Middle East war. It also reduced its forecast for China to 4.4 percent growth, from a previous estimate of 4.5 percent. "The global economy is facing this next test of resilience as signs of unevenness lie beneath the surface," it said, noting that China's "domestic activity -- especially in the housing sector -- lags behind exports".

Beijing has set a 2026 target of 4.5-5.0 percent growth -- the lowest in decades. A years-long crisis in the property sector and a persistent slump in domestic spending have left leaders reliant on exports to meet growth targets. Outbound shipments have boomed, exemplified by the country's whopping $1.2 trillion trade surplus last year. But data this week showed export growth slowed sharply in March, indicating that war in the Middle East was already taking a toll.

Thursday's NBS data also showed retail sales grew 1.7 percent on-year in March, well short of a Bloomberg forecast of 2.4 percent. Industrial production rose 5.7 percent, the NBS said, beating a Bloomberg estimate of 5.3 percent but well down from the 6.3 percent seen in January and February combined. The first-quarter acceleration in growth was fuelled by exports, Zichun Huang of Capital Economics wrote in a note.

"We think growth will soften a bit over the rest of the year," she said. "While the Chinese economy is holding up well, it is becoming ever more dependent on external demand," she said, noting that the Iran war "is likely to add to this trend". A major international trade fair kicked off this week in Guangzhou -- a metropolis in China's southern manufacturing heartland -- where attendees told AFP the war is impacting their business. Chinese exporters and Middle Eastern buyers at the opening day of the Canton Fair on Wednesday gloomily told AFP the Iran war had pummelled orders and led to price hikes.

Wang Jun, the deputy head of China's customs administration, this week acknowledged "many uncertainties and instabilities in the external environment". "The impact of international geopolitical conflicts on global industrial and supply chains is still evolving in a complex manner," he said.

The deal was executed by Saleh Ahmed, Additional Secretary and Executive Member for Investment Development at BEZA, and Abu Sufian Chowdhury, Managing Director of Modern Syntex Limited. Under the agreement, Modern Syntex will invest US$7.5 million to expand its existing facility on 3.75 acres of land in Mirsarai, Chattogram. During the ceremony, Saleh Ahmed highlighted that investments from prominent domestic groups like Modern Syntex are pivotal in reducing Bangladesh's dependency on foreign imports. 

He reiterated BEZA's commitment to fostering an investment-friendly climate and providing necessary logistical support, while urging the investor to prioritize rapid industrial setup and eco-friendly production methods. Representing the investor, Abu Sufian Chowdhury noted that the company is leveraging modern, technology-driven, and eco-friendly practices at the NSEZ site. 

He added that the firm is focused on the swift expansion of its facilities to better serve both domestic and international markets by utilizing its established reputation and experience. The NSEZ remains the centerpiece of Bangladesh's industrial strategy, stretching 25 kilometers along the coast as the country's largest planned industrial hub. The zone is rapidly maturing, with 15 industrial units already in production and another 20 units currently under construction. Beyond manufacturing capacity, the zone is being developed as a comprehensive city system, integrating sophisticated urban facilities to create a holistic environment for both industry and workers.

The move comes two weeks after the United States lifted sanctions against Venezuela's interim President Delcy Rodriguez, who took power after Washington ousted her predecessor Nicolas Maduro in a military operation in January. Ties between Washington and Caracas have warmed since Maduro's ouster, with Rodriguez complying with US President Donald Trump's demands for Caracas to open up its energy industry to American companies.

The United States has eased a seven-year-old oil embargo on Venezuela and issued licenses allowing a handful of multinationals to operate in the country under certain conditions. The US embassy in Venezuela also resumed operations last month after being closed for seven years.

President Donald Trump said Tuesday that US-Iran peace talks could resume later this week, and Israel and Lebanon agreed to launch direct negotiations, signaling movement on two key fronts in efforts to ease the Middle East conflict.

"Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, has informed that the Kingdom of Saudi Arabia has committed USD 3 billion in additional deposits, with disbursement expected in the coming week," the ministry said in a statement.

Aurangzeb, who is in Washington for the International Monetary Fund's annual Spring Meetings, added that an existing $5 billion Saudi deposit would also be extended for an unspecified period.

In the 2024-25 fiscal year, BEPZA zones accounted for 17.03 percent of national exports and 19.47 percent of total foreign direct investment (FDI). Over the past 45 years, the authority has attracted $7.29 billion in investment and facilitated exports worth over $125 billion. The efficiency of the zones is reflected in the contribution of each acre of land, which generates approximately Taka 13.82 crore annually for the economy. The press release said that BEPZA has also contributed to industrial diversification beyond the ready-made garments (RMG) sector. At present, 32 percent of its 450 active factories produce RMG products, while the remaining 68 percent manufacture diverse goods including automobile parts, camera lenses, drones, archery equipment and caskets.

The BEPZA Economic Zone in Mirsarai is emerging as a hub for high-tech industries, including the country's first commercial drone manufacturing facility. BEPZA currently employs over 5.5 lakh workers, a large portion of whom are women, contributing to social empowerment and workforce inclusion. Workers in EPZs receive a minimum wage of Taka 12,800 excluding food and transport, compared to Taka 12,500 including allowances in outside factories.

The authority is also recognized for its commitment to sustainable industrialization, with 27 LEED-certified green factories, including eight Platinum-rated units. It has introduced Central Effluent Treatment Plants (CETP), renewable energy initiatives and improved water management systems. To expand industrial capacity, BEPZA is developing two new EPZs in Jashore and Patuakhali, with plot allocation expected within the year. Two additional EPZs have also been proposed for Rangpur and Sirajganj.

Despite global economic challenges, BEPZA signed investment agreements worth $629.93 million with 30 local and foreign companies in the first nine months of the 2025-26 fiscal year, reflecting continued investor confidence.

The adviser made the remarks today while talking to reporter after the first meeting of the Advisory Committee for the General Economics Division at NEC conference room in the city. In his speech, Titumir outlined a vision to transform the national economy into a US$1 trillion powerhouse by 2034 while ensuring that growth is inclusive and generates employment. To safeguard against future global crises, the adviser mentioned that the government is focusing on strategic reserves for food and energy. 

This includes a push to increase the extraction of domestic gas and other energy resources to ensure national energy security, he added. The adviser expressed concern over recent economic census data showing a decline in industrial production. He stressed the need for industrial diversification and enhanced productivity to build a resilient economy. He also identified deep-seated crises in the education and health sectors, specifically citing a decline in students' skills and overall performance as a major challenge. 

To support the population within a damaged economy and a hostile international environment, he said, the government has introduced Family Cards and Farmer Cards to bolster social protection and improve living standards. The adviser noted that the new economic blueprint calls for a fundamental change in governance, focusing on transparency and accountability. Titumir stated that the government aims to move away from plans that were isolated from the public.

He proposed making data-such as energy supply schedules-publicly available to allow citizens to evaluate government effectiveness. Additionally, he said, the government seeks to restore confidence in the capital markets, which have been hampered by post-COVID scandals that discouraged small investors. By converting election pledges into implementable strategies, he said, the government aims to navigate current economic headwinds and ensure a more equitable distribution of wealth.

Market indices were range bound throughout the session with active participation on both sides; however, buying momentum ultimately prevailed, driving broad-based price appreciation across most scrips. However, cautious selling persisted in sector-specific large-cap scrips that continued to temper the market’s upward momentum. Meanwhile, market turnover increased by 5.4% to TK 8.4 billion from TK  7.9 billion in the previous session. 

On the sectoral front, Engineering (21.2%) accounted for the highest share of turnover, followed by Pharma (11.0%) and General Insurance (10.7%) sectors. Sectors mostly displayed mixed returns, out of which Ceramic (3.4%), Travel (2.9%) and IT (1.6%) exhibited the most positive returns, while Bank (-0.3%), Cement (-0.2%) and Food (-0.1%) displayed the most corrections on the bourse today. 

Of the 397 issues traded, 235 advanced, 87 declined, and 74 remained unchanged. The port city bourse, CSE, also settled on a positive territory. The Selective Categories' Index (CSCX) and All Share Price Index (CASPI) declined by 12.8 points and 23.5 points, respectively.

"We do not want to dictate to Bangladesh Bank in any way," Titumir stated, clarifying that the relationship will instead focus on the synchronization of fiscal and monetary policies. The adviser made these remarks while speaking at a Focus Group Discussion (FGD) on 'Synergizing Banking Sector: Lenders' and Borrowers' Perspective' organized by the Dhaka Chamber of Commerce and Industry (DCCI) at its conference room in the city. DCCI President Taskeen Ahmed delivered the welcome remarks and keynote presentation.

Senior Executive Director of the Walton Hi-tech Industries PLC Md Zahidul Islam, Deputy Managing Director of City Bank PLC Ashanur Rahman, Managing Director of the NCC Bank PLC M. Shamsul Arefin, Director (SME & Special Programmes Department) of the Bangladesh Bank Nawshad Mustafa and Chairman of the Bangladesh Association of Banks (BAB) Abdul Hai Sarkar, were the distinguished panel discussants. In his speech, Titumir highlighted that the Governor of Bangladesh Bank has already initiated a program for economic recovery, restoration, and reconstruction. 

"This new agenda moves away from prescribed textbook styles of management to focus on objectives that go beyond traditional price and financial stability, specifically targeting growth and employment generation," he added. To address the firefighting phase of the current economy, he mentioned that the central bank is expected to roll out several targeted initiatives including Targeted Refinancing and Performance-Based Stimulus. Titumir critiqued past COVID-19 stimulus packages for being marred by nepotism and benefitting those close to power. 

He advocated for a transition to performance-based stimulus packages to ensure that aid reaches productive sectors rather than the 5,000 major borrowers who currently hold a high concentration of defaulted loans. To assist industrial sectors lacking adequate assets, he said, the government and the central bank are exploring Credit Guarantee Schemes and joint funds. In his presentation, Taskeen Ahmed has highlighted a paradoxical landscape in the national banking sector, where record-high excess liquidity exists alongside a contraction in private sector credit. 

In a detailed presentation, he outlined the critical challenges facing both lenders and borrowers, urging a comprehensive synergy framework to restore economic stability. He mentioned that the banking sector currently holds total liquid assets of Taka 626,044.90 crore, marking a 6.78% increase. However, he said, despite excess liquid assets reaching Taka 321,255.47 crore, private sector credit growth has slowed to 6.03%, down from 7.15%. 

The DCCI President noted that banks are accumulating liquidity as a buffer against perceived credit risks rather than deploying it for productive lending. This trend is exacerbated by a massive surge in government borrowing from the banking system, which rose by 673% between July and January of the 2026 fiscal year, he added. The DCCI President proposed a three-pillar Synergy Framework. The pillars are Stabilize the System; Expand and Equalize Credit; and Governance Reform.

He laid emphasis on enforcing strict NPL targets (below 10% for State-Owned Banks and below 5% for Private Commercial Banks by June 2026) and prosecuting willful defaulters under the Banking Companies Amendment Act. The President concluded that the current problem is not a scarcity of capital, but rather a crisis of risk perception and credit allocation dysfunction that must be corrected to prevent further business failures and economic slowing.

He emphasized the potential for joint ventures in several key sectors, including ready-made garments (RMG), textiles, agro-based industries, and light engineering. The Minister specifically invited Turkish entrepreneurs to invest in leather and jute products, pointing out that Bangladesh's lower production costs offer a competitive advantage for investors seeking rapid returns. In response, Ambassador Ramis Sen praised the rapid growth of the Bangladesh economy and the availability of skilled human resources, which he identified as major attractions for Turkish investors. 

He particularly lauded Bangladesh's eco-friendly jute products, noting their popularity in the Turkish market. The Ambassador also extended his congratulations to Khandaker Abdul Muktadir for his appointment as Commerce Minister following his victory in the national elections. The meeting was also attended by Additional Secretary (Export) of the Ministry of Commerce Md. Abdur Rahim Khan and other senior officials.

The deals see Chevron increasing its stake in a joint venture it has with the Venezuelan state oil company, known as PDVSA, that extracts oil from the Orinoco Oil Belt -- one of the world's largest oil deposits, according to the US Geological Survey. In return, Chevron will hand over some rights to offshore gas extraction and reduce a stake in other ventures.

Since the stunning capture of former Venezuelan president Nicolas Maduro by US forces in early January, the Trump administration has worked closely with Rodriguez to drum up foreign investment in the country's petroleum sector. The push has been met with a mixed reaction, as some companies have felt skeptical about the heavy investment needed in infrastructure.

Rodriguez shepherded a reform of the country's petroleum regulations in late January, unwinding decades of state control over the oil sector. In return, the United States eased sanctions on Venezuela's oil industry, expanding the ability of US companies to operate in the country.

Some analysts cited President Donald Trump's claim that Iranian representatives phoned him and expressed keen desire for a deal after weekend talks in Pakistan failed to yield an agreement.

Oil prices, which had surged back above $100 a barrel as the United States imposed a blockade on Iran's imports, later eased. Both major contracts ended higher but below $100 a barrel.

"The market is betting that Trump will get some sort of a deal," said Peter Cardillo of Spartan Capital Securities.

Trump warned Monday that any Iranian attack boats that approach the American naval blockade around Iran's ports would be destroyed, despite international calls for a ceasefire to be respected.

But markets also took in the US president's White House comments that Iranian representatives had called to make a deal since the Islamabad talks failed.

"I can tell you that we've been called by the other side. They'd like to make a deal. Very badly, very badly," he told reporters outside the Oval Office, without identifying which officials had called.

US indices picked up momentum after Trump's remark near midday, with the broad-based S&P 500 finishing up 1.0 percent.

The advance in stocks suggests "that the market remains confident that a potential end to the conflict could be imminent and that it will spur a sharp upward move across equities," said Briefing.com.

But the heightened risk of inflation and a global slowdown is expected to dominate this week's annual spring meetings of the International Monetary Fund and the World Bank in Washington.

On Friday, the US government reported that consumer-level inflation climbed to 3.3 percent in March, the highest since May last year.

"The stagflation word is being widely aired once again as geopolitical turmoil threatens to stymie international growth and stoke inflationary pressures," said Russ Mould, investment director at AJ Bell.

Asian and European markets ended the day mostly lower.

"Reopening the Strait of Hormuz remains the key requirement for reigniting a sustainable rally across risk assets," said David Morrison, an analyst at Trade Nation.

"Yet there's also a conviction, rightly or wrongly, that the war will end relatively soon," he said, noting that oil futures contracts for deliveries later this year are currently priced well below current market prices.

"As far as oil traders are concerned, this war may be in its seventh week, but it should be resolved by summer," Morrison said.

But Chancellor Friedrich Merz warned Monday that Germany, Europe's biggest economy, would feel the effects of the energy shock from the war "for a long time to come, even after it is over", as his government announced relief measures including a fuel-tax cut.

In Hungary, stocks rallied five percent after conservative Peter Magyar won a thumping majority in parliamentary elections Sunday, ousting Prime Minister Viktor Orban after 16 years in power and opening the way to improved relations with the European Union.

Economists at ING said that alongside economic reforms, Hungary's new pro-Europe government could set a target date for adopting the euro.

"If timed perfectly, this could boost market confidence and give the Tisza party more time to work on the Hungarian economy with some tailwinds," they wrote in a research note.

- Key figures at 2040 GMT -

Brent North Sea Crude: UP 4.4 percent at $99.36 a barrel

West Texas Intermediate: UP 2.6 percent at $99.08 a barrel

New York - Dow Jones: UP 0.6 percent at 48,218.25 (close)

New York - S&P 500: UP 1.0 percent at 6,886.24 (close)

New York - Nasdaq Composite: UP 1.2 percent at 23,183.74 (close)

London - FTSE 100: DOWN 0.2 percent at 10,582.96 (close)

Paris - CAC 40: DOWN 0.3 percent at 8,235.98 (close)

Frankfurt - DAX: DOWN 1.3 percent at 23,742.44 (close)

Tokyo - Nikkei 225: DOWN 0.7 percent at 56,502.77 (close)

Hong Kong - Hang Seng Index: DOWN 0.9 percent at 25,660.85 (close)

Shanghai - Composite: UP 0.1 percent at 3,988.56 (close)

Euro/dollar: UP at $1.1761 from $1.1723 on Friday

Pound/dollar: UP at $1.3507 from $1.3462

Dollar/yen: UP at 159.41 yen from 159.27 yen

Euro/pound: FLAT at 87.08 pence

That has also come amid a trade standoff with the United States that played a role in last year's growth reading coming in at its lowest level in decades. Still, analysts expected the economy to have expanded 4.8 percent in the first quarter of this year, up from 4.5 percent in the final three months of 2025, according to the median forecast of an AFP survey before official results are published Thursday.

That is at the top end of the 4.5-5.0 percent target set by officials last month, though that figure is the lowest since 1991, excepting 2020 during the pandemic. Sarah Tan of Moody's Analytics told AFP the headline economic growth in the range targeted by Beijing "masks underlying imbalances, with external demand driving growth as domestic momentum remains weak". China's trade surplus last year reached an eyewatering $1.2 trillion, the largest on record.

The boom in shipments offers a key lifeline for Beijing, while persistent woes in the vast domestic real estate market weigh on investment and consumer moods. Dan Wang, a director on the Eurasia Group's China team, told AFP that "global dependence on Chinese exports increased (since the war) as China's full supply chain and energy security are less affected than other industrial nations".

Skyrocketing oil prices have also boosted demand overseas for Chinese electric vehicles, with official data last week showing shipments of those and hybrids rose 140 percent year-on-year in March. "China's exports of green technology and products got a lift" last quarter, Gene Ma, Head of China Research at the Institute of International Finance, told AFP. While figures Tuesday pointed to a slowdown in shipments last month, the surge in exports held up in the first quarter -- despite the Iran war, which "seems to be doing little to dent exports", wrote Zichun Huang of Capital Economics in a report on Friday.

Critical to withstanding pressure from the Middle East war is a long-term push by Beijing to ensure energy security, which experts say is now bearing fruit. "China is unlikely to face significant direct impacts from the Middle East conflict," Sarah Tan of Moody's Analytics told AFP. While China relies on oil imports, "it mitigates this exposure through diversified suppliers, ties with Iran, substantial strategic reserves and continued reliance on coal", she said.

Still, analysts warn that prolonged disruption from the Middle East war could eventually present hurdles. "If the war triggers a broad global slowdown... China's exports will suffer too," wrote Macquarie economists Larry Hu and Yuxiao Zhang in a recent report. "In that case, Beijing will step up domestic stimulus to offset the external shock, so that they can still hit this year's growth target," they wrote.

Chinese leaders have battled weak domestic consumption since the end of the Covid-19 pandemic. The slump comes as economists argue that the country must shift towards a model powered more by household spending than construction and exports -- long the key growth drivers. Soaring energy costs caused by the Middle East war ended a three-year deflationary streak for the country's factory gate prices, data showed last week.

But Sheana Yue, senior economist at Oxford Economics, told AFP that "this type of energy-driven cost-push inflation is unlikely to generate sustained reflationary pressures without meaningful demand recovery". A top concern is the years-long debt crisis in China's massive property sector, which began in 2020 and has spooked consumers.

Once a key storage of wealth, home prices across the country have stagnated, dissuading would-be buyers from investing. "Consumption can't recover until property does," Derek Scissors, a senior fellow at the American Enterprise Institute, told AFP. Until then, any improvement in official retail sales data "will be minor", he said.

"Today's outcome helps bring much-needed stability for our producers to thrive in Europe". Under the deal, which follows a proposal put forward by the European Commission last year, import tariff-free quotas will be reduced to 18.3 million tons a year -- the total volume of steel the EU imported in 2013. That year was chosen because the EU considers the market became unbalanced from that point on because of excess production -- mainly due to China, which massively subsidises local steelmakers and now produces more than half the world's steel.

The new measures will apply to imported products from all countries, except for European Economic Area members Iceland, Liechtenstein and Norway. They will replace the current safeguard scheme, which imposes 25-percent duties beyond set import quotas but ends at the end of June. The deal is provisional and needs to be officially endorsed by the European Council representing member states and the parliament before it is formally adopted.

BPCCI Advisor Humayun Rashid presented the roadmap. It emphasizes strengthening cooperation in the sectors of agro-processing, tourism, and healthcare. The goal is to further advance economic relations between the two countries by increasing institutional coordination in these sectors. Identifying several potential sectors in the roadmap, Humayun Rashid said increasing cooperation in these areas would accelerate skill exchange, joint investment, and sustainable growth. Three sectors, agro-processing, tourism and connectivity, and healthcare and skills development, have been prioritized for the proposed economic corridor.

Focusing on these sectors, the roadmap discusses strengthening partnerships, technology exchange, and increasing joint initiatives between the two countries. It expresses hope that both the business communities and people of the two countries will benefit. The Philippine Ambassador highlighted the growing friendly relations and broad partnership between Bangladesh and the Philippines.

On the occasion of the 55th anniversary of diplomatic relations between the two countries next year, she reaffirmed the commitment to further strengthen trade, investment, and development cooperation.

The Expo was part of the “Partnerships for a More Tolerant and Inclusive Bangladesh (PTIB)” project, jointly implemented by UNDP and the ICT Division’s Bangladesh Computer Council (BCC), with support from Norway. Through the project, young innovators developed technology-based solutions addressing key governance challenges, aligned with national priorities on democratic accountability, rule of law, human rights, women’s safety, and digital inclusion.

Quazi Anowar Hossain, secretary of the Information and Communication Technology Division under the Ministry of Posts, Telecommunications and Information Technology, emphasized the importance of integration and accessibility: “These apps should not remain isolated. They need to be brought together under an open platform and made accessible in multiple languages to ensure wider usability.” Highlighting the international significance of the initiative, Håkon Arald Gulbrandsen, ambassador of Norway to Bangladesh, emphasized the role of youth, saying, “I am very pleased to see the youth ecosystem actively contributing to the growth of Bangladesh’s civic tech sector.”

Sonali Dayaratne, deputy resident representative of UNDP, stated “Seeing small actions evolve into real services from prototypes to practical implementation makes me happy. It is inspiring to witness solutions that directly address practical life challenges.” Md. Abu Sayeed, executive director of the Bangladesh Computer Council, underlined the broader vision of the initiative and  said, “This project is fundamentally focused on digital literacy. We are very happy to see how it aligns people more closely with governance and strengthens their engagement in the digital space.”

During the Expo, youth-led teams demonstrated solutions including AI-based legal information platforms, tools to counter misinformation, citizen feedback systems for public policies, and digital applications to improve public services and environmental sustainability. Several of these solutions show strong potential for integration into public systems. The event concluded with the handover of innovation grants to top solutions, reinforcing collaboration between youth, government, and development partners. The Expo marks an important step toward transparent, citizen-centric governance and inclusive digital transformation in Bangladesh.

The extension applies to all entities whose income year ended on June 30, 2025, according to the order signed under the relevant provisions of the Income Tax Act, 2023. Earlier, the deadline for submitting these tax returns was set to expire on April 15, 2026.

Although market indices opened on a positive tone, the momentum swiftly lost traction as jittery investor sentiment triggered broad-based sell-offs, reflecting a lack of confidence across the trading floor. As the session progressed, selling pressure intensified in large-cap stocks, ultimately dragging the broad index to close in negative territory. Market turnover decreased by 5.2 per cent to Taka 7.9 billion from Taka 8.3 billion in the previous session. On the sectoral front, Engineering (16.6pc) accounted for the highest share of turnover, followed by Pharma (11.3pc) and General Insurance (11.1pc) sectors.

Sectors displayed mixed returns, out of which Mutual Fund (1.8pc), Ceramic (0.7pc) and Paper (0.7pc) exhibited the most positive returns, while Life Insurance (-1.6pc), Bank (-1.4pc) and General Insurance (-1.4pc) displayed most correction on the bourse today. Of the 397 issues traded, 124 advanced, 209 declined, and 63 remained unchanged. The port city bourse, CSE, also settled on a negative territory. The Selective Categories' Index (CSCX) and All Share Price Index (CASPI) lost 23.4 points and 41.5 points, respectively.

The meeting focused on strategic planning to make the capital market more investment-friendly and to attract new investors.  Ma Ben, Vice President of CEAB, led the Chinese delegation, while Nuzhat Anwar, Managing Director of DSE, welcomed the group and outlined the exchange's vision for modernization. During the discussions, Nuzhat Anwar emphasized that the DSE is currently prioritizing market development and effective transformation. 

She revealed that a new strategy is being formulated to define the future direction of the market, with a particular focus on engaging Chinese companies to achieve mutual goals.  Nuzhat Anwar further noted that China is expected to play a vital role as a partner in the DSE’s upcoming five-year development plan. To facilitate this, the DSE management offered to provide personalized assistance to interested Chinese companies regarding the listing process and investment procedures.

CEAB Vice President Ma Ben highlighted the expanding influence of Chinese enterprises in the country, noting that the association now represents over 250 members. These companies are active in critical sectors including trade, infrastructure, information technology, energy, and logistics. Ma Ben pointed out the significant contributions of Chinese firms to Bangladesh’s national development through projects such as power plants, tunnels, bridges, expressways, and sewage treatment plants.

 He expressed optimism that 2026 would be a landmark year for opening "new horizons" in bilateral economic and commercial cooperation. Representing the DSE alongside the Managing Director were Chief Operating Officer Mohammad Asadur Rahman, Chief Technology Officer Dr. Md. Ashifur Rahman, and Chief Financial Officer Md. Adib Hossain Khan. Following the formal meeting, the CEAB delegation toured the DSE Tower’s multipurpose hall and Training Academy.

The delegation, led by BGMEA President Mahmud Hasan Khan, included First Vice-President Selim Rahman and Vice-President (Finance)Mizanur Rahman. Energy Secretary Mohammad Saiful Islam was also present at the meeting. During the meeting, the BGMEA President said that although buyer confidence has started to restore following the recent general election, the ongoing Middle East conflict has once again posed challenges to the global market. 

He noted that neighboring countries are ahead in energy security, and the current energy situation triggered by the conflict has put Bangladesh’s garment industry in a vulnerable position, said a BGMEA press release here. He further informed that due to insufficient gas and electricity supply, production capacity in factories has declined by 25–30 percent.  

To address the situation, the BGMEA delegation placed several key proposals, including: Emergency fuel supply: Ensuring prompt diesel supply to garment factories from nearby filling stations under special arrangements. Gas connection and distribution: Providing urgent gas connections, especially for small and medium industries (with boiler capacity of 300–500 kg), and ensuring equitable gas distribution across industrial zones surrounding Dhaka.

Infrastructure development and automation: Installation of at least two additional Floating Storage Regasification Units (FSRUs) at the earliest and simplification of the process for installing EVC meters in industries. Tax and duty reduction: Withdrawal of import duties and consumer-level taxes on imported fuel to reduce production costs and lessen the government’s subsidy burden.

The meeting also emphasized the importance of renewable energy. BGMEA requested special tariff concessions on the import of solar PV system components to promote environmentally sustainable industrialization. The association proposed reducing the existing high duties (ranging from 28.73 percent to 61.80 percent) on essential equipment such as solar panels, inverters, DC cables, and Battery Energy Storage Systems (BESS) to 1 percent

The Minister and State Minister listened attentively to the proposals and assured that necessary steps would be taken considering the vital contribution of the RMG sector to the national economy.  They also acknowledged BGMEA’s proposed format to facilitate emergency diesel supply from nearby filling stations.

A day before speaking to AFP, Garcia said he had been forced to raise the price of a bowl of pares to 65 pesos ($1.08) after fuel costs reduced his daily earnings by a quarter. "I'm only earning 1,500 pesos (per day), because the rest is spent on LPG," he said. Garcia, who begins cooking at 3 am every morning before hauling his stew to a middle-class neighbourhood on a converted motorbike, said an 11 kilo tank of fuel, which typically lasts four days, that once cost 870 pesos (about $14.50) now costs 1,600 pesos.

"It's the highest price of LPG that I've ever seen since I started here," said Carlo Manalad, a supervisor at a store selling tanks of the gas, 90 percent of which is imported. "If (our suppliers') prices are high, we also raise our prices. Our profit is still the same," the 64-year-old told AFP. Many of the capital's streetside food sellers, however, have no such luxury. "If we raise our prices, our customers will buy from other stalls," said Ronilo Titom, who has run a curbside canteen that caters call centre workers and jeepney drivers, for two years.

Even while holding the line on prices, Titom said he had noticed his customer base slowly shrinking since the war erupted. "Many of them have started to bring packed lunches instead (to save money)," said the 48-year-old who, like Garcia, is using his LPG ever more judiciously. "Sometimes we let the soup get cold," he admitted, noting that the cost of ingredients for his dishes had also been on the uptick since the war broke out.

The Philippines revealed Tuesday war-driven inflation figures that showed food prices had increased nearly twice as fast in March as the month before. French fry vendor John Mark Abella, 25, who has also upped his prices by five pesos to compensate for LPG costs, told AFP he believed inflation was putting the squeeze on his mostly student customers. "I think we've got fewer customers ... because they're limiting their expenses because of the high prices of fuel and food," he said.

Sam Natividad, a 25-year-old call centre worker, said that was no illusion. "I'm limiting my expenses because... I also have to pay bills at home. I don't have a big budget for my meals here," she told AFP at a roadside canteen, adding it was "understandable" if street vendors had to raise their prices. Near Garcia's pares stall, Allan Palong, a driver for a motorbike ride-hailing app, said he understood the vendor's need to charge five pesos more for a bowl of stew, even if his own earnings were being crippled by fuel price hikes.

"It's very difficult for us now, all prices have gone up ... the five-pesos mean a lot," he said, while calling on the government to slash the excise tax on imported fuel. "What they're doing is not enough... we can't feel it."

Addressing the closing ceremony as the chief guest, ICC Bangladesh President Mahbubur Rahman highlighted that current global economic uncertainties have escalated risks such as fraud and malpractice in international trade. He warned that the chances of recovering losses from such incidents are often limited, making it essential for bankers, exporters, and importers to understand and prevent modern fraud techniques. Mahbubur Rahman noted that maritime trade remains a cornerstone of economic growth, but rising maritime incidents threaten both seafarers and the stability of global supply chains.

He stressed that ensuring safe passage at sea requires sustained cooperation among regional and international partners to safeguard maritime commerce. The workshop underscored that financial crime is evolving, with fraud and data security threats emerging through diverse channels. While all stakeholders-including consumers and merchants-play a role, the responsibility of financial institutions is the most critical. Mahbubur Rahman urged bankers to adopt latest detection and prevention technologies to mitigate risks before significant damage occurs. A total of 88 participants from 23 banks, including the central bank, along with two participants from the Bangladesh Institute of Bank Management (BIBM), attended the workshop in the city. A similar workshop was held in Chattogram on April 12 (today), attended by 56 participants from 19 banks, including the central bank, along with 18 clients sponsored by Eastern Bank, Mutual Trust Bank and Prime Bank.

After witnessing volatility through mid-session with investors’ participation from both sides of the trading fence, the market gained traction in the latter half as buyers assumed control through the session’s close. Moreover, insurance stocks also gained positive momentum owing to the buying appetite of short-term gain-focused investors ahead of anticipated earnings declarations. Apparently, market turnover increased by 7.8% to Taka 8.4 billion from Taka 7.8 billion in the previous session. On the sectoral front, General Insurance (14.2%) accounted for the highest share of turnover, followed by Engineering (13.7%) and Pharma (11.8%) sectors.

 Sectors mostly displayed mixed returns, out of which General Insurance (4.3%), Life Insurance (1.3%) and IT (1.0%) exhibited the most positive returns, while Services (-1.1%), Telecom (-1.0%) and Financial Institution (-0.6%) displayed the most corrections on the bourse today. Of the 397 issues traded, 185 advanced, 136 declined, and 75 remained unchanged. The port city bourse, CSE, also settled on a positive territory. The Selective Categories' Index (CSCX) and All Share Price Index (CASPI) declined by 9.8 points and 0.9 points, respectively.

During the discussion, both sides expressed optimism about further strengthening bilateral relations between Bangladesh and Saudi Arabia, particularly through enhanced cooperation in the tourism sector. Highlighting Bangladesh's growing aviation market, the state minister drew attention to the potential for operating flights not only from Dhaka but also from Sylhet and Chattogram, urging Saudi authorities to consider broader connectivity.

The minister underscored the need to further improve service standards of Saudi airlines for Bangladeshi passengers. In response, the ambassador assured that necessary steps would be taken to enhance the quality of services in a prompt manner.

The directive, effective immediately, is aimed at maintaining a natural and smooth flow of cash transactions for the public. The central bank clarified that while the exchange service must be provided for notes of various denominations, banks must place special emphasis on small denominations, specifically Tk 5, 10, 20, and 50.  To facilitate this and avoid public harassment, all bank branches are required to utilize special counters to receive these notes and provide exchange value through fresh or re-issuable notes.

- US inflation surges -

Inflation in the United States rose sharply in March, government data showed, as higher energy prices due to the war in the Middle East hit Americans hard.

Prices rose 3.3 percent year-on-year in March, much faster than the 2.4 percent registered in February. Gasoline prices alone surged 21.2 percent between February and March -- the largest monthly increase since the government began publishing a related index in 1967.

- Stocks rise, oil steady -

Stocks rose and oil was steady as investors remained guardedly optimistic about the US-Iran ceasefire ahead of planned weekend talks.

European indices were up about half a percent in late afternoon trading, with prices on Wall Street also up but by not as much.

Brent and West Texas Intermediate were hovering under $100 a barrel.

- Lebanon faces food shortages -

The United Nations warned Friday that food insecurity was on the rise in Lebanon, with prices surging and supply chains disrupted as Israel has continued military strikes on the country.

The UN's World Food Programme (WFP) said the entire food system in Lebanon was reeling from the conflict, with Israel launching its heaviest strikes on the country this week.

- Total refinery shut -

French energy giant TotalEnergies said it had shut down a major refinery in Saudi Arabia after it was damaged during the war.

The Saudi energy ministry said there had been "multiple attacks" recently on its oil and gas sites, including the SATORP refinery, a joint venture of TotalEnergies and the Saudi state-owned Aramco group.

No details on production impacts, nor the type of attack, were disclosed.

- EU considers windfall tax -

The EU said it was looking into calls for a tax on windfall profits of energy companies to respond to the surge in prices caused by the Iran war.

The finance ministers of Spain, Austria, Germany, Italy and Portugal urged Brussels take the measure to ease the burden on consumers in a letter published last week.

- Ireland to meet farmers -

The Irish government was set to hold talks Friday with agricultural and haulage representatives, as days of protests over spiralling fuel prices sparked warnings over supplies, including for emergency services.

The demonstrations began Tuesday over the soaring cost of petrol and diesel amid the Middle East war, with protesters partly blocking Ireland's only oil refinery and restricting access to at least two other fuel depots.

- IMF warns of 'scarring effects' -

The International Monetary Fund will lower global growth forecasts because of the war, said managing director Kristalina Georgieva, warning of the conflict's "scarring effects" despite the fragile ceasefire.

Georgieva said the IMF expected to have to provide up to $50 billion in immediate financial assistance to countries affected by the war.

She added that food insecurity because of transport and supply chain disruptions caused by the war was expected to affect at least 45 million people and "even in a best case, there will be no neat and clean return" to the way things were before the conflict.

Markets had anticipated the surge, according to the consensus published by MarketWatch. The United States and Israel began bombing Iran on February 28 and Tehran retaliated by blocking traffic in the Strait of Hormuz, a waterway used to carry a fifth of the world's oil and gas deliveries. Despite being the world's top producer of crude oil, the United States also felt the pain, as prices at the gas pump shot up.

A gallon (3.78 liters) of regular gasoline currently costs an average of $4.15 in the United States, compared to approximately $3 just before the war. The Trump administration -- elected in part on a promise to quash inflation -- maintains that the war's economic disruptions will be temporary. Reacting to the data, White House spokesperson Kush Desai said the US economy "remains on a solid trajectory." Economic advisor Kevin Hassett claimed some wins for the White House, citing drops in the price of eggs, beef and concert tickets on Fox News.

US Vice President JD Vance said he hoped for a "positive" outcome as he departed Washington for US-Iran peace talks in Pakistan this weekend. But experts predicted more economic pain ahead due to the war in Iran, especially for middle and lower-income households already squeezed by rising energy and airfare prices. Heather Long, chief economist at Navy Federal Credit Union, said that inflation soared in March to the highest level in almost two years.

"This is only the beginning. Food prices, travel and shipping costs are all going up in April and will exacerbate the pain," she said. "March CPI was as expected, so no surprises. But there is a huge increase in fuel prices, boosting inflation," Christopher Low of FHN Financial told AFP. "And we got the news last night that the ceasefire is not being honored by either side, apparently," he said. "There's still very little traffic through the Strait of Hormuz."

Some economists calculate the oil price surge will cost each US household at least $350 per household. Consumer sentiment also dipped sharply -- 11 percent -- this month, according to a University of Michigan survey. During the Federal Reserve's most recent meeting in mid-March, Chairman Jerome Powell said that the war risked delaying efforts to bring inflation under control in the United States. The US central bank's target for inflation is two percent -- an objective it has not met in five years due to the Covid pandemic, the war in Ukraine and tariffs.

A cloud of uncertainty hung Friday over the scheduled start of talks in Pakistan this weekend to turn a shaky two-week truce into a lasting accord that would reopen the key Strait of Hormuz.

But there has been no announcement yet on the arrival of negotiators and both sides have accused the other of failing to properly implement the ceasefire.

"Investors remained cautious as they kept a close eye on developments surrounding the fragile ceasefire between the US, Israel and Iran," said David Morrison, an analyst at Trade Nation, adding that investors were pausing "to catch their collective breath heading into the weekend".

The main international oil contracts were up around one percent, holding just under $100 a barrel even as only a trickle of tankers have so far transited the Strait of Hormuz, where a fifth of the world's oil passes in normal times.

Some two hours into trading on Wall Street the main US indices were mixed as the Dow stood off 0.3 percent while the broader S&P 500 and the tech-heavy Nasdaq were barely in the green.

In Europe, London and Frankfurt closed virtually flat as Paris added 0.2 percent.

New York shares had rebounded late Thursday on news that Israel and Lebanon had agreed to talks, upping the chances for the ceasefire after five weeks of fighting.

But despite this week's rebound, stock markets remain lower and oil prices significantly higher than before the war -- though oil was flat Friday after weeks of gyrations.

Investors were also watching US inflation and the prospects for interest rates in the world's largest economy as the Gulf war sends economic shock waves through myriad sectors.

US consumer prices rose 3.3 percent in March from a year earlier, according to data released Friday, and while that was up sharply from the previous month as gas prices surged, it was below what some economists expected.

White House spokesperson Kush Desai responded by saying the US economy "remains on a solid trajectory."

Core inflation, which strips out volatile categories like food and energy, rose 2.6 percent from a year ago, again lower than what some analysts had feared.

A higher rate might have ruled out any interest rate cuts from the Federal Reserve for several months.

"Although core inflation was seemingly subdued in March, the concern is that the energy price shock will bleed through more to core inflation in April," said Patrick J. O'Hare, an analyst at Briefing.com.

- Key figures at around 1545 GMT -

Brent North Sea Crude: UP 1.0 percent at $96.89 a barrel

West Texas Intermediate: UP 0.9 percent at $98.76 a barrel

New York - Dow Jones: DOWN 0.3 percent at 48,025.82 points

New York - S&P 500: UP 0.1 percent at 6,832.44

New York - Nasdaq Composite: UP 0.5 percent at 22,939.17

London - FTSE 100: FLAT at 10,600.53 (close)

Paris - CAC 40: UP 0.2 percent at 8,259.60 (close)

Frankfurt - DAX: FLAT at 23,803.95 (close)

Tokyo - Nikkei 225: UP 1.8 percent at 56,924.11 (close)

Hong Kong - Hang Seng Index: UP 0.6 percent at 25,893.54 (close)

Shanghai - Composite: UP 0.5 percent at 3,986.22 (close)

Euro/dollar: UP at $1.1728 from $1.1707 on Thursday

Pound/dollar: UP at $1.3463 from $1.3441

Dollar/yen: UP at 159.19 yen from 159.06 yen

Euro/pound: UP at 87.11 pence from 87.09 pence

On Thursday, Ecuador hiked tariffs on Colombian goods from 50 percent to 100 percent, prompting Petro to recall his ambassador to Bogota. Colombia has imposed reciprocal tariffs every time Ecuador has raised tariffs since the start of the year, going from an initial 30 percent to 100 percent. But Petro specified Friday afternoon that some materials essential to Colombian industrial production will have "zero percent tariff," in an X post.

"We have exhausted all diplomatic efforts," Colombian Commerce Minister Diana Morales said in a statement. The simmering tensions between the two Andean nations intensified this week after Petro called former Ecuadorean vice president Jorge Glas a "political prisoner." Glas, in office from 2013 to 2018 during the presidencies of leftist Rafael Correa and then Lenin Moreno, was sentenced last year to 13 years in prison for corruption.

Glas alleges he has experienced cruel and degrading treatment in prison, where he has been held since November. Petro also raised the possibility of Colombia withdrawing from the Andean Community of Nations (CAN), a bloc that includes Peru, Bolivia and Ecuador, on Thursday. CAN facilitated a meeting of diplomatic delegations from both countries on Friday to encourage dialogue. Colombia's main legal exports to Ecuador are electricity, medicines, vehicles, cosmetics and plastic products, while it imports vegetable fats and oils, canned tuna, minerals and metals, according to trade associations.

Additionally, about 70 percent of the cocaine produced in Colombia and Peru, the world's largest producers, transits through Ecuador for export via its Pacific ports. Once a haven of peace, Ecuador is now torn apart by infighting between criminal groups, leading to a rise in homicides in the country.

The measures are intended to "protect vulnerable groups of people and prevent the situation from spreading to other sectors", Finance Minister Ekniti Nitithanprapas said. Farmers and small business owners will also be able to benefit from preferential-rate loans, as will people wishing to buy electric vehicles or install solar panels.

The government has also approved subsidies for transport operators, ahead of Thai New Year or "Songkran" celebrations. "This challenge will be long term. Therefore, we are not only implementing short-term measures but also preparing the public and entrepreneurs to adapt to potentially higher energy and product costs," Ekniti added.

"Rajshahi silk is not just an industry; it is part of the country's heritage and pride," the state minister said, adding that the government is working to revive the sector through modern technology, research and training. He said the visit was aimed at assessing field-level challenges and identifying necessary steps to rejuvenate the industry. Highlighting its historical background, Shariful Alam noted that the Rajshahi Silk Board was established in 1977 under the leadership of former President Ziaur Rahman. He added that former Prime Minister Khaleda Zia also undertook various initiatives to support the board.

Under the guidance of Prime Minister Tarique Rahman, the government has now set a target to modernise the industry further through research and innovation, he said. The state minister said the country currently requires 400 to 450 metric tonnes of silk annually, but nearly 90 percent of the demand is met through imports due to the decline of local factories. To address this, the government is prioritising research to improve sericulture practices, develop mulberry cultivation and enhance the quality of silk yarn, he added.

Shariful Alam also voiced concern over the declining number of traditional artisans, locally known as 'Bosnis'. He said there are around 11,500 Bosnis in the country, but their numbers are gradually decreasing due to ageing. "If the next generation is not trained, there is a risk that this heritage could be lost," he warned.

He further said the government plans to reopen closed factories, expand market access and attract both local and foreign investment, noting strong export potential in markets such as China and Japan. Earlier, Director General of the Bangladesh Silk Development Board Md Toufiq Al Mahmud presented an overview of the board's activities. Among others present were Textiles and Jute Ministry Secretary Bilkis Jahan Rimi, Rajshahi Zilla Parishad Administrator Advocate Ershad Ali, Rajshahi Deputy Commissioner Kazi Shahidul Islam and senior officials.

President Donald Trump has set a Tuesday deadline for Iran to end the war and reopen shipping in the critical Strait of Hormuz waterway, threatening in an expletive-laden social media post Sunday to strike the country's power plants and bridges if it did not comply. "Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one, in Iran. There will be nothing like it!!!" Trump wrote on his Truth Social platform, before later telling Fox News he thought there was a "good chance" Iran would agree to a deal on Monday.

The war, entering its sixth week since the US and Israel first attacked Iran on February 28, has engulfed the Middle East in conflict and upended the global economy. Iran has virtually blocked the Strait of Hormuz, through which about 20 percent of the world's oil and gas transits, sending petroleum prices skyrocketing.

Many Asian markets were closed for public holidays, but stocks in Tokyo and Seoul rose, while movements on other open exchanges were mixed.

"Geopolitical risks remain the dominant driver of market sentiment," MUFG's Lloyd Chan said in a note on Monday.

US President Donald Trump had made an expletive-laced threat Sunday to destroy Iran's civilian infrastructure, demanding Tehran bow to his demands for a deal to reopen the Gulf to shipping.

Hours later, Iran's central military command warned of "much more devastating" retaliation if its adversaries hit civilian targets.

Chan said "it remains to be seen whether this escalatory rhetoric ultimately proves to be another 'TACO' moment" -- a jokey acronym for "Trump always chickens out".

But "the persistence of threats to critical Iranian infrastructure keeps escalation risks elevated, with no credible de-escalation path in sight", Chan said.

"As a result, oil prices are likely to remain elevated."

Crude oil prices spiked at the week's market opening but pared gains in morning trade. US benchmark West Texas Intermediate was flat at $111.61 a barrel and North Sea Brent crude gained 1.2 percent to $110.35.

"Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one, in Iran. There will be nothing like it!!!" Trump wrote on his Truth Social platform, later telling Fox News there was a "good chance" Iran would agree to a deal.

The tumultuous developments are keeping Asian currencies under pressure while "reinforcing a bias toward USD strength", Chan wrote. Gold prices also fell Monday.

Tokyo was up 1.6 percent and Seoul gained 2.2 percent. Singapore was also up 0.4 percent, but Jakarta shed 0.6 percent.

Chinese markets were closed for the Qingming Festival while others, including Sydney and Wellington, took a break for Easter Monday.

The war, entering its sixth week since the US and Israel first attacked Iran on February 28, has engulfed the Middle East in conflict and upended the global economy.

Iran has virtually blocked the Strait of Hormuz, through which about 20 percent of the world's oil and gas transits, sending petroleum prices skyrocketing.

- Key figures at around 0230 GMT -

Tokyo - Nikkei 225: UP 1.6 percent at 54,001.64 (break)

Hong Kong - Hang Seng Index: CLOSED for holiday

Shanghai - Composite: CLOSED for holiday

Euro/dollar: DOWN at $1.1522 from $1.1535 on Friday

Pound/dollar: DOWN at $1.3214 from $1.3224

Dollar/yen: DOWN at 159.57 from 159.63

Euro/pound: DOWN at 87.19 pence from 87.22 pence

West Texas Intermediate: FLAT at $111.61 per barrel

Brent North Sea Crude: UP 1.2 percent at $110.35 per barrel

New York - Dow: DOWN 0.1 percent at 46,504.67 (close)

London - FTSE 100: UP 0.7 percent at 10,436.29 (close)

Speaking to journalists after the meeting, FBCCI Secretary General Md Alamgir said the EDF, created to support exporters, has significantly declined in size. "Previously, the EDF stood at around $7 billion, but it has now come down to nearly $2.2 billion. We did not propose increasing it to $5 billion at once; rather, we suggested that the fund be expanded gradually," he said.

Alamgir also said the FBCCI urged the central bank to reduce the bank rate to ease business operations, stressing the importance of maintaining a stable exchange rate. Referring to the governor's remarks, he said there is little likelihood of an increase in the US dollar rate, as banks currently have adequate dollar liquidity. He also expressed optimism that US dollar inflows would remain strong in the near future.

Regarding lending limits, he said the current single borrower exposure limit stands at 15 percent, and the FBCCI proposed raising it to 25 percent to facilitate larger financing for businesses. He further emphasised the need to protect borrowers who have taken loans from Sammilito Islami Bank, noting that businesses must remain operational to ensure loan repayment.

Md Tanvir Hossain, Executive Director (Investment Promotion) of BEPZA, and Mr Jin Ho Bae, Chairman of PH Creative (BD) Ltd., signed the agreement on behalf of their respective organizations. Major General Mohammad Moazzem Hossain, ndc, afwc, psc, G, MPhil, Executive Chairman of BEPZA, witnessed the signing ceremony.

PH Creative (BD) Ltd. will manufacture a wide range of products including steel, aluminum and iron frames; fiberglass poles; tents; sleeping bags; camping chairs; and various tent accessories such as PVC wear covers, caps, chair patches, hangers and hammers. The company will also produce trolley bags, handbags, and garment accessories including toggles and beads. The project is expected to create employment opportunities for around 2,000 Bangladeshi nationals. 

In his remarks, BEPZA Executive Chairman thanked PH Creative (BD) Ltd. for choosing Bangladesh, particularly the BEPZA Economic Zone, as their investment destination. He also encouraged the company and other South Korean investors to explore further investment opportunities in high-tech sectors, especially in semiconductors and electronic products. The signing ceremony was attended by -- Abdullah Al Mamun, Member (Engineering) , A N M Foyzul Haque, Member (Finance) , Md Khorshid Alam, Executive Director (Enterprise Services) , Samir Biswas, Executive Director (Administration) , A.S.M. Anwar Parvez, Executive Director (Public Relations) , along with senior officials of BEPZA and representatives of the company.

Although the market opened on a positive note, adding nearly 75 points within the first 30 minutes of the session, morning optimism faded gradually with the market encountering a bout of selling pressure that briefly reversed the move and dragged the indices back toward flat territory. Meanwhile, market turnover decreased by 8 per cent to Taka 4.7 billion from Taka 5.1 billion in the previous session. On the sectoral front, Pharma (15.1pc) accounted for the highest share of turnover, followed by Engineering (13.8pc) and General Insurance (10.pc) sectors.

Sectors mostly displayed mixed returns, out of which Cement (0.6pc), Mutual Fund (0.6pc) and Bank (0.5pc) exhibited the most positive returns, while IT (-0.8pc), Jute (-0.6pc) and Telecom (-0.4pc) displayed the most corrections on the bourse today. Of the 397 issues traded, 148 advanced, 171 declined, and 77 remained unchanged. The port city bourse, CSE, also settled on a positive territory. The Selective Categories' Index (CSCX) and All Share Price Index (CASPI) declined by 6.6 points and 8.3 points, respectively.

He highlighted that the current monetary environment, characterized by high policy rates and a widening spread, has made financing increasingly expensive and less accessible for manufacturing industries and Small and Medium Enterprises (SMEs). To stimulate recovery, the DCCI advocated for a gradual lowering of the policy rate to reduce borrowing costs. Alternatively, the Chamber pressed for the provision of subsidised loans specifically targeted at priority sectors, including manufacturing and export-oriented SMEs.

The Chamber expressed significant concern regarding the recent tightening of loan classification rules, which reduced the grace period from nine months to three months. President Taskeen Ahmed maintained that this shift, combined with energy shortages and weak demand, has placed unsustainable pressure on legitimate businesses. "Considering these challenges, the central bank should reconsider loan rescheduling facilities for unintentional defaulters and extend the loan classification period to at least six months," Ahmed stated during the discussion.

Responding to the Chamber's concerns, Governor Md. Mostaqur Rahman, FCMA, observed that the national economy has become over-dependent on a limited range of products and export markets. He maintained that prioritizing the Cottage, Micro, Small, and Medium Enterprise (CMSME) sector and agricultural management is the only viable path to stimulating the domestic economy and generating employment. Addressing the persistence of high inflation, the Governor attributed the trend to elevated costs in logistics and product management, emphasizing that everyone must work together to remove these obstacles to ensure price stability.

He linked the need for policy reform directly to the nation's ability to compete for capital. "In recent years, our GDP growth rate has not been satisfactory, which has left us behind in attracting both foreign and domestic investment. To overcome this, there is no alternative to reforming business and trade policies and easing the cost of business," he added. The BB Governor assured the DCCI leadership that the central bank remains committed to fostering an environment conducive to sustainable industrial growth while managing inflationary pressures. The meeting was attended, among others, by DCCI Senior Vice President Razeev H Chowdhury, Vice President Md. Salem Sulaiman and members of the DCCI Board of Directors alongside senior officials of Bangladesh Bank.

According to port sources, ships carrying fuel products from India, Malaysia, Nigeria, and China have recently arrived at the port. The 'Gas Challenger' with LPG from India arrived on March 31 and is currently in the 'Bhatiyari' area. The 'Shan Gang Fa Xian' carrying gas oil from Malaysia arrived on April 3 and is at the 'DOJ-6' jetty for unloading by April 7.

The 'Cool Voyager' with LNG from Nigeria arrived on April 5 and is being unloaded at the 'FSRU' with completion expected by April 8. The 'Gas Journey' with LPG from China arrived on April 5 and is currently at the 'Charlie' area, with unloading expected to be completed by April 8. Syed Refayet Hamim, Secretary of the Chattogram Port Authority, stated that priority is being given to quickly unloading these fuel products to maintain a steady fuel supply and ensure continuous power generation in the country. It is anticipated that all ships will be unloaded within the scheduled timeframe, providing relief to the country's energy crisis.

The request highlights the growing financial pressure of a conflict now in its fifth week, and sets up a political battle in Congress over how to fund a dramatic expansion of military spending. US media -- citing closed-door congressional briefings -- have reported that the Iran war could be costing as much as $2 billion a day, underscoring the scale of the burden even before longer-term reconstruction and resupply costs are factored in.

To offset part of the increase, Trump is proposing around $73 billion in cuts to non-defense spending -- roughly 10 percent -- "reducing or eliminating woke, weaponized and wasteful programs, and by returning state and local responsibilities to their respective governments." The president has framed the defense budget increase in urgent terms, arguing that military investment must take precedence during wartime, even at the expense of federal social programs.

"It's not possible for us to take care of day care, Medicaid, Medicare," Trump said at a recent private event, adding that such responsibilities could be handled at the state level while Washington focuses on "military protection." Democrats swiftly attacked the proposal, with the party's Senate budget leader Patty Murray warning it prioritized military spending over Americans' needs and accusing Trump of pursuing "reckless foreign wars."

"Donald Trump might be happy to spend more money on bombs in the Middle East than on families here in America -- but I am not," Murray said in a statement. The White House released the request as part of a detailed 92-page budget proposal, alongside summaries outlining its priorities across federal agencies. The plan is not binding but serves as a statement of the administration's priorities as Congress begins drafting spending legislation, with lawmakers retaining the power to rewrite or reject it.

Trump is urging Congress to approve the bulk of the defense budget -- more than $1.1 trillion -- through the standard appropriations process, while seeking to pass a further $350 billion using a party-line mechanism that would not need Democratic support. Republican leaders have shown openness to that approach, particularly as they push for higher defense and immigration enforcement spending.

But the plan may face resistance within Trump's own party, where some lawmakers are wary of deepening federal deficits. The United States is already running annual shortfalls approaching $2 trillion, with total debt exceeding $39 trillion, leaving limited fiscal space for new spending without further widening the gap.

Lawmakers from both parties have also raised concerns about the scale of the proposed military increase, particularly as the administration has provided limited detail on the trajectory of the Iran conflict. There is similar skepticism about the domestic cuts, many of which Congress has previously rejected. Spending bills passed earlier this year largely preserved funding for programs the White House is again seeking to reduce or eliminate.

Beyond defense, the administration is proposing increased funding for federal law enforcement, including a boost of more than $40 billion for the Justice Department. Trump is also asking for $152 million to kickstart his pet project to reopen the notorious San Francisco Bay island prison Alcatraz -- a drop in the ocean compared with the total estimated cost of $2 billion. The budget could add trillions more to the federal debt over the coming decade, but Republicans backed the push, saying the increase would help move US military spending toward five percent of GDP and strengthen deterrence.

Roger Wicker and Mike Rogers, the respective chairmen of the Senate and House armed services committees, praised Trump in a joint statement for "sending a clear signal for our allies and partners to build on recent progress and meet this benchmark alongside us."

The programme fulfils a pledge made last week by Prime Minister Sebastien Lecornu, whose government, like many worldwide, is seeking to contain the economic pain caused by the war's impact on fuel prices. Public investment bank Bpifrance will issue the loans via a streamlined digital process that will make the money available within seven days, the ministry said in a statement.

The three-year loans will have an interest rate of 3.8 percent. Separately, French Economy Minister Roland Lescure said he had written to the European Commission to ask it to investigate whether the continent's refineries were taking advantage of the war to commit "abuses" in setting fuel prices.

- More ships pass Hormuz -

A French-owned and a Japanese-owned vessel are among a handful of ships to have transited the war-torn Strait of Hormuz, maritime tracking data showed Friday.

The passage, a vital route for oil and liquified natural gas, has been virtually blocked by Tehran since US-Israeli strikes on Iran triggered conflict throughout the Middle East.

Both ships made the crossing on Thursday, according to tracking company Marine Traffic.

In addition, three tankers -- including one co-owned by a Japanese company -- crossed the strait on Thursday via an alternative, southern route.

They hugged close to the shore of Oman's Musandam Peninsula, a first in nearly three weeks, according to Lloyd's List.

- UAE gas site fire kills one -

One person was killed and four others wounded after a fire at a gas complex in Abu Dhabi, caused by falling debris from an intercepted attack on Friday, the government media office said.

It also reported "significant damage" at the facilities.

- Italian central bank cuts forecast -

Italy's central bank revised down its growth forecasts due to "sudden energy price hikes" linked to the war.

The Bank of Italy now expects gross domestic product (GDP) to grow by 0.5 percent both this year and next, and then by 0.8 percent in 2028.

It previously forecast 0.6-percent growth in 2026 and 0.8 percent in 2027.

- White House seeks $1.5 tn -

US President Donald Trump asked lawmakers to approve a massive $1.5-trillion defence budget for 2027, as the United States faces rising costs from its war with Iran and mounting global security commitments.

The proposal would increase Pentagon spending by more than 40 percent in a single year -- the sharpest rise since World War II.

- UAE company needs year to restart aluminium -

Emirates Global Aluminium, one of the world's largest aluminium producers, said it could take up to a year to resume full production after an Iranian missile attack damaged its Abu Dhabi site.

Iran has attacked several smelters in the United Arab Emirates and Bahrain since the war began on February 28, saying they play a role in supplying US military.

- Israel re-opens gas field -

Israel resumed operations at its Leviathan offshore major natural gas field.

It had been shut down since the onset of its war with Iran, halting exports to neighbouring Egypt and Jordan.

- Bangladesh cuts office hours -

Bangladesh cut office and shop hours and banned decorative lighting at weddings starting Friday, to conserve energy stocks after price hikes.

Bangladesh imports 95 percent of its oil and gas needs. About 60 percent of its electricity is generated using imported gas, while diesel is primarily used for farming.

- Free bus rides in Pakistan -

State-run public transport in Pakistan's capital and most populous province will be free for the coming month, officials said Friday.

The announcement came hours after a late-night decision to impose a 43-percent rise in the price of petrol and 55 percent on diesel, prompting street protests and long queues at gas stations.

- Food prices rise -

The UN's Food and Agriculture Organization (FAO) said its Food Price Index, which measures the monthly changes in international prices of a basket of food commodities, rose 2.4 percent in March from February due to higher energy and fertiliser costs.

- Australia faces petrol shortages -

Australia's government urged motorists to fill their cars at city petrol stations ahead of any long road trips over the Easter holiday.

Energy Minister Chris Bowen said hundreds of service stations in rural towns had run out of diesel nationally and more than a hundred were without unleaded petrol.

Friday's data significantly beat analyst expectations, with economists polled by Dow Jones Newswires and The Wall Street Journal expecting an increase of 59,000 jobs. The data was stronger than forecast, "but vastly overstates the sustainable pace of job growth," said Oxford Economics lead US economist Nancy Vanden Houten. "The end of a strike, seasonal quirks and a rebound after harsh winter weather likely boosted job growth in some sectors," she said.

Trump touted the numbers as a success. "My Economic Policies have created an enormously powerful engine of Economic Growth, and nothing can slow it down," Trump said on his Truth Social platform, hailing the number of private sector jobs gained. Earlier, White House spokesperson Kush Desai said that once the "short-term disruptions" of the US-Israel war on Iran are over, "America's economic resurgence is set to only accelerate."

Markets were closed Friday in the United States for Good Friday. Much of March's recovery was fueled by health care jobs, which have remained resilient even as labor demand has dropped in other sectors. Health care added 76,000 jobs in March, after having lost jobs the month before, in part due to strike actions. Employment in construction also grew by 26,000 in March, although the Labor Department flagged that it had changed little over its level from a year ago.

Federal government employment continued to decline, down 11.8 percent since October 2024. Trump has taken a hatchet to the sector in a drive aimed at cost-cutting and reducing the size of government. The new data reflected a revision in the figures for January and February, showing employment for those two months combined was 7,000 lower than previously reported. The US-Israel war on Iran has engulfed the Middle East, sent oil prices surging and snarled supply chains, leading to fears of a global economic slowdown.

Analysts signaled caution as the economic impact of the war begins to hit Americans. Nationwide Chief Economist Kathy Bostjancic said the March report showed the labor market was in "good standing," with "broad-based gains in the private sector." Oxford Economics' Houten, however, said the report "doesn't change our assessment that the downside risks to the labor market have increased" due to the war.

"As the labor market softens due to the fallout from the war, we expect the unemployment rate to edge up," she said. High energy prices tend to drive up production costs, curbing economic activity, with analysts expecting the current "low-hire, low-fire" trend to continue. "If you look through the noise you have, you know that same picture that we've been looking at, which is a labor market that's holding up, but that has become more fragile, and that remains stuck in this low-hire, low-fire type of environment," EY-Parthenon Senior Economist Lydia Boussour told AFP. 

Uncertainty about the war's economic shock has so far led policymakers at the Federal Reserve to adopt a wait-and-see approach on interest rate moves, as they balance curbing stubbornly high inflation with managing unemployment. Unemployment rates have remained relatively steady in the United States -- but the figure has hidden churn under the surface, analysts warn, as weak jobs growth has been matched by a drop in labor supply. That drop in supply is largely attributed to Trump's crackdown on migrants.

For Fed policymakers, however, inflation currently appears to be a bigger risk than unemployment. "We are getting mixed signals, with some key indicators showing signs of steadying while others are suggesting a weakening labor market," New York Fed President John Williams said Monday. EY-Parthenon's Boussour said Friday's report will provide "a little bit of reassurance and a little bit of breathing room for the Fed to focus on the inflation side of their mandate in the coming months."

However, bank branches, sub-branches, and booths located in sea, land, and airport areas will continue to operate 24/7 as per the existing directives. The new timings follow after the government on April 2 announced a series of austerity measures, including curtailing office hours and early closure of shopping malls and shops, considering the ongoing energy situation in the wake of the crisis in the Middle East.

Kharg Island, located off Iran's western coast, is a vital oil export terminal for the country. US President Donald Trump has recently threatened to destroy the island if a deal to end the war is not reached soon and the Strait of Hormuz does not "immediately" reopen. On March 13, the US said it had bombed military targets on the island but refrained from hitting oil infrastructure there.

Iranian officials have in recent days warned that the United States may be planning a ground attack, particularly targeting one of Iran's islands, and have repeatedly cautioned against such a move. The warnings came as the USS Tripoli, an amphibious assault ship carrying around 3,500 Marines and sailors, arrived in the Middle East last week.

The directive has been issued in line with the Section 41 (2) (Gha) of the Finance Company Act, 2023. The new timings follow after the government on April 2 announced a series of austerity measures, including curtailing office hours and early closure of shopping malls and shops, considering the ongoing energy situation in the wake of the crisis in the Middle East.

- Stocks rise, oil slides -

Stocks rallied and oil fell Wednesday after US President Donald Trump said the Middle East war might be over within weeks, and comments by his Iranian counterpart that Tehran had "the necessary will" to end the conflict.

International benchmark Brent North Sea crude dropped 2.7 percent to $101.16 a barrel, and the main US oil contract WTI fell 1.2 percent to $100.12 a barrel.

Wall Street's main indices built on strong gains made Tuesday. European and Asian markets also finished higher.

- New Iranian strikes -

Iran's military announced Wednesday evening a new wave of missile and drone attacks targeting Israel and US bases in the Gulf, though there was no immediate word from either of any direct hits.

- UK meeting on Hormuz shipping -

Britain will hold a meeting of about 35 countries Thursday to discuss how to reopen the strategic Strait of Hormuz that has been crippled by the Middle East war, Prime Minister Keir Starmer said.

The meeting will "assess all viable diplomatic and political measures that we can take to restore freedom of navigation, guarantee the safety of trapped ships and seafarers and resume the movement of vital commodities", Starmer said.

- World Bank 'extremely concerned' -

The World Bank is "extremely concerned" about the effect the war on Iran will have on inflation, jobs and food security, and is in talks with member states on how to address immediate needs in the crisis, a top official told AFP.

Managing Director Paschal Donohoe's comments came as his organization announced a new partnership with the International Monetary Fund and International Energy Agency to coordinate aid responses to the war.

- Germany outlook dims -

Leading economic institutes cut their growth forecasts for Germany on Wednesday, warning that surging inflation resulting from the Middle East war and rising energy costs would hit Europe's biggest economy hard.

The German economy is expected to grow by 0.6 percent this year, the seven institutes said, down from a September forecast of 1.3 percent, while inflation is predicted to stand at 2.8 percent, up from 2.0 percent.

- Bank of England warning -

The Bank of England said the Middle East war had caused "a substantial negative supply shock to the global economy", increasing risks to the financial system.

Following a surge in oil prices that is set to push up overall inflation, the BoE said the fallout would also weigh on economic growth and tighten financial conditions, such as restricted lending by banks.

- India fuel hike -

India's oil ministry said that domestic jet fuel prices would rise as the Middle East war pushed up energy costs, but that it had cushioned airlines from an expected 100-percent jump.

- Kuwait airport hit -

Kuwait's international airport came under an Iranian drone attack that led to "a large fire" at fuel tanks, but no casualties were reported, the civil aviation authority said.

In a further sign of strain in the Gulf state, the National Bank of Kuwait said it would close its headquarters for two days along with another branch as Iran carries out daily strikes on the Gulf.

- Save fuel, Australians -

Australian Prime Minister Anthony Albanese urged his countrymen to switch to public transport and save fuel for rural communities and essential services.

"Farmers and truckies, small businesses and families are doing it tough. And the reality is, the economic shocks caused by this war will be with us for months," Albanese said in a national address.

- Cambodia farmers suffer -

The price of diesel in Cambodia spiked to double the level at the start of the Middle East war after the latest government increase.

Farmers are being particularly hard hit as they rely on the fuel for tractors and water pumps.

- Tanker struck off Qatar -

A tanker has been hit by a projectile off the coast of Qatar's capital Doha, a British maritime security agency said, reporting damage but no casualties.

Donohoe flagged that countries in Asia and Africa were particularly vulnerable to the energy, price and supply-side shocks of the crisis. "At the moment, we are consulting with many governments and countries in relation to what their needs will be, and I would anticipate within the next number of weeks that will become far clearer," Donohoe said. The United States and Israel launched strikes on Iran on February 28, igniting a war that has engulfed the Middle East, snarled key supply chains and sent energy prices soaring.

The World Bank offers development assistance and immediate budgetary support to member nations in the form of loans and technical assistance. Donohoe said the organization was currently offering both forms of support in talks with countries in need. "We are extremely concerned regarding the effect that this will have on inflation, on jobs and on food security," he said. "That is why we will put in place responses that have a financing element and a policy element that can and will be of support."

Discussions regarding financial options -- which could take the form of immediate loans -- were "underway," but were not expected to conclude for "a number of weeks." On the policy advice front, Donohoe expected talks to wrap up "in a few days' time." Since the start of the war, Tehran has virtually blocked the key Strait of Hormuz, through which roughly a fifth of the world's crude oil and liquefied natural gas -- and one-third of its fertilizers -- pass.

Much of that is bound for Asian countries, which have seen energy flows abruptly dry up, as prices spike and supplies shrink. Several countries -- including top World Bank borrowers Pakistan, Indonesia and Bangladesh -- have implemented widespread fuel-saving measures to address the crisis, saving what they have for use in key industries and sectors. Vulnerable countries in Asia and Africa have flagged several issues of concern to the bank.

"They're calling out the income shock that will be created due to rising prices, what that will mean for households and businesses," said Donohoe. In addition to the shock of lower energy availability -- which can lead to a drop in economic output -- there are also concerns about food security related to fertilizer supply chains being frozen. Earlier this week, the IMF flagged that the war could have a serious effect on low-income countries if food prices rise significantly.

"People in low?income countries are most at risk when prices rise because food accounts for about 36 percent of consumption on average, compared with 20 percent in emerging market economies and nine percent in advanced economies," said an IMF report. In Africa, South Asia and the Middle East, the IMF warned that a number of countries were already struggling with meager foreign reserves and "limited market access," making them vulnerable to "dangerous" debt shocks.

Donohoe, of the World Bank, said the lender was "well positioned to assist countries in their economic response" and was engaged in "intense" talks with member states. "While this challenge is going to begin in energy, it really has the ability to have consequences that go across entire economies," he said.

Starlink says it operates more than 10,000 satellites, offering connectivity to people on the ground. US tech and e-commerce giant Amazon, founded by billionaire Jeff Bezos, is building a competing network called Amazon Leo, which has more than 200 satellites in orbit. Globalstar, whose market value is about $9 billion, has its own, smaller "low Earth orbit" satellite constellation.

The newspaper said one factor complicating the lengthy talks was the fact that Apple holds a 20 percent stake in Globalstar, meaning that Amazon and Apple also had to negotiate a deal. AFP has contacted Amazon, Globalstar and Apple for comment. The Financial Times report said no deal had been struck and discussions could still collapse. Globalstar's share price has soared nearly 230 percent over the past year.

In October, Bloomberg reported that the company was exploring a potential sale with several potential buyers including SpaceX. Globalstar told the Financial Times it "does not comment on industry speculation or rumours," while Amazon declined to respond. On Wednesday, a source familiar with the matter confirmed SpaceX's confidential IPO filing to AFP, which would reportedly put the rocket and satellite builder on track to list its shares by July. Media reports have said the SpaceX IPO could be valued at a whopping $75 billion or more. SpaceX did not respond to a request for comment.

Most of the goods are imported by member companies of BGMEA and BKMEA. The port authorities said the congestion has increased pressure on port operations. In the letter, the port authority requested the organisations to instruct their member companies to promptly take delivery of LCL cargo stored at CFSs and sheds.

During the meeting, the Commerce Minister detailed the vast potential for Japanese engagement in Bangladesh’s burgeoning economy. He specifically sought Japanese technical and financial cooperation in the strategic areas, including Special Economic Zones (SEZs), infrastructure development, industrialisation and export diversification. The Commerce Minister characterised the proposed Economic Partnership Agreement (EPA) between the two nations as a milestone for bilateral trade and investment. 

Highlighting its long-term diplomatic value, he noted that the Japan-Bangladesh EPA would not only strengthen ties with Tokyo but also serve as a vital reference for Bangladesh during its future negotiations for similar economic agreements with other global partners. Responding to the minister's remarks, Kazuyuki Kataoka observed that the investment climate in Bangladesh has witnessed a marked improvement after election. 

He noted that this revitalised environment has acted as a catalyst, with a significant number of Japanese investors already expressing keen interest in the Bangladeshi market. Kataoka underscored that the influx of Japanese capital would be instrumental in employment generation and the continued infrastructure development of the country, further solidifying the economic transition. Kazuyuki Kataoka cited the Third Terminal of Hazrat Shahjalal International Airport and the Dhaka Metro Rail as flagship examples of infrastructure that have successfully integrated Japanese investment.

The meeting concluded with both parties expressing a firm resolve to elevate the existing robust economic relationship between Bangladesh and Japan. The Commerce Minister and the JETRO representative pledged to work jointly to explore fresh avenues of cooperation, ensuring a deeper and more resilient economic partnership for the future.

Ahead of the opening bell, Tokai Tokyo Securities said the Japanese market was expected to rise "as information suggesting a ceasefire has been provided from both the US and Iranian side". Trump said on Tuesday that US forces would end operations in Iran "very soon", adding that he thought the military would leave "within maybe two weeks, maybe a couple of days longer".

Wall Street stocks had already rocketed higher on Tuesday after Iranian President Masoud Pezeshkian told the president of the European Council that Tehran had the "necessary will" to end the war provided its enemies guaranteed it would not flare up again. They appeared to shrug off subsequent remarks from Israeli Prime Minister Benjamin Netanyahu, who said the more than month-long military campaign against Tehran was not over, vowing to crush Iran's "terror regime".

President Masoud Pezeshkian, in a phone call with the president of the European Council, said Iran had "the necessary will to end this conflict, provided that essential conditions are met -- especially the guarantees required to prevent repetition of the aggression."

The comments prompted a surge in US equities, with the blue-chip Dow index finishing up 2.5 percent, or more than 1,125 points, at 46,341.51.

"This is the first concrete communication coming from Iran that feels verifiable," said Art Hogan of B. Riley Wealth Management. "The market has been coiled for good news after having been down the last five weeks."

Stocks appeared to shrug off subsequent remarks from Israeli Prime Minister Benjamin Netanyahu, who said the more than month-long military campaign against Tehran was not over, vowing to crush Iran's "terror regime."

Pezeshkian's remarks also shifted the oil market, which has been a major driver of financial markets since the US and Israel began their attacks on Iran on February 28.

Brent oil futures finished down 3.2 percent at $103.97 a barrel.

Even before Pezeshkian's remarks, US and European stocks had risen following reports that President Donald Trump had said he was willing to end the war even if the Strait of Hormuz was not reopened.

But worries about oil supplies continue to hang over markets.

The head of a maritime analyst group warned in an interview with AFP that Asia was confronting a major energy crisis as it faces the gravest fallout from the war.

"We think Asia will, for now, be the ones suffering the most," Kpler president Jean Maynier told AFP at the company's offices in Singapore.

Oil "remains painfully high for economies to deal with," noted Susannah Streeter, chief investment strategist at Wealth Club.

In a sign that Trump will likely face pressure to bring crude prices down, the American Automobile Association said US gas prices jumped above an average of $4 a gallon for the first time since 2022, when Russia began its invasion of Ukraine.

European stocks rose despite data showing that eurozone inflation leapt in March because of surging energy prices, hitting its highest level since January 2025.

Consumer prices rose 2.5 percent, up sharply from 1.9 percent in February, the EU's statistics agency said.

Asia's main stock markets closed mixed.

- Key figures at around 2030 GMT -

Brent North Sea Crude: DOWN 3.2 percent at $103.97 a barrel

West Texas Intermediate: DOWN 1.5 percent at $101.38 a barrel

New York - Dow: UP 2.5 percent at 46,341.51 (close)

New York - S&P 500: UP 2.9 percent at 6,528.52 (close)

New York - Nasdaq Composite: UP 3.8 percent at 21,590.63 (close)

London - FTSE 100: UP 0.5 percent at 10,176.45 (close)

Paris - CAC 40: UP 0.6 percent at 7,816.94 (close)

Frankfurt - DAX: UP 0.5 percent at 22,680.04 (close)

Tokyo - Nikkei 225: DOWN 1.6 percent at 51,063.72 (close)

Hong Kong - Hang Seng Index: UP 0.2 percent at 24,788.14 (close)

Shanghai - Composite: DOWN 0.8 percent at 3,891.86 (close)

Euro/dollar: UP at $1.1551 from $1.1465 on Monday

Pound/dollar: UP at $1.3236 from $1.3186

Dollar/yen: DOWN at 158.77 from 159.71 yen

Euro/pound: UP at 87.28 pence from 86.94 pence

But while the remarks from the two leaders provided hope for an end to the month-long crisis, crude prices jumped on lingering worries about the closure of the strategic Strait of Hormuz.

They also come as the economic impact of the conflict worsens, with average US gasoline prices topping $4 a gallon for the first time in four years, European inflation spiking, and governments unveiling a range of support measures.

Trump told reporters in the Oval Office the United States would be leaving Iran "very soon", perhaps within "two weeks, maybe three".

"But we're finishing the job," he insisted.

"We want to knock out every single thing they have," Trump said, before adding that "it's possible that we'll make a deal before that."

The White House also said he would address the nation at 0100 GMT Thursday "to provide an important update on Iran".

Earlier, Iranian leader Masoud Pezeshkian told the head of the European Council the country had "the necessary will to end this conflict, provided that essential conditions are met -- especially the guarantees required to prevent repetition of the aggression".

Wall Street surged, with the Nasdaq up 3.8 percent and the S&P 500 adding almost three percent.

In Asia, Seoul -- the standout before the war but among the worst-hit since it started -- was up more than six percent, while Tokyo and Taipei gained at least four percent.

Hong Kong, Shanghai, Sydney, Singapore, Manila and Jakarta were also sharply higher.

Traders appeared to brush off Prime Minister Benjamin Netanyahu's comments that Israel would press ahead with its campaign and that "we will continue to crush the terror regime".

However, Trump also said US forces would not work to unblock the Strait of Hormuz, through which a fifth of global oil and gas passes, and said it was up to other countries to do so.

"What happens with the strait we're not going to have anything to do with," he said.

In a Truth Social post earlier Tuesday, Trump lashed out at NATO allies and other countries that have refused to help the United States secure the waterway.

"The U.S.A. won't be there to help you anymore, just like you weren't there for us," he wrote. "Iran has been, essentially, decimated. The hard part is done. Go get your own oil!"

The remarks came after he said Monday he was willing to end the war even if the strait remained closed.

Trump has zigzagged on whether Washington plans to escalate the conflict -- possibly by deploying American ground forces -- or try to end it through negotiations.

Still, City Index's Fiona Cincotta warned in a commentary: "Even if outright military tensions ease, the economic damage from elevated oil prices may already be feeding through.

"With oil still above $100 a barrel, higher energy costs are likely to tighten financial conditions, raise inflation pressures, and weigh on growth."

She added that "diplomatic signals remain mixed, and as long as uncertainty persists and shipping disruptions remain in place, oil prices are likely to stay elevated".

Both main crude contracts rose more than one percent Wednesday, a day after Brent dived more than three percent and West Texas Intermediate shed 1.5 percent.

That came as more US troops continued to arrive in the region, and after the Wall Street Journal cited Arab officials as saying the United Arab Emirates was preparing to help Washington open the Strait by force, which would make it the first Gulf nation to join the battle.

The report said the UAE, which has been targeted by Iran during the war, was lobbying for a United Nations Security Council resolution to authorise such action.

The head of maritime analyst group Kpler told AFP Asia faced the gravest fallout from the war.

"We think Asia will, for now, be the ones suffering the most," president Jean Maynier said.

- Key figures at around 0230 GMT -

West Texas Intermediate: UP 1.3 percent at $102.73 a barrel

Brent North Sea Crude: UP 1.5 percent at $105.50 a barrel

Tokyo - Nikkei 225: UP 4.0 percent at 53,128.33 (break)

Hong Kong - Hang Seng Index: UP 2.0 percent at 25,278.50

Shanghai - Composite: UP 1.4 percent at 3,947.40

Euro/dollar: UP at $1.1566 from $1.1551 on Tuesday

Pound/dollar: UP at $1.3239 from $1.3236

Dollar/yen: DOWN at 158.70 from 158.77 yen

Euro/pound: UP at 87.38 pence from 87.28 pence

New York - Dow: UP 2.5 percent at 46,341.51 (close)

London - FTSE 100: UP 0.5 percent at 10,176.45 (close)

Profits fell 35 percent to $520 million while revenues were unchanged at $11.3 billion for the quarter ending March 31. Nike has been plagued in recent years with consumer product mismatches that have left it with excess inventories, leading to profit-reducing price cuts. The company's sales have been particularly weak in Greater China, while executives have also faced questions about product innovation.

Revenues in Greater China fell again in Tuesday's batch of results, this time by seven percent. Executives also cautioned about soft demand in the Europe, Middle East Africa region, where traffic disruption due to the Middle East war also looms as a negative factor. Nike executives cautioned that they would see a rise in inventories in EMEA in the fourth quarter. Shares of Nike sank 9.1 percent in after-hours trading.

The carmaker confirmed Wednesday it had registered 36 incidents connected with the problem worldwide, including 12 fires, and added that more than 200,000 of the recalls were in France.

The NBR chief made the remarks during a pre-budget meeting with the Association of Bankers Bangladesh (ABB),  Bangladesh Association of Banks (BAB), DSE Brokers Association of Bangladesh (DBA), Central Depository Bangladesh Limited (CDBL), Bangladesh Insurance Association (BIA),  Bangladesh Merchant Bankers Association (BMBA), Dhaka Stock Exchange and Chittagong Stock Exchange (CSE) at the NBR in the city. Under the existing fiscal policy, he mentioned that the NBR provides an excise duty exemption for balances up to Taka 3 lakh. He said that a move to expand this threshold further, stating his intention to consult with the Finance Minister to determine the extent of the new limit.

In a candid assessment of the tax, the Chairman characterized excise duty as a ‘black thing’ describing it as an undesirable and illogical element of the revenue structure. He expressed a long-term vision to abolish the duty entirely as the national economy strengthens and more sophisticated revenue streams are established. During the meeting, ABB Chairman Mashrur Arefin submitted a strategic roadmap of budget recommendations for the 2026-2027 fiscal year aimed at national economic modernization. 

He called for a sweeping recalibration of corporate tax rates, the removal of systemic barriers to Foreign Direct Investment (FDI), and urgent relief for the CMSME sector and banking professionals struggling against persistent inflationary headwinds. He proposed reduction of the corporate tax rate for listed banks from the current 37.5% to below 30%.  He contended that the existing rate places Bangladesh at a severe competitive disadvantage, noting that the average corporate tax rate among OECD and Asian nations is approximately 20%. He  underscored that narrowing this gap is essential to making Bangladesh a viable destination for FDI. 

By aligning more closely with regional peers, he sought to incentivize banks to seek stock market listings and reinforce their capital bases. He recommended a 100% tax exemption on all expenditures related to Corporate Social Responsibility (CSR), challenging the current regulatory treatment of these funds. Under existing rules, banks face disallowance on CSR spending, effectively taxing social investments as if they were non-business expenses, he added. He argued that because CSR activities directly advance government objectives in healthcare, education, and social welfare, they should be incentivized as public-private partnerships rather than being penalized. 

Removing this tax barrier would allow the sector to broaden its social impact without the current fiscal friction that characterizes social spending, he added.

The directive was issued to all Authorized Dealers in foreign exchange in Bangladesh, who are required to facilitate the audit process for these claims. As per the circular, the central bank has identified seven firms as eligible to perform auditing assignments for export subsidy and cash incentive applications. The firms are A. HANNAN & CO, HOSSAIN & CO., MUJIBUR RAHMAN & CO., PODDER & ASSOCIATE, SAFE-Q ASSOCIATES & CO.,  SAIFUR ENAYET & ASSOCIATES and SAM & ASSOCIATES.

The central bank has established specific operational constraints to ensure balanced professional distribution and effective supervision. Under the new instructions, a single CMA firm is restricted from undertaking auditing assignments for a maximum of three banks in a particular financial year.

Authorized Dealers have been further instructed to bring the contents of this circular to the attention of their respective clientele to ensure compliance across the export sector. Bangladesh Bank confirmed that all instructions contained in the December 2023 circular, along with all other relevant circulars and circular letters pertaining to export subsidies and cash incentives, remain unchanged and in full effect.

The testing of wheat samples on the ship has begun, and arrangements are in place for the swift unloading of the 61,000 metric tons of wheat. 29,450 metric tons will be offloaded at Chattogram, with the remaining 31,550 metric tons at Mongla Port. Bangladesh has initiated wheat imports from the United States through government-to-government agreements. All 467,884 metric tons of wheat under G2G-01 and G2G-02 agreements have arrived in the country, out of which 237,845 metric tons are under G2G-01 and 230,039 metric tons under G2G-02.

The country's total wheat demand is around 7 million metric tons, with domestic production at 1 million metric tons. The shortfall is met through government and private imports.

In his speech, the Minister focused on salvaging the economy to stabilize its inherited state, fulfilling manifesto commitments promised to the public, and managing external shocks from the Middle East conflict that have increased fuel import costs. The Minister stressed that resource mobilization is critical, as the government cannot implement its commitments without securing adequate revenue. To foster a conducive environment, the Minister highlighted several reforms including policy stability, deregulation and financial discipline.

He said that the government aims to ensure long-term policy consistency so that investors can plan with confidence without fearing sudden changes in regulations. Plans are underway for serious deregulation to simplify business processes, which will be visible soon, he added. He mentioned that restoring order and discipline in the financial sector and the capital market is a top priority to build investor trust.

The Minister noted that many international investors were waiting for the post-election period and have shown significant interest in bringing billions of dollars into the country.  The Minister stated that instead of these groups being an afterthought, the budget will start with the deprived, ensuring they are integrated into the mainstream of economic benefits. The ultimate goal is to use these investments to generate widespread employment opportunities, he added.

To reduce over-reliance on the Ready-Made Garment (RMG) sector, he said, the government plans to diversify exports. Regarding international status, the Minister confirmed that the process for LDC (Least Developed Country) graduation is ongoing.  He mentioned that a proposal is being prepared for the Prime Minister to send to the UN General Assembly requesting a three-year extension to the graduation timeline to ensure a smoother transition. He said that the government is also engaging in high-level bilateral discussions with international partners, including the Japanese and German ambassadors, to explore further economic cooperation and support during this period of crisis. 

The Minister concluded that while these efforts are a work in progress, the government is committed to creating a disciplined and stable economic environment to attract the necessary capital for national development.

The joint secretary stated that among all fuel types, diesel holds the largest share of reserves, playing a crucial role in ensuring uninterrupted supply to the agriculture, transport and industrial sectors. Meanwhile, octane stocks stand at 7,940 metric tons, which is sufficient to meet current demand for private vehicles and high-performance engines. Petrol reserves are reported at 11,431 metric tons. In addition, jet fuel stocks stand at 44,609 metric tons, which is adequate to meet existing demand.

Chowdhury further noted that the fuel supply is being continuously managed through regular imports and unloading operations, ensuring both daily supply and updated stock levels. To strengthen supply management, tag officers have been appointed at divisional and district levels. In Dhaka Division, 479 officials have been deployed across 13 districts and 116 in metropolitan areas. In Chattogram Division, 330 officials are assigned in 11 districts and 62 in metropolitan areas. Rajshahi Division has 340 officials in eight districts, while Khulna Division has 301 officials across 10 districts. Similar deployments have been made in Rangpur, Barishal, Mymensingh, and Sylhet divisions.

He added that these tag officers will closely monitor fuel supply and sales activities at the field level, ensuring greater transparency and discipline in the system. Additionally, surveillance has been strengthened in border areas to prevent fuel smuggling. No major shortages or abnormal situations have been reported so far.

The authorities expressed optimism that fuel supply will remain stable in the near future, including throughout April. The government is also set to launch a digital app soon to further strengthen market control and monitoring of fuel distribution. Initially, the app will be introduced on a pilot basis.

Access to North Korea has always been heavily restricted, but the country became almost entirely cut off when it sealed its borders in 2020 during the pandemic. Flight CA121 departed Beijing Capital Airport at 7:58 am (2358 GMT on Sunday), according to FlightStats data, and arrived at Pyongyang's Sunan International Airport at 10:37 am (0137 GMT). The plane was a Boeing 737-700 with capacity for up to 128 passengers, according to travel website Trip.com, though only travellers with business, study or other special purposes can make the cross-border journey.

China's ambassador to North Korea Wang Yajun and other Chinese diplomats greeted the passengers at the airport, Xinhua news agency said. Earlier, AFP journalists saw travellers at Beijing's bustling airport forming a snaking queue to check in their luggage with the airline. Pyongyang-bound business traveller Zhao Bin showed reporters his air ticket, and expressed optimism that tourism would resume for Chinese visitors.

"I expect both railway routes and Air China flights will increase, and there will be more exchanges and travel between people," said Zhao, who will be spending around a week in North Korea. He has visited North Korea multiple times, most recently in 2024, and said that the resumption of the flight route will offer "greater convenience to those of us who frequently travel between Beijing and Pyongyang". Zhao told AFP he was looking forward to eating North Korea's "incredibly rich and diverse" cuisine and hoped increased exchanges between both countries could deepen ties "to a new level".

"The relationship between the two countries is now as close as brothers," he said. Air China did not immediately reply to AFP when asked for details on the flight, including the number of passengers travelling from Beijing to Pyongyang. Economy class tickets had been available for around $200 and a return flight from Pyongyang is scheduled for midday. Daily passenger train services resumed this month with China, and AFP journalists in China's northeastern town of Dandong -- long a key gateway for exchanges with North Korea -- saw a mostly empty passenger train travelling into the isolated nation last week.

While China has fully reopened its borders since the pandemic, North Korea has proceeded at a much slower pace. North Korea resumed direct flights and train services with Russia last year and state carrier Air Koryo restarted flights between Beijing and Pyongyang in 2023. Young Pioneer Tours, which specialises in travel to North Korea, told AFP in March that Air China resuming its route to Beijing opens Pyongyang up to more accessible connections. While the announcement of flights was "promising" for tourism, "there is still no further confirmation regarding Western tourists", Young Pioneer tour manager Rowan Beard said.

Prior to the pandemic, Chinese tourists made up the bulk of foreign visitors to North Korea, numbering roughly 350,000 in 2019 and providing a huge revenue stream for Pyongyang, according to NK News, a specialist website that provides analyses of the country. By comparison, around 5,000 Western tourists visited North Korea each year from 2009, with US citizens accounting for 20 percent of those, according to the 38 North programme at the Washington-based Stimson Center.

The moratorium, which has been renewed every two years since it was introduced in 1998, is now set to lapse on Monday.

Its expiration does not automatically trigger duties on digital trade, since WTO members can continue to individually choose not to impose customs duties on online goods and services ranging from e-books and music to telemedicine.

The Nikkei dipped 5.16 percent and the Kospi was down 4.41 percent before both indexes recovered slightly. The speaker of Iran's parliament, Mohammad Bagher Ghalibaf, accused the United States on Sunday of plotting a ground attack despite publicly pushing for a negotiated deal, after a US warship with around 3,500 military personnel arrived in the Middle East.

His comments came after more than a month of aerial bombardments of Iran by US and Israeli forces, and as key regional players held talks in Pakistan. The war has escalated into a regional conflagration as Iran has retaliated with attacks on Gulf states and the Strait of Hormuz shipping lane, sending energy markets into a tailspin and threatening the world economy.

As the conflict moved into its fifth week, the spectre of a widening conflict grew as Yemen's Houthi rebels on Saturday said they had fired "a barrage of cruise missiles and drones" at strategic sites in Israel.

The strikes raised concern about the war spreading to the Red Sea, with Saudi Arabia rerouting much of its oil exports there to avoid the Strait of Hormuz, through which 20 percent of crude and gas passes and has been effectively closed by Tehran.

The news sent the price of oil to its highest level since earlier in the month after the United States and Israel began their campaign against Iran. Both main contracts jumped more than three percent at one point, with Brent hitting close to $117 a barrel.

Adding to the dour mood were Donald Trump's remarks to the Financial Times (FT) that he wanted to "take the oil in Iran" and could take the country's Kharg Island "very easily".

Kharg Island, located off the west coast of Iran, is a vital oil terminal for the country and is being eyed by the Pentagon for ground operations, though the United States insisted it would stop short of a full-scale invasion.

"Maybe we take Kharg Island, maybe we don't. We have a lot of options," he told the FT. "It would also mean we had to be there for a while."

While Pakistan said Sunday it was ready to broker and host "meaningful talks" between Washington and Tehran to end the war, Iran's parliament speaker Mohammad Bagher Ghalibaf said the United States was "secretly planning a ground attack".

The surge in oil prices and the prospect of an extended conflict put more pressure on equities amid fears about a surge in inflation that could hit the world economy.

Tokyo sank more than four percent and Seoul more than three percent, while Hong Kong, Shanghai, Sydney, Singapore, Wellington, Taipei, Jakarta and Manila were also sharply down.

The losses followed a bad day on Wall Street, where all three main indexes tumbled after the United States and Israel struck Iranian nuclear sites.

"The market is now reacting to higher crude pricing and towards the fallout in the economic consequences," wrote Pepperstone's Chris Weston.

"Higher short-term inflation expectations, volatility in the interest rate markets, and growing concerns around supply shortages/inventory and the subsequent impact on the March/April economic data series and corporate earnings is now front and centre," he added.

"The Houthi's ability to disrupt shipping through the Bab al-Mandab Strait, which accounts for roughly 12 percent of global trade, is the new key risk" he said, referring to the waterway between Yemen and the Horn of Africa.

"Any meaningful disruption, married with a sharp rise in insurance costs, could drive another leg higher in crude and further pressure risk assets."

The selling came after a relatively calm period last week after Trump delayed until next month a threatened attack on Iran's energy infrastructure citing progress in talks with Tehran.

Skye Masters at National Australia Bank said: "Trump's decision to extend the pause in Iran's energy sector... has clearly not been enough to support investor sentiment where the focus is turning to the global economic impact of such a shock -- this is now not just about the price of oil it includes fertilizer, petrochemicals, metals."

- Key figures at around 0230 GMT -

West Texas Intermediate: UP 3.0 percent at $102.61 a barrel

Brent North Sea Crude: UP 3.2 percent at $116.15 a barrel

Tokyo - Nikkei 225: DOWN 4.6 percent at 50,936.13 (break)

Hong Kong - Hang Seng Index: DOWN 1.9 percent at 24,479.15

Shanghai - Composite: DOWN 0.7 percent at 3,886.86

Euro/dollar: DOWN at $1.1506 from $1.1517 on Friday

Pound/dollar: DOWN at $1.3249 from $1.3272

Dollar/yen: DOWN at 159.87 yen from 160.20 yen

Euro/pound: UP at 86.84 pence from 86.78 pence

New York - Dow: DOWN 1.7 percent at 45,166.64 (close)

London - FTSE 100: DOWN less than 0.1 percent at 9,701.95 (close)

"Budget agreements are made to be respected," Finance Minister Jens Stoltenberg, of the Labour Party which opposed the move, told public broadcaster NRK. "We need to sit down around the table with our partners and make sure this kind of situation doesn't happen again," he said. The tax cuts also apply to mineral oils used in fishing and hunting, the government said.

Parliament estimated the tax cut would cost around 6.3 billion kroner. Norway, Europe's biggest oil and gas producer after Russia, has the highest number of electric vehicles per capita in the world, representing around 32 percent of the country's car fleet in December 2025. Diesel cars accounted for 31.8 percent of the fleet, compared to 23.9 percent for petrol cars and 12.6 for various hybrids.

In a presentation detailing the FY2025 Survey on Business Conditions of Japanese Companies Operating Overseas, Kazuiki Kataoka, Country Representative of JETRO Dhaka, revealed that 56.9% of Japanese firms in Bangladesh plan to expand their operations over the next one to two years. 

“This expansion sentiment matches that of Vietnam and is primarily driven by the increase of local market demand, cited by 66.7% of surveyed companies,” he said while delivering the presentation at an event marking the Japan Business Day at a hotel in the city.

Organized by the Embassy of Japan and the Japan External Trade Organization (JETRO) Dhaka Office, the event was attended by chief guests, Dr Rashed Al Mahmud Titumir, Prime Minister's Adviser on the Ministry of Finance and Planning, and Chowdhury Ashik Mahmud Bin Harun, Executive Chairman of the Bangladesh Investment Development Authority (BIDA). 

Kazuiki Kataoka said that the business outlook for Japanese enterprises in the country is on an upward trajectory.
 
Reffering the survey, he mentioned that 50% of Japanese companies in Bangladesh forecast an operating profit for 2025, a notable increase from the 41.9% reported in 2024. 

The non-manufacturing sector is particularly bullish, with 62.2% of these firms expressing intentions to expand, significantly higher than the 47.6% seen in the manufacturing sector, he added.

He underscored Bangladesh’s massive market potential, supported by a population of over 180 million and a decade of sustained GDP growth exceeding 5-6%.

 Kazuiki Kataoka said that  Bangladesh is projected to become the 9th largest consumer market globally by 2030, surpassing the United Kingdom.

Per capita income is nearing the $3,000 mark ($2,769 in FY24-25), attracting Japanese brands to serve local consumers directly, he added.

Currently, he noted, approximately 350 Japanese companies operate in Bangladesh, with a growing presence in consumer-facing sectors. 

High-potential areas include FMCG, food processing, electronics, automobiles, and healthcare, he mentioned.

He said that notable Japanese entities already making strides include Lion Corporation, Ajinomoto, Kewpie, Kikkoman, Mitsubishi (RANCON), and Honda, alongside the SHIP International Hospital.

He explained that the top advantages for investing in Bangladesh were identified as low labour costs, market scale, growth potential, and fewer linguistic barriers compared to other regions.

 Furthermore, he said, Bangladesh leads developing countries in the region for Human Rights Due Diligence (HRDD) implementation, with 40.7% of companies already conducting these initiatives.

The morning session of the event was dedicated to the "Commemorative Event for EPA Agreement with Bangladesh." 

The proceedings commenced with a welcome speech by Yutaro Mochida, Head of Economic Section at the Embassy of Japan in Bangladesh.
 
This was followed by an online message from Izuru Kobayashi, Deputy Director-General (Ambassador) at the Ministry of Foreign Affairs of Japan.

During this segment, Tareq Rafi Bhuiyan (Jun), President of the Japan Bangladesh Chamber of Commerce and Industry (JBCCI), and Shinichi Saida, Ambassador of Japan to Bangladesh, addressed the assembly.
 
In his speech,  Tareq Rafi Bhuiyan said that Bangladesh and Japan have embarked on a landmark transition in their bilateral relations, moving decisively from decades of development cooperation toward a comprehensive, rules-based economic alliance. 

The proposed Bangladesh-Japan Economic Partnership Agreement (EPA), the nation’s first comprehensive bilateral agreement of its kind, represents a strategic evolution aimed at anchoring the country’s economic stability as it navigates the complexities of its upcoming transition from Least Developed Country (LDC) status, he added.

He said that the EPA is a defining moment in Bangladesh's macroeconomic policy. 

As the nation approaches its graduation from LDC status, he said that it faces the inevitable expiration of existing preferential trade schemes, such as the Generalised Scheme of Preferences (GSP). 

In this context, he mentioned that the EPA is an essential national imperative to replace diminishing protections with a structured framework for growth.

The afternoon session transitioned to a detailed examination of the "Investment Environment of Bangladesh based on 2025 JETRO Survey." Kazuiki Kataoka, delivered a presentation titled "2025 JETRO Survey on Business Conditions of Japanese Companies in Asia and Oceania."

Following the survey overview, a secondary presentation titled "Recent Japanese Interest in Bangladesh Consumer Market" was delivered by Tomotaka Minoura, Representative of JETRO Dhaka, and Shariful Alam, Senior Director of JETRO Dhaka. 

A panel discussion, moderated by Tareq Rafi Bhuiyan (Jun), featured a diverse group of representatives from the public and private sectors. 

The panelists included Nahian Rahman Rochi, Executive Member and Head of Business Development, BIDA; Manabu Sugawara, President, SHOO-KOO-KAI; Hiroshi Uegaki, Country Representative, Mitsubishi Corporation; Syed Nasim Manzur, Managing Director, Apex Footwear Limited; and Dr. M Masrur Reaz, Chairman and CEO, Policy Exchange Bangladesh.

The meeting was also attended by Bangladesh's Commerce Secretary Mahbubur Rahman and other senior officials from both nations. Highlighting the vision and goals of the newly elected government, Muktadir emphasized Bangladesh's commitment to creating a business-friendly environment and increasing active participation in global value chains. 

He noted that as the country prepares for its upcoming graduation from Least Developed Country (LDC) status, the government is prioritizing strategic market diversification to ensure economic sustainability. The minister informed his counterpart that Bangladesh has already signed an Economic Partnership Agreement (EPA) with Japan and is currently engaged in active negotiations for similar trade arrangements with South Korea, Singapore, and the United Arab Emirates (UAE).

During the discussions, the Commerce Minister reiterated Bangladesh's strong interest in joining the Regional Comprehensive Economic Partnership (RCEP), seeking New Zealand's support for the accession. He pointed out that Bangladesh's strategic geographic location as a bridge between South and South-East Asia, coupled with its rapidly growing middle-class population, makes it a vital and suitable partner for the regional trade bloc.

In response, Minister Todd McClay lauded Bangladesh's geopolitical importance and economic potential, describing the country as a "suitable partner" for RCEP. He assured that New Zealand would work to coordinate with other member states to facilitate Bangladesh's inclusion in the bloc.

Regarding the proposed bilateral FTA, the New Zealand Minister underscored that such an agreement would not only enhance trade volumes but also send a powerful positive signal to the global investor community about the stability and potential of the Bangladesh market during its critical post-LDC transition phase. The New Zealand Minister also accepted an invitation from his Bangladeshi counterpart to visit Dhaka, expressing his intent to undertake the visit by the middle of the current year.

Both sides concluded the meeting by reaffirming their mutual commitment to exploring fresh avenues of economic cooperation and maintaining the long-standing friendly ties between the two countries , the release adde.

According to the circular, the framework balances aggressive financial inclusion with AML/CFT compliance, setting a strict December 31, 2026, implementation deadline.  It establishes tiered thresholds, including life insurance sums up to Taka 2,000,000 and securities deposits up to Taka 1,500,000.

The BFIU move marks a pivotal shift in the nation’s digital architecture, aligning with Bangladesh’s trajectory toward a trillion-dollar economy. By digitizing on boarding, the regulator aims to unlock dead capital and increase the velocity of money through broader inclusion, while simultaneously satisfying stringent Financial Action Task Force (FATF) standards. 

Inaugurating the seminar, Nurun Nahar, Chairman of the BIBM Executive Committee and Deputy Governor of Bangladesh Bank, underscored that strong Shariah governance is vital for maintaining the integrity of Islamic banking. She noted that effective governance ensures compliance with regulatory requirements while upholding Shariah principles, thereby enhancing sector resilience and sustainability.

Dr. Md. Ezazul Islam, Director General of BIBM, who chaired the program, emphasized that Shariah governance goes beyond technical compliance, encompassing institutional culture, professional competence, depositor protection, transparency, and ethical accountability. He remarked that for a country like Bangladesh, where Islamic banking has expanded significantly, strengthening governance is indispensable to meet depositor expectations for both financial soundness and Shariah authenticity.

A keynote paper presented by a research team led by Dr. Md. Mahabbat Hossain, Associate Professor of BIBM, evaluated existing governance practices and identified challenges while proposing policy recommendations to improve standards across Islamic banks.  Professor Dr. Said Bouheraoua, Director of the ISRA Institute at INCEIF University, Malaysia, shared international perspectives and global best practices during the session.

Earlier, Md. Shihab Uddin Khan, Professor and Director at BIBM, delivered the welcome address, highlighting the need for strong governance to ensure transparency, credibility, and public trust. A distinguished panel of discussants, including Abdul Awal Sarker, Director of Janata Bank PLC; Md. Abdus Salam, Independent Director of Islami Bank Bangladesh PLC; Mosleh Uddin Ahmed, Managing Director of Shahjalal Islami Bank PLC; Nabil Ahmad from the Financial Reporting Council; and Mohammad Anisur Rahman, Director at Bangladesh Bank, shared insights on regulatory oversight and strategies for governance enhancement. The seminar was attended by senior bankers, regulators, academics, and researchers.

The adviser made the remarks while speaking as the chief guest at an event marking the Japan Business Day at a hotel in the city today. The Embassy of Japan and the Japan External Trade Organization (JETRO) Dhaka Office organised the event. Chowdhury Ashik Mahmud Bin Harun, Executive Chairman of the Bangladesh Investment Development Authority (BIDA), also spoke on the occasion as the chief guest.

In his speech, Titumir emphasized the deep civilizational and historical ties between the two nations, symbolized by the ‘rising red sun' shared in both national flags. He noted that while Japan has been a long-term partner in Bangladesh's development through ODA, the current government seeks a new economic model where investment leads to production, employment generation, and sustainable growth.

The adviser urged Japanese stakeholders to ensure that their investment in Bangladesh exceeds the average per-country parity for Japanese global investments. He specifically invited Japanese firms to invest in the manufacturing sector, highlighting that this is essential for creating sustainable jobs and upholding labour and human rights. "We would really like to see that Japan is investing in manufacturing because ... that would ensure sustainable jobs," the adviser stated, adding that the embassy should act as a champion for driving this investment flow.

He proposed a model of joint ventures where risks and profits are shared between Bangladeshi and Japanese partners, citing this as a potential global best practice to avoid debt-related concerns. To reassure investors, the adviser highlighted the government's track record and commitment to deregulation, liberalization, and privatization. The adviser stressed that the interim government is focused on walking the talk through concrete administrative mind-set changes. 

He expressed hope for a future epoch-making summit between the Prime Ministers of Bangladesh and Japan to solidify these future-oriented steps. "We are looking forward to moving from the talking ... to seeing that we walk the talk," he concluded, while extending an invitation for the Japanese Prime Minister to visit Bangladesh at a convenient time. In his speech, Chowdhury Ashik Mahmud Bin Harun, signalled a fundamental paradigm shift in the nation’s economic relationship with Japan, announcing a transition from an "aid-based" model to an "investment-based" story.

Addressing the investment climate, Chowdhury highlighted the post-election environment as a cornerstone of social and political stability. He characterized the recent national elections as "free, fair, and festive," noting that the resulting majority government provides international partners with the continuity and comfort necessary for long-term capital commitments.

The Chairman identified the ongoing Economic Partnership Agreement (EPA) negotiations with Japan as a historic trade milestone. Asserting that the EPA is not just another crazy trade document, he described the agreement as a foundational benchmark for Bangladesh’s future economic engagements. He acknowledged the rigorous 1.5-year negotiation process, highlighting the challenges overcome in navigating the system to establish this inaugural agreement.

The EPA serves as a clear signal of intent to the Japanese business community that Bangladesh is open to business and fully committed to the Japanese investment narrative, he added. Having established this initial framework, the Chairman expressed confidence that Bangladesh is now positioned to successfully negotiate multiple EPAs with other nations over the next three to five years. Chowdhury revealed that the government intends to transfer sick and unused assets to the private sector to catalyze growth.

"These are actually very good assets, but they are effectively costing taxpayer money," the Chairman stated, emphasizing the need to transform liabilities into productive entities. By inviting local and foreign investors to revitalize these assets, the government aims to generate employment and create new economic development case studies, he added. 

While acknowledging that time-consuming tax procedures and licensing regimes still require significant reform, he reiterated that the administration’s top levels are committed to a private sector-led economic model. The Executive Chairman lauded the JETRO survey as the government’s most structured feedback tool but noted a critical need for more real-time data. He observed that the current survey results are pre-election and reflect data from last year, resulting in a lag that can hinder responsive decision-making.

In a notable move toward transparency, Chowdhury challenged the investor community to hold the government accountable. He requested that investors use the specific metrics in the next survey to evaluate whether BIDA’s 180-day plan and the government's manifesto have successfully moved the needle on investor concerns. "If we do not improve in some of these specific metrics, you should hold us accountable," he added.

Reflecting on the long drawn history between the two nations, the Chairman cited major flagship projects such as the Japanese Economic Zone and the construction of Terminal 3 at Hazrat Shahjalal International Airport as evidence of a special relationship. Concluding his remarks, Chowdhury urged Japanese investors to maintain a continuous loop of candid feedback. He reaffirmed BIDA’s commitment to turning investor concerns into opportunities, ensuring that the Bangladesh-Japan partnership remains a premier example of successful economic cooperation.

At the closing remarks of the event, Shinichi Saida, Ambassador of Japan to Bangladesh, highlighted that the EPA represents a fundamental shift in the economic and diplomatic landscape between the two nations. He called for a multi-sectoral approach to navigate the complexities of the new economic landscape. He emphasized that the success of the bilateral relationship depends on a Triple Helix of cooperation involving the public sector, private sector, and academia.

These three pillars must work together jointly to build upon the foundation laid by the EPA, he added. The ambassador concluded by emphasizing the necessity to further deepen dialogue across every field to ensure the partnership continues to evolve effectively. 

- Iran Guards target aluminium plants in Bahrain, UAE -

Iran's Revolutionary Guards said they launched missile and drone strikes on aluminium plants in Bahrain and the United Arab Emirates, targeting what they described as industries linked to the US military.

Aluminium Bahrain (Alba) said in a statement that its facility was targeted by Iran and that two employees were wounded in an attack on Saturday, while UAE's Emirates Global Aluminium (EGA) said one of its sites in Abu Dhabi suffered significant damage, and six people were wounded.

- Taiwan to freeze LPG prices in April -

Taiwan said it is freezing prices of liquefied petroleum gas (LPG) in April.

"Liquefied petroleum gas (LPG) prices will remain unchanged in April, and key feedstocks such as ethylene and propylene will be prioritised for domestic downstream industries," a statement from Taiwan's cabinet said.

- Iran allows 20 more Pakistan ships through Hormuz -

Pakistan Foreign Minister Ishaq Dar announced that Iran had allowed "20 more ships" under the Pakistani flag -- or two ships daily -- to pass through the Strait of Hormuz.

- Indian tile makers squeezed by energy crunch -

India's vast ceramics hub in Morbi has been paralysed after the Middle East war choked LPG supplies, forcing hundreds of propane-fired kilns to go cold.

More than 400 plants have shut as imports through the Strait of Hormuz stalled and tens of thousands of workers have beensent home. The region produces 90 percent of India's ceramics and employs nearly a million people.

- Ship insurers juggle war risks -

Iranian forces' threat to shipping in the Strait of Hormuz has driven up insurance payments for the world freight industry.

Operators face sharply higher costs, with some quotes running into tens of millions of dollars for a single passage. Rates that once sat below one percent of a vessel's value have jumped to as high as 10 percent, changing by the hour as underwriters reassess danger in the Gulf's newly expanded "listed" zones.

- Trapped seafarers buzz helplines -

Seafarers' helplines say they are inundated with pleas from crews trapped in the Gulf as the Middle East conflict leaves roughly 20,000 workers stuck in the war zone.

The International Transport Workers' Federation has logged more than 1,000 messages since February 28, with seafarers reporting shortages of food and water, sending videos of nearby bomb strikes and begging for repatriation.

Many are entitled to repatriation and double pay under International Bargaining Forum rules, but crews on vessels without such labour agreements say operators are refusing to release them or cite a lack of flights.

- Thailand secures Hormuz transit -

Thailand has reached an agreement with Iran to allow Thai oil vessels to travel through the Strait of Hormuz, its prime minister said.

- Iran turns back ships -

Iran's Revolutionary Guards said that they had turned back three ships trying to transit the Strait of Hormuz, saying the route was closed to vessels travelling to and from ports linked to countries aiding the US-Israeli attacks.

Energy market intelligence firm Kpler said it had identified two container ships belonging to the Chinese firm COSCO that had attempted to leave the Gulf by crossing the narrow waterway, but had turned around.

- Egypt imposes business curfew -

Egypt has ordered shops, restaurants and shopping malls to close at 9:00 pm (1900 GMT), hoping to curb energy bills that have more than doubled because of the Iran war.

More than 5 million individual taxpayers have already registered in the NBR's e-return system, and over 4.15 million taxpayers have submitted their returns online for the current tax year. The deadline for submission of income tax returns for individual taxpayers has been extended until March 31, 2026. However, taxpayers who submit a written application before March 31, 2026, may receive up to 90 days of additional time from the concerned tax commissioner to file their returns.

To make the time-extension process easy, fast, transparent and convenient, the NBR has introduced a fully online system for submitting applications and approving extensions. Taxpayers can now log in to the e-return system and apply for deadline extension through the "Time Extension" menu, said an NBR press release today. In the last few days, more than 5,000 taxpayers have applied online for extension of the return submission deadline, and most of the applications have already been approved online within a short time.

Based on the online applications, tax commissioners of respective tax zones are approving extension requests digitally. Once the extension is granted, taxpayers can submit their returns within the extended period without paying any penalty or additional tax. Taxpayers who have not yet submitted their returns must apply for extension before March 31, 2026, if they want to avoid penalties and submit returns within the extended period. Those who are not registered in the e-return system must first complete registration using their biometric SIM before applying for the extension.

Taxpayers for whom online return submission is not mandatory can apply for extension either online or by submitting a written application directly to their respective tax circles. The NBR has urged all individual taxpayers to submit their income tax returns through the e-return system by March 31, 2026, to avoid penalties or additional tax. However, those unable to submit within the deadline may apply online for up to 90 days' extension by providing valid reasons before March 31, 2026.

According to industry sources, the newly certified factories include Epic Garments Manufacturing Co. Ltd. Unit-7 in Narayanganj, Surma Garments Ltd. in Dhaka, NAFA Apparels Ltd Unit-02 in Dhamrai, Winter Dress Limited in Savar, and Meher Garments Limited in Chattogram. Epic Garments Manufacturing Co. Ltd. Unit-7 secured Gold certification under LEED BD+C: New Construction v4 with 67 points, while Surma Garments Ltd. achieved Gold certification under LEED O+M: Existing Buildings v4 with 71 points.

NAFA Apparels Ltd Unit-02 received Gold certification under LEED BD+C: New Construction v4 with 65 points. Winter Dress Limited earned Platinum certification under LEED O+M: Existing Buildings v4.1 with 85 points, and Meher Garments Limited secured Platinum certification under LEED O+M: Existing Buildings v4.1 with 89 points.

Industry leaders said the achievement demonstrates Bangladesh's continued progress in adopting green technologies, energy efficiency, and environmentally sustainable production systems in the RMG sector. Bangladesh currently leads the world in green garment factories, with the sector increasingly focusing on energy efficiency, water conservation, reduced carbon emissions, and improved workplace standards to ensure sustainable development and competitiveness in the global market.

In addition, executive magistrates from the Energy Division are conducting mobile court operations daily at various locations across Dhaka city. The drive will also continue tomorrow in the capital and its surrounding areas. Authorities have urged the public to report any suspected irregularities by contacting the vigilance team through designated phone numbers.

However, the central bank will determine the specific lending limit for any particular institution. The relaxation is applicable only to LPG importers to prevent any disruption in imports. The Bangladesh Bank will permit banks to exceed the 25% limit in such cases.

Analysts pointed out, however, that the arrival of more US troops in the Middle East and fresh missile strikes between Iran and Israel suggested that the path forward was far from clear. US President Donald Trump on Wednesday threatened to "unleash hell" if Iran did not strike a deal, but Tehran's Foreign Minister Abbas Araghchi said his country did not intend to negotiate.

Moreover, an unnamed Iranian military official told local media that Tehran would target shipping in the Red Sea if the Washington launched a ground invasion. While global shares rose modestly, oil prices dipped as the Brent crude benchmark was down 2.2 percent at $102.22 a barrel, while West Texas Intermediate was also off 2.2 percent at $90.32 a barrel.

Earlier, crude futures had plunged more than six percent. Jack Ablin, from Cresset wealth management, said the stocks rally was driven by investors "really just latching on to any promising news right now." The equities push was "really related to oil prices going down and that anticipated end of the hostilities, or at least a settling down of hostilities." As World Trade Organization ministers prepared to meet in Yaounde, the head of the International Chamber of Commerce bluntly warned that the conflict could cause the "worst industrial crisis" in decades.

"The head of the International Energy Agency has warned that the world is facing an energy crisis more severe than the oil shocks of the 1970s," said John Denton. "From a business perspective, we believe this could yet become the worst industrial crisis in living memory." Offering respite to some countries, Tehran announced it would let oil vessels from "non-hostile" nations pass through the crucial Strait of Hormuz.

The head of the International Energy Agency, Fatih Birol, said he was "ready to move forward" with an additional release of oil reserves "if and when necessary." Wall Street closed in the green, with the Dow rising 0.7 percent, the broader-based S&P 500 up 0.5 percent and the tech-heavy Nasdaq adding 0.8 percent.

In Europe, London, Frankfurt and Paris closed up just shy of 1.5 percent ahead. Asian markets closed with strong gains, led by Tokyo, which won nearly three percent. European Central Bank chief Christine Lagarde said the ECB has several options for dealing with the energy shock, vowing policymakers would not be "paralysed by hesitation." At its most recent meeting last week, the ECB kept interest rates on hold, while warning of higher inflation and lower growth in the eurozone owing to the war.

However, analysts have raised bets on the central bank hiking borrowing costs as soon as next month to try and keep the lid on an expected surge in consumer prices.

- Key figures at around 2015 GMT -

Brent North Sea Crude: DOWN 2.2 percent at $102.22 a barrel

West Texas Intermediate: DOWN 2.2 percent at $90.32 a barrel

New York - Dow: UP 0.7 percent at 46,429.49 points (close)

New York - S&P 500: UP 0.5 percent at 6,591.90 (close)

New York - Nasdaq Composite: UP 0.8 percent at 21,929.83 (close)

London - FTSE 100: UP 1.4 percent at 10,106.84 points (close)

Paris - CAC 40: UP 1.3 percent at 7,846.55 (close)

Frankfurt - DAX: UP 1.4 percent at 22,957.087 (close)

Tokyo - Nikkei 225: UP 2.9 percent at 53,749.62 (close)

Hong Kong - Hang Seng Index: UP 1.1 percent at 25,335.95 (close)

Shanghai - Composite: UP 1.3 percent at 3,931.84 (close)

Euro/dollar: DOWN at $1.1565 from $1.1583 on Tuesday

Pound/dollar: DOWN at $1.3365 from $1.3381

Dollar/yen: UP at 159.47 yen from 159.03 yen

Euro/pound: DOWN at 86.52 pence from 86.57 pence

In Asia markets, Japan's Nikkei index and South Korea's Kospi were up by more than three percent. Trump sent a peace plan to Iran as he voiced optimism Tuesday at ending nearly a month of a war, with Tehran announcing that it will let "non-hostile" oil vessels go through the crucial Strait of Hormuz. The tentative signs of a diplomatic solution came despite new violence, with an Iranian missile causing injuries in Israel which in turn pressed on multiple fronts and vowed to seize control of a strip of southern Lebanon. The fall in oil Wednesday came after prices jumped a day earlier, with traders turned cautious over the prospect of a negotiated agreement to end the war.

After nearly four weeks of conflict, investors jumped on the first signs that hostilities could wind down, though analysts pointed out that the arrival of more US troops in the region suggested the chance of escalation remained.

The economic impact of the crisis has begun to bite around the world, with governments looking to cut energy consumption and airlines scaling back flights.

Both main crude contracts plunged more than six percent -- with Brent back below $100 -- after US President Donald Trump voiced optimism at ending the war and said officials were "in negotiations right now". Iran has not confirmed any formal talks.

"They did something yesterday that was amazing actually. They gave us a present and the present arrived today. And it was a very big present worth a tremendous amount of money," Trump told reporters in the Oval Office.

"That meant one thing to me -- we're dealing with the right people."

He did not explain further but said it related to the Strait of Hormuz, through which a fifth of global oil and gas flows and which Iran has largely blockaded, sending global energy prices soaring and fuelling fears of another surge in inflation.

Trump said that he sent a plan and that it "all starts with, they cannot have a nuclear weapon", while the New York Times quoted unnamed officials saying the 15-point proposal was sent through Pakistan.

Israel's Channel 12 said that Trump was suggesting a one-month ceasefire during which they would discuss handing over Iran's enriched uranium and banning further enrichment, while Tehran would also ensure safe passage through the Strait of Hormuz.

The Israeli report also said Iran would see an end to all sanctions and receive assistance in developing civil nuclear energy.

- Economic impact -

Meanwhile, Tehran, in a message circulated by the International Maritime Organization, assured safe passage through the strait to "non-hostile vessels".

Iran had already said it was not targeting friendly nations.

The news comes after Trump on Saturday gave Iran 48 hours to open Hormuz or he would strike the country's energy infrastructure, before making a surprise U-turn Monday, citing "very good" talks.

Equity traders pounced on the developments, with Tokyo and Seoul spiking more than three percent at one point, while Hong Kong, Sydney, Shanghai, Singapore, Wellington and Taipei also rallied.

However, violence continued, with an Iranian missile wounding people in Israel, which in turn pressed on multiple fronts and vowed to seize control of a strip of southern Lebanon.

"Markets have tentatively repriced towards a slightly higher probability of de-escalation, but conviction remains low," said Pepperstone's Chris Weston.

However, he added that "developments on the ground do not fully support a de-escalation narrative".

"Reports that the 82nd Airborne Division could deploy around 3,000 troops to the Middle East, alongside discussions around raising the US enlistment age from 34 to 42, point to continued preparation and an increased presence in the region, which in Trump's thinking could increase the pressure on Iran to forge an agreement in the reported upcoming talks."

The economic impact is becoming increasingly clearer.

Data Tuesday showed business activity in the eurozone slowed significantly in March as energy prices surged and global supply chains were hit, while France's INSEE statistics agency trimmed its growth forecast for the first and second quarters of this year.

Philippine President Ferdinand Marcos declared a state of "national energy emergency", citing risks to domestic supplies, and Sri Lanka ordered street lights, neon signs and billboard lighting to be switched off.

Bangladesh raised jet fuel prices 79 percent and Ireland slashed the excise duty on petrol and diesel to stem surging prices at filling stations.

And major airlines Lufthansa, Cathay Pacific and Air France extended flight suspensions to destinations across the Middle East.

- Key figures at around 0210 GMT -

West Texas Intermediate: DOWN 5.2 percent at $87.52 a barrel

Brent North Sea Crude: DOWN 6.3 percent at $97.90 a barrel

Tokyo - Nikkei 225: UP 2.7 percent at 53,664.86

Hong Kong - Hang Seng Index: UP 1.0 percent at 25,321.32

Shanghai - Composite: UP 0.9 percent at 3,916.28

Euro/dollar: UP at $1.1611 from $1.1583 on Tuesday

Pound/dollar: UP at $1.3414 from $1.3381

Dollar/yen: DOWN at 158.70 yen from 159.03 yen

Euro/pound: DOWN at 86.55 pence from 86.57 pence

New York - Dow: DOWN 0.2 percent at 46,124.06 (close)

London - FTSE 100: UP 0.7 percent at 9,965.16 (close)

- Oil drops after Trump peace plan -

Crude oil prices fell sharply in early Wednesday trading after US President Donald Trump sent a peace plan to Iran and voiced optimism about ending nearly a month of war.

After rising in Europe and the United States on Tuesday, Brent crude was down six percent at $98.30, and the contract, West Texas Intermediate, was down five percent at $87.72.

The closure of the Strait of Hormuz in the Gulf has roiled energy and financial markets, with oil prices up around 40 percent since the start of the fighting.

- 'Non-hostile vessels' in Hormuz? -

Iran has said "non-hostile vessels" can transit the Strait of Hormuz if they meet safety and security regulations in coordination with the relevant authorities, the International Maritime Organization (IMO) said Tuesday.

In a statement, Iran insisted that "vessels, equipment and any assets belonging to the aggressor parties -- namely the United States and the Israeli regime -- as well as other participants in the aggression do not qualify for innocent or non-hostile passage".

- Suspect betting -

Thousands of oil contracts -- a far higher volume than normal -- were traded 15 minutes before US President Donald Trump pledged to halt strikes on Iranian energy infrastructure, sending prices tumbling, data showed Tuesday.

Bloomberg estimated the value of oil contracts that changed hands between 1049 and 1050 GMT was $650 million, with people who bet on prices dropping ahead of Trump's announcement potentially pocketing millions.

No evidence of insider trading has so far been established.

- Strike near Iran nuclear plant -

The UN nuclear watchdog said Iran informed it that "another projectile hit the premises" of the Bushehr nuclear power plant on Tuesday, without damaging the plant itself.

"IAEA Director General Rafael Grossi reiterates call for maximum restraint to avoid nuclear safety risks during conflict," the International Atomic Energy Agency (IAEA) said.

- Philippines declares 'energy emergency' -

Philippine President Ferdinand Marcos declared a state of "national energy emergency", citing risks to the domestic fuel supply.

The state of emergency was declared hours after the country's energy secretary said the Philippines planned to boost the output of its coal-fired power plants to keep electricity costs down as the war wreaks havoc with gas shipments.

- Sri Lanka switches off lights -

Sri Lanka ordered street lights, neon signs and billboard lighting to be switched off as part of measures to cut energy consumption by 25 percent and tackle supply shortages.

Government spokesman Nalinda Jayatissa said all state institutions had been asked to reduce the use of air conditioning.

Sri Lanka has already raised fuel prices by a third, and last week, President Anura Kumara Dissanayake urged electric car owners to avoid overnight charging.

- Economic activity slows -

Business activity in the eurozone and the United States slowed in March as war in the Middle East drove energy prices higher and disrupted global supply chains, surveys showed.

The HCOB Flash Eurozone purchasing managers' index (PMI) published by S&P Global fell to 50.5 from 51.9 in February. A reading above 50 indicates growth, while a figure below 50 shows contraction.

"The flash Eurozone PMI is ringing stagflation alarm bells as the war in the Middle East drives prices sharply higher while stifling growth," said Chris Williamson, chief business economist at S&P Global Market Intelligence.

Meanwhile the initial reading for the S&P composite US PMI dipped to an 11-month low of 51.4 points in March from 51.9 points in February.

- France cuts growth outlook -

France's INSEE statistics agency trimmed its growth forecast for the first and second quarters of this year to 0.2 percent as the country's economy is "struck by global turmoil".

- Bangladesh hikes jet fuel costs -

Bangladesh raised jet fuel prices by 79 percent as costs surge in the wake of the war.

The order by the Bangladesh Energy Regulatory Commission, the second this month, means jet fuel prices have surged by 111 percent since the start of the war.

- Ireland cuts fuel taxes -

Ireland slashed the excise duty on petrol and diesel in a bid to stem surging prices at filling stations.

Excise duty on diesel will fall by 20 euro cents a litre and by 15 cents a litre on petrol until the end of May, said Irish prime minister Micheal Martin.

Diesel prices have skyrocketed about 105 percent from February 26, two days before the US and Israel launched strikes on Iran. The government raised the price to 39,660 dong ($1.50) per litre Wednesday, up from 19,270 dong last month, trade ministry figures showed.

The price of 95-octane petrol also jumped nearly 68 percent over the same period, from 20,150 dong to 33,840 dong.

Bloomberg estimated the value of oil contracts that changed hands between 1049 and 1050 GMT was $650 million. At 1105 GMT, Trump stepped back from a threat to attack Iranian energy sites, citing "very good" talks to end the war in a social media post. The statement sent crude prices plunging more than 14 percent in a fresh burst of trading activity. Traders who bet on prices dropping ahead of the announcement would likely have profited from Trump's sudden reversal, prompting analysts to question whether some market participants had acted on prior information.

"What stands out here isn't just the size of the trades, but the timing," Stephen Innes, an analyst at SPI Asset Management, told AFP. "Traders are not clairvoyant. When positioning shifts minutes ahead of a market-moving headline, it usually means someone is acting on... intel before the story broke," he added. No evidence of insider trading had been established as of Tuesday.

The Chicago Mercantile Exchange (CME) and the Commodity Futures Trading Commission (CFTC), the US regulator of financial derivatives, did not immediately respond to an AFP request for comment. The White House also did not respond to an AFP request for comment on the issue. Similarly, S&P 500 stock index futures showed an unusual burst of trading activity early Monday, about 15 minutes before Trump's social media post, CNBC reported. US Senator Chris Murphy, responding to a social media post that alleged a single $1.5 billion purchase of S&P 500 futures just before Trump's announcement, called it an example of "mind blowing corruption."

"A $1.5 BILLION BET... 5 minutes before Trump's post. Who was it? Trump? A family member? A White House staffer? This is corruption. Mind blowing corruption," the Democratic lawmaker said on X. The speculation about insider trading has also spread to prediction markets, which allow people to bet on the likelihood of thousands of global events. CNN reported that one trader made $1 million from dozens of well-timed bets on Polymarket that correctly predicted US and Israeli military actions against Iran.

Based on findings from Bubblemaps, an analytics company that tracks blockchain transactions, this particular bettor has had a pattern of prescient bets, including hours before Israeli's October 2024 strikes on Iran, CNN reported. Innes noted that the oil market is "not just traders speculating on price; it's a tightly connected ecosystem of physical players, refiners, shippers and governments, all operating within overlapping information channels."

He added that the activity could have been driven by a large producer hedging against a potential price drop, given that oil futures had surged 40 percent since the start of the war. A few hours after Trump's announcement, Tehran's parliamentary speaker, Mohammad Bagher Ghalibaf, reportedly involved in talks, said "no negotiations" were under way, insisting Trump was seeking "to manipulate the financial and oil markets."

Rising clothes prices last month were "offset by falls in petrol costs, with prices collected before the start of the conflict in the Middle East and subsequent rise in crude oil prices", noted Grant Fitzner, chief economist at the Office for National Statistics.

Market indices observed sideways momentum for most of today’s session as investor participation remained prevalent on both sides of the trading fence. However, buyers emerged in the final hour that drove broad-based price appreciation by the session's close. Apparently, market turnover increased by 22.6% to Taka 6 billion from Taka 4.9 billion in the previous session. 

On the sectoral front, Engineering (13.6%) accounted for the highest share of turnover, followed by Pharma (12.7%) and Bank (11.1%). Almost all the sectors displayed positive returns, out of which Mutual Fund (3.7%), General Insurance (3.1%), Life Insurance (2.8%) exhibited the most positive returns while Services (-1.0%), Telecom (-0.7%), Cement (-0.2%) exhibited the most corrections returns on the bourse today. Of the 397 issues traded, 241 advanced, 100 declined, and 55 remained unchanged. The port city bourse, CSE, however settled on a negative territory. The Selective Categories' Index (CSCX) and All Share Price Index (CASPI) declined by 16.6 points and 39.3 points, respectively.

According to the regulatory decision, the bond is structured with a tenure ranging from a minimum of six months to a maximum of five years. The face value per unit of the instrument has been set at Taka 10 lakh, bringing the aggregate face value of the entire issuance to Taka 500 crore. The commission has authorized the issuance of the bond through private placement. Subscription to the debt instrument is limited to specific categories of eligible investors, including banks, non-bank financial institutions, insurance companies, institutional investors, and high-net-worth individuals.

To facilitate the transaction and ensure regulatory compliance, Sena Insurance PLC has been appointed as the Trustee for the bond. Furthermore, North Star Investments (BD) Limited will serve as the fund arranger for the issuance. BSEC Director and Spokesperson Md. Abul Kalam confirmed the details of the approval through a formal press release, noting that the decision reflects the commission's ongoing mandate to oversee and regulate the country's securities market.

The container throughput for the period was 54,898 TEUs, with 28,961 TEUs of import goods and 25,937 TEUs of export items. Despite the holiday, vessel traffic at the port remained smooth, with 64 ships berthing during the week, averaging more than nine vessels per day. Daily activity peaked on March 18, with the port handling 434,434 tonnes of cargo and 11,861 TEUs of containers, the highest for the week. 

On Eid day, March 21, operations slowed down with cargo handling dropping to 255,874 tonnes and container movement to 962 TEUs, as only three vessels berthed the lowest for the week. Officials highlighted the port's ability to maintain essential services and keep supply chains functioning during the holiday period. Syed Refayet Hamim, the port authority's secretary, mentioned that operations were mostly normal except on Eid day. Special measures were taken to ensure uninterrupted supply, although delivery operations were slower due to transport workers being on holiday. Operations are expected to pick up as government and private offices reopen.

The Chattogram Port Authority ensures key operations continue during major holidays to prevent congestion and ensure timely delivery of essential imports and industrial raw materials. 

Equity markets in New York jumped and crude plunged Monday after the US president made the surprise announcement that he would hold off fresh attacks on energy infrastructure for five days following negotiations with an unidentified "top person".

The news ramped up hopes for an end to the conflict and the reopening of the Strait of Hormuz, through which a fifth of oil and gas flows.

Brent slumped as much as 14 percent at one point to $96, while all three main indexes on Wall Street climbed more than one percent, with commentators suggesting prices could drop to as low as $90.

However, the mood was deflated somewhat after Iranian media said there had been no talks between Tehran and Washington.

And the Fars news agency reported that Deputy Speaker of Parliament Ali Nikzad said there would be no talks, while the Strait of Hormuz would remain effectively closed.

Asian markets enjoyed a positive start, with Tokyo, Hong Kong, Shanghai, Sydney, Seoul, Taipei and Manila all up, though the gains were pared as the morning wore on. Singapore and Wellington both fell.

Crude bounced, with both main contracts up more than three percent as investors remain sceptical about the chances of a breakthrough in talks.

And the dollar climbed against the euro, pound and yen after sinking on Monday.

Markets had started the week deep in the red after Trump warned Saturday that Iran had 48 hours to allow traffic through Hormuz or he would strike the country's energy infrastructure. Tehran replied by saying the waterway "will be completely closed" should he act on his threat.

His decision to U-turn hours before the deadline came up was pounced on by observers as another example of a TACO moment -- an acronym of "Trump Always Chickens Out" -- in which he escalates before pulling back from the brink.

But Stephen Innes at SPI Asset Management warned the president may have overplayed his hand.

"You can talk down a market. You can jawbone crude lower. You can release emergency reserves and tweak sanctions to flood the tape with supply optics," he wrote.

"But you cannot instantly repair disrupted shipping lanes, fractured refining capacity, or the insurance black hole forming around tanker traffic. The market may trade the headline in the short term, but it settles on the barrel in the medium term. And right now the barrel is still constrained."

Meanwhile, the Wall Street Journal reported that Saudi Arabia and the United Arab Emirates were considering joining the fight following persistent and damaging attacks from Iran since the US-Israel strikes began on February 28.

The article said they were not deploying troops but pressure was building on them to do so as Tehran looks to exert greater sway over the region.

Elsewhere, the European Union and Australia struck a long-awaited free trade deal on Tuesday as they completed years of negotiations to boost exports in the face of global uncertainty over trade.

They also signed an agreement to step up defence cooperation as well as critical raw materials.

- Key figures at around 0230 GMT -

Brent North Sea Crude: UP 3.7 percent at $103.60 per barrel

West Texas Intermediate: UP 3.8 percent at $91.48 per barrel

Tokyo - Nikkei 225: UP 0.8 percent at 51,910.42 (break)

Hong Kong - Hang Seng Index: UP 0.8 percent at 24,568.43

Shanghai - Composite: UP 0.3 percent at 3,824.09

Euro/dollar: DOWN at $1.1585 from $1.1616 on Monday

Pound/dollar: DOWN at $1.3395 from $1.3437

Dollar/yen: UP at 158.62 yen from 158.34 yen

Euro/pound: UP at 86.50 pence from 86.45 pence

New York - Dow: UP 1.4 percent at 46,208.47 points (close)

London - FTSE 100: DOWN 0.2 percent at 9,894.15 (close)

- Oil jumps after Iran facilities hit -

Oil prices surged after Israeli strikes hit Iranian facilities at a major Gulf gas field, prompting Tehran to call for retaliatory strikes on energy infrastructure.

Brent oil rose over six percent at one point to nearly $110 a barrel, before finishing at $107.38, up 3.8 percent.

The strikes hit the South Pars/North Dome mega-field, the largest known gas reserve in the world, supplying around 70 percent of Iran's domestic natural gas.

- Fed raises inflation outlook -

The US Federal Reserve raised its outlook for inflation as it held interest rates steady, citing an "uncertain" economic outlook due to the war in Iran.

Fed Chair Jerome Powell said he expected higher energy prices to boost inflation in the near term, though he added that further economic impacts remain uncertain.

The European Central Bank and the Bank of England follow Thursday.

- Iranian retaliation keeps oil market on edge -

Iran launched attacks targeting oil and gas facilities around the Gulf.

QatarEnergy said emergency teams had brought under control a fire caused by an Iranian attack on the country's main gas facility that caused "extensive damage" at the site.

Qatar later ordered Iran's military and security attaches along with their staff to leave the country within 24 hours.

Saudi Arabia's defense ministry said on Wednesday that five drones approaching an energy facility were intercepted in the kingdom's east, while Emirati air defense was countering an Iranian missile threat.

- Trump waives shipping law -

President Donald Trump temporarily waived a century-old shipping law to help ease energy costs that have surged since US-Israeli strikes on Iran plunged the Middle East into war.

Trump's move to issue a 60-day Jones Act waiver would lift a ban on foreign-flagged vessels transporting cargo between US ports over this period.

Separately, the US Treasury Department issued a license Wednesday to authorize certain transactions between established US entities and Venezuela's state-owned oil company PDVSA.

- Italian govt acts to reduce fuel prices -

Italy adopted by decree measures to reduce fuel prices in the country, the government said, in response to spiking prices due to the war.

"We are reducing the price of fuel by around 0.25 euros (28 US cents) per liter for everyone," along with a tax credit for truckers, Prime Minister Giorgia Meloni wrote on social media.

- Iraq exports via Turkey -

Iraq announced it had resumed limited oil exports through the Turkish port of Ceyhan, using a pipeline that avoids the Strait of Hormuz.

The state-owned North Oil Company said it was sending an initial 250,000 barrels a day from its fields in the northern Kirkuk province through the pipeline, well below the 3.5 million barrels a day it has shipped in normal times from its southern Basra fields via the Strait of Hormuz.

But Iraq officials said the country's gas imports from Iran were completely halted. The news came as Iran denounced the South Pars attack.

- Ship fuel prices soaring -

Shipping fuel prices have reached "truly unprecedented" levels, having nearly doubled from the cargo crunch driven by the Middle East war, an industry leader told AFP Wednesday.

- Asia petrochemical output slows -

The Middle East war is forcing petrochemical giants in key Asian economies to cut production as the conflict rattles supplies of naphtha, a crucial oil-derived component used to make a range of plastic goods.

Mitsubishi Chemical and Mitsui Chemicals have cut output, Shin-Etsu Chemical said it would raise prices, and LG Chem warned it may not be able to fulfil some orders.

- Emergency shipping talks -

The International Maritime Organization began an "extraordinary session" to discuss shipping amid the war.

The IMO's 40-member council could vote Thursday on several proposed resolutions, including one to "establish a safe maritime corridor to allow the safe evacuation of seafarers and ships stranded in the Persian Gulf".

However, if passed, resolutions remain non-binding.

- South Korea secures UAE oil -

South Korea said it would receive an additional 18 million barrels of oil from the United Arab Emirates through alternative supply channels, bypassing the need to use the Strait of Hormuz.

The presidential chief of staff declined to elaborate on the route.

About 70 percent of South Korea's oil imports normally pass through the strait.

- Sri Lanka unplugs EVs -

Sri Lanka has urged electric vehicle owners to stop charging their cars at night, saying the surge in demand is forcing the country to burn more coal and diesel to keep the power grid running.

Faced with an energy crisis driven by the war, Sri Lanka has begun rationing fuel and has also imposed a four-day working week in a bid to reduce travel.

- BASF raises prices -

German chemicals giant BASF raised prices on some of its industrial products in Europe by 30 percent due to rising energy and input prices triggered by the war in the Middle East.

Since returning to power in 2023, leftist leader Luiz Inacio Lula da Silva has called for a rate cut to stimulate the economy of the South American giant, as the 80-year-old leader seeks a fourth term in elections set for October. "The international environment has become more uncertain with the escalation of geopolitical conflicts in the Middle East, with consequences for global finance," the central bank's Monetary Policy Committee said.

"Such a situation demands caution on the part of emerging economies, in a context of increased price volatility for financial assets and raw materials," it added. Lula has already announced temporary measures to limit fuel price increases after global oil prices surged when Iran moved to block tanker traffic through the Strait of Hormuz, a key Gulf transit route. In particular his government suspended taxes on diesel fuel, which Brazilian truckers rely on to get goods to stores.

Brazil's inflation slowed to an annual rate of 3.8 percent in February, within the range targeted by the central bank. But economists noted the decline was due in part to lower fuel prices -- which could again turn higher if the war in the Middle East drags on.

However, analysts warned the positive mood could fade if the crisis drags on and energy costs spiral with Hormuz -- through which a fifth of global oil and gas flow -- effectively closed by Iran as an economic weapon. That comes with central banks increasingly in a bind as the need for lower interest rates to support the economy goes up against the prospect of rising prices, which would need higher borrowing costs. In a bid to ease traffic through the crucial Strait, US forces dropped several 5,000-pound (2,250 kg) bombs on "hardened Iranian missile sites" near the coast, Central Command said.

Iran has sought to extract a heavy toll on the global economy in retaliation for the US-Israeli attack, including by driving up the cost of oil. US President Donald Trump on Tuesday fumed that allies, which have largely distanced themselves from his war, were not lining up to help escort tankers through Hormuz. The attacks came as Israel announced it had killed security chief Ali Larijani, a key force leading Iran since the death of Supreme Leader Ayatollah Ali Khamenei in the first strikes of the war. Meanwhile, Saudi Arabia intercepted six drones and Kuwait's air defences responded to a rocket and drone attack, authorities from both countries said Wednesday, while two people were killed by missiles near Tel Aviv.

Israel also hit a central Beirut neighbourhood as it looks to take out the Iran-backed Hezbollah. Rystad Energy estimated just 12.5 million barrels per day of Middle Eastern oil remains online, down from the 21 million per day pre-war base. "But the 12.5 million bpd figure is not secure," Rystad said. "If the (Hormuz) situation persists, the drop in departures could start feeding through into additional export losses in the weeks ahead, as producers face growing difficulty moving crude out of the Gulf."

Still, oil prices fell, with West Texas Intermediate losing more than one percent to sit around $95, while Brent dipped 0.8 percent, though it was still holding above $102. And stocks continued to defy gravity following gains on Wall Street that were helped by tech giants including Apple and Amazon. Seoul jumped more than three percent thanks to a surge in chip giants Samsung and SK hynix. The Kospi, however, is still well down from the record highs touched before the war broke out.

Tokyo was up more than two percent, while Taipei, Sydney, Singapore and Wellington also rallied. Hong Kong and Shanghai dipped. "Asia is picking up the baton with a cautiously constructive tone... all of it leaning on the signal from Wall Street where the S&P and Nasdaq have now strung together a second day of gains, suggesting the market is actively choosing to look through the geopolitical noise rather than price it in the fore," wrote SPI Asset Management's Stephen Innes.

However, Fawad Razaqzada at Forex.com warned that traders might begin to rethink their positions the longer the conflict rumbles on. "If the war continues then the US and Israel will have to continue alone, because other NATO members have decided against joining the conflict," he wrote. "This may work in favour of Iran keeping the Strait of Hormuz closed for longer." Focus is also on the Federal Reserve's policy meeting that concludes later Wednesday.

The bank is expected to keep borrowing costs on hold but it will release its "dot plot" forecast for rates in the coming months, amid speculation it could be forced to hike again.

- Key figures at around 0230 GMT -

Brent North Sea Crude: DOWN 0.7 percent at $102.66 per barrel

West Texas Intermediate: DOWN 1.2 percent at $95.03 per barrel

Tokyo - Nikkei 225: UP 2.2 percent at 54,898.44 (break)

Hong Kong - Hang Seng Index: DOWN 0.2 percent at 25,829.00

Shanghai - Composite: DOWN 0.2 percent at 4,041.19

Euro/dollar: DOWN at $1.1533 from $1.1536 on Tuesday

Pound/dollar: DOWN at $1.3351 from $1.3352

Dollar/yen: DOWN at 159.00 yen from 159.05 yen

Euro/pound: UP at 86.39 pence from 86.38 pence

New York - Dow: UP 0.1 percent at 46,993.26 (close)

London - FTSE 100: UP 0.8 percent at 10,403.60 (close)

Fourth?quarter growth eased from 5.6 percent a year earlier, the Department of Census and Statistics said. But full?year growth held steady at 5.0 percent, matching 2024. Officials said the lifting of a five?year ban on vehicle imports helped boost economic activity, alongside a stable exchange rate and higher electricity generation. Sri Lanka is still recovering from its worst economic meltdown in 2022, when the island ran out of foreign exchange to finance even the most essential imports such as food, fuel and medicines.

Since then, the country has secured a $2.9 billion IMF bailout and has been following a reform agenda aimed at maintaining stability. However, the World Bank warned late last year that Sri Lanka's recovery remained "uneven and incomplete", with many households yet to regain livelihoods lost during the 2022 crisis. The World Bank had forecast Sri Lanka's economy to grow 4.6 percent last year, but the country performed slightly better according to the statistics department's figure.

Sri Lanka's economy suffered its worst recession in 2022, contracting 7.3 percent, when then-president Gotabaya Rajapaksa was forced to resign following months of street protests. The leftist administration of President Anura Kumara Dissanayake, who came to power in late 2024, has retained many of the austerity measures and high taxes introduced by his predecessor.

Improved access to the European market for Australia's lamb and beef is among the few issues still to be resolved for Canberra to commit to a deal and officials have indicated the final hurdles need to be discussed between the leaders. "I look forward to welcoming President von der Leyen to Australia and continuing discussions to further expand our cooperation," Albanese said in a statement.

"Australia and Europe are friends and partners, working together to advance peace, security and economic prosperity," he said. Australia's largest export market is China, and the United States its largest source of investment. Officials have redoubled efforts to diversify export markets for farmers since a 2020 dispute with Beijing saw agriculture exports blocked for several years, and then last year's global imposition of US trade tariffs.

The European Union is Australia's third largest two-way trading partner and second largest source of foreign investment. Trade Minister Don Farrell, who spoke on Tuesday with Sefcovic, told Sky News Australia that an EU deal would add Aus$10 billion (US$7.1 billion) in trade for Australia in the first year. "They are potentially our second largest trading partner if we can pull this off, and we've just got to get over those last few hurdles," he said.

Australia has previously said it could drop a luxury car tax on European vehicles in return for greater access to EU agriculture market. Australia's use of geographical indicator names for cheese and wine products, was an earlier sticking point.

Around 0630 GMT, a barrel of WTI was down 4.26 percent at $92.11, retreating after an almost three percent jump the previous day. Brent crude, the global market benchmark, was down 2.82 percent at $100.50 a barrel.

“The government places a high priority on large-scale job creation, alongside skills and investment, and the World Bank Group shares this commitment,” said Zutt.

In this context, we are stepping up our focus on supporting the government priority of creating jobs, notably for youth and women.” he added.

Zutt met with the Finance and Planning Minister, Commerce Minister, Prime Minister’s Adviser on Finance and Planning, and the Bangladesh Bank Governor to discuss the government’s development priorities and the areas in which the World Bank Group can help, said a World Bank press release today.

“In the past decade, 14 million youth entered Bangladesh’s labor market, competing for only 8.7 million jobs. This means that nearly half of working-age youth did not find jobs. Young women face particularly steep barriers. With global uncertainties rising, it is urgent for the government to undertake the long-pending macro-economic and financial sector reforms that are needed to address foundational bottlenecks to economic growth and job creation,” Zutt added. 

The World Bank Group is helping countries to build economies that convert growth into local jobs—not by shifting work from developed countries, but by unlocking opportunity where people already live. 

To accelerate job creation at scale, the World Bank Group invests in the foundational physical and human infrastructure for jobs, supports a business-friendly environment, and mobilizes private capital.

The World Bank was among the first development partners to support Bangladesh following its independence and has committed more than $46 billion in International Development Association (IDA) financing in the form of grants, interest-free loans, and concessional credits to help the country address its development priorities.

The figure topped a forecast of 2.5 percent in a Bloomberg survey of economists. China's authorities typically combine data for the first two months of the year to account for distortions caused by the varying Lunar New Year holiday, which normally sees a boost in activity.

The retail sales growth announced Monday was the largest since October but fell short of the jumps recorded during the same months in past years, including four percent in 2025. Industrial production rose 6.3 percent in January-February, the NBS data showed. That also beat the 5.3 percent forecast in the Bloomberg survey. And fixed asset investment leapt back into positive territory, rising 1.8 percent during the same period, the NBS said.

He also warned attacks could expand to energy infrastructure if the Islamic republic interferes with transit through Hormuz, which has been effectively closed since the US-Israel operations began on February 28. Iran's Fars news agency reported soon after that no oil infrastructure was damaged in strikes. Trump urged other countries to send warships to keep the waterway open but offered no specifics or commitments from the US side, saying he hoped China, France, Japan, South Korea and the UK would take part.

He later wrote Saturday in a Truth Social post: "The Countries of the World that receive Oil through the Hormuz Strait must take care of that passage, and we will help -- A LOT! "This should have always been a team effort, and now it will be." However, Japan said Monday it was "not at the moment considering issuing a maritime security operation", while Australia announced it would not send any navy ships to the region.

Trump said Tehran wanted a deal to end the fighting, but that he was not prepared to make one on current terms, without giving further details. Iran's Foreign Minister Abbas Araghchi said his country was not interested in talks with Washington. "We don't see any reason why we should talk with Americans, because we were talking with them when they decided to attack us," he told CBS's "Face The Nation" in an interview aired Sunday. "There is no good experience talking with Americans," adding that "we never asked for a ceasefire, and we have never asked even for negotiation".

However, he did say he was ready to speak to countries "who want to talk to us about the safe passage of their vessels". "I cannot mention any country in particular, but we have been approached by a number of countries" seeking such safe passage, he added. Meanwhile, traders hoping for an early end to the conflict were left disappointed after Trump's top economics adviser Kevin Hassett said the Pentagon estimates it could take up to six weeks, though the operation was ahead of schedule.

Both main crude contracts advanced. Brent shot up around three percent to as high as $106.50 before paring the gains, while West Texas Intermediate sat around $99. And with worries growing about a possible energy crisis that could hammer the global economy, equity markets remained under pressure. Tokyo, Shanghai, Sydney, Seoul, Wellington, Manila and Jakarta were all down, though Hong Kong, Singapore and Taipei edged up.

"Equities may welcome any sign that Hormuz could be reopened, but with further strikes still being threatened and diplomacy still patchy, conviction is low," said Charu Chanana at Saxo Markets. Adding to economic concerns was data showing Friday that fourth-quarter US gross domestic product expanded 0.7 percent, much slower than the initial reading of 1.4 percent. And delayed figures showed the Federal Reserve's preferred inflation gauge dipped to 2.8 percent in January before energy prices shot higher.

"Developments over the weekend, while no more disconcerting than at the end of last week, don't offer any obvious pretext for a less pessimistic start to the new trading week," warned National Australia Bank's Ray Attrill. Also in view this week are policy meetings at seven major central banks including the Fed, Bank of England and the European Central Bank. While they are expected to stand pat on interest rates, any remarks on the impact of the war on their respective economies will be closely followed.

- Key figures at around 0230 GMT -

West Texas Intermediate: UP 0.1 percent at $98.75 per barrel

Brent North Sea Crude: UP 1.0 percent at $104.21 per barrel

Tokyo - Nikkei 225: DOWN 1.3 percent at 53,138.42 (break)

Hong Kong - Hang Seng Index: UP 0.3 percent at 25,550.23

Shanghai - Composite: DOWN 0.9 percent at 4,059.70

Euro/dollar: UP at $1.1448 from $1.1416 on Friday

Pound/dollar: UP at $1.3255 from $1.3223

Dollar/yen: DOWN at 159.57 yen from 159.74 yen

Euro/pound: UP at 86.37 pence from 86.33 pence

New York - Dow: DOWN 0.3 percent at 46,558.47 points (close)

London - FTSE 100: DOWN 0.4 percent at 10,261.15 (close)

Commercial activities are scheduled to resume on March 28. The association said the decision was taken after discussions with local traders. A formal notification regarding the closure has been sent to the relevant authorities of both Bangladesh and India. The letter, signed by the association's General Secretary ASM Niaz Nahid, has been delivered to the Burimari Land Customs Station, Land Port Authority, district administration, police administration, Border Guard Bangladesh (BGB), India's Changrabandha Customs, the Border Security Force (BSF), as well as customs authorities in Bhutan and transport and labour organisations of both countries.

Burimari C&F Agents Association President Faruk Hossain said the temporary suspension of commercial activities was agreed upon in consultation with traders to mark the religious and national occasions. "Commercial operations will remain closed for 11 days during Shab-e-Qadr, Eid-ul-Fitr and Independence Day. All activities will resume as usual from March 28," he said. Despite the suspension of trade, cross-border passenger movement will continue normally during the period.

Sub-Inspector Saifur Rahman, officer-in-charge of the Burimari Land Port Police Immigration Post, confirmed that travelers holding valid passports and visas will be able to cross the border through the immigration check post as usual. Meanwhile, Assistant Director (Traffic) of the Burimari Land Port Authority Mahmudul Hasan said port operations naturally remain inactive when traders suspend their activities. Deputy Commissioner of the Burimari Land Customs Station Muhammad Mohi Uddin added that internal customs operations will continue on a limited scale during the holiday period.

The revenue authority has made online submission of income tax returns mandatory for most individual taxpayers for the current tax year, with a few exceptions. According to NBR data, nearly five million individual taxpayers have already registered in its e-Return system, while about 4.1 million taxpayers have so far submitted their returns. However, taxpayers who submit an application before the deadline may receive an additional extension of up to 90 days, subject to approval by the concerned tax commissioner.

To make the extension process easier, faster and more transparent, the NBR introduced the online facility through its e-Return system. Taxpayers can now log in and apply for an extension using the "Time Extension" option in the system. Based on the online application, the concerned tax commissioner of the respective tax zone will approve or reject the request through the system.

If the request is approved, taxpayers will be able to submit their income tax returns within the extended period without paying any penalty or additional tax. The NBR said taxpayers must be registered in the e-Return system and submit their application before March 31, 2026 to avail the online extension facility. Taxpayers for whom online return submission is not mandatory may apply for an extension either through the online system or by submitting a written application directly to the relevant tax circle. The revenue authority urged all individual taxpayers to submit their returns for the 2025-2026 tax year through the e-Return system by March 31, 2026, or within the extended deadline approved by the tax commissioner.

Its oil infrastructure has also suffered from years of underinvestment, with the country currently producing only a few million barrels per day despite having the world's largest oil reserves. But since January, the US has eased a seven-year-old oil embargo on Venezuela and issued licenses allowing a handful of multinationals to operate in the country under certain conditions. On Friday, the US also authorized imports of fertilizer from Venezuela, as the US-Israel war against Iran drives up prices of the key agricultural commodity.

"Unilateral coercive measures against the Venezuelan people also affect people across Latin America," Rodriguez said during a meeting with a Colombian delegation in Caracas. "It affects the economy of Colombia, the economy of Venezuela, and our people," she said. The talks in Caracas aimed to mark a thaw in relations between the two South American neighbors, with Rodriguez now pushing Colombian rebels back across the border. The Trump administration has pressed both sides to tackle groups operating across the border like the National Liberation Army, or ELN, a leftist guerrilla group deeply involved in the drug trade.

"This is a problem we have as countries and we are determined to make progress together," Rodriguez said. Her predecessor Maduro and his wife Cilia Flores were taken by US forces to New York to face trial on drug trafficking charges. They have pleaded not guilty. 

But stocks slid back into the red as Brent climbed back above the $100 mark. It closed at $103.14 per barrel, and has soared by more than 42 percent since the start of the conflict. US-Israeli strikes on Iran on February 28 plunged the Middle East into war, sparking a surge in fuel prices as Tehran vowed to choke the Strait of Hormuz -- a critical artery for global energy transport. "Crude oil is continuing to dictate direction for markets as we head towards the end of a volatile week," said Fawad Razaqzada, market analyst with Forex.com.

"The pressure remains with no end in sight in the Middle East conflict," Razaqzada added. "Traders are trying to figure out what a fair value for crude oil is right now, given the big release of emergency oil reserves, and the temporary relaxation of sanctions on Russian oil sales that's already at sea," he said. Iran's threats over the Strait of Hormuz, through which a fifth of global crude oil and liquefied natural gas passes, is causing worries of rising prices rippling through the world economy. "Fears of a burgeoning energy crisis remain front and center for investors," noted Joshua Mahony, chief market analyst at Scope Markets.

"Inflationary fears are particularly prevalent," Mahony added. Major central banks, which prior to the war's outbreak were heavily forecast to keep cutting interest rates, are now widely expected next week to freeze borrowing costs or even hike them to keep a lid on inflation. An unprecedented seven central banks are due to hold meetings on interest rates next week. Investors also digested updated US economic growth data for the fourth quarter, which was revised down to 0.7 percent from an initial reading of 1.4 percent.

And delayed data showed the US Federal Reserve's preferred inflation gauge had dipped to 2.8 percent in January. This is still higher than the Fed's two-percent inflation target, and reflects a period before energy prices shot higher. The US central bank now faces an environment where inflation remains sticky and could soon be boosted by energy prices, while GDP growth and the labor market continue to lose momentum, said eToro US Investment Analyst, Bret Kenwell.

On foreign exchange markets, the dollar held gains against major rivals owing to its safe-haven status and expectations that US interest rates will remain elevated longer than expected. AJ Bell investment director Russ Mould said next week's central bank meetings "come at a delicate time." "Markets will be watching closely for any signals on how they plan to deal with surging oil and gas prices and whether they see it as a short-term bump to look through."

- Key figures at around 2055 GMT -

Brent North Sea Crude: UP 2.7 percent at $103.14 per barrel

West Texas Intermediate: UP 3.1 percent at $98.71 per barrel

New York - Dow: DOWN 0.3 percent at 46,558.47 points (close)

New York - S&P 500: DOWN 0.6 percent at 6,632.19 (close)

New York - Nasdaq Composite: DOWN 0.9 percent at 22,105.36 (close)

London - FTSE 100: DOWN 0.4 percent at 10,261.15 (close)

Paris - CAC 40: DOWN 0.9 percent at 7,911.53 (close)

Frankfurt - DAX: DOWN 0.6 percent at 23,447.29 (close)

Tokyo - Nikkei 225: DOWN 1.2 percent at 53,819.61 (close)

Hong Kong - Hang Seng Index: DOWN 1.0 percent at 25,465.60 (close)

Shanghai - Composite: DOWN 0.8 percent at 4,095.45 (close)

Euro/dollar: DOWN at $1.1416 from $1.1514 on Thursday

Pound/dollar: DOWN at $1.3223 from $1.3346

Dollar/yen: UP at 159.74 yen from 159.39 yen

Euro/pound: UP at 86.33 pence from 86.27 pence

- Iran threatens oil and gas sector -

Iran has threatened to "set the region's oil and gas on fire with the slightest attack on Iran's energy infrastructure and ports", said a spokesman for its military central operational command.

- Brent closes above $100 -

Oil prices jumped Thursday with Brent crude settling above $100 a barrel for the first time since August 2022. It surged 9.2 percent to $100.46 a barrel.

The rise in energy prices could cause price hikes throughout the global economy.

- Iran vows to keep Strait of Hormuz closed -

Iran's new supreme leader Mojtaba Khamenei called for using "the lever of blocking the Strait of Hormuz", which the country's Revolutionary Guards vowed to carry out.

The strait is a key waterway through which a fifth of global crude passes.

Earlier, Energy Secretary Chris Wright said the US military was "not ready" to escort tankers through the strait as all its assets are focused on striking Iran.

- 'Historic' fallout: IEA -

The Middle East war "is creating the largest supply disruption in the history of the global oil market" as Iran's chokehold on regional supplies forces Gulf producers to slash production, the International Energy Agency said.

It noted that crude production is down by at least 8.0 million barrels per day.

- Deadly attacks on tankers off Iraq -

An attack on two oil tankers off Iraq killed at least one crew member, an Indian national, as Iran pressed a campaign to disrupt global energy markets in retaliation for US and Israeli strikes.

The other crew members were rescued, Farhan Al-Fartousi, from Iraq's General Company for Ports, told AFP.

- Cargo ship catches fire after hit with shrapnel -

German shipowners Hapag-Lloyd said that one of their cargo vessels in the Gulf caught fire after being "hit with shrapnel" overnight, adding that no one was injured.

"We don't know where (the debris) came from, whether it was a rocket or a drone" or another munition, a company spokesman told AFP.

- Drone falls near Dubai finance hub -

A drone fell near Dubai's financial district, an AFP journalist saw, a day after some companies evacuated the area following Iranian threats against economic targets linked to the US and Israel.

Kuwait's international airport saw damage from drone attacks, civil aviation said.

- China cuts refined oil exports -

China has tightened export curbs on refined oil products, Bloomberg News reported, as Beijing seeks to shield its economy from the war.

The world's second-largest economy is the biggest importer of crude oil, with its refining operations mainly serving the country's massive domestic market.

- Countries try to limit cost pressures -

South Korea said a fuel price cap would be imposed to mitigate pressure on the country's energy supply during the Iran war, the first such measure introduced there.

The country is heavily reliant on energy imports, including shipments through the Strait of Hormuz.

Spain's government also said it would soon present a plan to contain the war's impact on electricity and fuel prices.

- Airlines react to higher fuel prices -

New Zealand's national airline said it would cancel 1,100 flights over the next two months.

Hong Kong aviation giant Cathay Pacific announced new jet fuel surcharges for most routes, and Air France-KLM said it was raising ticket prices.

- TotalEnergies says shuts 15% output -

TotalEnergies said it had shut down 15 percent of its total oil and gas production due to the war in the Middle East.

The move came after Washington last week temporarily allowed Russian oil that was stranded at sea to be sold to India. US Treasury Secretary Scott Bessent said in a statement that the latest authorization aimed to "increase the global reach of existing supply." But he insisted this was a "narrowly tailored, short-term measure." He added it would not provide "significant financial benefit to the Russian government, which derives the majority of its energy revenue from taxes assessed at the point of extraction."

Bessent had earlier said President Donald Trump's administration was considering lifting sanctions on more Russian oil. War in the Middle East has upended the world's energy and transport sectors, virtually halting activity in the critical Strait of Hormuz through which a fifth of global oil transits.

The US-Israel strikes on Iran and Tehran's retaliatory attacks across the Gulf region have upended the world's energy and transport sectors, virtually halting activity in the strategically vital Strait of Hormuz. The United States is temporarily allowing the sale of oil from Russia -- one of the world's largest oil producers and exporters -- that is at sea, the Treasury Department said Thursday, as nations scrambled to boost supply and bring down prices.

Oil prices soared to almost $120 a barrel this week, the highest price since the pandemic. Russia's economic envoy Kirill Dmitriev said on Friday that it was "increasingly inevitable" that Washington would lift more sanctions. "The United States is effectively acknowledging the obvious: without Russian oil, the global energy market cannot remain stable," Dmitriev posted on Telegram.

"Amid the growing energy crisis, further easing of restrictions on Russian energy sources appears increasingly inevitable, despite resistance from some in the Brussels bureaucracy," he added. But French President Emmanuel Macron, whose country holds the rotating presidency of the Group of Seven advanced economies, said that the Strait of Hormuz's shutdown "in no way" justified lifting the sanctions on Russia.

"The consensus was that we should not change our position on Russia and should maintain our efforts on Ukraine," Macron told a G7 videoconference discussing the economic fallout from the US-Israeli war with Iran. On Thursday, the Treasury issued a license authorizing the delivery and sale of Russian crude oil and petroleum products that have been loaded on vessels on or before 12:01 am Eastern Time March 12, through 12:01 am on April 11.

The move came after Washington last week temporarily allowed Russian oil that was stranded at sea to be sold to India. US Treasury Secretary Scott Bessent insisted that the India authorization was a "narrowly tailored, short-term measure." He said in a statement it would not provide "significant financial benefit to the Russian government, which derives the majority of its energy revenue from taxes assessed at the point of extraction." Dmitriev said earlier this week he had joined a "productive meeting" with US negotiators in Florida, the first talks between Moscow and Washington since the start of the Iran war.

"This will allow the release of up to 762 million litres of petrol and diesel from Australia's domestic reserves, where these can be targeted towards localised market disruption," he said in a statement. "This will take time to move through Australia's long and complex supply chain from where fuel is held to the regional areas where it's needed," he said. Australia's government has blamed price gouging by retailers for rising domestic costs of fuel.

Bowen said on Friday: "I ask Australians to buy as much fuel as you need. No more, no less." He said people selling fuel at inflated prices were engaging in actions that were "un-Australian" and "dangerous". "It shouldn't be done," he said. In the most populous state of New South Wales, police warned rural residents on Friday about increasing fuel theft as prices rose. Police are investigating the disappearance of 800 litres of diesel from a farm in the state's west. "Be aware of any vehicles that you may not recognise in your local community," said detective acting inspector Andrew Maclean.

Meanwhile, the government has insisted the country's fuel supply is secure. On Thursday, Canberra said it would adjust fuel quality standards to allow higher sulphur levels for around two months in a move it said would release 100 million litres into the domestic supply. Oil prices on Thursday topped $100 a barrel again after Iranian attacks on shipping effectively closed the Strait of Hormuz -- a response to the US-Israeli strikes that killed Supreme Leader Ayatollah Ali Khamenei.

Responding to Friday's data, finance minister Rachel Reeves acknowledged "there is more to do" to grow the UK economy "in an uncertain world". On Monday, she warned that Britain risked rising inflation as a consequence of the war involving Iran, the United States and Israel. January's growth data "is almost entirely overshadowed by events in the Middle East, with oil prices continuing to climb despite the release of emergency reserves and fears growing over unprecedented supply disruption", noted analyst Samuel Edwards at financial services firm Ebury.

"With the UK heavily exposed to this inflationary shock, businesses across the country will be bracing for a surge in energy and fuel costs and interest rates staying higher for longer." The Bank of England, which before the start of the war, was widely expected to cut its benchmark interest rate next week, is now forecast to freeze borrowing costs or even hike because of inflation risks. And "GDP growth is more likely to lose momentum in the coming months rather than gain it", said Paul Dales, chief UK economist at Capital Economics research group. "An energy price shock also reduces GDP growth," he added.

Navana Pharmaceuticals was listed on the country’s stock market in late 2022. At the time the pharmaceutical and chemical sector company was led by its managing director Dr. Junaid Shafique. After the fall of the Awami League government on 5 August 2024 he reportedly left Bangladesh and later resigned from all positions connected with the company. Several legal cases have since been filed against him.

Analysts say the situation has taken a different dimension since the political transition. Individuals familiar with the developments claim that Shafique has recently been attempting to present himself as sympathetic to the Bangladesh Nationalist Party. Investigators believe the move may be part of a broader effort to return to Bangladesh and re establish influence within financial institutions.

Financial investigators say Navana Pharmaceuticals entered the stock market on the basis of financial reports that later attracted scrutiny from regulators and market observers. At the time the securities regulator was headed by Shibli Rubaiyat Ul Islam, who is now in custody in connection with separate financial investigations. After the company’s listing Shafique allegedly withdrew more than Tk 500 crore from the capital market and the banking sector through various financial arrangements.

Sources say Shafique is currently residing in Dubai and living a comfortable lifestyle. Despite the controversies surrounding him he is believed to be exploring ways to re establish a presence in Bangladesh’s financial sector. Family connections appear to link Shafique with several influential political and business figures. He is reported to be a cousin of former land minister Saifuzzaman Chowdhury and also related to Saiful Alam Masud, chairman of the S Alam Group. During the previous political period he allegedly maintained close relationships with regulatory officials and financial sector leaders.

Through those networks he is said to have gained influence in several financial institutions including United Commercial Bank, Meghna Bank, Peoples Bank and Delta Life Insurance. At one stage the chairman of United Commercial Bank was Rukmila Zaman, the wife of former land minister Saifuzzaman Chowdhury, while Shafique himself served as a director of the bank.

The Anti Corruption Commission later filed a case accusing Shafique of embezzling about Tk 25 crore from United Commercial Bank and transferring the funds abroad. The charge sheet in the case includes several defendants including Saifuzzaman Chowdhury and former UCBL chairman Rukmila Zaman. Investigators say that during his tenure as managing director of Navana Pharmaceuticals Shafique withdrew more than Tk 500 crore from the capital market and banking system. Before leaving the country in August 2024 he reportedly left behind bank loans totaling around Tk 540 crore owed by Navana Pharmaceuticals.

Shafique also served as managing director of Japan Bangladesh Friendship Hospital and Japan Bangladesh Retirement Home. People associated with those institutions say he secured more than Tk 120 crore in loans from multiple banks without the knowledge of founding chairman Professor Dr. Sardar A Nayeem. The loans were reportedly obtained against project work orders while Shafique simultaneously held a directorial position in United Commercial Bank.

Financial investigators say at least Tk 70 crore was borrowed from NRBC Bank alone, of which nearly Tk 19 crore was transferred abroad. Much of the borrowed money was allegedly used for personal purposes rather than the projects tied to the loan agreements. Part of the funds were reportedly sent to his two daughters living in the United States and Canada, with transfers totaling about 1.5 million dollars.

Professor Dr. Sardar A Nayeem, chairman of Japan Bangladesh Friendship Hospital, said Shafique gradually became involved in financial ventures under the influence of several individuals in the sector. According to him many people are aware of the circumstances that led to Shafique’s shift from medical practice to financial dealings.

The Anti Corruption Commission later opened investigations into a number of allegations involving Shafique and his associates. Evidence gathered in two of those investigations led to formal charge sheets submitted to the court. The cases are currently under trial at the Chattogram Metropolitan Sessions Judge Court where arrest warrants have been issued against him.

The Bangladesh Financial Intelligence Unit has also frozen bank accounts belonging to Shafique, his wife Masuma Parveen and several related individuals. Investigators say at least twenty six additional cases are currently under review.

Before the legal process could advance Shafique reportedly left Bangladesh shortly after the political change in August 2024. Sources say he is now living in Dubai and frequently appears in luxury hotels and entertainment venues.

Individuals close to him say he is preparing for a possible return to Bangladesh. According to those sources he plans to surrender before the court and seek hospital treatment citing health complications before applying for bail. If released on bail he may attempt to regain influence over financial and business institutions where he once held authority. Repeated attempts were made to contact Dr. Junaid Shafique through his WhatsApp number for comment. Calls were placed and messages explaining the purpose of the inquiry were sent, but no response was received before publication of this report.

Navana Pharmaceuticals itself faced several controversies after entering the capital market, including allegations of financial irregularities, tax related disputes and inconsistencies in financial reporting. Critics say many of those issues occurred during Shafique’s leadership. Despite those challenges the company has recently shown signs of recovery under new management. Financial records show that Navana Pharmaceuticals had debts of about Tk 540 crore when Shafique left the company. Over the past eighteen months the current management has repaid more than Tk 205 crore of those liabilities.

The company has also resumed construction of a new eight storey facility in Rupganj, Narayanganj. Work has been completed up to the fifth floor and the roof structure of the sixth floor has been installed without direct financial assistance from banks. Banking relationships that weakened after August 2024 have gradually improved as the new management stabilized operations.

Financial data for the fiscal year ending 30 June 2025 shows that Navana Pharmaceuticals recorded sales revenue of about Tk 884 crore compared with around Tk 690 crore in the previous year. The figures represent growth of roughly 28 percent.

Net profit during the same period reached about Tk 48.7 crore. Earnings per share rose to Tk 4.54 compared with Tk 3.77 a year earlier, marking an increase of around 20 percent. Net asset value also increased by about 7 percent.

The company also improved its cash collection from customers. In the most recent fiscal year it collected about Tk 843 crore from customers compared with roughly Tk 668 crore the previous year, representing a 26 percent increase. Market observers say the improved performance under the current management has restored some confidence among general investors who had previously been concerned about the company’s stability.

When contacted for comment, BSEC spokesperson Abul Kalam said the commission has not yet received a formal complaint against former managing director Dr. Junaid Shafique. He added that if such a complaint is submitted and verified the commission will take appropriate action. Nurul Haque, senior vice president of the Bangladesh Capital Market Investors Unity Council, said individuals like Shafique often shift political allegiance depending on which party holds power. According to him such opportunistic actors can harm the economy by manipulating financial markets and transferring funds abroad.

Navana Pharmaceuticals currently has a paid up capital of Tk 107.41 crore. General investors hold about 27.95 percent of the company’s shares while sponsors and directors hold 42.20 percent. Institutional investors own 10.21 percent and foreign investors hold 19.64 percent.

- Oil prices fall -

- Comments from President Donald Trump declaring the Middle East war "pretty much" over sent oil prices down, and pushed US stocks skyward.

- Both the US crude oil benchmark West Texas Intermediate (WTI) and Brent crude fell more than 10 percent, with WTI down to $85.29 per barrel and Brent at $88.95 at around 0230 GMT.

- Meanwhile, all three major US stock indices moved suddenly higher with the Dow Jones Industrial Average finishing 0.5 percent up at 47,740.80, a swing of 1,125 points from earlier in the day.

- US to roll back oil sanctions -

- Trump announced on Monday that he will waive some sanctions on oil due to the market turmoil.

- "We're also waiving certain oil-related sanctions to reduce prices," Trump told reporters after his administration previously signaled it would roll back sanctions on oil exports from Russia.

- Asian stocks rebound -

- Stock markets in South Korea and Japan rose sharply in early trade on Tuesday.

- South Korea's benchmark Kospi rebounded more than five percent, and the Nikkei 225 in Tokyo jumped more than three percent before falling back slightly.

- G7 finance ministers -

- France's finance minister said the G7 was "not there yet" in terms of any release of strategic oil reserves as the world's leading industrialised nations held crisis talks on the economic fallout of the Middle East war, even as they stand ready to do so.

- G7 energy ministers are set to meet on Tuesday.

- Transport/tourism -

- President Emmanuel Macron said France and its allies were preparing a "defensive" mission to reopen the Strait of Hormuz as the war entered its second week.

- Several ships anchored in the Gulf or transiting the Strait of Hormuz are changing their tracking data to claim links to China in an attempt to evade Iranian attacks, according to data from shipping tracker MarineTraffic analysed by AFP.

- Lufthansa and Air France extended flight cancellations to Middle East destinations.

- Global shipping company MSC announced it was formally halting certain export shipments from the Gulf due to the war and that "all affected cargo will be discharged".

- Initial measures-

- Croatia, Hungary, South Korea and Thailand imposed price caps on fuel.

- China asked key refiners in early March to suspend their exports of diesel and gasoline.

- Nigeria's Dangote mega-refinery pledged to prioritise the domestic market to help prevent fuel shortages.

- In Japan, the Nikkei newspaper reported that authorities have asked oil reserves to prepare for their release.

"I think the war is very complete, pretty much. They have no navy, no communications, they've got no air force," Trump told CBS News by phone. "If you look, they have nothing left. There's nothing left in a military sense," he added. Trump told the US broadcaster that the United States was "very far" ahead of his initially stated war time frame of four or five weeks.

He later told a news conference in Florida that "it's going to be ended soon, and if it starts up again they'll be hit even harder". When asked if he thought the war could end in days or weeks, he replied: "I think soon. Very soon." The US leader also threatened an attack of "incalculable" size if Tehran blocks oil supplies coming through the Strait of Hormuz, through which a fifth of global supplies pass.

His remarks come just days after he issued a statement saying Iran's "unconditional surrender" was the only acceptable outcome for ending the war, which sent shivers through markets fearing an elongated war. Still, Iran's Revolutionary Guards responded by saying that they, not the Americans, would "determine the end of the war". Investors jumped on the comments, sending crude prices plunging around 10 percent Tuesday.

That came a day after extreme swings that saw the commodity rocket 30 percent to a peak above $119 a barrel before plunging to as low as $84. The recovery had already begun earlier Monday after it emerged that finance ministers from the Group of Seven industrialised nations would discuss tapping stockpiles to ease supply constraints. Trump also said he would waive some Ukraine war-linked sanctions on Russian oil sales to India, with White House officials reassuring G7 partners that the move would only be temporary.

And Asian stock markets rallied, with Seoul up more than six percent and Tokyo gaining more than three percent. There were also healthy advances in Hong Kong, Shanghai, Sydney, Singapore, Wellington, Taipei, Manila and Jakarta. That came after all three main indexes on Wall Street ended sharply higher, having reversed early heavy selling. Meanwhile, diplomatic efforts focused Monday on the Strait of Hormuz, which has been blocked to nearly all oil tankers.

French President Emmanuel Macron said France was working with allies on a "purely defensive" mission to reopen the waterway. About 10 vessels in or near the Strait of Hormuz have come under attack since Iran blocked the strait in retaliation for the US-Israeli strikes, shipping experts say. Global shipping giant MSC announced it was formally halting some export shipments from the Gulf, while Bahrain's state-owned energy company Bapco joined counterparts in Qatar and Kuwait in declaring "force majeure" -- a warning that events beyond its control may lead it to miss export targets.

The Saudi defence ministry said Monday it had thwarted a drone attack targeting an oil field in the kingdom's east, near the Emirati border. "It has been an incredibly wild ride for traders and investors to navigate the price action put to them over the past 24 hours, with breathtaking reversals taking place across many parts of the financial markets," Chris Weston, an analyst at Pepperstone.

"The pressure valve has clearly been released for now. However, volatility across energy markets remains exceptionally elevated. "While the most extreme stress has eased, markets are still pricing a significant degree of uncertainty and risk. "The geopolitical backdrop remains fluid, and traders should expect volatility to remain a defining feature of the trading environment in the days ahead."

- Key figures at around 0230 GMT -

West Texas Intermediate: DOWN 10.0 percent at $85.29 per barrel

Brent North Sea Crude: DOWN 10.1 percent at $88.95 per barrel

Seoul - Kospi: UP 6.2 percent at 5,575.62

Tokyo - Nikkei 225: UP 3.2 percent at 54,399.08 (break)

Hong Kong - Hang Seng Index: UP 1.5 percent at 25,777.49

Shanghai - Composite: UP 0.5 percent at 4,115.78

Euro/dollar: UP at $1.1623 from $1.1614 on Monday

Pound/dollar: UP at $1.3435 from $1.3427

Dollar/yen: DOWN at 157.65 yen from 157.85 yen

Euro/pound: UP at 86.51 pence from 86.49 pence

New York - Dow: UP 0.5 percent at 47,740.80 (close)

London - FTSE 100: DOWN 0.3 percent at 10,249.52 (close)

Brent Crude was down 6.78 percent $92.25. Prices had soared Monday, with WTI hitting as high as $119.48 and the Brent international benchmark reaching $119.50 before dropping. The market reversed course after US President Donald Trump unexpectedly told a CBS News journalist on Monday that he considered the war as being to close to finished.

Developments were "enough to spark hopes of some normalisation in supply and logistical dynamic", said Chris Weston, an analyst with Pepperstone. "Traders moved quickly to sell crude and equity volatility." However he warned that "the geopolitical backdrop remains fluid, and traders should expect volatility to remain a defining feature of the trading environment in the days ahead".

The instruction was given following a request from the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), which urged the authorities to keep customs operations active during the holiday period to maintain the flow of international trade, particularly for the country’s export-oriented industries. Officials said the decision aims to facilitate smooth trade operations and prevent disruptions in the supply chain during the extended holiday period.

The directive also asked the concerned customs authorities to take necessary measures to ensure that import and export-related services remain operational on government and weekly holidays within the specified period. The move is therefore expected to provide relief to exporters by ensuring that cargo handling, documentation and clearance processes can continue during the Eid holiday period.

The additional cuts would come from premium brands Audi and Porsche as well as Volkswagen's software subsidiary Cariad, Blume added. Even before US President Donald Trump slapped tariffs on non-American carmakers last year, Europe's largest automobile manufacturer was facing a triple whammy of stagnant demand in Europe, the costs of investing in electric cars despite patchy demand as well as cratering sales in China. Long the biggest player in the Chinese market, the world's largest, Volkswagen is struggling with fierce competition from local rivals and sales there have slipped behind those of BYD and Geely.

Earnings after tax fell about 44 percent last year, Volkswagen said, with US tariffs, fierce competition in China and a costly revamp of its sportscar-maker Porsche all hitting performance. At 6.9 billion euros ($8 billion), earnings were at their lowest since 2016, when the group took billions in one-off charges due to recalls and legal troubles over cheating on diesel emissions tests. Warning that the group's profit margin was "not sufficient in the long run", Volkswagen finance boss Arno Antlitz said further cost-cutting was needed to make the firm more competitive.

"We can only realise this if we continue to rigorously reduce costs," he said. "That is what we will focus on in the coming months." For 2026, Volkswagen said it expected a core profit margin of between 4 and 5.5 percent -- potentially lower still than the 4.6 percent it achieved this year, adjusted for one-off expenses related to restructuring and the costs of moving back to petrol cars at Porsche. The group warned last September of a bumper 5.1 billion-euro hit for the year after Porsche cut its medium-term profit target and said it would carry on selling petrol vehicles for longer than previously planned in the face of tepid demand for its electric vehicles.

The forecast assumed that tariffs put in place last year by US President Donald Trump would remain, Volkswagen said, adding that "uncertainties regarding restrictions in international trade and geopolitical tensions" as well as "volatile" commodity and energy markers could prove challenging.

Oil prices briefly surged above $119 a barrel on Monday before plunging to around $84 after US President Donald Trump said the US-Israel war with Iran would end soon. Diesel, one of Egypt's most widely used fuels, rose by three Egyptian pounds, or about 17.1 percent, to 20.50 pounds ($0.38) per litre, up from 17.50 pounds.

Prices for 80-octane gasoline rose by about 16.9 percent, to 20.75 pounds per litre, while 92-octane gasoline increased by roughly 15.6 percent to 22.25 pounds. Prices for 95-octane climbed by about 14.3 percent to 24 pounds, the ministry said. Natural gas used for vehicles saw the largest hike, jumping 30 percent to 13 pounds per cubic metre.

Egypt has raised fuel prices four times over the past two years under an $8 billion loan programme from the International Monetary Fund. An October increase of up to 13 percent was expected to be the last under the plan.

Warning that the group's profit margin was "not sufficient in the long run", Volkswagen finance boss Arno Antlitz said further cost-cutting measures could lie ahead to make the firm more competitive. "We can only realise this if we continue to rigorously reduce costs," he said. "That is what we will focus on in the coming months."

Even before US President Donald Trump slapped tariffs on non-American carmakers last year, Europe's largest automobile manufacturer was facing a triple whammy of cratering sales in China, stagnant demand in Europe and the costs of investing in electric cars despite patchy demand. Volkswagen struck a deal with unions at the end of 2024 to cut 35,000 jobs by 2030, mostly at its namesake brand, as part of wider plans to save 15 billion euros a year.

She made the remarks at a media briefing on “CPD’s Recommendations for the National Budget FY2026-27”  held at the organisation’s office at Dhanmondi in the capital today. Fahmida Khatun observed that the current fiscal framework for FY26 has been characterized by significant implementation gaps, including modest revenue growth of only 12.9% and the lowest Annual Development Programme (ADP) implementation rate in fifteen years at 20.3%. 

Consequently, she said, many highly optimistic targets set for the previous year are likely to be missed, necessitating a more cautious and data-driven approach for FY27. She emphasized that setting realistic revenue mobilization and GDP growth targets is crucial to avoid a business-as-usual scenario that fails to address domestic and external economic pressures. To enhance domestic resource mobilization while minimizing the burden on citizens, Fahmida Khatun suggested that the government should pursue its manifesto goal of raising the tax-GDP ratio to 15% by 2035 through a well-written action plan and strong political will.

“Initiatives such as meaningful taxation on wealth and property, and taxes on the expanding digital economy, should be considered,” she added. She said all ad-hoc provisions for tax incentives should be discontinued starting in FY27 to exercise caution and selectivity in the current political scenario. With general inflation persistently exceeding 9%, she recommended a balanced fiscal approach to address supply-driven price hikes.  “Food, energy, and power sector subsidies should be focused on supporting vulnerable and low-income groups,” she added.

She mentioned that the CPD supports the introduction of Family Cards for pilot beneficiaries and the integrated digital Farmer Smart Card to provide farmers with integrated services and subsidies. She urged for strengthening the Competition Commission to curb anti-competitive practices and prevent hoarding. Fahmida Khatun said that the FY27 budget must take cognizance of external developments such as the Economic Partnership Agreement (EPA) with Japan and the Bangladesh-US Agreement on Reciprocal Trade (ART). 

Furthermore, she said that preparing the economy for a post-LDC future requires aligning tariffs with WTO commitments and phasing out incompatible export subsidies. To revitalize an investment climate where private investment has fallen to a decade low of 22.03% of GDP, she recommended establishing a digital one-stop service for business compliance. In the energy sector, she advocated for prioritizing the Energy Division budget to fund the drilling of 150 gas wells to reduce reliance on volatile LNG imports.

She urged for reducing high tariffs (currently up to 58.6%) on solar and wind components to achieve the target of generating 40% of electricity from clean energy sources by 2041. She called for increasing public expenditure in health and education towards 5% of GDP each, as pledged in the government's manifesto. She also recommended implementing a uniform specific excise duty of Taka 10 per cigarette stick and Taka 3 per Bidi to raise revenue and reduce health costs.

Fahmida Khatun suggested standardizing parallel education streams and providing targeted stipends to increase female enrollment in higher education. She concluded that the FY27 budget presents a unique opportunity for the government to demonstrate leadership in fiscal management and lay a robust foundation for sustainable economic recovery.

It also urged officials to avoid overseas trips. Thailand said last week it had secured two months' worth of oil supplies but was suspending exports to conserve its holdings. It also capped the price of diesel at just under 30 baht ($0.94) per litre for a 15-day period. In neighbouring Vietnam, the government scrapped duties on Monday on many imported petroleum products in an effort to prevent fuel shortages and stabilise the domestic market. It also encouraged companies to allow employees to work from home "whenever feasible" to alleviate demand for fuel, the government said on its website.

Hanoi also recommended the public limit the use of personal vehicles, and instead opt for public transit, cycling or carpooling. But thousands of motorbike riders queued for petrol on Tuesday at stations across the Southeast Asian nation, where prices for unleaded gasoline have surged more than 20 percent since the start of the US-Israel war against Iran more than one week ago.

A 57-year-old who gave his name as Tuan told AFP at a Hanoi petrol station that he was furious after waiting for almost an hour to gas up. "I still have enough to run my motorbike today, but definitely I have to fill it tonight. Then I have to queue again tonight?" he said. Vietnam has so far avoided mass shortages, but state media reported that dozens of smaller petrol stations have either temporarily closed or shortened their operating hours due to dwindling supplies.

"We may unsanction other Russian oil," Bessent told Fox Business on Friday. "There are hundreds of millions of barrels of sanctioned crude on the water. And in essence, by unsanctioning them, Treasury can create a supply." Washington has insisted that the new measures are not aimed at easing restrictions on Moscow, imposed over its conduct in negotiations to end the war in Ukraine, but instead only affect supplies already in transit. "We're going to keep a cadence of announcing measures to bring relief to the market during this conflict," said Bessent, with high oil prices a pain point both domestically and for international markets.

Kremlin economic adviser Kirill Dmitriev said he was discussing the issue with the United States, posting on X that: "Western sanctions have proven detrimental to the world economy." On Thursday, the US government temporarily eased economic sanctions to allow Russian oil currently stranded at sea to be sold to India. It said the transactions, including from vessels blocked by various sanctions regimes, are authorized through the end of the day on April 3, 2026.

Expensive gasoline could also prompt the independent central bank to put the brakes on the world's largest economy as it battles stubborn inflation. Since last week, US average domestic fuel prices have risen 11 percent, according to the AAA's fuel price gauge. It is the kind of move that Robinson said will have him cutting down on all but the essentials. "It just determines what I'm going to do on a day-to-day basis," he said. "Pretty much start thinking about (watching) Netflix, staying in the house instead of burning gas."

Others at the gas station agreed. "It impacts all areas of life," said Toloria Washington, 39. "We are in a state of survival mode." Washington, who works in finance, said fuel expenses are non-negotiable for her. With prices rising at the pump, she had to make cuts elsewhere. That, she said, is a problem for people already battered by years of high prices post-pandemic. "That's the key thing, it's tapping into everybody's basics," she added. "It's the basics. Daily survival of food, water, housing." US inflation hit a peak of 9.1 percent during the pandemic. While it has cooled since then, analysts warn of risks of another pick-up.

"Inflation showed signs of accelerating prior to the jump in energy prices," said KPMG chief economist Diane Swonk. "That has left consumers in a sour mood," she added. Swonk warned that rising fuel prices added "insult to injury" for low-income Americans, who are already seeing higher healthcare costs and a tightening of welfare benefits under Trump. Trump, who has bragged about oil prices falling during his term, sought to address the political fallout on Friday, telling CNN he expected prices to come down quickly.

His Republican party holds only a slim majority in both the House and Senate. With midterm elections due in November, he will be hoping that voters do not let tightening household budgets weaken his political position. Trump could see further complications if inflation from gasoline price hikes pushes the Fed to respond by keeping interest rates at a higher level. The central bank has a dual mandate of maintaining stable prices and maximum employment, but has one main tool to do so -- adjusting interest rates.

Raising them generally cools economic activity and reduces inflation while lowering them can spur activity, boosting the weakening employment market. The prospect of more inflation due to oil prices raises the specter of what some analysts call a nightmare scenario. "This could not come at a worse time for the Federal Reserve," said KPMG's Swonk. "It now has a dueling mandate with the risk that inflation not only lingers but accelerates." Fed policymakers remain cautious.

Addressing higher domestic energy prices on Friday, Federal Reserve governor Christopher Waller told Bloomberg TV he considered them "unlikely to cause sustained inflation." But this is scant consolation for many Americans hit by even a temporary bout of price increases. "One thing after another, it's chaos, you know, every day," said Lucas Tamaren, 32, at a gas pump in Los Angeles. "Living in America feels unpredictable and chaotic and it's hard." Robinson, the schoolteacher, said he will be watching gas prices every day now. He expects price pressures will be reflected at the voting booth in November. "The more you pay higher gas, higher groceries (costs)," he said, voters will "start to see" that the middle class is shrinking.

The main US contract, West Texas Intermediate, soared more than 12 percent to over $90 per barrel, topping off the biggest weekly gain on record. Maritime traffic has all but dried up through the Strait of Hormuz, through which a fifth of the world's crude oil and liquefied natural gas supplies run. Market reaction to the conflict had been tempered by hopes that it would be short, but Trump's demand for Iran's capitulation increases the prospect of a long conflict.

Trump's comments "dashed hopes that the conflict will be averted quickly, and the oil price has continued its push" higher, said XTB research director Kathleen Brooks. The prospect of high energy prices for a sustained period has fanned fears of a fresh spike in inflation that could hit the global economy while curbing the ability of central banks to cut interest rates to prop up growth. "The longer that key energy infrastructure and shipping routes in the region are affected, the greater the chance of a significant inflationary impact," said AJ Bell investment director Russ Mould.

Attacks on oilfields were reported in southern Iraq and in the northern autonomous Kurdistan region, which forced a US-run oilfield to cease production. Kuwait has also begun cutting production due to a lack of storage capacity, the Wall Street Journal reported. Earlier this week, Trump pledged to protect ships through the Strait of Hormuz, but shipping companies have exercised caution in the region.

Trump's pledge helped "reduce some of the risk premium in oil markets," but will have "limited impact unless Iran's extensive disruption capabilities are first neutralized," said a note from analysts at JPMorgan Chase. Meanwhile, data showed the US economy had unexpectedly lost jobs in February, while unemployment also edged up. The world's biggest economy shed 92,000 jobs last month, down from revised job growth of 126,000 in January, said the Labor Department.

New data released Friday also showed US retail sales had fallen by 0.2 percent in January. Investors often look at data showing a slowdown in the economy as raising the chances of the US Federal Reserve lowering interest rates, but analysts say higher oil prices complicate that picture. Until recently, the markets were anticipating the Fed would resume interest rate cuts in June, but that has now shifted to September.

Wall Street's main indices finished down around one percent or more. Europe's main markets finished the day with losses of around one percent. An exception to Friday's sell-off was Boeing, which piled on 4.1 percent following a Bloomberg report that said the company was close to a big sales agreement with Chinese carriers.

- Key figures at around 0410 GMT -

Brent North Sea Crude: UP 8.5 percent at $92.69 per barrel

West Texas Intermediate: UP 12.2 percent at $90.90 per barrel

New York - Dow: DOWN 1.3 percent at 47,501.55 (close)

New York - S&P 500: DOWN 1.3 percent at 6,740.02 (close)

New York - Nasdaq Composite: DOWN 1.6 percent at 22,387.68 (close)

London - FTSE 100: DOWN 1.2 percent at 10,284.75 (close)

Paris - CAC 40: DOWN 0.7 percent at 7,993.49 (close)

Frankfurt - DAX: DOWN 0.9 percent at 23,591.03 (close)

Seoul - Kospi: FLAT at 5,584.87 (close)

Tokyo - Nikkei 225: UP 0.6 percent at 55,620.84 (close)