The port had set a revenue collection target of Tk 347.87 crore for the fiscal year.

Mongla Port Authority (MPA) Chairman Rear Admiral Arif Ahmed Mostafa disclosed the figures at a meeting with journalists from Bagerhat and Mongla press clubs at the port authority auditorium on Tuesday.

He said the port also recorded growth in vessel arrivals, cargo handling and container handling during the fiscal year.

A total of 815 vessels arrived at Mongla Port in FY2025-26.

Against a cargo-handling target of 91.50 lakh metric tonnes, the port handled 1.2251 crore metric tonnes, an increase of 18.39 lakh tonnes or 17.66 percent from the previous fiscal year.

Container handling also rose significantly. Against a target of 25,000 TEUs, the port handled 29,714 TEUs, up 8,258 TEUs or 38.49 percent year-on-year.

During the fiscal year, 12,075 reconditioned vehicles were imported through Mongla Port, 496 more than in the previous fiscal year.

The chairman said the authority was holding regular consultations with port users, stakeholders, shipping agents, C&F agents, stevedores and businesses to improve port operations. Activities are also continuing through the Internal Business Development Standing Committee to increase vessel arrivals.

According to the MPA, Mongla currently has annual handling capacities of 1,500 vessels, 15 million metric tonnes of cargo, 100,000 TEUs of containers and 20,000 vehicles.

Several projects are underway to further expand the port's capacity, including the procurement of support vessels, upgrading of port facilities and construction of container terminals and yards.

Under a support vessel procurement project, the acquisition of two tugboats, a buoy-laying vessel, a search-and-rescue vessel, a pilot mother vessel and a survey-and-research vessel is at the final stage. The project is scheduled for completion by June 2027.

Under the Upgrade of Mongla Port project, financed through India's Line of Credit-3, plans include constructing two container terminals, a container-handling yard and a delivery yard equipped with modern machinery.

The chairman said implementation of the projects would create additional employment opportunities in shipping, C&F, stevedoring and other port-related sectors.

He said a modern waste-management project for collecting waste generated by ships and industries and removing discharged oil was completed in June 2025. The initiative is expected to reduce pollution in the Pashur Channel and surrounding waterways and help protect the Sundarbans.

Maintaining navigability along the port's 144-kilometre channel remains a major challenge, he said. Other priorities include ensuring safe and pollution-free navigation, replacing ageing support vessels, procuring new vessels, developing skilled manpower and encouraging greater use of Mongla Port.

The authority is also working to establish Mongla as a direct "first calling port", increase container vessel arrivals, introduce direct feeder services to major ports including Singapore, and improve road connectivity along the Khulna-Mongla and Khulna-Bhanga routes.

Rear Admiral Arif Ahmed Mostafa said the government's broader plan is to enhance Mongla Port's capacity and accelerate trade and economic activity in the country's southwestern region.

The approvals came at the 46th meeting of the Cabinet Committee on Government Purchase (CCGP) in this year.

Under the first proposal, the committee recommended the purchase of 10,000 metric tons of lentil in 50-kg sacks through the Open Tender Method (OTM) under the Ministry of Commerce.

Joytun Auto Rice & Dal Mills Ltd of Phultala, Khulna, was recommended as the supplier for the procurement at a total cost of around Tk 76.89 crore, including VAT and taxes.

The price of the lentil was fixed at Tk 76.89 per kg.

The committee also recommended the import of four lots of fertiliser under government-to-government (G2G) arrangements.

Under the second item, 40,000 metric tons of MOP fertiliser will be imported from the Canadian Commercial Corporation (CCC) under an agreement signed between CCC and the Bangladesh Agricultural Development Corporation (BADC).

The procurement cost for the third lot has been set at around Tk 189.67 crore, with the price fixed at US$383.80 per metric ton.

Another 40,000 metric tons of MOP fertiliser will be imported from Canadian Commercial Corporation (CCC) under the fourth lot of the agreement at the same price of US$383.80 per metric ton.

The cost of the fourth lot will also be around Tk 189.67 crore.

The committee recommended both proposals for approval.

Under another state-level agreement between Russia's JSC Foreign Economic Corporation (Prodintorg) and BADC, the government will import 35,000 metric tons of MOP fertiliser under the seventh lot.

The procurement cost has been fixed at around Tk 165.90 crore, with the price set at US$383.80 per metric ton.

Prodintorg, Russia, was recommended as the supplier.

The committee also approved the import of 40,000 metric tons of DAP fertiliser from Saudi Arabia's MA'ADEN under a state-level agreement with BADC.

The fertiliser, under the fourth lot for 2026, will cost around Tk 437.37 crore, with the price fixed at US$885 per metric ton.

MA'ADEN was recommended as the supplier.

All the procurement and import proposals were recommended for approval by the committee.

The five approved proposals involve 10,000 metric tons of lentil and 155,000 metric tons of fertiliser, with a combined value of about Tk 1,059 crore.

Strong remittances and higher foreign exchange reserves will help support external stability, although maintaining stability will depend on adequate financial inflows, exchange rate flexibility and prudent macroeconomic management, according to the Asian Development Bank's (ADB) latest report, the Asian Development Outlook (ADO) September 2026, released today.

The report notes that the services and agriculture sectors are expected to support growth in FY2027.

"Bangladesh's economy is beginning to recover, but the recovery remains vulnerable to external shocks and domestic constraints," said ADB Country Director Qingfeng Zhang.

"This is an important moment to accelerate reforms in macroeconomic management, the financial sector, energy security, and the business environment. These reforms will be essential to unlock private investment, create quality jobs and place Bangladesh on a stronger, more inclusive and resilient growth path." he added.

Zhang said the ADB also stands ready to support Bangladesh in translating these reforms into tangible results for its people.

The report said Bangladesh's economy is projected to grow by 3.7% in fiscal year (FY) 2026 and 4.0% in FY2027, up from 3.5% in FY2025.

Economic activity slowed in the final quarter of FY2026 due to supply chain disruptions linked to the conflict in the Middle East, although the impact is expected to be limited. The improved growth outlook reflects stronger consumption and investment as political uncertainty eases following the general election in early 2026.

Inflation eased to an estimated 8.7% in FY2026 from 10.0% in FY2025, but is forecast to rise to 9.0% in FY2027. Inflation is expected to remain elevated due to energy shortages, high production and transport costs, potential shipping disruptions, the delayed effects of El Ni¤o on food prices, and gradually easing monetary conditions.

The current account deficit is projected to widen to 0.6% of GDP in FY2027 from an estimated 0.3% in FY2026, as import growth outpaces exports.

The report said private consumption, supported by remittances, is expected to remain the main driver of growth, although high inflation will continue to reduce household purchasing power.

It said a prolonged conflict in the Middle East, higher oil prices, further disruptions to global shipping, tighter trade restrictions, weaker growth in major export markets, continued exchange rate pressures, additional stress in the banking sector, delays in fiscal reforms, lower-than-expected development spending, and climate-related shocks could weaken growth and keep inflation elevated.

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.

They made the remarks while addressing a daylong "Town Hall Meeting" with the participation of bankers, agriculture, SME entrepreneurs and stakeholders held at the Primary Teachers Institute Auditorium in Rajshahi on Tuesday.

The meeting discussed and devised ways and means to ensure necessary and effective publicity and successful implementation of the refinancing schemes of Taka 10,000 crore.

Announced by Bangladesh Bank to ensure the country's food security and create employment, the scheme of Taka 3,000 crore aims to create an agriculture-based regional hub in the northern region.

Under the supervision of Bangladesh Bank, Rupali Bank PLC and Rajshahi Krishi Unnayan Bank (RAKUB) jointly performed duties as lead banks in organizing the meeting.

Executive Director of Bangladesh Bank Muhammad Badiuzzaman Didar was present at the event as the chief guest, while Managing Director of RAKUB Kazi Abdur Rahman was present as guest of honor.

Special guests present were Directors of Bangladesh Bank, Golam Mahmud, Nazim Uddin and Dr. Ismail Hossain and Director General of Bangladesh Sericulture Development Board, Toufiq Al Mahmud.

The event was presided over by Nizam Uddin, General Manager of Rupali Bank PLC.

The chief guest and the invited special guests discussed in detail the two refinancing funds announced by Bangladesh Bank and emphasized their role in the development of agriculture in the country, especially in North Bengal.

Another panel discussion comprising senior bankers answered various questions from entrepreneurs and stakeholders, along with question-and-answer and two-way communication.

Local representatives and branch managers of all scheduled banks operating in Rajshahi and a large number of agriculture and SME entrepreneurs were present at the meeting.

The chief guest and the invited special guests discussed in detail the two refinancing funds announced by Bangladesh Bank.

The rules, announced in a statement by Beijing's commerce ministry, take effect immediately.

They apply to two varieties of substances which will now be subject to applications in order to be exported to the United States, Mexico or Canada, the statement said.

China is the primary origin of precursor chemicals used to make fentanyl, a highly potent opioid underpinning a devastating drug epidemic in the United States.

Shipments of the substances from China have repeatedly complicated the relationship between Washington and Beijing, which has insisted it cracks down heavily on drug trade.

In May, China imposed export controls on another set of drug precursor chemicals shortly after a visit by Trump to Beijing that featured talks with Xi.

Observers will be closely watching this week's visit by Xi to Washington, where he is expected to discuss key topics with Trump spanning trade, artificial intelligence and the US war with Iran.

Trump imposed additional tariffs on Chinese goods last year in retaliation for the country's role in the fentanyl epidemic, but the levies were struck down by the US Supreme Court in February.

The international benchmark, Brent crude, and main US contract, West Texas Intermediate, dipped to $98.91 and $89.93 per barrel respectively in early Asian trade -- well below the symbolic $100 mark they have smashed repeatedly since the Middle Eat war broke out in February.

The three-hour meeting was "very good", "very productive" and "they have another one scheduled in the very near future", Trump told reporters as he met Ukrainian President Volodymyr Zelensky.

Trump's announcement came just hours after he delivered a bellicose address to the UN in which he said he faced a "big decision" on whether to make a deal with Iran or "annihilate the Islamic Republic and do it quickly".

Nearly seven months after US-Israeli strikes on Tehran triggered the conflict, the foes remain at an impasse, with Iran keeping the Strait of Hormuz closed and the United States persisting with a counter-blockade of Iranian ports.

A parallel conflict between Saudi-backed government forces and the Iran-backed Houthis in Yemen has enveloped the kingdom, squeezing energy exports from the Red Sea.

"The three-hour US-Iran meeting matters because it shifts the market from pure escalation pricing toward a genuine diplomatic process, even if a final deal still looks distant," said Stephen Innes at Quintex Intel.

Trump has pledged that oil would come down "as soon as" the United States wins the war.

The dip in oil prices came as the world's biggest crude exporter Saudi Arabia reportedly rebooted operations along its East-West Pipeline -- a crucial oil export route shut down by the conflict rocking the Middle East.

Riyadh said this month that drones launched from Iraq had forced the closure of the pipeline, which it had increasingly used to bypass the lockdown of the Strait of Hormuz by Iran.

The kingdom is aiming to resume exports later this week, Bloomberg quoted a source as saying.

But while Saudi oil giant Aramco reportedly told Asian refiners they could soon pick up crude from the Red Sea port of Yanbu, the firm told their European counterparts will not be allocated oil in October, Bloomberg said.

- AI buzz -

Asian markets were mixed, with Taiwan's Taiex index -- home to chipmaking titan TSMC -- up 0.8 percent following a renewed burst of confidence in artificial intelligence.

Anthropic and OpenAI released new, cheaper AI models within hours of each other on Tuesday, days after the heads of both companies called for a slowdown in the development of the powerful technology.

Anthropic's release comes a few weeks before its expected stock market debut. OpenAI has delayed its IPO plans until next year.

Facebook owner Meta kicked off the AI buzz at the start of the week, surging 11 percent after its free AI agent Muse -- which can book travel, send emails and make purchases -- topped download charts.

Traders are also looking to Washington ahead of a summit on Thursday between Trump and China's President Xi Jinping that is expected to focus on trade between the world's two biggest economies.

A simmering US-China trade war is a key concern, as both sides have maintained a tariff truce for nearly a year but have yet to secure a lasting agreement.

"But the higher impact issue will be the war in the Middle East and any support the US can extract from China to use its leverage to sway the Iranians," said Kyle Rodda, senior financial market analyst at Capital.com.

"Another high-powered issue will be artificial intelligence and the arms race evolving between the two economic and strategic competitors, following recent warnings from US tech leaders that the technology poses existential risks without stronger guardrails."

- Key figures at around 0215 GMT -

West Texas Intermediate: DOWN 0.7 percent at $89.93 per barrel

Brent North Sea Crude: DOWN 0.3 percent at $98.91 per barrel

Hong Kong - Hang Seng Index: DOWN 0.9 percent at 24,864.97

Shanghai - Composite: DOWN 0.2 percent at 3,944.04

Tokyo - Nikkei 225: closed for a holiday

Dollar/yen: UP at 157.64 from 157.37 on Tuesday

Euro/dollar: DOWN at $1.1436 from $1.1451

Pound/dollar: DOWN at $1.3324 from $1.3344

Euro/pound: UP at 85.83 pence from 85.81 pence

The additional LNG cargoes are scheduled for delivery on November 6 and November 22, 2026, according to the proposal placed before the committee.

The approval came from the 46th meeting of the CCGP in this year.

The LNG will be purchased at a price of JKM minus $0.02 per MMBtu, which is different from the price specified in the existing long-term contract.

Qatar Energy Trading LLC was recommended as the supplier for the two additional cargoes.

The proposal was placed by the Energy and Mineral Resources Division.

The committee recommended approval of the proposal at the meeting.

The purchase is part of the government's arrangements to ensure LNG supplies to meet the country's growing energy demand.

According to Global Petrol Prices, Bangladesh's diesel price is equivalent to US$1.092 per litre, based on an exchange rate of Tk123.65 per US dollar.

Although the government raised the diesel price by Tk20 per litre in the latest adjustment, its price remains lower than that of several Asian countries.

Among Asian countries, diesel is priced at Tk185.48 per litre in Pakistan, Tk177.81 in Indonesia, Tk173.23 in South Korea, Tk168.53 in the Philippines, Tk164.83 in Myanmar, Tk161.24 in Nepal and Tk146.77 in China.

In Vietnam, diesel costs Tk137 per litre, Tk2 higher than Bangladesh.

The price difference is also substantial compared with major developed economies. Diesel costs Tk 580.54 per litre in Hong Kong, Tk 347.83 in Germany, Tk 329.40 in France, Tk 317.78 in the United Kingdom and Tk 291.32 in Sweden.

Diesel is priced at Tk 222.69 per litre in Canada and Tk 205.26 in the United States, which are Tk 87.69 and Tk 70.26 higher than Bangladesh's price respectively.

The international comparison also shows that Bangladesh's other petroleum products remain below international average retail prices.

Bangladesh's latest octane price of Tk 165 per litre is around 15 percent below the international average retail price of Octane-95 gasoline. According to Global Petrol Prices, the international average stood at US$1.57 per litre on September 14, equivalent to approximately Tk 194.12 at an exchange rate of Tk 123.65.

Similarly, Bangladesh's new petrol price of Tk 160 per litre is about Tk 34.12, or 17.6 percent, lower than the international Octane-95 gasoline benchmark.

The new kerosene price of Tk 155 per litre also remains below the international average.

Global Petrol Prices put the average retail price of kerosene at US$1.34 per litre on September 14, equivalent to approximately Tk 165.69. Thus, Bangladesh's domestic kerosene price is around Tk 10.69, or 6.5 percent, lower than the international average.

The government revised domestic fuel prices amid changes in international fuel prices and other market factors. The revised prices came into effect on September 21.

According to the latest Bangladesh Bank data, remittance inflow stood at US$2.063 billion during September 1-21, 2026, against US$2.031 billion during the same period last year, registering a 1.6 percent year-on-year growth.

On September 21 alone, expatriate Bangladeshis sent US$69 million in remittances.

The latest inflow data showed that workers’ remittances continued to maintain a positive growth trend in the current fiscal year, supporting the country’s external sector and foreign exchange position.

The BB chief made the call while meeting with Indian High Commissioner to Bangladesh Dinesh Trivedi at BB headquarters in the city, said a press release.

During the meeting, the two sides exchanged views on further strengthening Bangladesh-India bilateral economic, commercial and financial relations.

The governor also expressed interest in expanding the use of Bangla QR, promoting cross-border digital payments and exploring India's experience and possible technical cooperation in this area.

When the Indian High Commissioner emphasised further facilitating foreign investment, the governor said Bangladesh Bank had already taken several policy initiatives aimed at creating a more investment-friendly environment.

Under these initiatives, foreign investors would be able to repatriate their invested funds and profits more easily, he said.

The governor also invited increased Indian investment in Bangladesh's technology-driven, manufacturing and industrial sectors.

Indian Deputy High Commissioner (HC) to Bangladesh Pawan Kumar Badhe and Second Secretary (Economic and Commerce) Gourab Kumar Agarwal were present at the meeting.

Deputy Governors Dr Md Habibur Rahman and Md Sarwar Hossain attended the meeting on behalf of Bangladesh Bank.

The compensation payments will begin on September 28, DSE Chairman Maminul Islam told a press conference here today.

Of the 17,925 investors affected by the defaults, 17,332 will receive their full eligible amount under the new arrangement, he said.

“The initiative is a milestone for our capital market and an important chapter in restoring the confidence of ordinary investors,” Maminul said.

He said around Tk37.60 crore has so far been paid to affected investors by the concerned brokerage houses and the IPF.

Under the new decision, the IPF will pay up to Tk5 lakh to each eligible investor from September 28. The remaining 593 investors will also be covered through necessary measures to recover their funds, he added.

The DSE chairman said legal action against the defaulting brokerage houses would be strengthened to recover the remaining funds.

“If necessary, steps would be taken to recover money through the sale of shares held by the companies and personal assets of their directors. Future IPF funds may also be considered for payments if required,” he added.

Maminul said many retired teachers, judges and bankers had invested their savings in the capital market and faced financial and family difficulties after being unable to recover their money due to the defaults.

He said the moral support of the present government and cooperation from the Bangladesh Securities and Exchange Commission (BSEC) had played an important role in implementing the initiative.

Of the five defaulting brokerage houses, four are facing cases filed with the Anti-Corruption Commission (ACC), while a court case is pending against another, he said.

“Strengthening monitoring and surveillance over brokerage houses is also being undertaken to prevent recurrence of such incidents,” Maminul said.

He said the DSE was also taking a number of measures to develop the capital market. Companies applying for direct listing or IPO by March 2027 will receive a 50 percent waiver on listing fees, with a target of bringing at least 10 blue-chip companies to the market through direct listing or IPO by 2027.

The companies may include state-owned, multinational and domestic firms, he said, adding that coordinated efforts by the government, regulator, stock exchanges and merchant banks would be required to achieve the target.

Maminul said listing fees for bonds had been reduced significantly and initiatives had been taken to issue sovereign bonds. Greater involvement of international investment banks in Bangladesh's capital market could also have a positive impact on corporate bonds and foreign investment, he added.

IPF Chairman Nasrin Begum said the fund was established to provide protection, within the prescribed limit, to investors affected by defaults.

She said every claim was being settled after verification of claims, examination of necessary documents, determination of eligibility and consideration of the applicable compensation limit.

“At present, the maximum compensation limit for an investor under the IPF provisions is Tk5 lakh,” she said.

Nasrin said the compensation was neither a grant nor charity, but a settlement process governed by laws and regulations. She said transparency, accountability and necessary safeguards were being ensured in the use of IPF funds.

DSE Managing Director Nuzhat Anwar said the DSE had undertaken several technology-based initiatives for capital market development, including a script trading platform targeted for launch by December 2026.

Work is also underway to establish a separate platform for open-end mutual funds, which is expected to be launched by mid-November, she said.

The platform will enable investors to access information on mutual funds and conduct transactions online, she added.

Nuzhat said work was also progressing to develop the bond market, with various issuance-related fees already reduced by around 80 percent.

She said a new matching engine project aimed at improving the DSE's technological infrastructure was also progressing, with the system targeted to go live in January 2028.

The DSE is also working to strengthen its disaster recovery system and other IT infrastructure, she added.

The update, released at the close of the 180-day plan announced on March 16, covers 20 initiatives under three pillars — robust infrastructure, investment facilitation and investment development — across 14 of the 16 work streams identified in the original plan, said a press release issued today.

Invest Bangladesh Chairman Chowdhury Ashik Mahmud Bin Harun said the plan was designed to improve the conditions in which investment takes place through better infrastructure, more responsive services and a stronger pipeline of investment opportunities.

“Some changes are already in place; larger projects will take longer to deliver. We committed to report back after 180 days, and this update shows both the progress made and the work ahead,” he said.

Under the infrastructure pillar, groundbreaking has been completed for the $ 550 million Laldia Container Terminal, while the Chinese Economic and Industrial Zone has an expected investment pipeline of $ 1.3 billion, including an active pipeline of $ 500 million.

A proposed $ 650 million Mongla Economic Zone is also being developed under an MoU with China Civil Engineering Construction Corporation, focusing on agro-based industries and light engineering.

The update said Chattogram Port has introduced round-the-clock port operations, customs clearance and banking services, while the Third Terminal at Dhaka airport is targeted to begin operations by the end of 2026.

In investment facilitation, the merger of BIDA, BEZA and the Public-Private Partnership Authority has brought investment promotion, economic zones and PPP activities under Invest Bangladesh.

The three-day Business Starter Package has become operational on BanglaBiz, while an Invest Bangladesh office in Guangzhou is targeted to begin operations in October 2026.

The update also highlighted the conclusion of the Bangladesh-South Korea Comprehensive Economic Partnership Agreement, which provides preferential access for 97 percent of Bangladeshi goods, including duty-free access for 8,428 products.

Under investment development, China is the largest prospective source in the $ 1.3 billion investment pipeline with $ 600 million, followed by the Middle East with $ 300 million, the United States with $ 200 million and South Korea with $ 100 million.

By sector, renewable energy and ICT lead the pipeline with $ 300 million each, followed by healthcare and textiles with $ 200 million each.

Invest Bangladesh clarified that the pipeline represents prospective investments at different stages and does not mean that the funds have already been disbursed.

The authority also identified 44 investment opportunities involving more than 10,000 acres of industrial land across five state-owned agencies and initiated the country’s first comprehensive investment mapping exercise in partnership with the Asian Development Bank and SANEM.

The country's gross domestic product (GDP) shrank by 10.1 percent year-on-year from late March to late June, a period known in Iran as the first quarter of the Persian calendar, according to the Statistical Center of Iran on Sunday.

Iran has been at war with the United States since late February, when US-Israeli strikes killed the Islamic republic's supreme leader and senior military officials at the start of a vast offensive.

The strikes sparked Tehran's retaliation in blocking the Strait of Hormuz -- causing global oil prices to surge -- as the conflict spread in the Middle East.

Aside from this, Iran's economy has long struggled with hyperinflation and devaluation of its currency, caused in large part by economic sanctions.

"We just had a very successful engagement with the Chinese on trade and AI," US Treasury Secretary Scott Bessent told reporters after long talks with a team led by Chinese Vice Premier He Lifeng.

The talks are a prelude to a planned White House meeting on Thursday of the leaders of the world's two biggest economies: US President Donald Trump and Chinese President Xi Jinping.

The discussions, which also included the top US trade official Jamieson Greer, lasted around eight hours at JPMorgan Chase's headquarters in New York.

Bessant said the two sides discussed setting up a way to communicate about AI issues called the "US-China AI dialogue."

"The US has proposed that we have a notification mechanism between the two countries," Bessent said.

Such notifications are for potential "incidents," or a situation "that rises up to a national security level from AI," he said, adding that both sides have agreed to meet again.

Bessent and He also spoke one-on-one during the day, a source familiar with the matter said.

Chinese official Li Chenggang, who was elevated to a top-level international trade representative post shortly before the meetings, was present in the New York talks too. But the Chinese delegation did not address reporters.

Greer stressed Sunday it is "imperative that we are able to work together."

Both sides are looking to ease tensions on trade, technology and other strategic concerns. These include the possible extension of a trade truce and guardrails for AI development.

- Non-sensitive trade -

Asked about the possibility of mutual tariff reduction on certain goods, Greer said teams "are continuing to work through this."

The aim is to identify "non-sensitive" goods that can be considered separately from trade measures in the future, he added.

Such products could cover consumer goods from the Chinese side and energy, agriculture and other products like medical devices on the US side.

Beyond less sensitive items, US officials are also seeking to ensure the continued flow of rare earth magnets and critical minerals that are vital for US manufacturers.

Working level meetings could continue into Monday, a source familiar with discussions earlier told AFP.

Previous negotiations saw China pledge purchases of US agriculture goods too, and their fulfilment of the terms could also be an issue under scrutiny.

Another issue is US economic pressure on Iran, as Washington's war with Tehran has entered its seventh month.

China is a top economic partner of Iran that buys much of its oil output and a key diplomatic backer.

Analysts caution that expectations for the Trump-Xi summit are low.

"One of the only things we can hope for in the short term is a truce, and that this will likely continue through the remainder of this year," said former US deputy secretary of state Kurt Campbell.

"I think you will hear the president announce the intention to meet with Xi Jinping two more times," added Campbell, who is now chairman of The Asia Group consultancy.

Trump and Xi are expected to meet in November at the Asia-Pacific Economic Cooperation (APEC) forum in Shenzhen, China. Trump is also anticipated to invite Xi to the G20 summit in December at his Doral resort in Miami.

To attain this goal, the income tax, customs and VAT wing will work in an integrated manner like “One NBR” architecture to attain this desired goal.

The revenue authority presented the roadmap at the second meeting of the Parliamentary Standing Committee on the Ministry of Finance last month, highlighting the need to improve revenue productivity to keep pace with the expansion of government expenditure.

The NBR made detailed presentations on its capacity to meet government expenditure requirements, measures taken to narrow the tax-to-GDP gap, and assessment of the NBR’s organisational structure and necessary measures.

The NBR said achieving the FY2026-27 revenue target and raising the tax-GDP ratio cannot rely solely on higher tax rates. It requires a major expansion of the tax base, technology, data use and taxpayer compliance.

It proposed an integrated “One NBR” architecture, bringing income tax, VAT and customs administrations into a more integrated taxpayer-management system.

The NBR has outlined a roadmap to increase the tax-to-GDP ratio from the current 6.8 percent to 15 percent by 2035.

The roadmap sets an interim target of 8.8 percent in the short term, followed by further improvement of 10 percent in the medium term before reaching 15 percent by 2035.

The presentation identified investment in revenue administration, skills development, system interoperability, risk management and taxpayer services as key drivers of revenue growth.

The NBR currently accounts for around 86 percent of the government’s total revenue, according to the presentation.

Talking to a senior NBR official, he said the revenue board is strengthening its institutional and operational capacity, which has now become a state priority, particularly as Bangladesh seeks to increase domestic revenue mobilisation while supporting economic growth.

According to NBR data, the country’s tax-to-GDP ratio has remained mostly between 7 and 8 percent over the past 25 years. It reached around 10 percent during FY2011-12 to FY2014-15 before declining again, standing at 6.7 percent in FY2024-25 and 6.8 percent in FY2025-26.

The NBR said the current ratio remains among the lowest compared with South Asian and neighbouring countries, while the long-term target has been set at 15 percent by 2035.

The presentation said the NBR has analysed 25 years of data covering the size of GDP, government budget, revenue and development expenditure, NBR revenue collection and growth, government borrowing and tax-to-GDP trends in neighbouring countries to establish benchmarks and identify areas requiring reform.

It also compared government expenditure with NBR revenue collection and found that government expenditure increased 4.47 times over the last one era under review, against a 3.40-fold increase in NBR revenue collection. The NBR therefore stressed the need to increase revenue productivity in line with the growth of public expenditure.

The presentation showed that average revenue growth from FY2001-02 to FY2025-26 stood at 13.43 percent, while the NBR projected that achieving the FY2026-27 revenue target would require substantially higher growth compared with the actual collection in FY2025-26.

The NBR identified several immediate areas for strengthening revenue administration, including taxpayer services, governance, policy capacity, data management, information technology and human resources.

Under its proposed action plan, the NBR plans to review the legal framework and transition arrangements, establish a comprehensive enterprise architecture, create a unique taxpayer master database and develop a common data dictionary and system inventory.

The NBR also proposed establishing a Revenue Policy Secretariat, developing a tax-expenditure register and introducing mandatory policy-costing templates.

In the first three years, the NBR plans to introduce a unified taxpayer account, integrated customer relationship and case-management systems, third-party data matching, a cross-tax compliance risk engine and a common payment and arrears view.

For customs, the NBR proposes retaining specialised border functions while integrating importer and exporter identities with valuation, VAT and income-tax risk data.

Over three to five years, the NBR aims to develop near-real-time compliance analytics, expand pre-filled tax returns where legally feasible, automate low-risk refunds and introduce advanced entity-network and fraud analytics.

It said its revenue policy also seeks to support industrial development and export competitiveness through reduced duties on raw materials and capital machinery, VAT exemptions for agriculture, essential commodities and ICT, sector-based reduced income-tax rates and exemptions, customs automation and single-window services.

The revenue board listed agriculture, garments, refrigerators and air-conditioners, information technology, automobiles and electric vehicles, mobile phones, SMEs and the capital market, healthcare and education, pharmaceuticals and renewable energy among the sectors receiving various fiscal and customs policy support.

According to the latest Bangladesh Bank data, remittance inflow during July 1 to September 19, 2026 stood at US$7.702 billion, up by US$933 million from US$6.769 billion recorded during the same period of FY2025-26.

The country received US$1.877 billion in remittances during September 1-19, 2026, compared to US$1.869 billion during the corresponding period last year, registering a 0.4 percent year-on-year growth.

The DSEX, the broad index of the Dhaka Stock Exchange (DSE), rose 60.1 points to 5,592, from 5,532 in the previous trading session.

The market opened on a positive note and maintained its buoyant trend throughout the session, supported by strong investor participation and broad-based buying.

Late-session buying further lifted the benchmark index close to the 5,600-mark following its recent declines.

Meanwhile, market turnover increased 14.0 percent to Tk 7.5 billion, compared with Tk 6.6 billion in the previous session.

On the sectoral front, Textile stocks accounted for the highest share of turnover at 24.0 percent, followed by General Insurance at 13.2 percent and Bank at 12.0 percent.

All sectors posted positive returns, with Mutual Fund gaining 2.8 percent, Cement 2.6 percent and Financial Institution 2.6 percent.

Of the 395 issues traded, 285 advanced, 58 declined and 52 remained unchanged.

The port city bourse, Chittagong Stock Exchange (CSE), also closed in positive territory. Its Selective Categories' Index (CSCX) and All Share Price Index (CASPI) advanced 85.5 points and 119.9 points, respectively.

The delegation was warmly welcomed by Mostafa Kamal, Chairman and Managing Director of Meghna Group of Industries (MGI).

The delegation was led by Nicklas Kappe, MP, followed by Gerold Otten- Colonel (retd), MP, Johann Saathoff, MP, and Ursula Schauws, MP, along with Anja Katerina Elisabeth Bienert, accompanying officer from the Administration of the German Bundestag, and interpreter Max Doerfler.

The delegation was accompanied by Dr. Rüdiger Lotz, Ambassador of the Federal Republic of Germany to Bangladesh, along with his senior officials from the German Embassy in Dhaka, including Olga Nowikow Winnen, Economic Attaché, Monika Reuter, Head of Political, Press and Culture, Miftahul Jannat, Political and Press Officer, and Mehrab Bin Tarek, Economic Affairs Officer, said a press release today.

The German delegation visited the key facilities and features of MIEZ, with special focus on two German-owned factories operating within the zone- CHT Bangladesh Limited and Siegwerk Bangladesh Limited. Most factories within MIEZ rely on German machinery and technology, underlining the deep industrial ties between the two nations.

Speaking on the occasion, Federal Parliament of Germany MP Nicklas Kappe, said, "It is encouraging to see the strong presence of German industry and technology at MIEZ. Visits like this reaffirm the depth of the economic partnership between Germany and Bangladesh, and we look forward to seeing this cooperation grow further in the years ahead."

MGI Chairman and MD Mostafa Kamal said, "I am honored to welcome a high-level parliamentary delegation from the German Bundestag, the federal parliament of Germany, to MIEZ. Germany has long been one of Bangladesh's key economic and development partners. This relationship is built on decades of cooperation in infrastructure, health, and energy, along with growing efforts in trade, investment, and human resource development."

He added, "MIEZ is Bangladesh's most modern private economic zone. It offers uninterrupted power, gas, and water supply, reliable security, waste management, and its own fire-fighting system. We invite our German investors to invest more here, and we assure them of full support and cooperation."

In addition to MIEZ, MGI is working on two other private economic zones available for investors: Cumilla Economic Zone and Titas Economic Zone.

The group has developed its economic zones as modern, investor-friendly hubs with comprehensive facilities and security systems. Apart from local industries, companies from Germany, Australia, Switzerland, Norway, Japan, India, China, Belgium, and the United States have already established factories in these zones.

He made the call during a courtesy call with Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Administrator Md. Fazlul Hoque at the FBCCI Gulshan office here.

The Indian Deputy High Commissioner stressed the need to form a business-to-business (B2B) task force to facilitate trade and investment between the two countries.

He said his office has been maintaining regular communication and holding discussions with the governments of both countries to expedite the process of forming the task force.

He also sought cooperation from Bangladesh's private sector, under the leadership of FBCCI, to make the initiative effective, said an FBCCI press release.

Badhe said India has currently eased visa procedures for Bangladeshis travelling to India. The Indian High Commission in Dhaka is issuing around 5,000 visas daily, he added.

FBCCI Administrator Md. Fazlul Hoque said a joint task force could play an effective role in increasing bilateral trade and strengthening mutual cooperation between Bangladesh and India.

He called on businesses and entrepreneurs of both countries to work together to promote investment and trade in emerging and promising sectors.

The meeting discussed ways to further strengthen commercial relations and expand business opportunities between the two neighbouring countries.

Zellmer will succeed current chief executive Hakan Samuelsson "no later than" on 1 October 2027, according to a press release from Volvo cars.

Eric Li, Chairman of Volvo Cars, said Zellmer combines "deep automotive expertise" with "broad international leadership experience."

"I am delighted to join Volvo Cars at such an important moment in the company's development," Zellmer said in the press release.

Current 75-year-old CEO Hakan Samuelsson, who has been the head of the company from 2012 to 2022 and since April 2025, announced his planned resignation earlier this week as his contract will end.

Acting on a tip-off and under the direction of the commissioner, a preventive team conducted an operation at the company’s factory at Nabagram in Dhamrai on September 17, according to a press release issued by the National Board of Revenue (NBR) here today.

The company, registered under BIN No. 007545559-0404, is registered as a manufacturer of lithium batteries.

During the operation, the team found finished batteries and raw materials and equipment for battery production. It also found imported mobile chargers, headphones of different brands and Bluetooth headphones prepared for supply.

As the team initially suspected VAT evasion, it seized the documents kept at the premises under VAT Form 12.3 for further scrutiny.

A review of the seized documents found that the company concealed sales worth Tk 14,56,18,507, resulting in VAT evasion of Tk 1,89,85,892.

The review also found that the company concealed purchases of goods and raw materials worth Tk 15,22,08,775, leading to VAT evasion of Tk 1,38,37,161.

Thus, the total VAT evasion detected from the company has stood at Tk 3,28,23,053, the release said.

The authorities will take further action in accordance with the relevant laws and regulations to recover the government dues, it added.

The visit will also focus on expanding exports of Bangladeshi products with high potential in the Malaysian market and attracting Malaysian investment to Bangladesh. The High Commission of Bangladesh in Malaysia is extending its overall support and cooperation to the DCCI delegation throughout its visit,

said a press release here today.

During the visit, the business delegation will hold trade discussions and participate in Business-to-Business (B2B) sessions with the Klang Chinese Chamber of Commerce and Industry, the Federation of Malaysian Manufacturers, and the National Chamber of Commerce and Industry of Malaysia on 23, 24 and

25 September respectively.

Through participating in these business networking meetings, Bangladeshi entrepreneurs will have the opportunities to explore avenues for expanding bilateral trade and investment.

The delegates will also participate in one of the world's premier halal trade platforms Malaysia International Halal Showcase (MIHAS) to be held in Kuala Lumpur on 24 September 2026. This will provide Bangladeshi businesses with a significant opportunity to engage with global halal industry leaders.

In addition, DCCI leadership will pay courtesy calls on Minister of Tourism, Arts and Culture of Malaysia Dato Sri Tiong King Sing and Deputy Minister of Finance of Malaysia Liew Chin Tong.

It may be noted that Bangladeshi nationals account for 37% of the total foreign workers employed in Malaysia, who remitted a total of US$3.40 billion to Bangladesh during the 2025-26 fiscal year.

In FY2024-25, the total bilateral trade between Bangladesh and Malaysia amounted to approximately US$2.57 billion, with Bangladesh's imports and exports standing at US$2.293 billion and US$282 million, respectively.

In addition, Malaysian entrepreneurs have already invested US$755.48 million in Bangladesh, with significant investments in sectors including telecommunications, power, chemicals and pharmaceuticals, construction and textiles.

The DCCI delegation is scheduled to return to Dhaka on September 25, 2026.

ICC is headquartered in Paris and has a physical presence in more than 170 countries representing 45 million of companies and more than one billion workers worldwide.

Globally, one in every three workers depends on ICC Members for their livelihood.

ICC, is the only private sector non-sovereign organization, which was granted Status of a Permanent Observer at the General Assembly of the United Nations.

Mahbubur Rahman is the Vice Chairman of Bangladesh Foreign Trade Institute (BFTI) and Chairman of Eastland Insurance PLC. He is a former President of Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), Dhaka Chamber of Commerce and Industry (DCCI) and also served as the Founding Vice

President of SAARC Chamber of Commerce and Industry and Vice President for West Asia of Islamic Chamber of Commerce and Industry, said a press release here today.

The Board also unanimously elected two Vice Presidents Rupali Chowdhury, President of Foreign Investors' Chamber of Commerce and Industry (FICCI) and A K Azad, former president of Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and Managing Director of Ha-Meem Group.

Others of the 19-member ICC Bangladesh Executive Board are:Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Administrator Md. Fazlul Hoque, Dhaka Chamber of Commerce and Industry (DCCI) President Taskeen Ahmed, Metropolitan Chamber of Commerce and Industry (MCCI), Dhaka President Kamran T. Rahman, Chittagong Chamber of Commerce and Industry (CCCI) President Mohammed Amirul Haque, Bangladesh Insurance Association (BIA) President Sayeed Ahmed, MP, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Mahmud Hasan Khan,

Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) President Mohammad Hatem, Bangladesh Textile Mills Association (BTMA) President Showkat Aziz Russell, Leathergoods and Footwear Manufacturers and Exporters Association of Bangladesh (LFMEAB) President Syed Nasim Manzur, Envoy

Textiles Limited Chairman Kutubuddin Ahmed, Evince Group Managing Director Anwar-Ul-Alam Chowdhury (Parvez), IOE (Bangladesh) Limited Chairman Aftab Ul Islam, Mir Akhter Hossain Limited Managing Director Mir Nasir Hossain; Shohagpur Textile Mills Limited Chairman and CEO and Bangladesh Association of Banks (BAB) Chairman Abdul Hai Sarker, Square Textiles PLC Chairman Tapan Chowdhury and Transcom Group CEO Ms. Simeen Rahman.

Muhammad Zulqar Nain, Ambassador of Bangladesh to Germany, was present at the dialogue held at the BGCCI office here today.

The programme was attended by members of the BGCCI Board of Directors, a former President of BGCCI, and CEOs and senior representatives of BGCCI member companies, including leading German businesses operating in Bangladesh.

The programme began with a welcome address by Md. Rokonuzzaman, President of BGCCI, followed by a presentation by Farooque Khan, Senior Vice President, BGCCI, highlighting the Chamber’s activities and initiatives to strengthen Bangladesh-Germany business relations.

The Ambassador subsequently delivered a presentation outlining the initiatives being undertaken by the Embassy of Bangladesh in Germany to strengthen investor confidence and promote Bangladesh as an attractive destination for German investment.

He also highlighted opportunities for German businesses to export to Bangladesh in several key sectors and further expand their presence in the Bangladeshi market, said a press release.

The Ambassador emphasized Bangladesh’s growing strategic importance to Germany and highlighted opportunities for stronger economic cooperation between the two countries. He also expressed appreciation for the support of the German Government for Bangladesh’s candidacy at the United Nations.

The discussion focused on expanding bilateral trade, creating stronger partnerships between Bangladeshi and German companies, and promoting greater German investment in Bangladesh.

Particular attention was given to emerging areas of cooperation, including semiconductor packaging, inverter technology and solar-panel-related technologies, alongside established sectors such as apparel, energy and IT and digital services.

Participants also emphasized the importance of regular business delegations, B2B matchmaking, trade fairs, investment promotion activities and stronger institutional cooperation to translate these opportunities into concrete commercial partnerships.

BGCCI and the Embassy of Bangladesh in Berlin will continue to maintain close engagement and explore practical initiatives to promote bilateral trade, facilitate business partnerships and encourage German investment in Bangladesh.

The dialogue reaffirmed the shared interest in developing a stronger, more diversified and mutually beneficial economic relationship between Bangladesh and Germany.

The delegation was warmly welcomed by Mostafa Kamal, Chairman and Managing Director of Meghna Group of Industries (MGI).

The delegation was led by Nicklas Kappe, MP, followed by Gerold Otten- Colonel (retd), MP, Johann Saathoff, MP, and Ursula Schauws, MP, along with Anja Katerina Elisabeth Bienert, accompanying officer from the Administration of the German Bundestag, and interpreter Max Doerfler.

The delegation was accompanied by Dr. Rüdiger Lotz, Ambassador of the Federal Republic of Germany to Bangladesh, along with his senior officials from the German Embassy in Dhaka, including Olga Nowikow Winnen, Economic Attaché, Monika Reuter, Head of Political, Press and Culture, Miftahul Jannat, Political and Press Officer, and Mehrab Bin Tarek, Economic Affairs Officer, said a press release today.

The German delegation visited the key facilities and features of MIEZ, with special focus on two German-owned factories operating within the zone- CHT Bangladesh Limited and Siegwerk Bangladesh Limited. Most factories within MIEZ rely on German machinery and technology, underlining the deep industrial ties between the two nations.

Speaking on the occasion, Federal Parliament of Germany MP Nicklas Kappe, said, "It is encouraging to see the strong presence of German industry and technology at MIEZ. Visits like this reaffirm the depth of the economic partnership between Germany and Bangladesh, and we look forward to seeing this cooperation grow further in the years ahead."

MGI Chairman and MD Mostafa Kamal said, "I am honored to welcome a high-level parliamentary delegation from the German Bundestag, the federal parliament of Germany, to MIEZ. Germany has long been one of Bangladesh's key economic and development partners. This relationship is built on decades of cooperation in infrastructure, health, and energy, along with growing efforts in trade, investment, and human resource development."

He added, "MIEZ is Bangladesh's most modern private economic zone. It offers uninterrupted power, gas, and water supply, reliable security, waste management, and its own fire-fighting system. We invite our German investors to invest more here, and we assure them of full support and cooperation."

In addition to MIEZ, MGI is working on two other private economic zones available for investors: Cumilla Economic Zone and Titas Economic Zone.

The group has developed its economic zones as modern, investor-friendly hubs with comprehensive facilities and security systems. Apart from local industries, companies from Germany, Australia, Switzerland, Norway, Japan, India, China, Belgium, and the United States have already established factories in these zones.

"Digital inclusion and financial inclusion complement each other. Robust digital infrastructure and effective implementation of artificial intelligence (AI) can help ensure sustainable development," he said.

The Finance Minister made the remarks as the chief guest at a group dialogue titled "Financial Inclusion 2.0", organised by the Power and Participation Research Centre (PPRC) at a hotel in the capital, said a Finance Ministry press release.

He said uninterrupted and high-speed internet connectivity is essential to ensure the overall momentum of the digital economy.

"Without strong internet infrastructure, it is not possible to fully realise the benefits of digital finance," he said.

The minister said the government is taking steps to identify marginalised producers and artisans under the "One Village, One Product" programme and bring them under digital payment and banking services.

He said affordable smartphones are now being produced in the country, with devices available at prices ranging from Tk 4,000 to Tk 5,000, creating greater opportunities for farmers and ordinary people to use technology.

Farmers can now access information on weather, fertiliser requirements and market prices more easily through digital technology, he added.

He said the introduction of banking services for Family Cards, Farmer Cards and allowances for imams and priests is also automatically contributing to financial inclusion.

The finance minister stressed the need to ensure cybersecurity and appropriate policy safeguards or "guardrails" so that innovation does not stagnate amid rapid technological changes.

Dr Hossain Zillur Rahman moderated the dialogue, which was attended by heads of various banks, insurance companies and financial institutions.

"The banks, entrepreneurs, institutions and all stakeholders should work in a coordinated manner to implement the "One Village, One Product" concept for strengthening the rural economy by leveraging promising local entrepreneurs and products," he said.

The Governor said this while addressing as the chief guest a views exchange meeting held at the Bangladesh Bank office in Rangpur regarding effective implementation of the incentive package announced by BB for private sector development.

Rangpur office of Bangladesh Bank organised the event for the stakeholders of Rangpur region aiming to foster private sector development, create entrepreneurs, boost employment and revitalize the local economy.

Executive Director of BB Rangpur office Md Salah Uddin presided over the meeting.

Bankers, civil society representatives, entrepreneurs, businesspeople, farmers' representatives, heads of various government institutions, other stakeholders and journalists from Rangpur division participated in the event.

The participants shared their views, experiences and forwarded suggestions regarding private sector development, financing for entrepreneurs, expansion of local production and trade and effective implementation of the incentive package announced by BB.

The meeting placed special emphasis on the "One Village, One Product" concept, focusing on identifying promising local products and entrepreneurs, increasing production, expanding markets and ensuring necessary financing.

Discussions also covered branding and marketing locally produced goods with high potential to reach wider domestic and international markets, as well as bringing the relevant entrepreneurs under the banking umbrella.

The BB Governor called upon all stakeholders to work in a coordinated manner to implement the "One Village, One Product" concept for effective implementation of the incentive package announced by BB for private sector development.

He also advised using the hotline number 16236 for direct communication between customers and Bangladesh Bank.

He urged the concerned banks to take effective measures to ensure that the benefits of the incentive package announced by Bangladesh Bank reach genuine and deserving entrepreneurs.

At the same time, he put special emphasis on expanding markets for products manufactured by entrepreneurs, facilitating access to finance, and further invigorating local economic activities.

The meeting underscored the need for coordinated efforts among all stakeholders to foster initiatives such as establishment of cold storage facilities in Rangpur region, development of renewable energy, promotion of export-oriented agricultural and industrial products and human resource development.

The move follows a decision by Turkey's banking regulator over the Tehran-based bank, which provides financial support to Iran's government and is subject to US, EU and UK sanctions, according to OpenSanctions, an open-source database of information on sanctions-hit entities.

The Iranian government is also the largest shareholder of the bank, it said.

In revoking Bank Mellat's licence, the Turkish regulator cited article 71b of the banking law, which says the entity's "continued operation poses a threat to the rights of depositors and participation fund holders and to the security and stability of the financial system".

The move comes two weeks after Washington slapped sanctions on a Turkish bank over alleged ties to Iran's Islamic Revolutionary Guard Corps (IRGC).

It was not immediately clear whether the two issues were related.

The country has suffered its worst economic crisis in four decades as the subsidy policy drained the treasury's international dollar reserves.

The Bolivian government centralizes gasoline and diesel imports, purchasing them at international prices and reselling them at a loss.

"We have decided that, starting today, diesel will cost the same as what we pay to purchase it abroad," President Rodrigo Paz said in an address broadcast on state television.

The government said this month it had agreed to end all fuel subsidies by 2027 under an agreement with the International Monetary Fund (IMF) on a $1.9 billion bailout.

The conditions of the loan include ending the generous fuel subsidies that had left a huge hole in the country's currency reserves, leaving the state short of money to import fuel and other essentials.

A decision on gasoline subsidies was still pending.

Soon after he took office in November last year, Paz announced he was eliminating the subsidies, raising domestic fuel prices to bring them into alignment with international prices.

But when the US-Israel war with Iran caused global oil prices to rocket, the government dug deep again to absorb the difference with the new domestic price.

Under the deal with the IMF, the government would no longer be allowed to keep fuel prices artificially low.

To cushion the impact, the government would increase spending on some social programs.

Paz recently doubled the price of diesel for large consumers such as farmers, arguing that cross-border fuel smuggling was causing fuel shortages.

The price hike sparked protests but there has not been a resumption yet of the mass anti-government protests and blockades that paralyzed parts of the country in May and June.

Wall Street stocks experienced a meandering day, with the Dow finishing modestly lower while the Nasdaq edged higher. Earlier, European bourses retreated.

While interest rate hikes are normally a headwind for equities, investors greeted the Federal Reserve's decision Wednesday to lift rates as a sign it is serious about countering inflation, analysts said.

"We have some relief that the Fed credibility is still in place but at the same time, that doesn't necessarily change the fact that yields continue to move higher at elevated levels and there is still a lot of geopolitical uncertainty," said Angelo Kourkafas of Edward Jones.

Those higher yields also act as incentive for investors to steer more funds towards bonds, said Cresset Capital Management's Jack Ablin.

"Right now we're sort of an edge because bond yields are offering a competitive rate against stocks," said Ablin, who described investors as fairly clear on where the Fed stands.

"There's a sense another rate or two are coming and then investors believe it will be finished," he said. "Investors are looking through the short-term rate hikes."

But markets were more decisively negative in Europe, where Frankfurt, London and Paris all lost around 1.5 percent.

The Bank of Japan raised interest rates to a three-decade high, but the yen sank against the dollar on fears the pace of hikes might be slower than expected.

The 25-basis-point hike to 1.25 percent was expected by markets following the recent tightening by the European Central Bank and the US Federal Reserve, though the decision was not unanimous as it was carried by a 7-2 majority vote.

Pressure has increased on officials to further tighten monetary policy as a spike in oil prices caused by the Middle East crisis -- which shows little sign of ending anytime soon -- is expected to keep putting upward pressure on inflation.

"For a market looking for evidence that the BoJ could shorten the distance between hikes, those dissents mattered," said Stephen Innes at Quintex Intel.

Oil prices pulled back on hopes that Saudi Arabia was moving to restore about half of crude shipments within days after they were disrupted by the stoppage of its East-West pipeline to the Red Sea, before paring losses. Yet both major crude contracts remain above $100 a barrel.

Among individual companies, Nike fell 2.3 percent after French star football player Kylian Mbappe signed with Swiss sportswear brand On, ending a long association with the US brand that stretched back to the start of his career.

- Key figures at around 2015 GMT -

New York - Dow: DOWN 0.2 percent at 51,682.64 (close)

New York - S&P 500: UP 0.2 percent at 7,650.50 (close)

New York - Nasdaq Composite: UP 0.4 percent at 26,522.56 (close)

London - FTSE 100: DOWN 1.5 percent at 10,659.13 (close)

Paris - CAC 40: DOWN 1.5 percent at 8,065.02 (close)

Frankfurt - DAX: DOWN 1.6 percent at 25,304.06 (close)

Tokyo - Nikkei 225: UP 1.4 percent at 65,018.95 (close)

Hong Kong - Hang Seng Index: UP 0.6 percent at 24,750.78 (close)

Shanghai - Composite: UP 0.9 percent at 3,911.87 (close)

Dollar/yen: UP at 156.73 yen from 155.97 yen on Thursday

Euro/dollar: UP at $1.1487 from $1.1476

Pound/dollar: UP at $1.3395 from $1.3359

Euro/pound: DOWN at 85.76 pence from 85.90 pence

West Texas Intermediate: DOWN 1.6 percent at $100.30 per barrel

Brent North Sea Crude: DOWN 0.9 percent at $103.87 per barrel

Bangladesh Small and Cottage Industries Corporation (BSCIC) has adopted a new strategy to produce high-value-added products by combining local raw materials with modern designs and technology, while enhancing entrepreneurs' skills and connecting producers directly with markets.

The initiatives are aimed at enhancing the competitiveness of Bangladeshi products in international markets following the country's graduation from the Least Developed Country (LDC) category.

Newly appointed BSCIC Chairman Benazir Ahmed disclosed the initiatives in an interview with BSS recently.

He said the contribution of industries under BSCIC to the national economy is increasing gradually.

"In the 2024-25 fiscal year, the total value of products manufactured by industries under BSCIC stood at Tk 65,351 crore, while their contribution to the national exchequer through VAT and taxes was Tk 4,427 crore," he said.

Currently, 887 BSCIC industrial units are engaged in exports, with the corporation aiming to increase the number further, he added.

Benazir said fifteen BSCIC training centres are operating across the country to develop entrepreneurs and skilled manpower suitable for international markets. Three-month courses involving 180 hours and six-month courses involving 360 hours are being conducted as part of efforts to bring conventional training up to international standards.

BSCIC is also focusing on product quality and design. Its Central Design Centre in Motijheel is developing designs for leather goods, handicrafts, jute products, block-batik items and pottery.

The chairman said intellectual property (IP) protection would become increasingly important in international trade after LDC graduation.

"To remain competitive in international markets, local entrepreneurs need to enhance their capacity to develop their own designs, patents and brands," he said.

Against this backdrop, BSCIC is working to establish a "National Pool of Designers" under the Creative Economy National Steering Committee. The first meeting has already been held with representatives of relevant organisations, including fashion designer Bibi Russell, Shanto-Mariam University and Joyeeta Foundation.

BSCIC is also giving priority to the "One Village, One Product" programme to make the rural economy more dynamic. Work is underway to identify renowned and promising local products and bring them under cluster-based production and marketing.

"There are many locally produced goods that can be made popular in domestic and international markets by increasing their production," Benazir said.

He said BSCIC is also focusing on high-value products made from local resources such as banana and pineapple fibres, water hyacinth and hogla leaves.

"International markets have demand for products made from locally available resources," he said, adding that modern designs and technology could create opportunities for higher value addition, export expansion and rural employment.

The chairman identified marketing as one of the major challenges facing small entrepreneurs.

"Many entrepreneurs produce quality products but fail to get fair prices because they cannot directly reach buyers," he said.

To address the issue, BSCIC plans to establish a central physical marketplace, "BSCIC Market", while also modernising its digital platform to facilitate direct communication between entrepreneurs and buyers.

BSCIC is also taking steps to connect its subcontracting activities directly with the private sector, creating opportunities for small entrepreneurs to join the supply chains of large industrial enterprises.

Benazir said export earnings of the 887 BSCIC units engaged in exports were around Tk 30,000 crore in the 2024-25 fiscal year.

Benazir Ahmed said BSCIC's current action plan was no longer confined to establishing new industries or developing entrepreneurs.

"BSCIC is moving towards strengthening small and cottage industries by integrating skills development, product design, technology, local raw materials, branding and market connectivity," he said.

If implemented, these initiatives will connect entrepreneurs in both rural and urban areas with larger markets while increasing value addition to local products, exports and employment.

He expressed hope that the initiatives would help increase value addition to local products, exports and employment and further enhance BSCIC's contribution to the national economy.

The meeting was held on Thursday in the Chamber's boardroom presided over by RCCI President Hasen Ali.

The meeting discussed the potential to export Rajshahi's jute and jute products, silk, mango, food grains and freshwater fish to the United Kingdom, as well as business visas, student visas and the development of the tourism industry.

In her speech, the British High Commissioner said Bangladeshi leather, spices and traditional pitha are being appreciated in the UK market and their demand is increasing.

The British High Commission is working on the development of products from small and medium industries and the marketing of such products in the UK market.

She emphasized the diversification of Rajshahi's traditional silk and jute products.

She also spoke about plans to support Bangladesh in the agricultural sector in addition to the ready-made garment sector.

RCCI President Hasen Ali described Rajshahi as an 'education city', seeking the UK's cooperation in the education and technology sectors, and requested that the business visa process be simplified to facilitate travel for businessmen.

Managers of the Forrester Estates farm about 100 kilometres (60 miles) north of Harare want to more than double their planting area to 50 hectares (124 acres) next year to capitalise on the booming demand.

"The funding, that's the problem," farm manager Albert Chakala told AFP.

The southern African country dispatched its first shipment of blueberries to China in July after a phytosanitary agreement signed a year ago and Beijing's scrapping of tariffs on imports from 53 African countries in May.

"The crop that we have is not enough to satisfy our market," Chakala said.

Each new hectare of blueberries requires an upfront investment of between $50,000 and $55,000, mainly for irrigation, planting material and other infrastructure, he said.

Lack of access to affordable finance is one of the biggest barriers to growth for many of Zimbabwe's farmers, according to the Horticultural Development Council (HDC), which represents growers and exporters.

Yet, the promise of new global markets clashes sharply with Zimbabwe's ongoing monetary realities, where a scarcity of foreign exchange routinely leaves farmers unable to fund the very expansion needed to meet demand.

"We are expanding bit by bit, according to what we are getting back from what we sell," Chakala said.

Zimbabwean blueberries already reach European, British and Middle Eastern markets, but China -- one of the world's largest consumers of the fruit widely promoted for its purported health benefits -- offers a potentially transformative new destination for the farmers who can afford to scale up.

- Financing 'a big worry' -

Zimbabwe is Africa's third-largest blueberry producer after Morocco and South Africa, and one of the world's fastest-growing blueberry producers, according to the HDC.

This year, the industry expects to export about 12,000 tonnes from around 850 hectares, up from 9,500 tonnes produced from 650 hectares last year, CEO Linda Nielsen said in a statement in June.

To support growth to meet the potential offered by China's hunger for blueberries, the sector was engaging with the government over more competitive export financing and targeted tax incentives for irrigation, solar and cold-chain investments, she said.

"The lack of adequate financing is a big worry for growers," she said.

Most of Zimbabwe's blueberry producers are established white commercial farmers whose families have farmed for many years, said Clarence Mwale, chairman of the Export Produce Growers Association of Zimbabwe.

"With the opening of new markets like the Chinese market, it gives an opportunity for indigenous farmers to find space to also grow crops like blueberries," he told AFP.

But this would require securing cheaper, long-term capital, he said.

"If we can attract foreign direct investment, foreign facilities, foreign loans, patient money, patient capital, then perhaps we can start talking about better platforms for new farmers to come in," Mwale said.

"As it is, we have access to money locally, but it's very expensive money," he said, referring to high interest rates on bank loans.

Zimbabwe is Africa's leading producer of tobacco and the crop has for decades been its dominant agricultural export, with production reaching 355,000 tonnes in 2025, according to the tobacco board.

China is the biggest taker, as it is with Zimbabwe's large lithium and chromium ore production.

Although blueberry production is still dwarfed by tobacco, the potential of the massive Chinese market could entice a new generation of farmers, said Mwale.

"My commitment is to try and convince more young people to grow more blueberries and move away from growing tobacco," he said.

"I think that it's an opportunity that we can utilise to try and replace 100 years of growing tobacco with something more health-focused."

The hike was expected by the markets following the recent tightening by the European Central Bank and the US Federal Reserve.

The central bank's decision to raise its key rate by 25 basis points was carried by a 7-2 majority vote, the BoJ said on its website.

Pressure has increased on officials to lift borrowing costs as a spike in oil prices caused by the Middle East crisis, which shows little sign of ending anytime soon, is expected to keep putting upward pressure on inflation.

Central bankers are also minded to support the yen, which fell in July to its weakest level against the dollar in 40 years, prompting a historic joint intervention in foreign exchange markets by the United States and Japan.

"As for the future conduct of monetary policy, given that underlying CPI inflation has been approaching two percent and financial conditions have been accommodative, the bank will continue to raise the policy interest rate," the BoJ said.

The Federal Reserve's hike in borrowing costs this week provided some relief to traders concerned that policymakers were not moving quick enough to address a spike in inflation that could deal a blow to the world's top economy.

That has been helped by news that Saudi Arabia was moving to restore within days about half of crude shipments disrupted by the stoppage of its East-West pipeline to the Red Sea.

The conduit, even more important since the effective closure of the Strait of Hormuz by Iran, was shut last week after being targeted by Yemen's Iran-backed Houthis.

Crude prices, which had soared around a fifth in September, have fallen around five percent from recent highs, with West Texas Intermediate dipping below $100 for the first time since Friday.

The surge in oil has been among the main catalysts for rising inflation since the United States and Israel began their war on Iran at the end of February.

And the latest fall-off provided some much-needed support to stocks.

Seoul, Tokyo, Hong Kong, Shanghai, Sydney and Taipei all advanced though there were small losses in Singapore, Wellington and Manila.

The latest moves in oil and the Fed's action reassured investors and kept the 10-year US Treasury bond yield -- a key indicator of borrowing costs throughout the world's biggest economy -- back below five percent.

On currency markets the yen slipped against the dollar ahead of the BoJ announcement, which is widely expected to be a 25-basis-point hike in interest rates.

But analysts said that with the lift already factored in, the focus will be on what is said afterwards.

"Given the degree of pricing, the rate decision itself may have limited impact on the yen," said Chris Weston at Pepperstone.

"Instead, attention should fall on the forward swaps curve and the Bank's guidance around the pace and urgency of further tightening. Governor (Kazuo) Ueda's press conference will therefore be key.

"The market will be looking for confirmation that further normalisation remains firmly on the table, while assessing whether the Bank sees any urgency to move again."

- Key figures at around 0200 GMT -

Tokyo - Nikkei 225: UP 0.7 percent at 64554.64 (break)

Hong Kong - Hang Seng Index: UP 0.9 percent at 24,834.41

Shanghai - Composite: UP 0.8 percent at 3,907.64

Dollar/yen: UP at 156.28 yen from 155.96 yen on Thursday

Euro/dollar: DOWN at $1.1478 from $1.1480

Pound/dollar: UP at $1.3359 from $1.3358

Euro/pound: DOWN at 85.93 pence from 85.94 pence

West Texas Intermediate: DOWN 0.7 percent at $101.23 per barrel

Brent North Sea Crude: DOWN 0.8 percent at $104.03 per barrel

New York - Dow: UP 0.6 percent at 51,778.04 (close)

London - FTSE 100: UP 1.2 percent at 10,816.14 (close)

According to the latest data from the Bangladesh Bureau of Statistics (BBS), inflation stood at 8.32 percent in July, meaning it declined by 0.06 percentage point month-on-month. It was 9.16 percent in June and 9.42 percent in May.

Thus, inflation has declined by 1.16 percentage points over the three months since reaching a peak of 9.42 percent in May.

The latest figures show that inflation was 8.29 percent in November 2025 before rising to 8.49 percent in December and 8.58 percent in January 2026. It further increased to 9.13 percent in February, fell to 8.71 percent in March, and then rose again to 9.04 percent in April and 9.42 percent in May.

The rate subsequently declined to 9.16 percent in June, 8.32 percent in July and 8.26 percent in August.

Food inflation also declined in August, falling to 7.02 percent from 7.16 percent in July. It was 7.60 percent in August last year. The latest figure marks the second consecutive monthly decline in food inflation and is also lower than the rate recorded a year earlier.

Inflation declined in both rural and urban areas in August. In rural areas, overall inflation fell to 8.31 percent from 8.36 percent in July, while in urban areas it declined to 8.20 percent from 8.24 percent.

Improved supply of commodities in the market, along with various government policy measures, has contributed to easing price pressures.

In the FY2026-27 budget, the government reduced source tax on 60 essential commodities. It has also expanded the Food-Friendly Programme and Open Market Sale (OMS) activities for low-income people.

The Trading Corporation of Bangladesh (TCB) is also strengthening its operations to help keep the supply and prices of essential commodities stable.

The state-run agency is taking a new initiative to sell some imported essential commodities at comparatively lower prices without subsidy, according to the relevant authorities.

The government has set a target of bringing inflation down to 7.5 percent in FY2026-27. The decline to 8.26 percent in August indicates progress towards that target.

A decline in the inflation rate means that the pace of price increases has slowed compared with the previous period, rather than that commodity prices themselves have fallen.

Maintaining the recent downward trend and reducing price pressures in both food and non-food sectors will therefore remain important for further easing the cost-of-living burden on consumers.

The continued decline in inflation over the past three months, with the rate reaching a 10-month low in August, is an indication of easing price pressures in the economy, particularly as food inflation has returned to the 7-percent range.

BGMEA President Mahmud Hasan Khan announced the programme at a press conference today, saying the 25th edition of BATEXPO will take place on November 18 and 19, 2026 at the Bangladesh-China Friendship Conference Centre in Dhaka.

"After more than a decade, our largest and traditional flagship exhibition is returning to the domestic and international arena," he said while addressing the press conference at the BGMEA Complex.

BGMEA Vice President (Finance) Mijanur Rahman and Director Shah Rayeed Chowdhury were present among others.

He said BATEXPO 2026 will serve as one of the BGMEA board's major initiatives for country branding and will showcase the transformation of Bangladesh's apparel industry before the global community.

"BATEXPO is one of our board's major initiatives for country branding on the global stage," Mahmud Hasan Khan said.

The event will highlight improvements in workplace safety and environment-friendly production alongside Bangladesh's growing capacity to manufacture value-added and technology-driven apparel products.

The exhibition will feature a Global Apparel Expo, Global Apparel Summit, AI and Innovation Hub and Sustainability and Circularity Exhibition.

The programme will also cover sustainability, fashion, innovation and emerging trends in the global apparel industry.

The BGMEA president said Prime Minister Tarique Rahman has agreed to inaugurate the event, while the organisers expect the President to attend its closing ceremony.

He said the BGMEA will use BATEXPO to project Bangladesh not simply as a low-cost apparel manufacturing destination but as a modern, innovation-oriented and technology-driven sourcing hub.

Alongside BATEXPO, the BGMEA has undertaken a series of initiatives to diversify Bangladesh's export destinations and customer base.

Mahmud Hasan Khan said Bangladesh currently earns around $40 billion from apparel exports, with roughly $8 billion coming from non-traditional markets, excluding the United States, European Union and Canada.

He said the BGMEA will organise the "Bangladesh Apparel Roadshow Hong Kong 2026" on October 28-29 in collaboration with HSBC Bangladesh.

The roadshow will invite international brands that either do not source apparel from Bangladesh or purchase only limited quantities from the country.

"Our objective is to invite those global brands to the roadshow so that they consider Bangladesh as a new sourcing destination," he said.

He said Bangladesh needs to reduce the concentration of apparel exports among a limited number of major brands and attract a wider range of global buyers.

The BGMEA president said the organisation signed a memorandum of understanding with HSBC because the bank has operated in Bangladesh for more than three decades and has accumulated substantial experience in the country's business environment.

"HSBC has been doing business in Bangladesh for more than 30 years and has grown here. It will share its positive experience with brands that are not currently doing business in Bangladesh," he said.

He said the roadshow will therefore demonstrate to potential buyers that Bangladesh offers opportunities for international brands to establish and expand their sourcing operations.

The BGMEA is also targeting Japan as a major destination for apparel export expansion.

Mahmud Hasan Khan said Bangladesh currently exports around $500 million to $600 million worth of apparel to Japan, although Japan imports more than $12 billion worth of apparel annually.

To expand the market, the BGMEA will launch a dedicated Japan Desk on September 23, with the Japanese ambassador expected to inaugurate it.

He said the desk will address language and communication barriers between Bangladeshi manufacturers and Japanese buyers by deploying officials who can communicate in Japanese.

"We hope to take the current $500 million export to at least $2 billion or $2.5 billion, and we are working towards that goal," he said.

He said major Japanese companies, including Marubeni, Uniqlo, GU, Muji and Dentsu, have already visited Bangladesh during preparations for the initiative and welcomed the move.

The BGMEA president said Bangladesh has also secured preferential trade arrangements with Japan and an economic partnership agreement with South Korea, which could support export expansion in those markets.

He identified long shipping lead times as a major challenge for exports to Japan and South Korea and said the industry is working to reduce logistics-related delays.

The BGMEA has also signed a strategic agreement with Bangladesh Brand Forum to strengthen Bangladesh's apparel branding and promote the country as an innovation-driven manufacturing destination.

Mahmud Hasan Khan said the industryy has started work on innovative designs and future trends through its Centre of Excellence, with an emphasis on shifting from cotton-based products towards man-made fibre products such as polyester, nylon and filament yarn.

He said the BGMEA has also signed an agreement with Open Supply Hub and GIG to help the industry address stringent European Union requirements, including the Corporate Sustainability Due Diligence Directive.

On artificial intelligence, he said the industry wants to adopt AI while ensuring that technological advancement does not abruptly reduce employment.

"We want to use AI, but at the same time we want to ensure that employment does not suddenly decline," he said.

He said the industry has already started using AI-based technology in preparing commercial and shipping documents.

Mahmud Hasan Khan said BATEXPO, the Hong Kong roadshow and the Japan Desk represent part of the BGMEA's broader strategy to expand Bangladesh's apparel market and strengthen the country's position in global sourcing.

He urged the media to give extensive coverage to BATEXPO 2026 and the industry's market-diversification initiatives to present Bangladesh's apparel sector and its transformation to international audiences.

The initiatives include digital TCB cards, the 'Upokari' mobile app, online dealer management, an all-in-one point-of-sale (POS) system and artificial intelligence (AI)-based real-time monitoring of product distribution and management.

The initiatives were unveiled at the inauguration ceremony of TCB's digital transformation programme at the TCB conference room today, said a press release.

Commerce, Industries and Textiles and Jute Minister Khandakar Abdul Muktadir attended the programme as the chief guest, while Chairman of the Parliamentary Standing Committee on the Ministry of Commerce Engineer Khaled Hossain Mahbub Shyamol and Commerce Secretary Md Ataur Rahman Khan were present as special guests.

The commerce minister said the country's supply management system has yet to become fully seamless and efficient.

He said significant price gaps often emerge after products move from producers to urban or capital-city retail markets, while temporary supply shortages can also create instability in the market.

"In this situation, the role of TCB is very important in ensuring essential commodities at subsidised prices for low-income people," he said.

The minister said the use of technology would enhance transparency in TCB's services and help ensure that government subsidies reach genuine beneficiaries.

Under the new 'Upokari' mobile app, beneficiaries will be able to receive TCB services through a secure digital system alongside the existing card-based system.

The identity and eligibility of beneficiaries will be verified through digitally signed and encrypted QR codes.

As a result, genuine beneficiaries will not be deprived of designated commodities even if their physical cards are lost or damaged.

The online dealer management system is intended to make the application, data storage and appointment processes more transparent and systematic.

If the number of applicants exceeds the requirement, dealers may be selected through a digital lottery. An online payment collection system will also be introduced to make financial transactions easier and more transparent.

The all-in-one POS system will facilitate product sales, biometric verification, online payments and instant issuance of sales receipts.

At the same time, an AI-based real-time monitoring system will enable authorities to instantly track the volume of products sold and distributed in different areas and identify possible irregularities.

The system is expected to help detect irregularities and facilitate quick decision-making.

An AI-based contact centre is also being introduced to provide beneficiaries with information and assistance promptly.

The programme was also informed that around 5.9 million ineligible applicants have been removed from the list after verification of their national identity cards, mobile numbers and other information.

A verified digital database has been created through the process, which is expected to play an important role in ensuring that government subsidies reach genuine and eligible beneficiaries.

At present, around 7.9 million beneficiaries are covered by TCB services. The government aims to increase the number to 10 million in the future, the minister said.

The commerce minister said TCB's various initiatives and digital transformation are expected to help save around Tk300-350 crore in subsidies in the current fiscal year compared with the previous year.

He said the government aims to significantly reduce wastage of subsidies over the next four to five years through greater use of technology, accurate beneficiary selection and effective management.

"Technology will be for the people, and services will be easy, transparent and dignified," he said.

TCB Chairman Brigadier General Mohammad Faisal Azad presided over the programme and delivered the welcome address.

Senior officials of the Commerce Ministry and TCB, representatives of relevant organisations, media personnel and invited guests attended the programme.

Later, the commerce minister formally inaugurated TCB's digital activities along with the guests.

BASIC Bank Chairman Helal Ahmed Chowdhury chaired the AGM.

Secretary of the Financial Institutions Division (FID) of the Ministry of Finance, Nazma Mobarek attended the meeting as the representative of the bank's sole shareholder, the Government of Bangladesh, said a press release.

Managing Director (Current Charge) Abu Md Mofazzel welcomed the guests and answered various questions at the meeting.

Speaking at the AGM, FID Secretary Nazma Mobarek said BASIC Bank was gradually improving, with its losses showing a declining trend and deposits increasing.

"Losses cannot be reduced without sustained efforts. The increase in deposits means people's confidence in the bank is returning," she said.

She said a significant degree of confidence had been restored following the government's announcement that it would guarantee deposits in state-owned banks.

As a result, the bank's loan-to-deposit ratio has declined, increasing its capacity to extend loans, she said, while cautioning that new loans should be disbursed carefully.

"We are fully optimistic about BASIC Bank and believe the bank will overcome the challenges," Nazma Mobarek said.

She praised the capability of the bank's board members and the quality of its human resources, saying the joint efforts of the board and management were helping turn around the bank.

The FID secretary called on the bank's management to intensify efforts to improve its classified loan situation and increase non-interest income.

BASIC Bank Chairman Helal Ahmed Chowdhury said recovery of defaulted loans remained the bank's main focus.

He advised the bank to strengthen the recovery process for defaulted loans in line with Bangladesh Bank circulars and expedite legal proceedings.

He also stressed proper compliance with directives issued by regulatory authorities and ensuring good governance in the workplace.

The chairman expressed gratitude to the Ministry of Finance, Bangladesh Bank and other regulatory authorities for their support and guidance.

FID Joint Secretary Sheikh Farid also emphasised the importance of increasing the bank's non-interest income.

Bangladesh Bank Executive Director Rup Ratan Pine said the reputation of BASIC Bank was improving and expressed confidence that the bank would turn around.

Munshi Abdul Ahad, former additional secretary and currently a member of the National Pension Authority; Sheikh Farid, Joint Secretary of FID; Md Matiur Rahman, FCA, FCMA; Dr Abu Saleh Mostafa Kamal, former government official (Grade-1); S M Iqbal Hossain, retired banker; all directors of BASIC Bank; Rup Ratan Pine, Executive Director of Bangladesh Bank and observer of BASIC Bank's board; General Manager and Company Secretary Md Hasan Imam; and a representative of the audit firm Kazi Zahir Khan & Co. were present at the meeting.

Although a shaky truce was reached last October that halted the frenzied escalating tariff battle launched by Trump, a comprehensive and permanent deal has remained elusive.

Here is where things stand ahead of the summit, which is expected to take place on September 24:

How high are current levies?

Tariffs have represented a major hurdle in the China-US trade relationship since 2018, during Trump's first term.

In April 2025, the base US tariff rate on Chinese goods reached an eye-watering 145 percent -- matched by China's reciprocal levies of 125 percent -- although both sides have since significantly reduced rates.

Tolls are now imposed by both sides in a complex patchwork of sector-specific policies.

The effective tariff rate for imports from China, which balances various duties paid across all items, was 22.8 percent as of July, the highest among all major US trading partners, according to research organisation the Penn Wharton Budget Model.

Among the highest effective tariff rates for Chinese goods heading to the United States are 40.5 percent on steel and aluminium, it said.

China still maintains a 10 percent levy on all US goods, with additional rates applicable in other specific sectors, such as 15 percent on liquid natural gas.

How much is still being traded?

Trade between the world's two largest economies has continued despite the turbulence caused by the tariffs.

Total imports and exports hit $400.8 billion in January through August this year, Chinese customs data shows, a 5.4 percent rise from the same period in 2025.

But the balance is lopsided, with Chinese exports accounting for 75 percent of that.

Beijing's soaring trade surplus has long ruffled feathers in Washington, while a similar asymmetry with the European Union is also exacerbating tensions with Brussels.

What is being discussed?

Trump told reporters on Sunday that he would be discussing "almost everything" with Xi at the summit.

Tariffs, however, are "the main issue on the agenda", Dan Wang, a director on Eurasia Group's China team, told AFP. "Xi wouldn't go if there were no deliverables on tariffs or a trade truce," she said.

Beijing and Washington are currently in consultation about a tariff reduction framework covering $30 billion worth of products on each side, China's commerce ministry said last week.

That goal was agreed at Xi's last meeting with Trump in Beijing in May, during which they also agreed to establish trade and investment councils intended to manage friction.

US Treasury Secretary Scott Bessent said Tuesday that he will meet his Chinese counterpart He Lifeng this weekend for talks expected to lay the groundwork for the White House summit.

What is China's leverage?

Beijing successfully pressured Washington to back down from its sky-high tariffs last year after imposing stringent controls on exports of rare earths, the critical minerals used for various high-tech products whose processing is dominated by China.

"China still has the upper hand" going into next week's talks, said Wang of Eurasia Group.

The country's supply chains are "very flexible", and its historic boom in exports has not been significantly dented by tariffs so far, she noted.

Xi's diplomatic clout has also been on full display recently, having met this month with several leaders including Russian President Vladimir Putin and Indian Prime Minister Narendra Modi, traveling to Bishkek, Cairo and New Delhi.

What is Trump seeking?

With global oil prices spiking following renewed fighting in the US war with Iran, the Trump administration is looking to allay concerns about the economy ahead of crucial midterm elections in November.

Securing Chinese guarantees to purchase US agricultural goods, particularly soybeans, has been a recurring objective in trade talks with Beijing.

The meeting will also give Trump the chance to project statesmanship while hosting a high-stakes diplomatic engagement at the White House -- Xi's first visit to the US capital in 11 years.

What are other potential pitfalls?

Several other fraught issues threaten to derail any sweeping agreement.

Beijing's economic and diplomatic support for Tehran is one major sticking point, with recent reports by the Wall Street Journal claiming that Chinese entities supplied Iran with satellite imagery of a military base housing US troops in Jordan.

Fierce technological competition is also ongoing, particularly in the closely watched artificial intelligence sector.

The US government last week accused Chinese AI labs of stealing the capabilities of US firms on an "industrial scale".

The bank lowered the so-called Selic rate, one of the highest in the world, from 14 percent to 13.75 percent on the same day the US Federal Reserve raised interest rates for the first time since 2023.

The cut is part of a cycle that began in March after almost two years of rate hikes. It had been widely expected.

It was announced hours after the US Fed raised rates by 25 basis points to between 3.75 and 4.00 percent, defying President Donald Trump's call for cuts ahead of November's mid-term elections.

Lula is seeking a non-consecutive fourth term in the elections starting October 4.

He has long advocated for lower rates to boost growth.

Higher interest rates make borrowing more expensive and discourage consumption but also tamp down in inflation.

The central bank has proceeded with caution, however, given the spike in oil prices caused by the US-Israel war against Iran and uncertainty over the monetary policies of other leading economies.

The bank warned Wednesday that "higher than usual" risks to inflation remain, despite inflation falling to within the bank's target of three percent plus or minus 1.5 points.

Lula is neck-and-neck in election polls with conservative senator Flavio Bolsonaro, son of jailed former far-right president Jair Bolsonaro, whom Lula defeated in 2022.

Even though inflation is easing, many Brazilians say they feel life has become more expensive.

The price of a "picanha" - Brazilians' favorite steak -- has become a symbol of what Lula's critics see as his failure to tame prices.

During campaigning in 2022 he promised that he would put "picanha" back on the plates of the people but four years later, its price has risen by around 10 percent.

Investor sentiment was also given a lift by hopes for a pick-up in oil supplies from Saudi Arabia after the country moved to restore some capacity from a pipeline it closed at the weekend following drone attacks.

In a unanimous decision, the Fed lifted borrowing costs for the first time since 2023, defying President Donald Trump's demand for cuts, as Warsh stressed the need to combat inflation that has been "too high" for "too long".

"We removed a dose of accommodation so that financial and credit conditions would be more consistent with our ultimate objectives," Warsh said after the announcement.

"Today's action starts to show we're serious about this, and we will deliver on the price stability objective."

The decision was announced along with a graph showing the vast majority of Fed policymakers saw at least one more was likely necessary before the end of the year.

Traders now see an October hike as being a 50:50.

While Wall Street's three main indexes ended Wednesday in the red, Asian traders took the 25-basis-point lift more positively, with analysts saying it shored up credibility in the central bank and provided some reassurance over officials' determination to beat inflation.

Long-term government bond yields -- which this week touched two-decade highs -- fell as investors pared back their inflation expectations, which at 3.4 percent is currently well above the bank's two percent target.

"Removing a dose of accommodation is not the language of a central bank that believes it has completed the job," said Stephen Innes at Quintex Intel.

"It suggests policy was still providing support before Wednesday and may not yet be restrictive after it.

"The hike removed the immediate credibility question. The explanation created a new argument about how much tightening remains."

And Christian Scherrmann at DWS added: "Overall, we believe the main motivation this time was credibility, given bond market pricing and recent developments in oil markets."

Still, he added: "Despite his hawkish stance, Fed Chair Warsh's optimistic outlook on the economy may be music to many ears."

Equity markets across Asia were mostly higher in early trade.

Tokyo, Seoul, Singapore, Taipei, Wellington and Jakarta all advanced, though Hong Kong and Shanghai dipped.

However, Tai Hui, of JP Morgan Asset Management, warned: "We think the chance of U.S. policy rates returning to above five percent is still limited.

"Nonetheless, a catalyst to extend the equity bull market (lower interest rates) is looking unlikely in the foreseeable future."

The news angered Trump, who called Warsh a "good man" who had "a hostile board".

"They're raising the rates to make Trump do as bad as they can possibly do... So they're raising that only for political reasons, and that's a raise against Trump," he complained.

While the Middle East crisis continues to weigh heavily on sentiment and oil prices above $100 a barrel, investors took some cheer from reports that Saudi Arabia is looking to return about half the capacity of its cross-country oil pipeline within days.

The East-West conduit was shut last week after Yemen's Iran-backed Houthis targeted it.

State-run Saudi Aramco said it was looking to get back up to full capacity in about six weeks, Bloomberg cited sources as saying.

The news sent crude prices tumbling around three percent Wednesday, and they extended the losses Thursday.

The Fed hike and Warsh's remarks also pushed the dollar higher against its peers and held the gains in early trade.

Eyes are now on decisions by the central banks of Britain and Japan, with the latter also expected to hike as it looks to fend off a rise in inflation and a weaker yen.

- Key figures at around 0230 GMT -

Tokyo - Nikkei 225: UP 0.1 percent at 63,966.87 (break)

Hong Kong - Hang Seng Index: DOWN 1.0 percent at 24,475.18

Shanghai - Composite: DOWN 0.5 percent at 3,874.00

West Texas Intermediate: DOWN 0.3 percent at $102.11 per barrel

Brent North Sea Crude: DOWN 0.2 percent at $105.66 per barrel

Dollar/yen: DOWN at 156.15 yen from 156.37 yen on Wednesday

Euro/dollar: DOWN at $1.1461 from $1.1464

Pound/dollar: DOWN at $1.3375 from $1.3377

Euro/pound: DOWN at 85.68 pence from 85.69 pence

New York - Dow: DOWN 1.2 percent at 51,461.90 (close)

London - FTSE 100: UP 0.3 percent at 10,688.47 (close)

The 134-kilometre (83-mile) Pinglu Canal took four years to build and links Nanning, in the southern manufacturing region of Guangxi, to the Gulf of Tonkin, flanked by China and Vietnam.

Goods from southwestern China previously had to be transported to the southern metropolis of Guangzhou in order to reach the sea, but the new canal will cut the journey by more than 560 kilometres, state news agency Xinhua said.

The canal will also reduce transport costs by 18 to 30 percent, and generate annual savings of more than five billion yuan ($745 million) in the sector, it added.

State broadcaster CCTV broadcast footage of the first barge to pass through the canal and aerial video of ships navigating its calm waters, describing the waterway as "the project of our century".

The canal "opens up the shortest, most economical and most convenient route" to Southeast Asia and will boost economic development, Xinhua said.

The new route is particularly important to rural parts of Sichuan, Chongqing and Yunnan, among others, which are less well-connected than more prosperous regions in eastern China.

Coal, ore, cereals, chemicals, agricultural produce and other materials will now be able to reach foreign markets more easily.

The bulk of the canal's construction work involved widening, deepening and modifying existing waterways, while a small section had to be excavated, Xinhua said.

The project, which began in August 2022, cost a total of 72.7 billion yuan, it added.

The Consumer Prices Index rose 3.1 percent in the 12 months to August, up from 2.9 percent the previous month, the Office for National Statistics said.

Higher inflation adds pressure on Prime Minister Andy Burnham and his finance minister John Healey to ease the cost of living for households ahead of the Labour government's budget update next month.

The Bank of England is forecast to maintain its benchmark interest rate at 3.75 percent on Thursday as the UK economy struggles for growth.

To tackle persistently high consumer prices, the US Federal Reserve is expected Wednesday to also lift borrowing costs, following a similar move by the European Central Bank last week.

With central bank interest rates on the rise -- and government bond yields reaching multi-decade highs in recent weeks -- Healey has pledged to maintain strict fiscal discipline.

But he has not been drawn on whether this means his budget on October 28 will include new tax rises.

Analysts expect inflation to rise towards the end of the year as higher energy costs feed through to bills further, with little sign of a deal to end the Middle East war.

"With the situation in the Middle East looking increasingly fraught, the expectation is that inflation will continue to climb higher until the end of the year at a minimum," said Richard Carter, head of fixed interest research at Quilter Cheviot.

"For the government, today's figures are a kick in the teeth for an administration that wants to make easing the cost of living its central mission," he added.

The development comes as Bangladesh Bank and the government have taken a series of measures since April to tackle financially weak banks, strengthen depositor protection, improve supervision, recover defaulted loans and establish a formal framework for restructuring, merging or resolving troubled financial institutions.

From April to September 2026, the authorities have moved towards a structured bank-resolution system instead of relying primarily on emergency liquidity support for troubled institutions.

The latest cumulative figures from Sammilito Islami Bank show continued customer transactions and fresh deposit inflows.

Between September 1 and 15, a total of 154,289 customer applications involving Tk 6,342 crore were submitted, while the bank disbursed Tk 2,438 crore to 60,752 customers, according to the bank's mid-month update.

Managing Director and Chief Executive Officer of Sammilito Islami Bank PLC Md. Abedur Rahman Sikder said the bank received deposits and other receipts amounting to Tk 2,020 crore between September 7 and 15, indicating a gradual return of customer confidence in the newly formed institution.

He said normal scheme transactions and regular deposits and withdrawals also continued during the period, with payments totalling Tk 1,330 crore involving around 90,000 customers.

Some customers who received approval for withdrawals did not collect the funds immediately and informed the bank that they would withdraw them later, he added.

Between September 7 and 15, he said, total cash withdrawals from the bank stood at Tk 3,568 crore, including the Tk 2,438 crore paid against customer applications.

At the same time, 1,27,281 customers deposited Tk 762 crore in cash during the period, while 60,233 customers transferred Tk 1,258 crore through the Bangladesh Electronic Funds Transfer Network (BEFTN) and Real-Time Gross Settlement (RTGS) channels.

The bank also opened 24,965 new accounts during the period, with new account holders depositing Tk 303 crore.

Bangladesh Bank Executive Director and spokesperson Arif Hossain Khan said restoring depositor confidence was a key objective of the resolution process.

He said Bangladesh Bank had provided Tk 5,000 crore to Sammilito Islami Bank to support its liquidity position and enable the newly formed bank to continue normal banking operations.

Khan said the authorities were closely monitoring the bank's operations and the repayment process, while the gradual normalisation of transactions was important for rebuilding confidence among depositors and customers.

The bank was created through the merger of First Security Islami Bank, Social Islami Bank, Union Bank, Global Islami Bank and EXIM Bank, five institutions that had suffered severe financial and governance problems.

The latest deposit and account-opening figures provide an indication of continued customer engagement with the new institution.

Bankers say the ability of the bank to meet withdrawal requests while attracting fresh deposits is an important part of restoring confidence.

Economists, however, say the repayment process is only one stage of the broader rescue programme and that sustainable recovery will depend on recovering bad loans, rebuilding capital and improving governance.

During the six-month period, the authorities also strengthened the legal foundation for dealing with distressed banks.

The Bank Resolution Act, 2026, enacted in April, gave Bangladesh Bank a formal mechanism to restructure, merge or resolve financially non-viable institutions.

Parliament subsequently passed amendments to the law in September to further strengthen the resolution framework. The authorities also strengthened protection for depositors during the period.

Under the new Deposit Protection Act, 2026, the maximum protected deposit amount was raised from Tk one lakh to Tk two lakh, providing greater protection for small depositors in the event of a bank failure.

Another major initiative during the six months was the establishment of the Bank Restructuring and Resolution Fund, designed to provide resources for resolving troubled institutions and reduce dependence on repeated government-funded bailouts.

Bangladesh Bank also accelerated Asset Quality Reviews (AQRs) to determine the actual financial condition of weak institutions.

Comprehensive reviews of six Shariah-based financial institutions contributed to the decision to restructure five troubled Islamic banks through the formation of Sammilito Islami Bank PLC.

The capital structure of the new bank was also arranged as part of the resolution process.

Sammilito Islami Bank has Tk 35,000 crore in paid-up capital, including Tk 20,000 crore in government capital support, while the remaining Tk 15,000 crore is being raised through conversion of certain deposits into shares.

The reform drive during the past six months has extended beyond commercial banks to non-bank financial institutions.

Bangladesh Bank identified nine financially distressed NBFIs for winding-up proceedings.

These institutions held approximately Tk 15,370 crore in deposits, including Tk 3,525 crore belonging to individual depositors. The authorities have indicated around Tk 5,000 crore for repayment to NBFI depositors.

At the same time, Bangladesh Bank has intensified its efforts to determine the true scale of non-performing loans.

The banking sector's classified loans have been reported at around Tk 6,06,555 crore in June 2026, accounting for 32.78 percent of the total outstanding loans, highlighting the scale of the problem that the reform programme has to address.

Bankers say the authorities' decision to recognise the actual condition of troubled institutions is an important change from the previous approach.

They argue that restoring confidence requires banks to become financially transparent and capable of recovering loans rather than relying indefinitely on regulatory concessions or liquidity assistance.

Economists have similarly stressed that the banking-sector crisis is fundamentally a solvency and governance problem in many institutions, rather than merely a shortage of liquidity.

They have called for stronger action to recover defaulted loans, prevent politically influenced lending and hold those responsible for financial irregularities accountable.

Distinguished Fellow of the Centre for Policy Dialogue (CPD) Professor Mustafizur Rahman said the officially reported NPL figures during the Awami League government did not fully reflect the actual condition of the banking sector.

“When the Awami League came to power in 2008, NPL stood at around Tk 22,000 crore. By 2024, the officially reported figure had risen to nearly Tk 2 lakh crore. However, while preparing the White Paper, we found that the actual amount was around Tk 6.5 lakh crore,” he said.

During the six-month period, the authorities have also moved towards risk-based supervision and preparation for implementation of the Expected Credit Loss (ECL) framework under IFRS 9.

The objective is to identify credit risks earlier and ensure that banks make adequate provisions against potential losses.

The government has also ordered forensic audits of the five banks merged into Sammilito Islami Bank to identify loan irregularities, fund diversion and other financial misconduct. The new bank has reportedly initiated around 10,000 legal cases for recovery of defaulted loans.

The progress made between April and September, however, should not be interpreted as the complete resolution of the banking crisis. The sector continues to face a large stock of bad loans, capital shortages and governance weaknesses.

The significance of the past six months is that the authorities have begun putting in place the institutional tools needed to address those problems.

The cumulative figures up to September 15 on withdrawals, deposits, fund transfers and new account openings provide an early indication of how Sammilito Islami Bank's resolution process is functioning in practice.

The next phase will determine whether this approach can be sustained through loan recovery, recapitalisation, stronger governance and orderly resolution of other weak banks and NBFIs.

For the past six months, therefore, the banking-sector reform process has shifted towards structured resolution, with Sammilito Islami Bank serving as its first major practical test case.

Markets are awaiting the US Federal Reserve's decision on Wednesday, after the European Central Bank announced an increase last week.

For the BoJ, which meets Thursday and Friday, suspense is limited: some of its members have themselves sent signals suggesting they will raise its key rate by 0.25 percentage points to 1.25 percent, the highest level in more than three decades.

The last hike was in June.

Pressure has increased on officials to lift borrowing costs as a spike in oil prices caused by the Middle East crisis, which shows little sign of ending anytime soon, is expected to keep putting upward pressure on inflation.

Meanwhile, the cheap yen is also driving up the cost of imported goods.

Inflation accelerated in July towards the two percent target set by the BoJ.

"A hike to 1.25 percent at the September policy meeting has already been priced in," Takehiko Nakao, Japan's former currency chief and former president of the Asian Development Bank, told AFP.

"In the face of advancing inflation, interest rates must be raised in a timely manner to contain it. If the response is delayed... you may end up having no choice but to raise rates sharply," he added.

This points to the prospect of further, closely spaced hikes as the war in the Middle East drags on.

"We expect inflation excluding fresh food and energy to rise further towards 2.5 percent by early next year," said Marcel Thieliant of Capital Economics.

"And if the government doesn't resume subsidies for electricity and gas, higher generation costs could lift headline inflation well above three percent," said Thieliant, who expects rates to hit two percent by mid-2027.

- Weak yen -

Central bankers are also minded to provide support to the yen, which fell in July to its weakest level against the dollar in 40 years, prompting a historic joint intervention in foreign exchange markets by the United States and Japan to provide support.

The unit had been weighed in particular by the wide gap between Japan's still low interest rates and those of the Federal Reserve, which encouraged investors to favour better-yielding dollar-denominated assets.

The "joint intervention in late July had a short-lived impact on the yen but has increased pressure on the BoJ to accelerate the pace of rate hikes", said Shigeto Nagai, an analyst at Oxford Economics.

"Financial markets appear to reflect the idea that the US Treasury secretary demands faster rate hikes in exchange for intervention," he said.

"The economic and political cost of disappointing markets and the US has become too big for the BoJ and government to ignore," he warned.

In an August conversation with BoJ Governor Kazuo Ueda, Bessent expressed "strong support for Japan's decisive market and monetary steps to address the substantial undervaluation of the yen".

After years of ultra-accommodative policy up to 2024, "the Bank of Japan's slow move toward normalising interest rates is a major factor behind the weak yen", said Nakao.

A weak yen tends to make imported goods more expensive, thus fuelling inflation. While it can strengthen the competitiveness of Japanese exporters, "the downside -- declining purchasing power weighing on consumption and investment -- is not sufficiently understood", warned Nakao.

Above all, to support the yen "it is important that the Japanese government reduce its outstanding debt and secure market confidence".

The fiscal policy of Prime Minister Sanae Takaichi, which favours a robust stimulus with higher public spending -- notably on defence and tax breaks -- is worrying investors.

The yield on Japan's 10-year government bonds climbed above three percent on Tuesday, its highest level since 1996.

Adding to market concerns was Japan's approval Tuesday of a drastic reduction in the sales tax on food, starting in April.

The Fed's Federal Open Market Committee, with its 12 voting members, will announce its decision after a two-day meeting on Wednesday at 2:00 pm (1800 GMT).

The world's largest economy has been dealing with years of higher-than-target inflation, and prices have surged in the wake of US President Donald Trump's war on Iran, his signature tariff policies and the ongoing AI boom.

The Fed has held rates steady since January, choosing to wait to gauge the effects of energy price shocks and to let the impact of tariffs on prices ripple through the economy.

At its last meeting in July, however, a quarter of voting members on the committee dissented from the decision to hold pat, calling for an immediate hike.

Since then, other policymakers -- including Fed Chair Kevin Warsh -- have hinted that if inflation does not meaningfully slow, the Fed may need to intervene.

On Friday, August's consumer inflation index came in at 3.4 percent -- unchanged from the month before, but still well above the Fed's long-term two-percent target.

The data fuelled market expectations of a rate hike at this week's meeting, with investors giving it a probability of more than 92 percent, as per CME's FedWatch tool.

"It is an about-face, but not a surprise. Inflation is still well above the two-percent target," said Diane Swonk, chief economist at KPMG.

"It has spread across the economy and is becoming embedded in consumer and firm behavior -- exactly what the Fed must prevent."

- Battling for credibility -

If policymakers vote to hike on Wednesday, it will be the first time the Fed has raised rates since 2023, when the central bank was still battling post-pandemic inflation.

Such a move will be sure to anger Trump, who has launched an unprecedented campaign to pressure the independent central bank to lower rates in order to spur economic activity.

The Trump administration launched a criminal probe against Warsh's predecessor Jerome Powell -- who the president regularly insulted and berated -- and is still trying to fire Fed Governor Lisa Cook.

On Tuesday, key Trump economic advisor Kevin Hassett advocated against a rate hike but said the White House would "understand and respect the decision" if that is what occurs.

Warsh was named to his position after a contentious Senate confirmation process, where Democratic lawmakers accused him of being a "sock puppet" for Trump, which he denied.

Now, analysts say, Warsh would prove his credibility by backing a rate hike that the US president is sure to oppose.

So far, Trump has supported Warsh despite not getting the rate cuts he has demanded, claiming that the Fed chair "wants" lower rates and accusing the board of being "political."

David Wessel, a senior fellow at Brookings, told AFP that if the Fed does deliver a rate cut, there is a chance that Trump intensifies those attacks.

"There's the risk that the administration will decide that Kevin's hand is being forced by some hawkish people on the committee, and so they'll redouble their efforts to get rid of some of them."

- 'Risks are real' -

Claudia Sahm, chief economist at investment firm New Century Advisors, said it was an "unfortunate" situation.

"You shouldn't have to prove yourself by inflicting Americans with higher mortgage rates. But it is kind of the reality of this situation," said Sahm, who previously worked at the Fed.

The Fed has a dual mandate to deliver maximum employment while keeping inflation to its long-term two-percent target.

It mainly achieves these goals by setting the key US interest rate -- lower rates tend to spur economic activity but fuel inflation, and hiking them cools both activity and prices.

"The risks of disproportionately hurting interest-rate-sensitive sectors or crystallizing a tightening in financial conditions amid a bond market selloff are real," said Gregory Daco, chief economist at EY-Parthenon.

"This is the debate policymakers will confront."

With inflation still running well above the central bank's target and the Middle East crisis keeping crude above $100 a barrel, monetary policymakers are widely tipped to lift borrowing costs for the first time since 2023.

That has dealt a heavy blow to a rally in global equities that saw several markets hit record highs in the first half of the year, and there is growing speculation that officials could announce another lift before the end of the year.

Fed boss Kevin Warsh last month ramped up bets on an increase when he delivered what was considered a hawkish speech at a gathering of central bankers and economists at Jackson Hole, Wyoming.

Since then, data showing strong jobs creation and stubbornly high inflation have cemented expectations, with traders pricing a more than 90 percent chance board members choose to tighten monetary policy.

Expectations that inflation will run hot for an extended time helped push up 10-year US Treasury yields this week above five percent and to a level not seen since 2007 before the global financial crisis kicked in.

"For traders, the most interesting part of the statement will be the vote, specifically how many of the 12 members (if any) vote to leave interest rates unchanged," wrote Matt Weller at FOREX.com.

"If there are three or more dissents, or if Chairman Warsh himself dissents (unlikely), then even an immediate interest rate hike may be seen as a potential one-off 'insurance hike', rather than necessarily the start of a new rate hiking cycle.

"Conversely, a unanimous decision to raise rates makes another interest rate hike this year more likely."

After a sell-off on Wall Street and in Europe, Asian equities staggered between gains and losses Wednesday, with tech firms still coming to terms with a call among top AI leaders for a slowdown in development in the sector.

Tokyo, Shanghai, Sydney and Manila fell, while Hong Kong, Singapore, Wellington, Taipei and Jakarta fell.

Seoul was flat.

The Fed announcement is followed Friday by the Bank of Japan, which is also expected to hike owing to rising inflation as well as the need to maintain support for the yen.

The currency has picked up against the dollar this month -- having hit a 40-year low in July -- helped by a historic joint Japan-US intervention.

But observers say it could benefit in the future from Fed struggles to rein in prices.

"Currency markets are still pricing in a consensus that US inflation will ultimately return to two per cent," said Invesco's David Chao.

"It is very possible that US inflation instead settles closer to three per cent.

"In such an environment where the central bank is seen as less credible in reigning in inflation, investors may become less willing to hold US dollars simply because US interest rates are higher."

The Bank of England is forecast to maintain its benchmark rate on Thursday as the UK economy struggles for growth.

A drop in oil prices Wednesday provided some optimism, though both main contracts remain well above $100 a barrel as the US and Iran remain at loggerheads and Saudi Arabia keeps a key pipeline closed following attacks.

Also in view, is a planned summit between US President Donald Trump and Chinese counterpart Xi Jinping, with reports that they could agree to some tariff reductions.

Bloomberg said the two sides were looking at reductions on some goods including US energy and agricultural products, suggesting they will extend a one-year truce agreed in 2025 following Trump's global tariff blitz.

- Key figures at around 0230 GMT -

West Texas Intermediate: DOWN 0.8 percent at $104.94 per barrel

Brent North Sea Crude: DOWN 0.4 percent at $108.30 per barrel

Tokyo - Nikkei 225: DOWN 0.1 percent at 63,396.00 (break)

Hong Kong - Hang Seng Index: UP 0.1 percent at 24,678.75

Shanghai - Composite: DOWN 0.3 percent at 3,852.83

Dollar/yen: UP at 155.32 yen from 155.09 yen on Tuesday

Euro/dollar: DOWN at $1.1537 from $1.1542

Pound/dollar: DOWN at $1.3473 from $1.3477

Euro/pound: DOWN at 85.63 pence from 85.64 pence

New York - Dow: DOWN 0.6 percent at 52,093.11 (close)

London - FTSE 100: DOWN 0.4 percent at 10,658.13 (close)

Carney convened the Canada Investment Summit as part of his push to diversify an economy he insists had grown too reliant on an increasingly protectionist United States.

The guest list for the event in Toronto included representatives of Gulf sovereign wealth funds, European banks, the China Investment Corporation, as well as Africa's richest man, Nigerian tycoon Aliko Dangote, along with US investors.

"Our goal is to catalyze CAN$1 trillion (US$720 billion) of investment in Canada over the next five years," Carney told the event, promising tax deductions and less red tape to make the country more attractive to foreign capital.

Carney said Canada had the reserves of critical minerals and clean energy that the world needs, calling these sectors the keys to "strategic autonomy," also highlighting plans to build a new pipeline that will help bring "one million barrels of low-emission Alberta oil per day to Asian markets."

"We are unleashing our full potential as an energy superpower," the prime minister said.

He said Canada would open its four largest airports to private investment, a controversial move rejected by previous governments, which Carney said could generate billions of dollars in public revenue.

The CEO of investment behemoth BlackRock, Larry Fink, told the summit that "if the Canadian government follows through with the plans that have been presented today...I do believe international capital will seek out these opportunities."

- 'Maybe they'll shoot you' -

In his opening address, hours after Trump imposed new tariffs on certain Canadian goods, Carney offered an optimistic view of future US relations.

"We will always be neighbors, and Canada will continue to be the US's most important partner in many key areas," he said.

He recalled that the two countries had always maintained close ties, "even at times of disagreement."

When conditions allow, Canada will resume US partnership, but from a "stronger" and more "independent" position, Carney said.

He then shared an anecdote about a visit to the White House last year, when Trump gave him an honorary key.

"He's like, 'Yeah, it's a key to the White House. You just bring it, they'll let you in,'" Carney told the audience.

"And then (Trump) says, 'Maybe they'll shoot you.'"

Trump's public treatment of Carney has varied wildly, with the president occasionally praising the Canadian leader before mocking him as the "governor" of a US state.

The prime minister said the key anecdote "sort of sums up the relationship that we have," indicating it can be unpredictable.

The summit closed with an address from former prime minister Stephen Harper, a Conservative who nevertheless has backed the Liberal's Carney posture towards Washington.

To preserve Canadian "sovereignty, we must pursue diminished reliance upon the United States," Harper said. "We cannot allow the Trump administration to hollow out our industrial capacities."

- Partners we can 'rely' on -

Carney later headed to Strasbourg, France, where he will become the first head of government to attend the State of the European Union address.

Closer ties with the EU are at the core of Canada's strategy to pivot away from the United States.

Carney has said he is seeking a "unique alliance" with the bloc and was pressed Tuesday for details on what that might include.

He said Canada and the EU intend to hammer out their future relationship at a summit next month in Montreal.

It's crucial for Canada to be "connected to partners on which we can rely," Carney said.

The equity market losses were compounded by another spike in oil prices after Saudi Arabia closed a key pipeline, while US inflation data did little to lower expectations the Federal Reserve will hike interest rates this week.

Chipmakers led the selling in Asia after Anthropic CEO Dario Amodei called Saturday for AI companies to "pace the frontier" -- or coordinate a slowdown in the technology's development -- to allow a better understanding of the risks arising.

Key among his concerns is so-called "recursive self-improvement", or when AI can build its own next generation.

"Left unchecked, it could outrun our ability to understand and control these systems, and so must be pursued very carefully, if at all," Amodei wrote.

His chief competitors OpenAI's Sam Altman and xAI's Elon Musk publicly supported him, with Musk saying "Dario is right".

The comments came after a researcher resigned from Anthropic over fears the technology could escape human control.

Another, who did not resign, stated publicly that "we really do earnestly believe AI could kill all humans", and that he thought the chances were greater than "10 percent within the next decade".

While US President Donald Trump voiced opposition to the remarks and House Speaker Mike Johnson said "we don't need everybody to panic right now", traders sold off their tech holdings Monday.

Tokyo-listed tech investment titan SoftBank plunged more than 12 percent, while chipmaker Kioxia shed more than seven percent and Advantest more than two percent.

South Korea's SK hynix and Samsung were also sharply lower.

Seoul's Kospi index led losses on broader markets, with Tokyo, Hong Kong, Shanghai, Taipei and Manila also lower.

There were gains in Sydney, Singapore and Wellington.

The selling was also being fuelled by expectations the Fed will increase borrowing costs Wednesday as it tries to combat stubbornly high inflation, which data showed last week remained well above the bank's two percent target.

The "Fed meeting sees the swaps market implying a 92% probability of a hike, with 50 basis points of cumulative tightening assumed by year-end", said Chris Weston at Pepperstone.

"Psychologically, a Fed hiking cycle rarely does risk assets many favours, particularly if both nominal and real Treasury yields are breaking to new highs and equity markets continue to find sellers into rallies."

And National Australia Bank's Rodrigo Catril added that the decision not to hike would "carry credibility risks and, with a hike almost fully priced, a disappointing hold could trigger a Treasury sell-off".

The likelihood of inflation coming down any time soon has been hit by the Middle East crisis as oil prices sit well above $100 a barrel.

Both main contracts jumped more than two percent Monday after Riyadh shut its East-West pipeline following drone attacks by Yemen's Houthi rebels, while a merchant vessel was struck in the Strait of Hormuz.

The Houthis have been cementing their hold on the Bab Al-Mandab strait, a vital shipping corridor linking Europe and Asia that has been used as an alternative to Hormuz.

The conflict sent average diesel prices in the United States above $6 a gallon on Friday for the first time, a shock increase for a key fuel in the transport and agriculture sectors.

Meanwhile, Oman said it had postponed talks between Iran and Gulf states on the future of the strategic waterway, a vital route for a large share of the world's seaborne oil trade.

- Key figures at around 0230 GMT -

West Texas Intermediate: UP 2.3 percent at $102.30 per barrel

Brent North Sea Crude: UP 2.2 percent at $106.93 per barrel

Tokyo - Nikkei 225: DOWN 0.8 percent at 63,498.61 (break)

Hong Kong - Hang Seng Index: DOWN 0.2 percent at 24,764.02

Shanghai - Composite: DOWN 0.2 percent at 3,878.88

Dollar/yen: UP at 153.85 yen from 153.71 yen on Friday

Euro/dollar: DOWN at $1.1588 from $1.1596

Pound/dollar: DOWN at $1.3518 from $1.3527

Euro/pound: DOWN at 85.72 pence from 85.73 pence

Brent crude for November delivery gained 2.8 percent to $107.54 a barrel, while US benchmark West Texas Intermediate for October rose 2.3 percent to $102.34.

Both contracts extended last week's gains after climbing back above the $100 threshold.

The market's focus remained firmly on the Middle East, where fresh security concerns threatened key export routes.

It came as Saudi Arabia temporarily shut its East-West pipeline following drone attacks, while a merchant vessel was struck in the Strait of Hormuz on Sunday killing one person and injuring three others, Iranian authorities said.

The strait was free to transit before the war, but Iran now requires vessels to obtain permission and is considering a mechanism to impose service fees.

Ships that do not comply are regularly targeted by Iranian strikes, while the United States periodically bombs the Iranian coastline to challenge the Islamic republic's control of the strait.

Oman has also postponed talks between Iran and Gulf states on the future of the strategic waterway, a vital route for a large share of the world's seaborne oil trade.

The reception was held on Saturday at the BCCCI Gulshan office for the students selected for the training programme at Zhejiang Agricultural Business College in China, said a press release.

Commerce Secretary Md. Ataur Rahman Khan, ndc, attended the programme as the chief guest.

He commended BCCCI President Mohd. Khorshed Alam for taking the initiative, describing it as a timely and exemplary effort to develop skilled manpower for Bangladesh's textile sector.

The commerce secretary said such private-sector initiatives could create valuable opportunities for practical learning and international technical exposure for Bangladeshi students.

He hoped the programme would serve as a model for strengthening industry-academia collaboration and help bridge the gap between academic learning and industrial requirements.

He also stressed the importance of skilled human resources, hands-on training and a business-friendly environment for enhancing Bangladesh's future industrial competitiveness.

Speaking at the programme, BCCCI President Mohd. Khorshed Alam said the initiative reflected the chamber's commitment to developing future textile professionals through international exposure and practical learning.

Drawing on his experience of visiting industries in 46 countries, he underscored the importance of adopting global best practices in clean production, workplace safety, energy efficiency and modern manufacturing technologies.

He urged the students to make the best use of their training in China and return with practical knowledge that could contribute to the modernisation and development of Bangladesh's textile and garment industry.

A documentary on the initiative was also screened at the programme, while the participating NITER students shared their expectations ahead of their departure for China.

NITER Director Ashikul Alam Rana, External Faculty of Zhejiang Agricultural Business College Md. Hamidur Rahman, BCCCI Secretary General, senior vice-presidents, vice-presidents, directors, chamber members, media representatives and distinguished guests attended the event.

The world's largest economy has been dealing with years of higher-than-target inflation, and prices have surged in the wake of US President Donald Trump's war on Iran, his signature tariff policies and the ongoing AI boom.

The Fed has held rates steady since January, choosing to wait to gauge the effects of energy price shocks and to let the tariffs' effects on prices ripple through the economy.

In recent weeks, however, several Fed policymakers -- including Warsh himself -- have hinted that if inflation does not show clear signs of slowing, the central bank will have to act by raising interest rates.

On Friday, new data on consumer inflation for August showed it remaining steady at 3.4 percent -- no change from the month before, but still well above the Fed's long-term two percent target.

Market expectations of a 25-basis-point rate hike on Wednesday surged in the wake of the data, with the probability at more than 85 percent according to CME's FedWatch tool.

The Fed last raised rates three years ago, when it was fighting surging inflation in the wake of the pandemic. They currently stand at between 3.50 and 3.75 percent.

Trump has railed against the Fed over interest rates since taking office for his second term, launching unprecedented attacks on the central bank's independence as he demands lower rates to spur economic activity.

The US president launched a criminal probe against previous Fed chair Jerome Powell, is attempting to fire another Fed governor and has even threatened to cut trade ties with certain countries if the Fed raised rates.

Warsh was appointed by Trump and analysts say this is his first real test since taking office: Will the Fed raise rates to combat inflation, or hold steady in line with what the White House prefers?

"This is the test. This is what comes with that job, and now he has to decide how to handle it," said David Wessel, senior fellow at the Brookings Institution.

"He's either going to completely disappoint the markets, or he runs the risk that he's going to start to anger Donald Trump."

The Fed's Federal Open Market Committee, with its 12 voting members, will announce its decision after a two-day meeting on Wednesday at 2:00 pm (1800 GMT).

- 'Costly medicine' -

"It's quite likely that the Fed will raise interest rates next week," said Claudia Sahm, chief economist at investment firm New Century Advisors who previously worked at the Fed.

But "it's not a done deal," she cautioned in comments to AFP. "This is a difficult decision for them to make."

Raising interest rates would increase borrowing costs across the board for the US economy, acting as a brake on further investment and consumption activity.

Sahm warned such a move was "not a magic wand and it is a costly medicine."

She said the Fed could still hold rates steady rather than administer that medicine, but it would have to explain its decision clearly to markets.

"If they surprise markets and they can't explain why they're surprising markets, then Wednesday afternoon will be pretty messy," she said.

Since taking office, Warsh has changed the way the Fed communicates about its decisions, advocating for less transparency into the process as he thinks it locks policymakers into courses of action that may need to be adjusted.

Investors have had mixed reactions to the cut in what is known as "forward guidance," with analysts saying it has introduced more uncertainty into how financial markets price in inflation and interest rate expectations.

Warsh has advocated in the past for lower interest rates due to expected productivity gains from AI technology, but in recent weeks he has doubled down on the Fed's mandate to bring inflation down.

"There's always been this doubt about whether Kevin Warsh is going to be like his predecessors and do what's right for the economy, even if it's politically inconvenient," said Wessel of Brookings.

"If he raises rates now and Trump goes ballistic, he will have established his credibility as an independent Fed chair for the rest of his term."

The program held yesterday aimed to familiarize members with the upcoming provisions of the Distressed Asset Management and discuss its implications for compliance, said a press release today.

Mohammed Showket Iqbal, Chairman, Seminar & Conference Sub Committee of ICSB, chaired the session. President of ICSB Mohammad Shahajahan was also present in the programme. 

Muzaffar Ahmed, former President of ICSB and Executive President of Credit Rating Information & Services Ltd presented the keynote paper.

ICSB President Mohammad Shahajahan in his welcome address underscored the importance of Professional Development in today's rapidly evolving regulatory landscape. 

He emphasized the need for professionals to remain abreast of the latest legislative to ensure effective compliance and informed decision-making.

Discussant A.T.M. Tahmiduzzaman, former AMD, United Commercial Bank PLC outlined key features of DAMA 2026, emphasizing the crucial role that chartered secretaries will play upon its implementation.

Md. Humayun Kabir, DMD & Company Secretary, Bengal Commercial Bank PLC identified several ambiguities within the proposed Act and recommended that ICSB should submit formal revision proposals to the relevant authorities.

Mohammed Showket Iqbal, in his sum-up session, discussed that the webinar has given a clear picture of the current situation of our banking sector and why DAMA 2026, has become an important topic. 

The event concluded with a vote of thanks delivered by Md. Shahid Uddin, Member Secretary of Seminar & Conference Sub Committee (SCSC). 

After a rollercoaster week for markets, bonds and energy, driven by a sharp escalation in the US-Iran war, US consumer inflation was unchanged at 3.4 percent in August, in line with analyst expectations -- and well above the Fed's two percent target.

It came a day after the European Central Bank raised eurozone borrowing costs, citing the effects on energy costs from a Middle East conflict that has broadened in the past days following an offensive by the Iran-backed Houthis in Yemen.

Cresset Capital Management's Jack Ablin pointed to relief that the inflation figures weren't worse.

"It came in as expected," Ablin said. "Investors are resigned to the fact that the Fed is going to raise rates next week."

Yields on long-term US Treasury bonds remained fairly high, but major Wall Street indices won solid gains after four straight negative sessions.

"It's a little frosting on an otherwise rancid cake," Ablin said.

European stocks also closed higher, with Paris and Frankfurt both finishing up 0.8 percent after a volatile week.

Patrick O'Hare, chief market analyst at Briefing.com, however said that "arguably, the market has already been absorbing the likelihood of a rate hike" through the past week's sell-off.

Any increase would put Fed chairman Kevin Warsh on a collision course with President Donald Trump, who has launched an unprecedented campaign against the Fed's independence, demanding policymakers lower interest rates to spur economic activity.

"With the labor market still resilient and monthly core inflation firming, the Fed will find it harder to avoid a hike next week. Markets are pricing around a 90 percent probability, giving policymakers room to act without catching investors off guard," said eToro US Investment Analyst Bret Kenwell.

While oil prices retreated Friday, they remain at levels deemed far too high by central banks hoping to keep inflation pressures from becoming entrenched in the wider economy -- especially with the Houthis cementing their hold on the Bab Al-Mandab strait, a vital shipping corridor linking Europe and Asia.

Average diesel prices in the United States climbed above $6 a gallon on Friday for the first time, a shock increase for a key fuel in the transport and agriculture sectors -- and a potential headache for Trump ahead of November's midterms.

Brent oil also almost touched $110 per barrel on Friday, its highest level since May, but fell back after the International Energy Agency slashed its forecast for global oil demand this year, citing the recent escalation in the Middle East war and resurgent energy prices.

Asian stocks slumped across the board in the wake of Thursday's heavy selling, with AI and other heavily indebted tech stocks hit as bond yields soared.

- Key figures at around 2015 GMT -

Brent North Sea Crude: DOWN 2.8 percent at $104.61 per barrel

West Texas Intermediate: DOWN 2.4 percent at $100.05 per barrel

New York - Dow: UP 1 percent at 52,561.82 points

New York - S&P 500: UP 1.1 percent at 7,672.09

New York - Nasdaq: UP 1.3 percent at 26,425.54

London - FTSE 100: UP 0.4 percent at 10,650.44 (close)

Paris - CAC 40: UP 0.8 percent at 8,179.77 (close)

Frankfurt - DAX: UP 0.8 percent at 25,568.56 (close)

Tokyo - Nikkei 225: DOWN 1.9 percent at 64,011.34 (close)

Hong Kong - Hang Seng Index: DOWN 0.6 percent at 24,805.63 (close)

Shanghai - Composite: DOWN 1.2 percent at 3,888.11 (close)

Dollar/yen: DOWN at 153.71 yen from 154.42 yen on Thursday

Euro/dollar: DOWN at $1.1596 from $1.1612

Pound/dollar: UP at $1.3527 from $1.3512

Euro/pound: DOWN at 85.73 pence from 85.93 pence

Ben Delo said in a Daily Telegraph newspaper article he had given Reform the record sum because it lacked the long-term financial backing of its more established rivals, ruling centre-left Labour and the centre-right Conservatives.

"Unlike the people who express mock concern for the health of 'our democracy' while doing everything they can to keep it as a cartel, I want a fair fight and a level playing field," he wrote.

Delo, co-founder of the BitMEX cryptocurrency exchange, said he wanted to give Reform £1 million a month until the next general election -- due by mid-2029 -- and so had "front-loaded these donations" into a single £36-million payment.

The 42-year-old, who pleaded guilty in the United States in 2022 to violating the Bank Secrecy Act but was pardoned by President Donald Trump in 2025, said the gift was to help the party "get ready for government".

The crypto-magnate had already given Reform £4 million in two payments in January and March, according to data from Britain's election watchdog.

Delo is based in Hong Kong but has vowed to relocate back to Britain ahead of a planned cap on donations from foreign donors proposed by Labour.

His latest gift smashes the previous reported record for a single donation from a living person to a UK political party, set last year by another crypto-billionaire, Christopher Harborne, who gave Reform £9 million.

The record for a bequest remains the £10 million left to the Tories by the late British businessman and politician John Sainsbury in 2022.

Founded in 2021 from the remains of Farage's pro-Brexit campaign, anti-immigration Reform had topped national opinion polls since early last year but has seen its lead slip to Labour in recent months amid multiple funding controversies.

Prime Minister Andy Burnham replacing Keir Starmer in Downing Street in July is also seen as having rejuvenated the ruling party's prospects.

News of the mega-donation to Reform comes just days after police confirmed they had widened a criminal investigation into allegations it accepted illegal donations following fresh claims last week.

That announcement increased pressure on Farage, who has endured months of intense scrutiny over his party's financial arrangements as well as a separate £5-million gift to him from Harborne.

Farage has insisted the money was for his security. Parliament's corruption watchdog is investigating the payment.

The Reform leader, who has consistently denied any wrongdoing, told The Telegraph he was "honoured and humbled" that Delo had "shown such confidence" in the party.

He presented Bangladesh's energy outlook while participating in the 15th LNG Producer-Consumer Conference 2026 at a hotel here.

The conference was held under the theme "Advancing LNG for the Future: Resilience and Reliability."

The state minister stressed the importance of reliability, diversification, affordability and flexibility in ensuring modern energy security.

He said energy security could no longer be viewed simply in terms of the availability of energy, as geopolitical changes, supply disruptions and instability in global fuel markets have created new challenges.

Highlighting Bangladesh's energy situation, Amit said fuel consumption was rising rapidly due to population growth, industrialisation, urbanisation and increasing electricity demand.

Although natural gas remains a key fuel for power generation, fertiliser production, industries and commercial activities, domestic production is insufficient to meet the growing demand, he said.

As a result, imported liquefied natural gas (LNG) has become an increasingly important part of the country's gas supply system.

The state minister said Bangladesh currently receives around 1,100 million cubic feet of LNG per day through two floating storage and regasification units (FSRUs), while the country's annual LNG demand stands at nearly 7 million tonnes.

To meet the growing demand, necessary infrastructure expansion work is progressing rapidly, he said.

Under the plan, an additional FSRU with a capacity of 600 million cubic feet per day is expected to be launched in Maheshkhali by 2028, while a land-based LNG terminal with a capacity of 1,000 million cubic feet per day is planned for Matarbari by 2030.

Bangladesh also plans to increase its LNG supply by an additional 3 to 4 million tonnes per annum between 2026 and 2030, with the volume projected to reach 17 to 18 million tonnes per annum during 2031-2040.

On supply diversification and international investment, Amit said Bangladesh was procuring LNG from multiple sources through government-to-government agreements, requests for quotation and direct procurement.

He said the government had adopted transparent and investment-friendly policies to attract international investors to the sector.

The state minister emphasised the importance of mutual participation and international cooperation in building a safe, reliable, cost-effective and sustainable energy future.

He said Bangladesh would continue working with friendly countries and international partners to strengthen long-term energy security.

According to the latest statistics of Bangladesh Bank, 50 banks were operating sub-branch activities as of June 30, 2026. 

The number of sub-branches rose from 4,992 at the end of March 2026, with 30 rural and 19 urban sub-branches opened during the quarter, while eight were closed or merged.

The share of rural sub-branches increased slightly to 49.5 percent from 49.4 percent in March, indicating a gradual expansion of banking services outside urban centres.

Deposits mobilised through sub-branches recorded stronger growth than the overall banking sector. Outstanding deposits rose to TK 84,263 crore in June from TK  79,717 crore in March, registering 5.7 percent growth against 2.4 percent growth in total banking-sector deposits.

The share of sub-branch deposits in total banking-sector deposits also increased to 3.8 percent from 3.7 percent. 

Meanwhile, the number of deposit accounts increased by 5.9 percent to 8.97 million from 8.47 million.

The statistics, however, showed a decline in lending through sub-branches. Outstanding loans and advances fell 7.7 percent to TK 20,602 crore in June from TK 22,309 crore in March, while overall banking-sector loans and advances grew 1.4 percent during the period.

Despite the decline in overall sub-branch lending, the rural share of loans increased to 35.8 percent from 31.8 percent. The share of loans going to women also edged up to 14.7 percent from 14.0 percent.

The number of loan accounts declined by 5.3 percent to 240,010 in June from 253,512 in March. Women's share of loan accounts, however, increased to 18.9 percent from 18.3 percent.

Dhaka district had the highest number of sub-branches, with 1,007, followed by Chattogram with 470, Cumilla 218, Narayanganj 170 and Gazipur 168.

Among banks, IFIC Bank PLC operated the highest number of sub-branches at 1,224, followed by NRB Commercial Bank PLC with 688, Dutch-Bangla Bank PLC 350, Pubali Bank PLC 281 and Islami Bank Bangladesh PLC 271.

Bangladesh Bank introduced a policy for operating banking booths in 2018. These banking booths were subsequently recognised as sub-branches in 2019, while detailed terms and conditions for banking operations through sub-branches were outlined in 2023.

The central bank's Statistics Department collects data on sub-branch operations, including deposits, advances and location-specific information, to maintain a comprehensive database of scheduled banks' sub-branch activities.

The approvals were given at the 43rd meeting of the Cabinet Committee on Government Purchase (CCGP) held at the Cabinet Division in the city with Finance Minister Amir Khosru Mahmud Chowdhury in the chair.

The committee approved three separate proposals involving the procurement of 30,000 tonnes of Muriate of Potash (MoP), 40,000 tonnes of Di-ammonium Phosphate (DAP) and 40,000 tonnes of granular urea.

Under the first proposal, the Ministry of Agriculture will procure 30,000 tonnes of MoP fertilizer from Belarus through local agent M/S Suphala Trading Corporation.

The procurement will cost  at a rate of $398.97 per tonne.

The committee also approved the import of 40,000 tonnes of DAP fertilizer from Morocco under a government-to-government agreement between the Ministry of Agriculture, Bangladesh Agricultural Development Corporation (BADC) and OCP NUTRICROPS, S.A.

The procurement, which is the second lot under the agreement, will cost around TK 439.86 crore at $889.33 per tonne.

Besides, the Ministry of Industries received approval to import 40,000 tonnes of bulk granular urea from SABIC Agri-nutrients Company, Saudi Arabia, as the fourth lot for meeting fertilizer requirements in the 2026-27 fiscal year.

The urea procurement will cost around TK 193.71 crore at $391.66 per MT.

The CCGP reviewed a total of 18 procurement proposals at today's meeting.

Two proposals concerning the import of phosphoric acid for DAP Fertilizer Company Ltd and TSP Complex Limited (TSPCL) were withdrawn from the agenda at the request of the Ministry of Industries.

The approvals were given at the 43rd meeting of the CCGP held at the Cabinet Division in the city with Finance Minister Amir Khosru Mahmud Chowdhury in the chair.

The Ministry of Commerce placed the proposals as part of the government's efforts to ensure adequate supplies of essential commodities for TCB's subsidised and open-market sales programmes.

Under the first proposal, the CCGP approved the import of 9,000 tonnes of chickpeas through an international open tender. Aust-Grain Exports PTY LTD of Australia was selected as the supplier.

The total procurement cost has been estimated at TK 76.22 crore, with the unit price fixed at TK84.67 per kilogram.

The committee also approved the procurement of 10 million litres of refined rice bran through the Local Open Tender Method (LTM).

The oil will be supplied to TCB in 2-litre PET bottles for distribution through open-market sales. The total cost of the procurement is TK181.50 crore, with the unit price set at TK181.50 per litre.

Four local suppliers will provide the oil. Green Oil & Poultry Feed Industries and Prodhan Oil Mills Limited will each supply 2 million litres, while Majumder Bran Oil Mills Ltd. and Majumder Products Ltd. will each supply 3 million litres.

The approved procurements are expected to help maintain adequate stocks of essential food items and support the government's efforts to keep prices stable, particularly for lower-income consumers.

The country received US$5.78 billion in remittances during the corresponding period of FY2025-26, meaning inflows increased by around US$950 million in the period under review.

The latest figures also showed a positive trend in September. Bangladesh received US$133 million in workers' remittances on September 8 alone.

During September 1-8, expatriate Bangladeshis sent home US$904 million, compared with US$881 million during the same period of September 2025, registering a 2.7 percent increase. The strong growth in remittance inflows is providing continued support to the  country's foreign exchange reserves and external-sector stability.

Two preventive teams of the Directorate detected the evasion during the raids in two showrooms of the company on yesterday, a NBR press release today said.

After examining the seized documents, the VAT authorities initially estimated the revenue evasion of around Taka two crore. The company has verbally agreed to pay the evaded revenue, the press release said.

The directorate had earlier conducted a field-level survey to identify VAT evasion by businesses operating on online platforms.
As part of the initiative, several online businesses, including Alpha e Shop were brought under investigation.

Alpha e Shop imports and sells various expensive branded fans, decorative fans, lighting products, chandeliers, electronics, air conditioners and televisions, besides purchasing and selling products locally.

The company also provides complete office and home interior design services through its own interior design team.

The company uses Facebook and other social media platforms to attract customers and sells products through advertisements featuring social media influencers, similar to practices followed by apparel brands.

During the raids, the VAT intelligence teams seized commercial documents related to the company's purchase and sales activities from its two showrooms.

Further examination of the collected documents is underway, and legal action will be taken in accordance with the relevant laws, the NBR said.

The approvals were given at the CCEA meeting held at the Cabinet Division in the city with Finance Minister Amir Khosru Mahmud Chowdhury in the chair.

The proposal was submitted by the Local Government Division.

Chattogram, the country's second-largest city and a major commercial and industrial hub, generates a substantial volume of municipal solid waste every day. 

Waste management has remained a key challenge for the Chattogram City Corporation, particularly in terms of collection, disposal and the availability of suitable landfill space.

A Waste-to-Energy project under the PPP framework is expected to address waste-management challenges while generating electricity from municipal waste, helping reduce the volume of waste requiring disposal and contributing to cleaner urban development.

After achieving a historic surplus in 2025, China's trade has continued to boom this year, thanks largely to heightened overseas demand for semiconductors, computing hardware and other products linked to the artificial intelligence boom.

Exports spiked 25 percent year-on-year, the General Administration of Customs said, accelerating from July's 23.9 percent growth, though the increase was just short of the 25.9 percent forecast in a Bloomberg survey of economists.

Imports swelled 28.2 percent, which was faster than July's 27.5 percent but less than the 31.0 percent estimated in the Bloomberg survey.

Strong trade has represented a key lifeline for the Chinese economy in recent months, as domestic activity has been mired in the doldrums.

New growth this year has come from the global AI sector, adding to strengths in other areas including electric vehicles, consumer goods and industrial equipment.

In January through August, the value of China's exports of computers and related parts surged 49.4 percent, the customs data showed.

"China continues to rely on the exporters to support the economy," wrote Zhiwei Zhang, president and chief economist at Pinpoint Asset Management.

But soaring surpluses with several key trading partners has also become a political issue, as officials overseas argue that waves of Chinese imports are crowding out local competition.

"The US government made it clear at the G20 meeting that they are concerned about this (trade imbalance) issue," Zhang wrote.

Shipments to the United States climbed 34.4 percent year-on-year last month, compared with the 17 percent increase seen in July.

The latest figures come before Xi and Trump's expected high-stakes summit in Washington this month.

Last year's global tariff onslaught unleashed by the US president sparked renewed turmoil in the countries' trade relationship.

Sky-high levies imposed by Washington and matched by Beijing were tentatively relaxed late last year, after a move by China to severely restrict flows of rare earths to the United States.

Despite the turbulence to global trade last year, China achieved a record $1.1 trillion surplus.

Strong growth in exports to the European Union, Southeast Asia and Africa helped offset a steep drop in shipments to the United States, which were hit by the tariff war.

Exports spiked 25 percent year-on-year and imports jumped 28.2 percent, the General Administration of Customs said.

The Japanese unit has enjoyed a much-needed rally over the past week amid expectations the central bank will speed up its pace of monetary tightening in the face of surging inflation.

With some observers even predicting back-to-back hikes, the yen has climbed more than four percent against the greenback, with Monday's gains said to be helped by thin liquidity as US markets were closed for a holiday.

A historic joint intervention by authorities in Japan and the United States at the end of July sent the currency surging from a four-decade low of almost 164 per dollar but began weakening until last week, when traders began snapping it up again.

On Tuesday it briefly hit 152.89 and within distance of the 152.10 touched in February, its highest this year.

While a BoJ hike is widely expected, investors will be keeping a close eye on US consumer price data on Friday, which could be the deciding factor in the Federal Reserve decision-making on its own rates.

Blockbuster US jobs figures last week have pushed up bets on a Fed increase -- the CME Group's FedWatch tool factoring a more than 60 percent chance of such a move.

A spike in oil prices back towards $100 -- stoked by a recent flare-up in the Middle East crisis -- is adding to pressure on the US central bank, with average diesel prices in the United States hitting a record high Monday, according to the motorists' association AAA.

"The market is staring down a Fed hike, a live inflation debate, oil near triple digits, the risk of further Japanese tightening, possible capital repatriation back to Japan, renewed tariff threats against Canada," said Stephen Innes at Quintex Intel.

On the consumer price index, he added: "A soft print keeps the story manageable: resilient growth, sticky but cooling inflation, and a Fed that can still afford to wait.

"A hotter print lands very differently because oil is now moving in the wrong direction at exactly the wrong moment."

The prospect of higher US rates was also weighing on equity sentiment, though the tech sector was unaffected, with firms again enjoying healthy buying.

South Korean chipmakers SK hynix and Samsung led the way, piling on four percent and 2.5 percent respectively, while Japan's Kioxia, SoftBank and Advantest were also well up, as was Taiwan's TSMC.

That helped the Kospi in Seoul tag on around two percent though gains on the Nikkei in Tokyo were tempered by losses among exporters hurt by the strong yen.

Taipei, Shanghai, Manila and Jakarta were also higher, but there were losses in Hong Kong, Sydney, Singapore and Wellington.

Investors are looking ahead to earnings from tech titan Oracle on Thursday, which will be scoured for a fresh idea about the outlook for the AI boom.

- Key figures at around 0230 GMT -

Tokyo - Nikkei 225: UP 0.1 percent at 66,445.13 (break)

Hong Kong - Hang Seng Index: DOWN 0.6 percent at 25,271.53

Shanghai - Composite: UP 0.4 percent at 3,946.64

Dollar/yen: DOWN at 153.24 yen from 154.24 yen on Monday

Euro/dollar: DOWN at $1.1627 from $1.1632

Pound/dollar: DOWN at $1.3540 from $1.3544

Euro/pound: DOWN at 85.88 pence from 85.90 pence

West Texas Intermediate: UP 1.1 percent at $92.44 per barrel

Brent North Sea Crude: UP 0.1 percent at $97.11 per barrel

New York - Dow: Closed for a public holiday

London - FTSE 100: DOWN 0.1 percent at 10,822.13 (close)

The Chinese commerce ministry announced in January an anti-dumping investigation into dichlorosilane imported from Japan -- a major global supplier of the chemical used to manufacture semiconductors.

The probe came at a time of heightened diplomatic tensions between the Asian giants after Japanese Prime Minister Sanae Takaichi suggested Tokyo may intervene in an attack on the island of Taiwan, which Beijing claims as its territory.

The Chinese commerce ministry said on Monday that "preliminary evidence showed the investigated imports from Japan were involved in dumping, and the domestic dichlorosilane industry suffered substantial damage".

As a result, the ministry said it would implement "temporary anti-dumping measures in the form of a security deposit" beginning Tuesday.

Japanese firms must pay the extra fee, calculated using an assigned deposit collection rate, to China's customs authority.

All Japanese firms are subject to a rate of 99.2 percent, with the exception of Tokyo-based Denal Silane, which was given a rate of 80.8 percent.

A spokesman for Japanese chemical conglomerate Shin-Etsu Chemical told AFP the firm was studying the measure.

He declined to discuss financial details about the exports of the product, but said "it represents a very small portion of our business (and) should have no material impact on our overall business".

Minoru Kihara, the Japanese government's chief cabinet secretary, told his daily media briefing that Tokyo would "appropriately respond to China's export control measures".

"Japan has lodged a strong protest and is formally requesting that these measures be withdrawn," he added.

The Chinese commerce ministry did not say how long the imported chemical would be subject to deposits, or when it would announce a final ruling.

The angry social media post marks the second stunning potential move by the US leader this year against the manufacturer, which has thousands of its aircraft currently operating in US airlines' domestic fleets.

And it comes on the eve of Canada imposing retaliatory tariffs on a range of US goods beginning Tuesday.

"No more selling Bombardier in the United States!" Trump posted in all caps on his Truth Social platform, although he did not specify how he would achieve a sales halt.

"If they want our Market, they must build here, and stop treating America like a 'piggybank.'"

"Canada blocks our GREAT American Banks, and Companies" from doing business there, Trump added. "That Era is OVER!"

The US market accounts for more than half of Bombardier's revenue, Trump said.

Bombardier responded in a statement Monday by saying it creates tens of thousands of jobs across the United States "through the company's growing American footprint as well as within its supply chain made up of approximately 2,800 American companies across 47 states."

"The American aerospace industry is a clear winner on trade and exports," it said. "Bombardier is a strong contributor to the sector."

The Canadian corporation went on to say that its aircraft "are built with American-made components such as engines, avionics and many more key systems provided by great American companies" and that it plans to inaugurate a new facility in Fort Wayne, Indiana, later this year.

- Threats to decertify -

Back in January, furious over what he said was Canada's refusal to grant certification to new models of US-made Gulfstream jets, the president threatened to decertify Bombardier planes in the United States and impose a 50-percent tariff on Canadian aircraft.

Those threats apparently were never carried out, but Trump said Canada quickly certified Gulfstream planes the following month because of his intervention.

Trump's social media post Monday signaled continued acrimony over Bombardier, amid a broiling bilateral tariff fight.

Even if Trump sought to follow through on his latest threat, it remained unclear how it would happen. The Federal Aviation Administration, not the White House, is the US agency that certifies or decertifies aircraft in the country.

Bombardier models remain US certified and the company is currently exempt from US tariffs.

Last month, as trade negotiations collapsed, Trump slapped 50-percent tariffs on some $20 billion worth of Canadian products ranging from hockey sticks to cement.

Canada announced it is imposing retaliatory tariffs on a similar amount of US products beginning early Tuesday.

The duties of 15 percent, 25 percent and 50 percent will apply to imports from the United States covering steel and aluminum products as well as dairy goods like cheese.

Negotiations between the two sides broke down late last month after days of meetings in Washington, with Canadian Prime Minister Mark Carney saying he decided to suspend the trade talks.

At the time, Carney said the Trump administration's terms were ultimately unacceptable, and that US negotiators had introduced restrictions on Canadian trade deals with other countries at the eleventh hour.

US officials also made unacceptable "threats" to the French language and "Quebec culture," he added, referencing the French-speaking province in eastern Canada.

Ottawa and Washington have not resumed negotiations since, and have continued trading barbs.

The inflation rate declined by 0.06 percentage point month-on-month while it stood at 8.29 percent in August last year.

The decline was mainly driven by lower food inflation, which fell to 7.02 percent in August from 7.16 percent in July and 7.60 percent a year earlier.

However, non-food inflation increased to 9.32 percent in August from 9.28 percent in July and 8.90 percent in August 2025.

According to the BBS data, overall inflation in rural areas fell to 8.31 percent in August from 8.36 percent in July. Rural food inflation declined to 7.01 percent while non-food inflation rose to 9.59 percent.

In urban areas, overall inflation eased to 8.20 percent in August from 8.24 percent in July. Urban food inflation stood at 7.04 percent, while non-food inflation was recorded at 8.97 percent.

Meanwhile, the national wage growth rate also moderated slightly in August. 

The point-to-point growth in the national wage rate index stood at 8.05 percent, compared with 8.22 percent in July and 8.15 percent in August last year.

In August, wage growth stood at 8.07 percent in agriculture, 7.97 percent in industry and 8.25 percent in the services sector.

Among the three major sectors, the services sector recorded the highest wage growth during the month.

According to the latest remittance data, the country received $201 million on September 6 alone.

Cumulatively, Bangladesh received $6.462 billion in remittances from July 2026 to September 6, 2026, compared with $5.416 billion during the same period a year earlier, registering 19.3 percent year-on-year growth.

The latest figures indicate that remittance inflows have continued their strong momentum in the current fiscal year, providing support to the country's foreign-exchange reserves and external-sector stability.

The meeting was held at the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) office in the capital, said a press release.

The two sides discussed expanding bilateral trade, partnership in the energy sector and recent policy reforms in Bangladesh.

During the meeting, the US Ambassador raised the issue of floating LNG terminal (FSRU) projects and said maintaining a transparent and competitive environment in major infrastructure initiatives would further strengthen confidence among foreign investors.

He said US companies are highly interested in operating in Bangladesh and stressed ensuring fair opportunities for open competition.

In response, Muktadir welcomed US investors and said proposals from US companies would receive the highest priority if they demonstrate their capacity to deliver FSRUs within the shortest possible time.

He said presenting an effective supply plan within a short timeframe would strengthen their position in the bidding process.

On the import policy, the ambassador appreciated several positive changes introduced in the new policy while noting that some provisions could be made more business-friendly.

The import policy is an ongoing process and necessary reforms are being reviewed regularly in line with market conditions and economic realities, the commerce minister said.

The minister also highlighted the government's decision to remove the longstanding requirement for foreign companies to appoint local agents for procuring strategic equipment.

He said the move has created scope for direct dealings with manufacturers, enhancing transparency and curbing the influence of intermediaries.

On energy cooperation, Ambassador Christensen described the agreement with international energy supplier Gunvor Group, one of the world's largest independent energy commodities trading companies, as a positive step.

The commerce minister assured him that the government is working with the protection of national interests as its highest priority and would continue to do so in the future.

Secretary of the Ministry of Industries Abdun Naser Khan, Joint Secretary of the Ministry of Commerce Md Mustafizur Rahman and Economic Chief of the US Embassy Angelo Palazzolo attended the meeting.

Both sides expressed optimism that regular discussions of this nature would help take Bangladesh-US commercial relations to a new level in the days ahead.

The two weighbridges, installed at the main gates of the old and extensionzones of Dhaka EPZ, will enable accurate measurement and digital recording of the weight of goods transported by containers, covered vans, and othervehicles entering and exiting the zones. This will further strengthen the effective monitoring of goods transportationand commercial activities.

The installation of weighbridges will enhance transparency and accountabilityin measuring goods imported and exported under bonded facilities. At the same time, it will improve the accuracy of information on goodsentering and exiting the zones, ensure proper utilization of imported raw materials, and strengthen the monitoring of bonding activities. The system will also contribute to maintaining discipline in commercialoperations and safeguarding revenue.

Following Dhaka EPZ, BEPZA is progressing with the installation of similarmodern weighbridges at Chattogram EPZ, Adamjee EPZ, Cumilla EPZ, and Karnaphuli EPZ. Weighbridges will be installed gradually across all BEPZA-runzones. Executive Director of Dhaka EPZ Mohammad Abdul Jabbar, Executive Director(Security), BEPZA Lieutenant Colonel Md. Mohseen Hasan, Assistant Commissioner of Customs, Dhaka EPZ and representatives of the enterprises ofthe EPZ were present at the event.

"We have sought clear opinions and recommendations from private-sector entrepreneurs and business leaders to make the existing company law modern and business-friendly," he said.

The minister was addressing a consultation meeting on the proposed amendments to the Companies Act, 1994, held at the FBCCI office in Motijheel as the chief guest.

He urged business leaders to take 30 to 60 days, if necessary, to thoroughly review the draft law and provide their recommendations.

Muktadir said updating the Companies Act, 1994, in line with contemporary needs has become essential.

The proposed draft has been prepared drawing lessons from successful models and experiences of developed and efficient economies, including Singapore, he said.

"There is no need to be impatient in conducting economic activities and taking decisions. The business community will be the main beneficiary of the new law," he continued.

The government only frames regulations, while the private sector drives the core economic activities, he added.

The minister described the private sector as the main driving force of the country's economy and stressed the importance of formulating effective and timely laws for businesses.

He said the government would give due importance to the views of businesspeople in amending the company law.

"The country's economy is passing through a period of transition. We have to move forward patiently with proper planning. The government and the private sector must work together to build a strong economic foundation for the future," he said.

Addressing the business community, Muktadir said the private sector would ultimately implement the company law in practice.

"Therefore, the law should be amended in such a way that entrepreneurs can conduct their businesses easily, normally and comfortably," he said.

The minister said the government has set several policy targets and parameters to address the challenges Bangladesh will face during the three years following its graduation from the Least Developed Country (LDC) category.

"Amending the company law is an important part of this process," he added.

FBCCI Administrator Fazlul Haque chaired the meeting while former MCCI President Barrister Nihad Kabir presented the keynote paper.

BGMEA President Mahmud Hasan Khan, BKMEA President Mohammad Hatem, DCCI President Taskeen Ahmed, BTMA President Shaukat Aziz Russell and Bangladesh Chamber of Industries (BCI) President Anwar-ul Alam Chowdhury Parvez, among others, attended the meeting.

Business leaders and representatives from different industrial sectors were also present.

The new website has been developed as part of the securities regulator's initiative to modernise its existing online platform and make information and services more accessible and user-friendly.

According to a BSEC press release, the website was developed under the leadership of BSEC Chairman Masud Khan and supervision of Commissioner Tanvir Habib Rahman, with the initiative taken by the commission's IT Division and technical assistance from a technology partner.

Through the new website, users will be able to easily access BSEC's laws and regulations, enforcement actions, press releases, tender notices, important office orders, lists of registered stakeholders, IPO/RPO prospectuses and other commission-related information.

Investors, capital market participants and general service recipients will also be able to obtain necessary information about various BSEC services and related matters more quickly and conveniently, the release said.

The website has been developed in line with modern websites of renowned securities market regulators worldwide.

It features enhanced cybersecurity, a modern and user-friendly interface, and facilities for easy access to information and services.

The commission expects the new website to play an important role in ensuring greater transparency and accountability in the capital market, facilitating the smooth flow of information and expanding investor-friendly services.

The new website is available at https://sec.gov.bd.

The BSEC said its previous website will remain closed.

The central bank announced the decision through FE/PD-1 Circular No. 33, issued today by its Foreign Exchange Policy Department-1.

According to the circular, authorised dealers (ADs) may now release foreign exchange to an adult Bangladeshi national residing in Bangladesh for overseas travel during a calendar year up to $18,000 or its equivalent.

“With a view to facilitating genuine travel-related foreign exchange requirements of Bangladeshi nationals and considering the evolving needs of international travel, Bangladesh Bank decided to enhance the annual travel entitlement,” the circular said.

However, the foreign exchange entitlement for minors below 12 years of age will remain at 50 percent of the amount admissible for adults.

The central bank also clarified that the release of foreign exchange in the form of US dollar notes will remain capped at $5,000 per person within the applicable annual entitlement.

All other instructions relating to the release of foreign exchange for travel abroad will remain unchanged, it said.

Bangladesh Bank asked all authorised dealers to bring the contents of the circular to the notice of relevant clients.

Under the partnership, Upay customers will be able to access Kommute’s office-commute services through the Upay App and pay ride fares using the Upay Wallet, said a press release today.

It said the partnership will also introduce customer-focused campaigns, discounts and promotional offers from time to time.

Kommute is a premium, tech-enabled office commuting and ride-sharing service based in Dhaka, Bangladesh. The service provides scheduled, point-to-point office transportation designed to help professionals bypass the typical daily stress of Dhaka's traffic.

The agreement was signed by Head of Corporate Sales of Upay Sajjad Alam and Managing Director of Kommute Md Al Amin Sarker on behalf of their respective organisations. 

Senior officials from both organisations were also present at the signing ceremony.

Sajjad Alam said, “At Upay, we are building an ecosystem that goes beyond financial services to make everyday life simpler and more convenient. Our partnership with Kommute brings mobility and digital payments together, creating greater value for our customers.”

Al Amin Sarker said, “This partnership with Upay will make daily commuting more seamless and convenient for our customers by combining Kommute’s premium transport service with a trusted digital payment experience.”

The decision came after the government satisfied the Washington-based lender that its continued bitcoin purchases were financed by private donations rather than public money.

The staff-level agreement covers the combined second and third reviews of a 40-month loan program, and still requires sign-off from the IMF's executive board as well as the completion of agreed prior actions.

The bitcoin question has been the most closely watched element of the arrangement since President Nayib Bukele signed up to the $1.4 billion facility. The IMF plan required El Salvador to scale back the cryptocurrency experiment that made it a favorite of the crypto industry and a curiosity in global finance.

"Going forward, no further Bitcoin accumulation beyond the documented donations is expected," the fund said in a statement. Beyond the crypto issue, the IMF was positive on the broader economy that has been sluggish for years.

"El Salvador's economy continues to perform strongly," the fund said, pointing to growth that beat forecasts last year and is projected at 4.5 percent in 2026. This would come on the back of investment, consumer spending, remittances, tourism and capital inflows, the IMF said.

The IMF credited improved security and greater investor confidence, and said the program was helping drive a significant fall in poverty. Around 30 percent of Salvadorans live in poverty, and the country has been posting the slowest growth rates in Central America. The austerity attached to the IMF program has fallen heavily on public employees.

Economists estimate around 15,000 state workers have been laid off since 2024 in the country of 6 million, while labor unions put job losses at 47,000 since Bukele took office in 2019.

Brussels said Brazil has failed to provide sufficient guarantees that its exports meet European Union standards aimed at preventing the misuse of antibiotics in livestock farming.

The suspension took effect on Thursday, and the EU has not specified when imports might resume.

The Brazilian foreign and agricultural ministries expressed hope that ongoing negotiations would "make it possible to reach a rapid, objective and transparent solution" that is "free from protectionist pressures."

In May, Brazil was put on an EU list of countries that do not adhere to rules on the use of antibiotics in animals.

The bloc bans the use of antimicrobials to promote growth in livestock and restricts the use of antibiotics reserved for human medicine, as part of efforts to curb antimicrobial resistance.

Brazil "is one of the main suppliers of animal protein to the European market, which attests to the compliance of our exports with EU standards," the ministries stated, adding that Brasilia had adopted the "necessary measures" and provided the "relevant information" to the EU.

"If the negotiations do not lead in due time to a satisfactory solution, the Brazilian government reserves the right to resort to appropriate instruments in order to guarantee balanced trade conditions," the government said.

The EU is keen to show its vigilance after facing strong criticism from farmers and from France following its signing in January 2026 of a free trade agreement with South America's Mercosur bloc -- Argentina, Brazil, Uruguay and Paraguay.

Brazil was the EU's second-largest supplier of beef in 2025, exporting more than 92,000 tonnes worth over 713 million euros ($825 million).

The measure affects other commodities such as poultry, eggs and honey.

However, traders remain on edge and oil prices ticked higher again as the United States and Iran exchanged fire following a flare-up in their six-month-long conflict last weekend.

Markets have been shaken this week as the Middle East crisis sent crude surging around 10 percent, fanning inflation concerns and putting pressure on central banks to raise interest rates.

That turn sent the cost of government debt to multi-decade highs, with analysts also pointing to a surge in corporate borrowing to fund AI investment and concerns about government finances.

The panic eased slightly after US President Donald Trump indicated the latest bombing campaign against Iran would be short-lived but comments from New York Fed boss John Williams and governor Christopher Waller provided the most relief.

Waller said Thursday that his call for the September 16 policy move would be guided by incoming data and that a softer reading would edge him towards holding rates. "My decision on the appropriate stance of policy will be heavily influenced by what we learn about August inflation," Waller said.

"If there is continued progress toward our two percent goal, then I am willing to support holding the policy rate at its current level. But if inflation comes in hot, I would consider a rate hike." That came after Williams told CNBC earlier in the week that policymakers needed to "wait and see".

"There's no clear signs right now whether monetary policy currently is sufficient to make sure we bring inflation back to target in the next year or two, or whether we would need to see further action to do that," he said.

"The (inflation) data recently have been encouraging towards that," he added. "I am actually seeing the trend in inflation moving slowly down as some of the effects of the tariffs move into the rearview mirror."

The comments come as investors prepare for the release of US non-farm payrolls figures later Friday, and the consumer price index next week -- which are seen as crucial to what the Fed announces.

Fed chief Kevin Warsh, who is usually reticent to give guidance, had stunned markets Friday when he appeared to suggest the bank was prepared to hike. All three main indexes on Wall Street ended well up, with the Dow and Nasdaq adding more than one percent.

In Asia, Hong Kong climbed more than two percent, while Seoul gained more than one percent. Tokyo, Shanghai, Singapore, Wellington,Jakarta and Taipei were also well up.

The yen maintained its gains enjoyed over the previous two days amid growing expectations for a Bank of Japan interest rate hike this month, and a suggestion from an official that another could be on the way at the next meeting.

The sharp move higher against the dollar had also sparked talks of an intervention following a historic joint US-Japan move in July. The currency was sitting at around 155.90 per dollar Friday, having been wallowing around 160.40 Tuesday.

"It appears the BoJ will pull the trigger and hike in September but then open the door to a potential pick up in the pace of hiking," Paresh Upadhyaya at Pioneer Investments said. "We are finally seeing a follow through to intervention by some meaningful expectation on the policy front."

- Key figures at around 0230 GMT -

Tokyo - Nikkei 225: UP 0.9 percent at 64,769.74 (break)

Hong Kong - Hang Seng Index: UP 2.2 percent at 25,765.02

Shanghai - Composite: UP 0.8 percent at 3,974.99

Dollar/yen: UP at 155.90 yen from 155.74 yen on Thursday

Euro/dollar: UP at $1.1630 from $1.1628

Pound/dollar: UP at $1.3534 from $1.3527

Euro/pound: DOWN at 85.93 pence from 85.96 pence

West Texas Intermediate: UP 0.7 percent at $91.91 per barrel

Brent North Sea Crude: UP 0.5 percent at $95.98 per barrel

New York - Dow: UP 1.2 percent at 53,686.11 (close)

London - FTSE 100: UP 0.7 percent at 10,831.51

The 59th edition of the international trade fair was held from August 31 to September 2 at the Le Bourget Exhibition Centre in Paris, France, organised by Messe Frankfurt, said a press release issued today.

Around 1,300 manufacturers from nearly 35 countries participated in the three-day event, bringing together buyers, exhibitors and industry professionals from major textile and apparel-producing markets, including Bangladesh, China, India, Pakistan, Trkiye, Myanmar, South Korea, Japan and Italy.

Bangladesh participated with 17 exhibitors, highlighting its diverse textile and apparel manufacturing capabilities and reinforcing its position as the world's second-largest sourcing hub for finished apparel after China.

The participating Bangladeshi companies were -- Bnm Garments Industry, Bengal Glory, Comoda Garments, Corus Fashion, Dk Textile, Ducati Apparels, Fabitex Industries, Fabrica Knit Composite, H&f Fashion, Hoorain High Tech (Htf), Nexgen Apparel, Norban Comtex, Nz Denim, Nz Fabric, Sim Fabrics, Skylark Knit Composite and Warptex.

The Bangladeshi exhibitors presented their latest products and capabilities to international buyers and visitors, creating opportunities for new business relationships, exploring emerging sourcing markets and expanding export destinations.

The participating companies described their experience at the fair as positive and productive, citing encouraging interactions with international buyers, new business contacts and promising export opportunities.

They also highlighted the role of the Export Promotion Bureau (EPB) Pavilion, saying it provided a coordinated platform for promoting Bangladeshi products and enhancing the visibility of the country's textile and apparel sector in the international market.

The participation of the Bangladeshi companies is expected to contribute to strengthening the country's image as a competitive and reliable sourcing destination for global textile and apparel buyers.

The agreement has been signed between the Government of Bangladesh (GoB) and the Islamic Development Bank (IsDB). 

Dr. Mohammad Mizanur Rahman, Additional Secretary, Economic Relations Division, Ministry of Finance, and Anasse Aissami, Director General, Country Programs, IsDB, signed the agreement on behalf of the GoB and IsDB, respectively. 

Prime Minister Tarique Rahman and Dr. Muhammad Al Jasser, Chairman, Islamic Development Bank Group, graced the signing ceremony. 

The above-mentioned project will be implemented by Bangladesh Petroleum Corporation (BPC) under the Energy and Mineral Resources Division. 

Proper implementation of the project will enhance the BPC's current refining capacity from 1.5 million MT to 4.5 million MT, contributing to further strengthening the country's energy security, producing environmentally friendly (Euro-5 standard) petroleum oil, and reducing dependence on imported refined fuel oil, said an ERD press release. 

IsDB is one of the trusted multilateral development partners of Bangladesh and has provided continuous support for the socioeconomic development of Bangladesh since its inception, in the form of grants, project loans, trade financing, private-sector financing, export credit guarantees, etc. 

Immediately after the signing ceremony, the IsDB Group Chairman called on the Prime Minister and expressed his deep commitment to supporting Bangladesh's development priorities. 

The Prime Minister emphasized that the IsDB should explore opportunities for low-cost financing for its members and stated that Bangladesh will extend all possible cooperation to further deepen the Bangladesh-IsDB partnership. 

The maiden edition of BTM, organised by the Bangladesh Outbound Tour Operators Association (BOTOA) at InterContinental Dhaka, has brought together tour operators, travel agencies, airlines, destination management companies (DMCs), tourism organisations and other travel service providers from home and abroad.

Around 100 exhibitors and 60 trade buyers are participating in the event, which is expected to draw some 15,000 visitors over three days, according to BOTOA.

Exhibitors are showcasing domestic and international tour packages, air tickets, hotel and resort bookings, visa services and special travel offers.

Visitors were seen gathering at different stalls on the opening day, seeking information about destinations and comparing tour packages, airfares, accommodation and visa services.

Civil Aviation and Tourism Ministry’s Joint Secretary Dr Prakash Kanti Chowdhury inaugurated the fair, while Philippine Ambassador to Bangladesh Nina P. Cainglet and representatives from the government, tourism industry and participating organisations attended the opening ceremony.

Organisers said the travel mart aims to connect Bangladesh's tourism industry more effectively with international markets while facilitating direct business links between domestic and foreign tourism enterprises.

"We do not see Bangladesh Travel Mart merely as an exhibition. It is a platform for establishing direct connections between Bangladesh's tourism businesses and the international tourism market," BOTOA President Syed Golam Mohammad said.

"Our goal is to bring domestic and international buyers, sellers and tourism service providers under one roof to create tangible business opportunities," he added.

BOTOA General Secretary Md Shariful Islam Sharif said the association aims to develop BTM into an international-standard travel trade platform combining exhibitions with meaningful business networking and productive business-to-business (B2B) meetings.

"At the same time, general travellers will have an opportunity to directly compare offers from different companies and destinations," he said.

BTM is running separate B2B and business-to-consumer (B2C) segments for tourism professionals and general travellers.

Under the B2B segment, travel trade professionals can hold meetings and network with domestic and international buyers and sellers, while the B2C segment allows visitors to explore and compare tour packages, air tickets, accommodation, visa services and international destinations.

The travel mart will continue until September 5.

According to Bangladesh Bank data, the country received US$220 million in remittances during September 1-2, 2026, against US$198 million received during the same period last year, showing an 11.4 percent year-on-year growth.

On September 2 alone, expatriate Bangladeshis sent home US$108 million through formal banking channels.

The sustained growth in remittance inflows is expected to help strengthen the country's foreign exchange reserves and support external-sector stability.

The central bank issued a circular today, saying the outward remittances can be made without prior permission from the central bank or Bangladesh Hi-Tech Park Authority (BHTPA), provided the payments remain within the prescribed limits. 

Under the existing rules, for new projects, such fees and related expenses cannot exceed 6 percent of the cost of imported machinery. 

For ongoing concerns, the ceiling is 6 percent of the previous year's sales as declared in income tax returns. 

The circular said ADs, before making such remittances, must ensure that the concerned industrial enterprises have no sources of income in foreign currency and that applicable taxes and VAT have been duly deducted and paid. 

For fees exceeding the prescribed limits, prior specific approval from BHTPA will be required. Such approval will also be necessary for outward remittances related to other similar legitimate expenses, irrespective of the amount. 

ADs have also been instructed to comply with the Foreign Exchange Regulation Act, 1947, including due diligence on KYC and AML/CFT requirements, as well as applicable reporting requirements to Bangladesh Bank and BHTPA. 

Crude jumped more than two percent and has spiked around 10 percent this week after the United States hit an Iranian island in the Strait of Hormuz, sparking a series of tit-for-tat attacks in which Tehran has targeted American interests in several regional countries.

The latest round of military action comes after weeks of relative calm during which peace talks went nowhere and Washington said it would aim for the "economic asphyxiation" of the Islamic republic.

With the strait -- through which about a fifth of world oil and gas passes -- effectively closed for the foreseeable future and energy costs unlikely to come down, inflation fears are growing.

That -- along with worries over government spending and a flood of corporate debt sales -- has sent rate hike expectations surging, putting upward pressure on government borrowing costs.

The yield on 30-year UK government bonds is at their highest since 1998, while those for 10-year debt is at the level last seen during the global financial crisis of 2007-08.

Japan's 10-year bond yield is at a 30-year high, 30-year US Treasuries are just short of their 2007 mark and the US 10-year yield is also at financial crisis levels.

"Bond yields were already rising and the renewed US-Iran attacks and their impact on oil prices have made investors more concerned about bonds," Rajeev De Mello, at Gama Asset Management, said.

"At these levels, higher yields are clearly a headwind to Asian equities, especially longer duration tech stocks."

Markets across Asia were down, with tech firms -- which rely on low borrowing rates to fuel their investments -- dragging Tokyo and Seoul.

Hong Kong, Shanghai, Sydney, Singapore, Wellington, Taipei and Manila were also well off.

That followed losses across all three main indexes on Wall Street.

Investors are gearing up for the release of key data on jobs and inflation over the next week that could determine whether the Federal Reserve hikes rates at its next meeting in two weeks.

Traders are pricing in a 70 percent probability of a hike, according to Bloomberg.

Fed governor Michael Barr stoked expectations by saying decision-makers should be prepared to hike if inflation stays stubbornly above the bank's two percent target, which it has been for more than five years.

"If trends in the data give me some confidence that inflation is moderating on a path to two percent, then I think we can take a bit more time to assess our policy stance," he said in prepared remarks.

"However, if inflation appears not to be moderating sufficiently, then I think we should act decisively to raise rates."

- Key figures at around 0230 GMT -

West Texas Intermediate: UP 1.5 percent at $91.60 per barrel

Brent North Sea Crude: UP 1.9 percent at $96.45 per barrel

Tokyo - Nikkei 225: DOWN 2.6 percent at 64,473,16 (break)

Hong Kong - Hang Seng Index: DOWN 1.1 percent at 25,053.02

Shanghai - Composite: DOWN 1.1 percent at 3,934.36

Dollar/yen: UP at 160.34 yen from 160.24 yen on Tuesday

Euro/dollar: DOWN at $1.1578 from $1.1589

Pound/dollar: DOWN at $1.3503 from $1.3511

Euro/pound: DOWN at 85.73 pence from 85.77 pence

New York - Dow: DOWN 0.8 percent at 52,766.88 (close)

London - FTSE 100: DOWN 0.3 percent at 10,789.28 (close)

The multibillion-dollar pact hands about one-fifth of Venezuelan reserves over to the United States and has been described by Trump as "the biggest oil deal in world history."

Betancourt has found himself at the center of the bargain.

The accord grants his company, North American Blue Energy Partners (NABEP), "100-year concessions for 17 oil fields with proven reserves of approximately 65 billion barrels," the White House stated Monday.

NABEP is the second-largest private oil producer in Venezuela, which holds the world's largest proven crude reserves.

- 'Bolichico' -

Its 46-year-old owner is a low-profile operator who studied at Suffolk University in the US city of Boston.

Betancourt avoids public appearances in his home country but has appeared in business publications sporting well-fitted shirts and sweaters draped over his shoulders.

He is known as a "bolichico" -- a businessman who amassed huge wealth under the administrations of late socialist leader Hugo Chavez and his successor Nicolas Maduro.

Trump's new man on the ground has also been linked to a corruption scandal in the state oil company PDVSA.

The case saw 100 senior officials dismissed and charged with tampering with figures that led to the disappearance of $500 million.

Betancourt was among those accused of inflating prices in company contracts, according to Tarek William Saab, who was attorney general at the time.

He signed at least 12 contracts worth $5 billion overall through his company Derwick Associates in 2009, says NGO Transparencia Venezuela, when a severe energy crisis was wracking the Chavez-governed country.

Derwick Associates imported power plants that ultimately produced just 20 percent of the megawatts that had been promised.

The NGO estimates that Venezuela paid a 138 percent markup on the project worth around $2.1 billion.

- More legal woes -

Betancourt was arrested in the United Kingdom in 2025 when Switzerland opened criminal proceedings against him for money laundering.

Prosecutors in Zurich told AFP that they had initially requested his extradition but later withdrew the request due to "specific aspects of British extradition law."

Switzerland's attorney general said it had asserted Zurich's exclusive jurisdiction in the case during a brief phone call with then US attorney general Pam Bondi, amid reports of US pressure to drop the charges.

Betancourt returned to Venezuela from Miami in June, according to media reports.

He is involved in around 50 companies around the world, including the Spanish sunglasses firm Hawkers, which he acquired in 2016. Football star Lionel Messi later collaborated with Hawkers on a designer line.

- 'Shady' -

Barbados-based NABEP was founded in April 2024 and that same month became the first firm to sign a production sharing agreement with PDVSA, a source who requested anonymity told AFP.

The company came to life in a "somewhat shady environment," said Oswaldo Felizzola of the Institute of Higher Administration Studies (IESA).

"Venezuela was under sanctions and that company was already carrying out operations" at a time when other multinationals steered clear of the country, he said.

Weeks after Nicolas Maduro's abduction by US forces on January 3, NABEP's General Director Pedro Balart celebrated a new investment scheme for private actors at an official event, calling it a "win-win."

The company was committed to producing 300,000 barrels of oil a day "by the end of this year," he said.

Experts estimate that NABEP currently produces between 150,000 and 180,000 barrels per day, while the US company Chevron produces between 230,000 and 250,000 barrels per day.

Interim leader Delcy Rodriguez insists that Venezuelan sovereignty will remain intact despite the extent of the control granted to the US by Friday's deal.

Guided by Washington, she has opened up Venezuela's mining, oil and electricity sectors to foreign and private capital.

Venezuelan oil production rose by 29.8 percent between January and July, reaching an output of 1.2 million barrels per day.

That figure falls short of the three million barrels produced daily at the end of the last century, however.

The island is a global powerhouse in the manufacturing of chips that are used in everything from smartphones to electric vehicles, with nearly all of the most advanced ones made there.

Taiwan's dominance of the critical sector has been a source of friction with the United States, with President Donald Trump accusing it of stealing the American chip industry and pressuring Taiwanese companies to build more on US soil.

"We are in a new era of the semiconductor industry from a technology point of view," Wu Chih-i, president of the Taiwan Semiconductor Industry Association, said at the opening of the SEMICON expo in Taipei, noting AI has pushed the development of new technology.

"This year Taiwan's semiconductor industry performs even better. Our total revenue is projected to be close to US$300 billion. That's more than 40 percent growth over last year," Wu said.

However, he added that energy supply, talent and cyber security were "becoming more critical" for the industry and "no single country" could dominate the chip supply chain.

"Continuous progress will require even closer semiconductor collaboration between many countries," Wu said.

Governments and tech giants are pouring billions into building data centres that can train and run AI tools such as chatbots, image generators and agents that can execute tasks.

This has turbocharged earnings of companies such as Taiwanese chip giant TSMC and driven global stock markets to all-time highs this year.

But there are concerns over when that investment will see a return, and warnings that company valuations have gone too far.

This would be the decade of AI, said Ajit Manocha, the head of SEMI, a global industry association for chip design and manufacturing supply chain.

But Manocha noted that the world was in the "early innings" and there would be "a lot more challenges" with the technology.

"It's not going to be a straight line," Manocha told SEMICON.

"We're going to have to learn how to deal with and navigate through the new opportunities and new headwinds."

Destry was the only candidate after being nominated by President Prabowo Subianto last month and had been standing in as the acting chief since Perry left office.

Prabowo's nomination of a successor had been closely watched for signs of political interference, and his nephew Thomas Djiwandono, a deputy governor, had been touted as a possible nominee.

Before Perry's surprise resignation, Destry, a 62-year-old economist, had been a deputy governor at Bank Indonesia (BI) since 2019.

Fitch Ratings said her nomination reinforced "expectations of policy continuity".

In a confirmation hearing before parliament last week, Destry vowed to stick to the mission "to make BI an institution that remains relevant in responding to challenges and remains credible in maintaining stability, while driving sustainable economic growth".

Perry's departure was the second of a major economic policymaker since Prabowo took office in October 2024, and sparked speculation that he had been pressured to do more to support the government's pro-growth agenda, according to Capital Economics and other observers.

Compounding worries over BI's independence was a bill passed in June that tasked parliament with evaluating its performance and gave it responsibility for economic growth -- a key focus of Prabowo's.

Perry's resignation came against a challenging backdrop with the rupiah plummeting and stock market slumping.

The bank's board of governors, comprising a governor and several deputies, decides on monetary policy and sets interest rates.

Perry's last policy meeting in July saw the bank hold borrowing costs at 5.75 percent following cumulative increases of 100 points this year that likely frustrated the government, according to Capital Economics.

It also left them unchanged last month.

The Chinese-founded e-commerce giant was trading at HK$44.00 soon after the open, compared with its listing price of HK$48.56.

Known for its ultra-low prices and rapidly produced clothes, the firm finally won Beijing's approval in July to launch its IPO in Hong Kong.

Shein said the proceeds would be used to finance its technological capabilities and boost its international presence.

The online retailer moved its headquarters to Singapore between 2021 and 2022, a move analysts say was intended to avoid increasing global scrutiny of Chinese firms.

Its European customer base rose to 156 million average monthly users by the end of 2025, making it one of the continent's biggest e-commerce platforms alongside China's AliExpress and US titan Amazon, which have 193 million and around 180 million users respectively.

Shein reported a full-year net profit of US$2.06 billion in 2025 but swung to a US$99 million quarterly loss as the United States scrapped an import duty exemption on small packages.

The European Union last month imposed a duty of three euros (US$3.50) per item for packages valued at less than 150 euros.

And France will impose a fee on ultra-fast fashion items from Tuesday that could eventually reach almost 20 euros per garment, as the government targets major Asian e-commerce platforms.

The San Francisco-based AI lab has agreed to a six-year deal with Lambda, a source familiar with the deal told AFP.

Based in San Jose, California, Lambda provides access to AI cloud computing services.

Lambda will secure access to a data center being built by another company, Hut 8, which mines bitcoins and builds data centers, including one in Texas that Anthropic will tap for computing power, according to media reports.

Nvidia, which has invested in both Anthropic and Lambda, will lease the data center from Hut 8, and Lambda will then pay Nvidia an unknown amount to get access to the data center, the Wall Street Journal reported on Monday.

Anthropic also recently signed a similar six-year-long deal worth $45 billion with Nscale, a cloud provider based in London, which will give Anthropic capacity at a facility in West Virginia, a source confirmed to AFP.

Just this year, Anthropic has signed various computing deals worth at least $135 billion.

The company is in a race with AI lab OpenAI to win customers and grow revenue; the rivals are both barreling toward initial public offerings as well.

Demand for chips and advanced computing power has skyrocketed over the past couple of years as leading AI model developers compete with each other for customers and capacity.

Meanwhile, that demand is also crunching global supply chains for chips across sectors, including consumer electronics.

Apple has already increased prices for certain devices, such as Macs and iPads, due to memory and chip costs; the company is expected to increase prices for the newest generation of iPhones which it will unveil at an event in September.

The latest bout of strikes between the foes has further stoked worries about inflation that has put pressure on central banks to hike interest rates, which has in turn jolted equity markets.

After six months of war, the conflict remains at an impasse, with Tehran keeping the strategic Strait of Hormuz closed and Washington continuing a counter-blockade of Iranian ports.

The United States carried out strikes on an Iranian island in the waterway on Sunday, with Tehran quickly retaliating by attacking US military targets in the Middle East.

The exchange raised fears of a return to major hostilities, with the US president vowing to respond.

"We're going to hit them hard," Trump said, according to a Fox News reporter who spoke to him briefly. "There will be a response."

US officials said it hit rocket launchers on the island of Larak to prevent Tehran planting mines in the strait, while Iran targeted US forces in Jordan and the United Arab Emirates.

The exchange of fire came after weeks of relative calm, with the Trump administration recently pivoting to "economic warfare".

US Treasury Secretary Scott Bessent said: "We are going to continue exerting pressure, and we've had very good discussions here already."

He told reporters at a G20 meeting in North Carolina that a turning point in the pressure campaign could come "within weeks or months".

Both main crude contracts rose Tuesday, extending the previous day's jump of more than two percent.

"The calibrated nature of the initial actions suggests neither side is actively seeking a return to sustained conflict, but stalled talks and the strategic importance of keeping the Strait open leave the situation vulnerable to further escalation," said National Australia Bank's Rodrigo Catril.

Trump will be meeting oil refining executives on Tuesday in a bid to tame soaring US domestic gas prices that have been a political headache for his Republican Party heading into November's midterm elections.

Stocks mostly fell, with traders now awaiting the release of key data this month ahead of the Federal Reserve's policy meeting on September 16.

Tokyo, Hong Kong, Seoul, Shanghai, Sydney, Singapore and Wellington were all down, though Taipei, Manila and Jakarta rose.

The jobs and consumer price index reports could play a major role in whether the bank hikes rates, with bets on an increase surging after boss Kevin Warsh's hawkish speech on Friday.

Expectations for elevated inflation and rising borrowing costs pushed the yield on 10-year US Treasuries to their highest level since January 2025.

That has bled into Asia, with 10-year Japanese government bond yields touching a 30-year high on Monday.

In company news, fast-fashion giant Shein fell more than nine percent on its long-awaited Hong Kong trading debut, having raised US$1.7 billion in a high-profile initial public offering.

And shares in MediaTek soared nearly 10 percent after US tech giant Nvidia announced it has injected US$3.5 billion into the Taiwanese chipmaker.

- Key figures at around 0230 GMT -

West Texas Intermediate: UP 0.9 percent at $86.54 per barrel

Brent North Sea Crude: UP 0.6 percent at $91.06 per barrel

Tokyo - Nikkei 225: DOWN 0.4 percent at 66,050.33 (break)

Hong Kong - Hang Seng Index: DOWN 1.1 percent at 25288.08

Shanghai - Composite: DOWN 0.1 percent at 3,981.44

Dollar/yen: UP at 159.80 yen from 159.77 yen on Monday

Euro/dollar: DOWN at $1.1610 from $1.1618

Pound/dollar: DOWN at $1.3546 from $1.3550

Euro/pound: DOWN at 85.71 pence from 85.74 pence

New York - Dow: DOWN 0.7 percent at 53,185.90 (close)

London - FTSE 100: Closed for a holiday

The Sustainable Energy Development and Community Empowerment in the Chattogram Hill Tracts Project will extend and modernize power distribution networks across 26 remote upazilas in Khagrachari, Rangamati, and Bandarban hill districts, benefiting at least 88,000 additional households, including 35,000 from small ethnic communities.

The project will construct six 33/11 kilovolt substations, adding 80 megavolt-amperes of capacity; build 5,032 kilometers of distribution lines using low-loss conductors; and upgrade 1,874 kilometers of aging distribution lines, four substations, a switching station, and a zonal repair workshop. 

These improvements will reduce system loss and operating cost, enhance grid efficiency, avoid at least 19,300 tons of carbon dioxide equivalent emissions annually, and strengthen the power system’s resilience to disasters, said an ADB press release.

“Reliable electricity is a powerful driver of jobs, enterprise, education, health care, and community resilience,” said ADB Country Director for Bangladesh Qingfeng Zhang. 

“This project helps remote communities in the Chattogram Hill Tracts access safer and more dependable power, while expanding livelihood opportunities, supporting women’s participation, and advancing Bangladesh’s transition to a more resilient and low-carbon future.”

Chattogram Hill Tracts is home to about 1.84 million people, more than half of whom belong to small ethnic communities. 

Although Bangladesh has achieved 99% national electrification, grid access remains much lower in the region: 49% in Khagrachari, 43% in Rangamati, and 41% in Bandarban. 

By 2032, the project is expected to increase the region’s grid access to 68% and prepare the grid for future renewable energy use, including solar and pico-hydropower.

The project will support social development by establishing at least 30 solar-powered drinking water facilities, managed by community organizations with at least 30% women in leadership roles. 

It will also provide solar backup systems to supply clean energy during power outages for at least 20 facilities serving small ethnic communities, including schools, hospitals, temples, and clinics.

The project will boost income opportunities by providing livelihood training to at least 1,000 people, business incubation support to more than 200 entrepreneurs, and orientation on energy-sector careers and disaster-resilient energy systems to 300 students. 

It will strengthen service delivery by establishing three customer complaint centers and three childcare facilities with digital monitoring systems, and train Bangladesh Power Development Board (BPDB) staff in customer service, distribution operation and maintenance, safeguards, and resilient technologies.

In addition to the ADB financing, the project will receive a $2.72 million grant from the Japan Fund for Prosperous and Resilient Asia and the Pacific, financed by the Government of Japan through ADB. 

The Government of Bangladesh will contribute $36.54 million, and the BPDB—serving as the executing and implementing agency—will provide $45.65 million.

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.

"Non-performing loans declined to 32.6 percent in March this year. We can see a ray of hope that at least the ratio of NPLs is declining. It needs to decline further," he said.

The adviser made the remarks while addressing a book launching ceremony titled "Forensic Accounting and Fraud Investigation" as the chief guest at the Faculty of Business Studies of the University of Dhaka.

Dr Titumir said the NPL ratio stood at 11 percent in 2024, but a forensic audit conducted in June 2025 found that it had risen to 35.5 percent.

"This means those who were in different responsibilities had cooperated in covering it up. It is also not certain that this is the actual extent; the magnitude could be even higher," he said.

Dr Titumir said the market was not being allowed to function as a market, while market-based regulators were becoming involved in corruption.

"The market is not being allowed to work as a market. Those who are market-based regulators are becoming involved in corruption in ensuring that the market functions properly," he said.

He pointed to asset valuation practices as an example of such collusion.

"If you look at land prices, the same thing is happening. In any kind of asset valuation, surveyors are doing it, auditors are doing it, and chartered secretaries are doing it. That means there is collusion," he said.

The adviser stressed the importance of forensic auditing and fraud prevention in ensuring transparency and accountability.

"Forensic auditing and fraud prevention are very important. If we have to go to arbitration, we actually need evidence to proceed with arbitration. We need evidence that will work properly in arbitration," he said.

The event was chaired by Prof Dr Riazur Rahman Chowdhury of the Department of Accounting, University of Dhaka.

ACC Commissioner (Investigation) Dr Md Sazzad Hossain Bhuiyan attended the programme as a special guest, while Transparency International Bangladesh (TIB) Executive Director Dr Iftekharuzzaman was present as the guest of honour.

The central bank issued the revised instructions through a circular letter under its Agricultural Credit Department, replacing certain provisions of an earlier circular issued on July 6, 2026.

Under the revised provision, participating banks will receive refinancing facilities from Bangladesh Bank at an interest/profit rate of 3 percent. 

At the customer level, the interest/profit rate will be a maximum of 7 percent.

For Shariah-based financing, the profit rate charged to customers will have to be determined in accordance with the approved investment policy, but it cannot exceed 7 percent. The rate will be applicable equally to all customers.

The circular also revised the tenure of loans and investments under the scheme.

For eligible sectors or projects, loans or investments provided to customers, including a three-month grace period where applicable, will have a maximum tenure of 18 months. 

Participating banks must repay the principal and interest or profit to Bangladesh Bank within a maximum of 18 months from the date of receiving refinancing.

For loans or investments under other specified sectors or projects, including a grace period ranging from three to six months where applicable, the maximum tenure will be 36 months. 

Participating banks must repay the principal and interest or profit to Bangladesh Bank within a maximum of 36 months from the date of receiving refinancing.

Bangladesh Bank also specified a provision for recovery in cases of misuse of the refinancing facility or charging customers an interest/profit rate above 7 percent. 

If such irregularities are identified, the bank concerned will have to pay an additional 2 percent interest/profit over the prescribed rate on the relevant amount as a one-time recovery.

The participating banks have also been instructed to publicise the concessional loan facility by displaying banners inside and outside their branches at easily visible locations and through special campaigns.

The central bank said all other provisions of the earlier circular will remain unchanged and instructed banks to implement the revised directions immediately.

According to the latest data, the country received US$214 million in remittances during August 27-29, 2026.

Meanwhile, total remittance inflow during July 2026 to August 29, 2026 stood at US$5,527 million, compared with US$4,660 million during the corresponding period of the previous year.

This represents an 18.6 percent increase in workers' remittance inflow during the first two months of the current fiscal year (FY2026-27) compared with the same period of FY2025-26.

The continued growth in remittance inflows is expected to strengthen the country's foreign exchange reserves and support overall external-sector stability.

The Finance Minister expressed his satisfaction that this terminal is being established in his parliamentary constituency. "We have an elected government with an ambitious economic agenda. Achieving a trillion-dollar economy cannot be accomplished by the government alone; the private sector must also step up," he emphasized. Shipping Minister Sheikh Rabiul Alam said a new chapter is set to begin today, indicating that our import-export trade will reach international standard.

"APM Terminal Laldia represents a substantial investment through the PPP model. Numerous facilities will be available, which is undoubtedly positive news for the nation. Chattogram Port is essential for our economy," he said. Sheikh Rabiul Alam said many companies are showing interest in investing in the port. Discussions are going on with them. We are ensuring that opportunities are utilized for the benefit of the country. The minister assured his support for the implementation of the APM Container Terminal. Ramesh David, CEO of APM Terminals Laldia, provided the welcome address, stating that advanced technology will be employed at this terminal. Chattogram Port Authority Chairman Rear Admiral SM Moniruzzaman said Chattogram Port serves as the primary gateway of economic activities of the country which deals 92 percent of the country's total imports and exports and over 98 percent of container handling.

Welcoming foreign investment partners to Bangladesh, he said, country’s container handling capacity has doubled over the past decade. Jake Craig, the Global Head of Business Implementation at APM Terminals BV, Christian Brix Moller, Ambassador of Denmark, and Md. Zakaria, Secretary of the Ministry of Shipping also spoke on the occasion. Members of Parliament, ambassador of the European Union and leaders of Chattogram Chamber and business organizations were present.

APM container terminal in Laldia will be constructed on 59.15 acres of land along the banks of the Karnaphuli River at a cost of $750 million. Of this area, 32 acres will be designated as the main terminal, 7.15 acres will serve as the container yard, and 10 acres will be allocated for truck parking. Their local partner is QNS Container Services Limited. The terminal will feature 7 ship-to-shore (STS) gantry cranes, 32 electric rubber-tired gantry cranes (ERTGs), and 41 electric terminal tractors. The construction is expected to complete in three years, with operations planned to last for 30 years, extendable for an additional 15 years if required.

With an annual handling capacity of 900,000 TEUs, the terminal will be equipped to accommodate large vessels with a draft of 10.5 meters and a capacity of 6,000 TEUs at its 613-meter jetty. The terminal will facilitate the movement of ships 24 hours a day. The Chattogram Port Authority has received a one-time payment of $25 million from APM Terminals, along with an annual concession fee of $250,000. Additionally, it will earn $23 per container handled. APM Terminals has committed $15 million for the rehabilitation of displaced individuals from the project area.

Concerns over a possible downturn in corporate earnings amid persistent domestic headwinds weighed on investor sentiment.

The broad index of the Dhaka Stock Exchange (DSE), DSEX, plunged 41.4 points to settle at 5,614 points today, down from 5,656 points in the previous session.

The market remained on a downward trajectory from the beginning of the session.
 Although the index made a brief recovery attempt in the middle of the session, widespread risk aversion and renewed selling pressure in the final hours pushed it further into negative territory.

Despite the sharp fall in the index, turnover increased by 10.9 percent to Tk 5.2 billion from Tk 4.7 billion in the previous session.

Textile stocks accounted for the highest share of the day's turnover at 31.0 percent, followed by General Insurance at 10.0 percent and Bank at 9.5 percent.

Almost all sectors posted negative returns. Mutual Fund, Services and Ceramic sectors suffered the highest corrections, declining by 3.1 percent, 2.7 percent and 2.1 percent, respectively.

On the other hand, Jute, Travel and Engineering were the only sectors to post notable gains, rising by 3.3 percent, 0.3 percent and 0.1 percent, respectively.

Of the 395 issues traded on the DSE, prices of 47 advanced, 305 declined and 43 remained unchanged.

The port city bourse, Chattogram Stock Exchange (CSE), also closed in negative territory. Its Selective Categories' Index (CSCX) fell 55.6 points, while the All Share Price Index (CASPI) declined by 75.3 points.

GDP growth was flat in the quarter, instead of the 0.2 percent growth Insee first reported last month.

That followed a 0.2 percent decline in the first quarter -- also a downward revision from the previous estimate of 0.1 percent.

"These revisions reflect the even more deteriorated state of agricultural production compared with the information available at the end of July," Insee said.

The French economy has been slowing since the third quarter of last year, hit by weak consumer spending and, more recently, the surge in energy prices from the war against Iran.

In June, the country was hit by an unprecedented early summer heatwave that took a heavy toll on farmers, Finance Minister Roland Lescure said Friday.

"Harvests are likely to be very tough for certain products, and in certain regions... the impact is absolutely horrific, enormous," Lescure told a business conference in Paris.

Insee said household purchasing power fell 0.5 percent in the second quarter after slipping 0.1 percent in the first.

It also reported Friday that inflation in the EU's second-biggest economy rose to 2.4 percent in August after 2.1 percent in July.

The data puts further pressure on the French government as it tries to negotiate steep spending cuts for the 2027 budget, aiming to reduce a budget deficit that stood at 5.1 percent of GDP last year, well above the three-percent limit set for members of the eurozone.

"These figures suggest that the French economy came very close to a technical recession in the first half of the year," said Charlotte de Montpellier, an economist at ING, referring to two consecutive quarters of economic contraction.

She said the government's forecast for GDP growth of 0.7 percent this year "is now out of reach", predicting a 0.5 percent increase but "with risks tilted to the downside".

Inflation was impacted by "fuel and lubricant for personal vehicles that rose, after falling in August 2025," the INE said in a statement.

It also noted that prices for food and non-alcoholic drinks had fallen at a slower rate in August than in the same month last year.

The figure is more than double the European Central Bank's inflation target of two percent, and could put pressure on policy makers to raise interest rates, perhaps as soon as its next governing council meeting starting on September 9.

In June, Spain's central bank forecast that inflation would stand at 3.6 percent this year.

Inflation for the eurozone as a whole reached 2.9 percent in July, and the EU statistics agency Eurostat will publish its initial reading for August on Tuesday.

In a press release, the BFIU said some individuals and organisations have been offering quick loans on easy terms through various mobile applications, online platforms, social media-based groups and other digital channels without proper authorisation.

The unit said these unauthorised digital loan providers often collect borrowers' personal information, contacts stored on mobile phones, photographs and other sensitive data. 

They may later use such information to exert undue pressure on borrowers, threaten them, disclose their personal information and demand additional money in the name of loan recovery.

Such activities pose risks to people's financial security and personal privacy, the BFIU said.

It said lending is a regulated financial activity in Bangladesh and no individual, institution, mobile application, online platform or digital channel is authorised to conduct lending activities without approval from Bangladesh Bank and compliance with existing laws, regulations and regulatory frameworks.

The BFIU also warned that unauthorised lending activities could facilitate fraud, financial crimes and money laundering, particularly when there is no proper regulatory oversight, transaction transparency or protection of personal information.

Citing the Money Laundering Prevention Act, 2012, the BFIU said acquiring money through fraudulent lending activities constitutes a predicate offence to money laundering and is punishable under Section 4 of the law.

The BFIU urged people to remain cautious and refrain from obtaining loans through unfamiliar mobile applications, websites or online platforms.

It advised people not to provide personal information, identity-document details, bank-account information or sensitive mobile-phone data to unknown applications or platforms in response to loan offers.

People were also advised to be cautious if any platform demands advance payments, registration fees, processing fees or other charges in the name of providing a loan.

The BFIU said information about unauthorised lending platforms or related individuals and organisations can be submitted as complaints through its website.

The press release said 31 unauthorised mobile applications have so far come to the attention of the BFIU.

The applications listed by the BFIU include Sathi Loan, Pop Cash, Fin Cash, Quick Loan, Quick Taka, Dhaka Fin, LoanBhaib, Dost Loan, Keoyaj Loan, SSH Money, LoanBadi, Cash Hara, Alo Cash, Fast Loan, Easy Cash, Dhoirjo Loan, Fin Net Due, Taka Cash Loan, BongoCash, Asa Loan, Subidha Loan, Smart Loan BD, Online Loan BD, City Online Loan, BD Sahaj Loan, Cash Loan, Sonali, LoanHat and TakaNow.

With the euphoria following Nvidia's blistering earnings report petering out, the attention is back on the economy as debate surrounds if or when the US central bank will tighten monetary policy.

Last month's Fed meeting saw policymakers keep borrowing costs on hold but with three of them dissenting in favour of a hike, and while the latest figures showed inflation easing slightly it remains well above the two percent target.

Worries that price rises will remain elevated for some time -- fuelled largely by a spike in energy costs caused by the Iran war -- have put upward pressure on long-term Treasury yields, making government borrowing increasingly expensive.

Traders are hoping Warsh's speech at the annual meeting of central bankers and economic leaders at Jackson Hole, Wyoming, will give them an insight into decision-makers' thinking.

However, his last major public appearance after the July meeting was widely panned as giving an ambiguous message, and analysts warn that his refusal to give forward guidance will likely mean investors are left disappointed.

Stephen Innes at Quintex Intel said the address -- Warsh's first since taking the helm at the Fed -- was "the most consequential central bank speech left this year", and comes almost three weeks before the next policy announcement.

"Recent data have reduced the immediate need for tighter policy, giving Warsh room to re-establish the Fed's inflation-fighting message without signalling imminent action," he wrote.

"The speech arrives against a difficult policy backdrop. Inflation remains above target for a sixth consecutive year, while Fed officials have begun debating whether tighter policy may still be required."

Asian equity markets were broadly higher in early trade, with tech firms struggling to extend Thursday's rally that came on the back of Nvidia's profit blowout and bumper forecast, which soothed worries over the AI boom.

Tokyo, Hong Kong, Shanghai, Sydney, Singapore, Jakarta and Taipei all rose, though Seoul retreated along with Wellington and Manila.

Wall Street had provided a positive lead, with all three main indexes rising, though the gains were based entirely on the tech sector, which was the only one of 11 to advance.

Oil prices edged down but remain in danger of spiking further as investors await a breakthrough in efforts to reopen the Strait of Hormuz to tanker and cargo traffic.

US officials have vowed further economic pressure to make Iran open the waterway -- through which about a fifth of world oil passes -- after six months of war, but attempts at a diplomatic solution remain elusive.

- Key figures at around 0230 GMT -

Tokyo - Nikkei 225: UP 0.8 percent at 66,682.88 (break)

Hong Kong - Hang Seng Index: UP 0.1 percent at 25,579.86

Shanghai - Composite: UP 0.2 percent at 3,966.11

Dollar/yen: DOWN at 159.34 yen from 159.41 yen on Thursday

Euro/dollar: UP at $1.1653 from $1.1649

Pound/dollar: UP at $1.3595 from $1.3586

Euro/pound: DOWN at 85.72 pence from 85.74 pence

West Texas Intermediate: DOWN 0.3 percent at $83.32 per barrel

Brent North Sea Crude: DOWN 0.4 percent at $89.35 per barrel

The decision was announced today in a circular issued by the Foreign Exchange Policy Department-1 (FEPD-1) of Bangladesh Bank. 

The circular, addressed to all authorised dealers in foreign exchange in Bangladesh, aims to facilitate the participation of foreign companies in projects awarded through international tenders.

According to the circular, foreign companies awarded contracts or work orders under international tenders in Bangladesh may require bid bonds, performance guarantees or SBLCs in favour of relevant government authorities, departments, agencies, state-owned enterprises, project or procurement entities and other duly authorised bodies.

To facilitate such arrangements, ADs may now issue guarantees or SBLCs in foreign currency on behalf of resident entities in favour of relevant project or procurement authorities against contracts or work orders awarded to foreign companies through international tenders.

The facility will be subject to several conditions. The underlying contractual arrangements must allow the relevant project or procurement authorities to accept the guarantees or SBLCs.

Resident entities must also have bona fide contractual or commercial relationships with the foreign awardees, supported by documentary evidence.

Bangladesh Bank has further instructed ADs to ensure that their exposure arising from the issuance of guarantees or SBLCs is appropriately covered by collateral or counter-security, proportionate to the nature and extent of the exposure and based on the banker-customer relationship and underlying contractual arrangements.

The contractual arrangements must also provide appropriate reimbursement and compensation to resident entities for costs, liabilities and expenses arising from the guarantees or SBLCs.

Any amount payable following invocation of a guarantee must be settled by the foreign company in accordance with the agreed arrangements.

The central bank said ADs must issue such guarantees or SBLCs in line with applicable credit norms, risk-management policies and prudential parameters, including the prescribed single-borrower exposure limit. 

Required approval from the board of directors or competent authority must also be obtained where applicable.

The circular further states that claims arising from invocation of the guarantees will ordinarily be settled in taka equivalent. 

However, where the relevant tender or contract documents specifically require settlement in foreign currency, ADs may settle the claim in foreign currency through the Real Time Gross Settlement (RTGS) system.

The latest circular refers to paragraph 13 of FE Circular No. 34, dated September 2, 2025, concerning the issuance of guarantees in favour of local project authorities on behalf of residents.

The information came at a meeting held at the central bank headquarters today with the BB governor and officials of the Bank Resolution Department (BRD) to review the progress of loan recovery, reconstruction and overall activities of the bank, said a press release.

More cases are currently being processed as part of the bank's ongoing drive to recover defaulted loans, the meeting was informed.

Besides taking conventional legal action, the bank has adopted settlement-based mechanisms, including the Exit Policy and Alternative Dispute Resolution (ADR), to expedite recovery of outstanding loans.

Bangladesh Bank's Bank Resolution Department is regularly monitoring the progress of the recovery drive and following up on the cases, alongside other reconstruction and integration activities of the bank.

The meeting also discussed measures to identify individuals responsible for irregularities, corruption, loan fraud and misuse of assets during the previous ownership and management of the bank. A forensic audit conducted for this purpose is now at its final stage.

The authorities expect that intensified legal action and alternative dispute resolution mechanisms will accelerate loan recovery and help bring the bank's stuck funds back into productive sectors.

The meeting also reviewed the progress of the bank's restructuring, including reconstitution of its board with emphasis on independent directors, appointment of a CEO effective July 16, 2026, and organisational adjustments involving around 16,000 employees.

Work is also underway to integrate the Core Banking System (CBS), SWIFT and RMA infrastructure of the five banks under a unified framework.

Bangladesh Bank said it is closely monitoring the bank's loan recovery, case disposal, governance, human resource management, branch rationalisation and technological integration.

Sammilito Islami Bank PLC started operations with Tk 35,000 crore in capital as the country's largest state-owned Shariah-based Islamic bank.

Ensuring transparency, accountability and good governance in the management of its assets and deposits is one of Bangladesh Bank's key priorities, the central bank said.

In a highly anticipated report, the world's most valuable company shattered forecasts by unveiling revenues more than doubled on-year in the second quarter and said it expected another blowout in July-September.

Nvidia is considered the bellwether for the AI spending frenzy, with its results largely determined by mega purchases from AI giants such as OpenAI, Amazon, Microsoft and xAI.

The firm has led an eye-watering rally by tech firms over the past year and in October became the first to hit a market capitalisation of $5 trillion owing to scorching demand for its chips.

However, the investors have been growing increasingly worried about when the vast sums of cash being pumped into the AI sector will see a meaningful return, if ever.

That saw a painful selloff in July that wiped trillions off valuations. While firms have enjoyed a slight recovery this month, traders remain uncertain.

Nvidia's report helped soothe some of those fears, with CEO Jensen Huang saying: "The AI infrastructure buildout is at full steam."

Charu Chanana ay Saxo Markets wrote: "This was another beat-and-raise quarter from Nvidia, but the biggest positive was not the quarterly beat itself.

"It was management effectively telling investors that AI demand remains supply-constrained even at this scale, and guiding to around 70 percent revenue growth in fiscal 2028.

"That is a powerful counter to the narrative that the AI capex cycle is already peaking."

Shares in Nvidia, which reported as Wall Street closed, rose around five percent in after-hours trade.

Asian firms followed suit, with South Korea's SK hynix and Samsung up from two to three percent with Japan's Kioxia more than four percent higher. Taiwan's TSMC also advanced.

However, broader markets struggled.

Seoul and Taipei rose with Shanghai, but there were losses in Tokyo, Hong Kong, Sydney, Singapore, Wellington and Manila.

The tepid performance came after figures showed the Federal Reserve's preferred gauge of inflation remained stuck at a three-year high of 3.7 percent in July.

Another report showed GDP growth for the second quarter came in at 1.5 percent, in line with estimates.

The personal consumption expenditure reading has been above the central bank's two percent target for more than five years, with upward pressure mostly coming from surging oil prices caused by the Iran war.

It comes as central bankers and other economic policy makers prepared to kick off their annual Jackson Hole symposium in Wyoming, where investors will be keeping a close eye on Fed boss Kevin Warsh's speech hoping for clues about his plans for interest rates.

The latest figures "are hardly recessionary signals and provide little reason to expect any hint of dovishness from Kevin Warsh", wrote Matt Simpson, a market analyst at City Index.

Still, hopes for an easing of inflation down the line have been helped by oil continuing to fall this week as Iran and Oman edge towards a deal to open a temporary shipping corridor in the Strait of Hormuz.

Both main contracts have dropped more than eight percent since Friday.

However, analysts have noted that the details have remained sketchy, including whether there will be a fee to access the waterway.

- Key figures at around 0200 GMT -

Tokyo - Nikkei 225: DOWN 0.1 percent at 66,228.61

Hong Kong - Hang Seng Index: DOWN 0.3 percent at 25,582.13

Shanghai - Composite: UP 0.1 percent at 3,914.65

West Texas Intermediate: DOWN 0.6 percent at $81.78 per barrel

Brent North Sea Crude: DOWN 0.5 percent at $87.43 per barrel

Dollar/yen: DOWN at 159.25 yen from 159.37 yen on Wednesday

Euro/dollar: UP at $1.1657 from $1.1651

Pound/dollar: UP at $1.3592 from $1.3591

Euro/pound: UP at 85.77 pence from 85.72 pence

New York - DOW: DOWN 0.2 percent at 53,463.88 (close)

London - FTSE 100: DOWN 0.1 percent at 10,878.12 (close)

The Bank of Korea said in a statement that it was appropriate to raise the base rate because "the domestic economy has continued to grow at a stronger-than-expected pace, supported by strong exports and a recovery in domestic demand".

"In this context, it is important to prevent inflationary pressures from becoming widespread through preemptive action."

The increase, from 2.75 percent to 3.0 percent followed a similar move last month, which was the first in more than three years, and comes with inflation stubbornly high.

Consumer prices climbed 2.8 percent on-year in July, slightly down from June but well above the bank's two percent target owing to the spike in energy costs caused by the Middle East crisis.

Monetary policymakers also raised their economic growth forecasts for this year to 3.3 percent and 2.9 percent for next year -- that compares with their May forecasts of 2.6 percent and 2.1 percent respectively.

The bank said "the domestic economy maintained strong growth, led by exports and investment", adding that exports and investment remained strong on the back of "a strong semiconductor sector and as the recovery in consumption" gradually accelerates.

South Korea's two largest chipmakers, Samsung Electronics and SK hynix, have been a key driver of the economic growth as they post massive profits driven by explosive AI demand for their advanced chips.

Samsung said last month that operating profit soared more than 1,800 percent in the second quarter, while SK hynix said net profit surged more than 1,200 percent in the same period.

Gains in the two companies helped propel South Korea's benchmark Kospi index to a record high above 9,000 points inJune, before a tech rout dragged it sharply lower.

Her response, sent by attorney Abbe Lowell and seen by AFP, meets a deadline set by an August 5 letter in which Trump said he was considering removing her from the US central bank's board.

That move was the second attempt by Trump to oust Cook after the Supreme Court blocked the first in June in a 5-4 ruling that found he had failed to give her notice and a chance to answer the allegations.

No president has removed a sitting Fed governor in the central bank's 113-year history.

The Federal Reserve is a non-partisan institution that makes monetary policy for the world's largest economy, with governors appointed by the president after a Senate confirmation process.

"Governor Cook has never committed mortgage fraud or any intentional wrongdoing, and there is no legally cognizable cause for removing her from the Federal Reserve Board," Lowell wrote.

The letter also argues that Trump and several of his own cabinet officials have signed the same kind of mortgage paperwork now being used against her.

Trump has launched an unprecedented assault on the independence of the Federal Reserve in his second term, opening a criminal probe against previous chairman Jerome Powell and attempting to fire Cook.

The Supreme Court ruled in June that Trump did not have the power to dismiss Fed governors "for any reason, or no reason."

The court highlighted the importance of the Fed's independence, but did not rule on the underlying mortgage fraud allegations.

Trump reacted angrily to the June verdict, saying on social media he would take "appropriate action immediately" against Cook.

The White House letter had detailed the allegations against Cook, asserting that "at a minimum, this conduct was grossly negligent and demonstrates that you are unfit for the office."

Cook, the first Black woman to serve as a Fed governor, has consistently denied the allegations against her.

The main reason is soaring deficits and the resulting debt piles, which are fuelling doubts among investors that countries will get their financial houses in order.

And stubbornly high inflation in Europe and the US has accelerated further as the Middle East war pushes up energy prices, which may require central banks to raise interest rates.

- Where are rates now? -

Yields on government-issued debt rise when investors demand higher interest rates to buy or hold bonds.

US Treasury bonds have long been considered among the safest investments available, allowing Washington to borrow money from around the world at favourable rates.

But the yield on 30-year Treasuries, a gauge of long-term confidence in the economy, hit 5.34 percent in mid-August, the highest since 2007, before the global financial crisis.

It has since fallen back to around 5.17 percent.

The trend is similar in Europe, where the benchmark 10-year German bund is yielding around 3.22 percent, a level not seen since 2011.

In France, where the government is struggling to make spending cuts ahead of next year's presidential election, the 10-year OAT stands at 4.05 percent, the highest since 2008 and well above the 3.5-percent yield at the beginning of the year.

Even in Japan, which for years had yields close to zero as the government grappled with deflation, the 10-year yield has jumped to nearly 2.9 percent from just 2.1 percent in February.

- Why are they rising? -

Government spending in several major economies has soared, and investors have little faith that governments will take tough steps to control their budgets.

"Since the major financial crisis of 2008-2009, public debt has kept growing around the world," said Frederik Ducrozet, head of macroeconomic research at the Swiss bank Pictet.

And "since the Covid pandemic, the start of the Iran war, and the trade wars, we've had a series of shocks" that have required massive spending to withstand, he said.

Charlotte de Montpellier, an economist at ING, noted that even "countries that usually know how to tighten their belts, like Germany, are seeing their deficits climb as well".

And since governments have to issue ever more bonds to finance those deficits, "they are competing among themselves to attract capital", she said.

That means they have to offer higher interest rates to borrow -- with the yields on bonds already on the market effectively telling them how high they will go.

- What's the price to pay? -

Governments are also now competing for cash with technology companies that are borrowing massively to fuel the artificial intelligence boom.

The situation is especially alarming in the United States, where government debt topped $40 trillion for the first time this month.

That is double the total debt from just 10 years ago, and servicing costs have ballooned as a result -- money that could otherwise be spent on health care or defence or education.

Last year the interest outlays for Washington hit a whopping $970 billion, up from $350 billion in 2021.

All this comes at a time when bond investors are unsure what the new head of the Federal Reserve, Kevin Warsh, is going to do about inflation running at 3.7 percent -- nearly double the Fed's two-percent target.

"One of the reasons for this increase in yields... is the uncertainty about US monetary policy," de Montpellier said.

"Since Warsh's arrival, he wants to communicate less, he's been a bit vague," she said, referring to his reluctance to give guidance on future Fed rate moves.

"But we know that what happens in the US is going to have a very strong impact on bond markets and interest rates in general," she said.

For everyday consumers, rising bond yields translates directly into higher borrowing costs, whether for mortgages or car loans.

Companies also find themselves having to pay more if they want credit to invest, potentially weighing on economic activity overall.

"So you have fewer home purchases, fewer business financing projects, and in the end the economy slows -- so it's clearly not good news," de Montpellier said. 

Despite the rising cost of flying, the airline said "resilient" travel demand would boost revenue in the months ahead as people prioritise travel.

Jet fuel prices will remain elevated over the July-December period, it forecast, vowing to pursue mitigating actions such as hedging for crude oil price changes.

In the past financial year to June 30, net profit tumbled 19.7 percent year-on-year to Aus$1.29 billion ($930 million), Qantas said, as fuel costs surged 14.4 percent.

Revenue rose 7.1 percent to Aus$25.5 billion.

Qantas said business and consumer confidence fell in the tail end of the financial year.

"The conflict and economic headwinds created uncertainty, and some large corporates and Government responded by managing their costs more tightly, reducing demand to travel," Qantas Group chief executive Vanessa Hudson said in a statement.

"In response to the surge in fuel prices, we quickly adjusted fares and capacity, and redeployed aircraft to give customers more options to fly to Europe."

Hudson said the carrier managed to produce a "strong" result despite disruption from the Middle East conflict and high fuel prices, allowing it to invest in renewing its fleet.

Qantas Group added 17 new aircraft during the past financial year, and expected up to 31 more to arrive in the year ahead, she said.

That investment would allow Qantas to start retiring its double-decker A380 fleet from 2028, she said.

According to the latest data, remittance inflow has maintained strong growth in the current fiscal year 2026-27.

During July 1 to August 24, 2026, the country received US$5.198 billion in workers' remittances, compared with US$4.339 billion during the same period of the previous fiscal year.

The latest figure represents a 19.8 percent year-on-year increase in remittance inflow during the first 55 days of FY2026-27.

The continued rise in remittance inflows is expected to help strengthen the country's foreign exchange reserves and support external sector stability.

According to the latest Review of Economic Situation in Bangladesh, April-June 2026 prepared by the Metropolitan Chamber of Commerce and Industry (MCCI), provisional estimates put the country’s FY26 GDP growth at 4.14 percent, up from 3.49 percent in FY25.

The external sector emerged as the strongest source of stability during the quarter. Bangladesh received US$9.38 billion in remittances during April-June of FY26, while gross foreign exchange reserves rose to US$37.58 billion at the end of June from US$34.48 billion at the end of May.

The country also recorded a record overall balance of payments surplus of US$6.61 billion in FY26, up 94.69 percent from US$3.39 billion in FY25. The financial account increased sharply to US$7.89 billion from US$3.60 billion a year earlier, helping offset the widening current account deficit.

Foreign exchange market conditions also showed greater stability. Bangladesh Bank bought a net US$6.43 billion from the foreign exchange market during FY26, compared with a net sale of US$503.38 million in FY25, aided by steady remittance inflows and lower import payments.

Inflation, although still high, also moved in a favourable direction in June. Headline inflation declined to 9.16 percent from 9.42 percent in May, while food inflation fell to 8.60 percent from 9.06 percent. Non-food inflation also eased marginally to 9.61 percent from 9.71 percent. The report attributed the decline in food inflation partly to normalized arrivals of seasonal agricultural produce.

The average general inflation during FY26 was 8.68 percent, lower than 10.03 percent recorded a year earlier, indicating some improvement in overall price pressures despite inflation remaining above 9 percent in June.

Exports provided another positive signal toward the end of the fiscal year. Merchandise exports rose 24.93 percent year-on-year to US$4.19 billion in June, although total FY26 exports increased only marginally by 0.17 percent to US$48.38 billion.

The report also noted that imports increased by 10.07 percent to US$75.24 billion in FY26, with the rise largely reflecting improved foreign exchange market conditions and higher imports of intermediate goods, particularly those linked to the readymade garment sector.

Domestic financing indicators also contained some encouraging signs. Industrial term-loan disbursement increased 21.08 percent year-on-year to Tk 23,748 crore during January-March of FY26, while agricultural and non-farm rural credit disbursement rose 14.76 percent to Tk 42,834.16 crore during FY26.

However, the report cautioned that the stabilization remained fragile. High inflation, weak private investment and credit growth, subdued exports, fiscal constraints and vulnerabilities in the banking sector continued to weigh on the economy.

Overall, the review suggests that Bangladesh has moved from a period of intense macroeconomic adjustment toward gradual stabilization, with improved external-sector resilience emerging as the clearest positive development. 

Sustaining the gains in reserves and the foreign exchange market, while reducing inflation and reviving private investment, will be crucial for a durable economic recovery.

The DSEX, the broad index of the Dhaka Stock Exchange (DSE), edged down 3.5 points to settle at 5,640, compared with 5,644 points in the previous session.

The capital market witnessed see-saw trading from the outset, with bargain hunters maintaining the upper hand through mid-session. 

However, intensified broad-based selling in the final hour wiped out the earlier gains, leaving the benchmark index marginally lower at the close.

Market turnover also fell to a five-month low, declining 15.8 percent to Tk 5.1 billion from Tk 6.9 billion in the previous session.

On the sectoral front, Textile stocks accounted for the highest share of turnover at 25.3 percent, followed by Bank at 13.7 percent and General Insurance at 10.1 percent.

Most sectors posted mixed returns. Fuel gained 0.6 percent, Paper 0.4 percent and Cement 0.3 percent, recording the highest gains. On the other hand, Ceramic declined 0.8 percent, Jute 0.6 percent and Life Insurance 0.5 percent, registering the highest corrections on the bourse.

Of the 395 issues traded, 171 advanced, 150 declined and 74 remained unchanged.

The port city bourse, Chittagong Stock Exchange (CSE), also ended in negative territory. Its selected index, CSCX, declined 49.9 points, while the All Share Price Index (CASPI) fell 93.9 points.

The approval was given at the 1026th commission meeting held today, chaired by BSEC Chairman Masud Khan, according to a BSEC press release.

The approved instrument is a non-convertible, unsecured, fully redeemable, coupon-bearing, floating-rate subordinated bond. Its coupon rate will be set at the reference rate plus a 3 percent margin.

The bond will be issued through private placement to corporate institutions, high-net-worth individuals, banks and financial institutions, provident and gratuity funds, and insurance companies.

Each unit of the bond will have a face value of Tk 5 lakh.

According to the BSEC, proceeds from the bond issuance will be used to strengthen Meghna Bank's Tier-II capital base under Basel III.

DBH Finance PLC will act as the trustee of the bond, while BRAC EPL Investments Limited will serve as the issue manager.

The commission approved the proposal at its meeting held at the BSEC office today.

The consignments, imported by Sardar Global Trade (BIN: 009113645-0111) with FAHIM 5 STAR LTD as the C&F agent, contained a total of 1,167 laptops and 100 tabs/iPads, besides a large quantity of car parts and other goods.

According to the examination reports, the combined declared value of the two consignments was only $5,500, while their assessed value after physical examination stood at $1.68 lakh.

Thus, the assessed value was around 30.5 times higher than the declared value.

In total, 740 laptops and 60 tabs/iPads were found in the first consignment. The examination report also recorded 43 additional laptops compared with the declared quantity.

The second consignment, covered by AWB No. 997-60500451 and B/E No. 821108, also dated August 13, had a declared value of merely US$2,000. Following examination and assessment, its value was revised to US$64,259, equivalent to Tk 7,935,986.

The physical examination found 46 Core i3 laptops and 381 Core i5 laptops, totaling 427 laptops. It also contained 35 tabs and five iPads. The examination report identified 39 additional laptops beyond the declared quantity.

The CIID said a significant number of the laptops found during physical examination appeared to be used based on their external appearance. The examination report described the goods as “could be used as per external appearance.”

The examination also found that several products declared as capacitors, rubber seal O-rings, rubber gaskets and fittings were actually car parts, prompting changes in their HS codes in the examination findings.

Based on confidential information, the clearance process of both consignments was suspended on August 13, 2026. Physical examination was subsequently conducted on August 23 in the presence of representatives of the C&F agent.

The CIID has initiated legal proceedings under the Customs Act, 2023 and the applicable Import Policy Order over allegations of false declaration, gross undervaluation, import of goods beyond the declared quantity, concealment of the actual description of goods and import of prohibited used products.

The Customs Intelligence and Investigation Directorate said its intelligence surveillance and operations would continue to prevent false declarations, customs duty and tax evasion, and the import of prohibited goods.

The governor gave the directives at a meeting with the chairman of Sammilito Islami Bank PLC, Kazi Shairul Hasan and Managing Director Abedur Rahman Sikder at Bangladesh Bank this morning, according to a press release.

Bangladesh Bank Deputy Governors Dr Md Habibur Rahman, Dr Md Kabir Ahmed, Md Sarwar Hossain and Md Anisur Rahman were present at the meeting.

The governor directed the bank's chairman and managing director to take measures on three key issues.

First, he instructed the bank authorities to make it clear to all depositors that there will be no "haircut" on their profits.

He said there was still some confusion among depositors on the issue and the bank must clarify the matter.

Second, the governor said money is already being returned to depositors in line with the scheme announced on December 29, 2025.

He further directed the bank to take necessary measures so that, from next Tuesday (September 1), individual depositors can withdraw money from Al-Wadiah current accounts, Mudaraba savings accounts and Mudaraba term deposits, according to their requirements, beyond the provisions of the original scheme where necessary.

Finally, the governor instructed Sammilito Islami Bank, which has a capital base of Tk 35,000 crore, to take all necessary steps to resume normal banking activities as soon as possible.

Presenting the findings of the CPD's six-month performance assessment titled "Six Months of the Government: A Commentary on its Performance" at a media dialogue at its office today, CPD Distinguished Fellow Dr Debapriya Bhattacharya said stronger coordination, credible fiscal planning and structural reforms are required for economic recovery.

He said the assessment examined concrete actions taken during the government's first 180 days following the February 2026 parliamentary election.

The CPD reviewed 362 observations and grouped them into nine areas, selecting actions considered beneficial, reform-oriented or welfare-enhancing as "Areas of Comfort".

The assessment focused on measures that had actually translated into implementation rather than merely announced initiatives or pledges.

The CPD said a number of positive, reform-oriented and welfare-enhancing measures had been taken during the government's first six months, with progress identified across governance, public finance, industry and trade, banking, energy, agriculture, education, health and social protection.

However, the broader 31-indicator recovery scorecard presented a mixed picture, with 12 indicators improving while 19 deteriorated.

Against this backdrop, the CPD urged the government to move beyond individual measures and announcements and adopt a coordinated reform strategy capable of addressing the structural weaknesses holding back economic recovery.

The CPD recommended designing and implementing an integrated reform package covering energy, security, banking, revenue mobilisation, public expenditure, Annual Development Programme (ADP) rationalisation, logistics, digitalisation and the proposed wage commission.

It particularly stressed the need for a credible energy-security package, including time-bound domestic exploration, acceleration of the stalled 150-well programme, strategic fuel stockpiling and diversified energy sourcing.

It also recommended reviewing power purchase agreements to reduce the subsidy burden and intensifying offshore gas exploration, noting that the private sector is aligned with these initiatives.

The think tank called for stronger coordination and collective action among different layers of government, saying there was an acute need for more effective coordination among ministries and government tiers.

It recommended that September 2026 be treated as a critical month for economic reform.

The Finance Minister, it said, should present the relevant reform action plan and key economic issues before Parliament for scrutiny, including the pay scale, banking-sector restructuring, power-sector reform and broader institutional reforms.

The CPD recommended preparing a core budget for October 2026 to June 2027 based on real-time data and a credible fiscal framework.

It also called for aligning the budget's benchmarks and timelines with the Fiscal Strategic Framework Plan 2026.

It urged the government to set realistic revenue targets, ensure quality public spending and maintain borrowing discipline.

The CPD also recommended stronger monitoring of public financial management, prices and food security, energy, banking, investment, health, education and social protection.

The think tank called for a comprehensive roadmap for the banking sector, including measures to address distressed banks and move towards sustained recovery.

It also stressed the need for reforms capable of generating investment beyond the banking and energy sectors, particularly through deregulation and stronger revenue mobilisation.

The CPD identified several investment-related measures during the first six months as positive developments, including the integration of investment and export services through BanglaBiz and the entry into force of the Invest Bangladesh Act 2026, creating a single authority through the merger of BIDA, BEZA and PPPA.

The expansion of bonded-warehouse facilities beyond the ready-made garment sector to other export-oriented industries was also identified as a positive reform.

The signing of the Comprehensive Economic Partnership Agreement with South Korea, aimed at securing preferential market access for Bangladeshi exports, was another area of comfort.

The CPD also highlighted the establishment of a Startup Fund for new and technology-oriented entrepreneurs, particularly young and women entrepreneurs.

More than 21 agreements and memoranda of understanding signed during the government's China visit, covering the digital economy, public-private partnerships, infrastructure and a feasibility study for a Bangladesh-China free trade agreement, were also noted positively.

At the institutional level, the CPD recommended greater attention to government commitments, institutional capacity, coordination and accountability, as well as freedom from vested interests.

It said the key question going forward would be whether the government could translate its commitments into concrete roadmaps and implementation, supported by sufficient institutional capacity and regular accountability before Parliament.

The CPD emphasised that the required change was structural rather than merely personnel-based, involving cabinet architecture, appointment practices, coordination mechanisms for economic governance and the overall capacity of institutions to deliver reforms.

Among the "Areas of Comfort" in governance, justice and public administration, the CPD highlighted the ruling party's decision that its MPs would not accept government-allocated plots or duty-free vehicles. Parliament subsequently abolished the statutory duty-free vehicle entitlement.

The CPD also praised the swift disposal of cases involving violence against women and children, citing the Ramisa rape-murder case, which was resolved in 19 days, a Meherpur child rape case disposed of in 29 working days, and the disposal of 10 death references and appeals by a dedicated High Court bench between June 14 and July 15, 2026.

It identified a series of austerity measures as positive steps, including holding Cabinet meetings at the Secretariat, capping Prime Minister's Office meal costs at Tk 150 per person, suspending government vehicle purchases, cancelling the post-budget dinner and withdrawing police escorts from 18 ministers.

The introduction of AI-based automated traffic enforcement in Dhaka and its subsequent extension to the Dhaka-Chattogram Highway was also identified as an area of comfort.

The CPD highlighted Bangladesh Public Service Commission reforms aimed at strengthening merit-based recruitment, reducing dependence on coaching centres and shortening the BCS recruitment cycle to one year.

It also noted that the e-Bail Bond system became operational in 28 districts, e-Family Courts were introduced in two districts and an online e-cause list system was put into operation.

Amendments to the Code of Criminal Procedure and Code of Civil Procedure also provided statutory recognition to digital summons and online evidence in specified circumstances.

In public financial management, the CPD noted that the Finance Act 2026 raised the income tax-free threshold for individual taxpayers and withdrew the proposed investment-source disclosure requirement.

The National Board of Revenue expanded mandatory digital income-tax filing and launched e-Return for the 2026-27 tax year, while incentives were introduced for early online filing.

The Finance Act also introduced a five-percent tax rebate, subject to a maximum of Tk 25,000, for eligible individual taxpayers filing returns by September 30, along with a statutory timeframe for refunds of excess tax.

In energy and transport, the introduction of a fully women-operated and women-managed "Pink Bus Service" was described as a significant step towards providing safer public transport for women.

The CPD welcomed the withdrawal by the Bangladesh Energy Regulatory Commission of a proposed electricity tariff hike for low-income and low-use residential consumers. Existing rates for lifeline and first-slab households were retained.

The opening of international bidding for offshore oil and gas exploration under the revised Bangladesh Offshore Model Production Sharing Contract 2026 was also identified as a positive development.

The government's introduction of a 25-percent discount on metro rail and train fares for senior citizens aged 65 and above, along with special concessions for persons with disabilities, was also highlighted.

In agriculture, the CPD noted the government's waiver of agricultural loans of up to Tk 10,000, including accrued interest, with public-sector banks writing off eligible farmers' loans.

The CPD further noted that the government had begun disbursing long-pending retirement and welfare benefits to teachers and employees of MPO-listed non-government educational institutions through EFT and iBAS++, while a pilot programme was launched to distribute free uniforms, shoes and jute bags to primary school students.

In the health sector, reductions or withdrawals of VAT and taxes on essential medical items were identified as important measures.

These included dialysis filters, heart stents, heart valves, pacemakers, oxygenators, eye lenses and certain raw materials used in cancer treatment.

Under social welfare and protection, the CPD noted the rollout of 20,832 Farmer's Cards, 70,861 Family Cards and 300 Sports Cards as part of the government's phased nationwide programmes.

The CPD said the positive measures represented encouraging signs, particularly in institutional reform, administrative austerity, digitalisation, investment facilitation, financial-sector restructuring and targeted social welfare.

At the same time, it outlined a broader framework for assessing recovery in the coming period.

It said stabilisation should first be reflected in inflation, exchange and interest rates, followed by a perceptible improvement in GDP growth and eventually a take-off in investment and domestic employment.

The CPD stressed the need for a credible medium-term solution to the energy crisis and reforms capable of generating investment beyond the banking and energy sectors.

It said economic recovery would depend not only on individual policy decisions but also on the government's ability to establish effective coordination mechanisms, strengthen institutional capacity and ensure accountability.

The think tank therefore urged the government to use the coming months, particularly September 2026, to turn its commitments into concrete, time-bound reform roadmaps and ensure their effective implementation.

The seminar, titled "Start-up Financing in Bangladesh: Can Commercial Banks Play a Significant Role?", was organised by BIBM to examine the challenges and opportunities in start-up financing and explore ways to enhance the role of commercial banks in supporting the country's emerging start-up ecosystem, said a press release.

Dr Md Habibur Rahman, Chairman of the BIBM Executive Committee and Deputy Governor of Bangladesh Bank, attended the seminar as the chief guest.

In his inaugural remarks, he stressed the importance of developing appropriate financing facilities for start-up projects and creating a supportive financial environment for innovative and emerging enterprises.

BIBM Professor and Director (Research, Development & Consultancy) Md Shihab Uddin Khan delivered the welcome address.

A keynote paper was jointly presented by a BIBM research team comprising Associate Professor Dr Md Mosharref Hossain, Associate Professor Dr Shamsun Nahar Momotaz, Assistant Professor Tahmina Rahman and Lecturer Benazir Ishaque, along with Md Mohsinur Rahman, EVP and Head of SME Banking at Prime Bank PLC.

The keynote presentation was followed by an open discussion.

The session was chaired by Dr Md Ezazul Islam, Director General of BIBM, who also delivered the concluding remarks.

Dr Islam said start-ups often require a different approach to financing as their value may not be adequately reflected in conventional collateral or current cash flows. Their potential could instead depend on ideas, technology, data, human capital, intellectual property and future growth prospects.

He, however, stressed that adopting a different approach to start-up financing should not mean compromising prudent banking practices.

"Banks need to strengthen their capacity to assess start-up businesses through better financial and transaction data, specialised appraisal expertise, relationship-based banking and a clearer understanding of different stages of the start-up life cycle," he said.

Dr Islam said appropriate risk-sharing mechanisms could enable commercial banks to play a greater role in start-up financing.

He identified credit guarantees, refinancing facilities and co-financing arrangements, along with stronger linkages among banks, incubators, investors and public-sector programmes, as important mechanisms to help promising start-ups bridge the gap between innovation and bankability.

He also emphasised that building a sustainable start-up financing ecosystem would require coordinated efforts by commercial banks, Bangladesh Bank, government agencies, investors and entrepreneurs.

"No single stakeholder can address the financing gap alone," he said.

The BIBM Director General said the ultimate objective should be to establish a financing pathway through which promising start-ups could gradually move from idea-stage support and risk capital to sustainable commercial financing as their business models mature.

Designated discussants included Dr Mohammad Tazul Islam, Professor and Director (Training), BIBM; Syed Abdul Momen, Additional Managing Director and Head of SME Banking, BRAC Bank PLC; Nawshad Mustafa, Director, SME & Special Programmes Department, Bangladesh Bank; Md Monjur Mohammad Shahriar, Project Director, Digital Entrepreneur and Innovation Eco-System Development Project, ICT Division, Ministry of Posts, Telecommunications and Information Technology; and A.K.M. Fahim Mashroor, Chief Executive Officer and Co-founder of bdjobs.com Ltd.

Under the agreement, Nagad will maintain a Trust Cum Settlement Account with Bengal Commercial Bank, while the partnership will make various digital financial services between the two institutions more seamless, said a press release here today.

The agreement is also expected to boost business operations between the two organisations and facilitate inward remittances sent through the bank directly to families in remote parts of the country through the Nagad network.

The signing ceremony was held at Bengal Commercial Bank's head office in Gulshan on Sunday. Managing Director of Bengal Commercial Bank KM Awlad Hossain and Bangladesh Bank-appointed Administrator of Nagad Md. Motasem Billah signed the agreement on behalf of their respective organisations.

The partnership will also simplify customer integration and onboarding processes for both entities, which, according to the organisations, will help expand financial inclusion and accelerate cashless transactions nationwide.

Speaking at the event, Motasem Billah said Nagad's network spans every city, village and neighbourhood from Teknaf to Tetulia, allowing customers to use its services for bill payments, cashouts, cash-ins and other digital transactions.

"Why should Nagad use this vast network alone? Instead, we want financial institutions like Bengal Commercial Bank to leverage our network to offer their services, such as nano-loans, EMIs, and DPS. I believe this will truly drive the country towards a cashless economy," he added.

Awlad Hossain said the partnership would make digital financial transactions easier, faster and more secure by creating deposit and loan opportunities for customers.

"At the same time, this initiative will play an important role in expanding remittance services and cashless transactions," he said.

The release said Nagad has also been conducting various initiatives to encourage digital transactions and boost legal remittance inflows. Currently, users can make payments through the Nagad app at 10 lakh Bangla QR merchant outlets across the country.

The DSEX, the broad index of the DSE, plunged 78.6 points to settle at 5,644 points, down from 5,722 points in the previous trading session. The market remained under pressure from the opening as investors continued to offload shares, particularly large-cap stocks, amid concerns over the prolonged nationwide gas and electricity crisis and ongoing geopolitical tensions in the Middle East.

The broad-based sell-off reflected heightened risk aversion among investors, with almost all sectors ending the session in negative territory. Market turnover also declined 15.4 percent to Taka 6.0 billion from Taka 7.1 billion in the previous session, indicating a further weakening of investor participation. Textile stocks accounted for the highest share of turnover at 24.6 percent, followed by pharmaceuticals at 11.7 percent and general insurance at 11.6 percent. Among the sectors, textile suffered the highest correction, falling 3.3 percent, while services and mutual funds declined 2.6 percent and 2.5 percent respectively.

Of the 395 issues traded on the DSE, only 13 advanced, while 352 declined and 30 remained unchanged, underscoring the breadth of the sell-off. The Chittagong Stock Exchange (CSE) also closed lower. Its selected index, CSCX, fell 86.2 points, while the All Share Price Index (CASPI) declined 173.8 points.

The approvals were given at the 41st meeting of the CCGP held at the Bangladesh Secretariat with Finance Minister Amir Khosru Mahmud Chowdhury in the chair.

The committee approved the import of 40,000 tons of bulk granular urea fertilizer from SABIC Agri-nutrients Company of Saudi Arabia as the third lot for the 2026-27 fiscal year at a cost of Taka 188.66 crore. 

The price has been set at US$380.83 per ton.

It also approved the import of 35,000 tons of MOP fertiliser from Russia's JSC "Foreign Economic Corporation (Prodintorg)" under a government-to-government agreement with the Bangladesh Agricultural Development Corporation (BADC).

The procurement will cost Taka 166.43 crore with the price fixed at $383.80 per ton.

Under the G2G arrangement between Morocco's OCP NUTRICROPS, S.A, and BADC, the committee approved two lots of 40,000 tons each of DAP fertiliser.

The fourth lot will cost Taka 443.06 crore and the fifth lot Taka 442.89 crore, with the price for both lots fixed at $894 per ton.

The committee also approved two lots of TSP fertiliser from OCP NUTRICROPS, S.A, Morocco. The fifth lot, comprising 30,000 tons, will cost Taka 252.01 crore at $678 per ton while the sixth lot of 30,000 tons will cost Taka 248.20 crore at $668 per ton.

Besides, two lots of MOP fertiliser, each comprising 40,000 tons, will be imported from Canadian Commercial Corporation under a G2G agreement with BADC.

The first lot will cost Taka 190.13 crore and the second Taka 189.83 crore. The price for both lots is $383.80 per ton.

The committee further approved the import of 40,000 tons of DAP fertiliser from Saudi Arabia's MA'ADEN under a state-level agreement with BADC. The procurement will cost Taka 440.33 crore, with the price set at $891 per ton.

In another proposal, the CCGP approved the purchase of 30,000 tons of bagged granular urea from Karnaphuli Fertilizer Company Limited (KAFCO), Bangladesh, for the 2026-27 fiscal year.

The second lot of KAFCO urea will cost Taka 133.57 crore, with the price fixed at $359.50 per ton, including an FOB price of $354.50 and a bagging charge of $5.

All the proposals were recommended for approval by the committee.

The fertiliser procurements are part of the government's efforts to maintain adequate stocks of key agricultural inputs and ensure timely supply to farmers.

The day's CCGP meeting also approved a Taka 7.08 crore variation proposal for the construction of the 121-metre Vellapara Bridge over Murai Khal on the Dhaka-Chattogram-Cox's Bazar-Teknaf national highway.

According to the proposal, the Roads and Highways Department is implementing the bridge construction project under government financing through the Chattogram South Road Division.

The initiative is also intended to ensure physical and financial security, prevent wastage of state resources and facilitate the effective disposal of uncleared goods, according to a press release issued by the National Board of Revenue (NBR) today.

As part of Special E-Auction No. 10/2026, a total of 101 lots comprising 290 containers will be auctioned under the NBR's Permanent Order No. 91/Customs/2025/123 and Special Order No. 82/2025/Customs.

The goods include various chemicals, machinery and machinery parts, plastic waste (scrap), chest freezers, pipes, different types of yarn and fabrics, solar modules, various types of salt, paper, tiles and household goods. The auction also includes 86 old empty containers, the release said.

No reserved value will be fixed for the goods included in the special e-auction.

Meanwhile, under the NBR's Permanent Order No. 91/Customs/2025/123, E-Auction No. 09/2026 will offer 152 containers in 109 lots.

The goods include various types of capital machinery, fabrics, PVC flex banners, chemicals, air-conditioner parts, tiles, stainless steel coils, scanners, badminton rackets, elevators and salt, among other products.

To ensure transparency and accountability, the entire auction process will be conducted digitally.

To make the auction more competitive, bidders will be allowed to physically inspect the goods during office hours from August 30 to September 13, 2026 for E-Auction No. 09/2026 and from August 30 to September 15, 2026 for Special E-Auction No. 10/2026.

Interested buyers can register through the Customs' official e-auction portal and submit bids online from home.

For E-Auction No. 09/2026, bids can be submitted from August 27 until 3:00pm on September 16, 2026. For Special E-Auction No. 10/2026, bids can be submitted from August 27 until 3:00pm on September 17, 2026.

During online bidding, bidders must upload a scanned copy of a security deposit equivalent to at least 10 percent of the proposed bid value and submit the original documents within the stipulated timeframe.

The highest bidders will have to clear the goods subject to compliance with the applicable provisions of the Import Policy Order 2021-2024.

The tender box for E-Auction No. 09/2026 will be opened at 3:30pm on September 16, 2026, while the tender box for Special E-Auction No. 10/2026 will be opened at 11:00am on September 20, 2026.

For detailed information regarding the auctions, bidders have been requested to visit the Customs' official E-Auction portal: auction.bdcustoms.gov.bd.

The NBR expressed hope that the technology-driven auction initiative would play an important role in enhancing the capacity of Chattogram Port and ensuring effective management of national resources.

"I understand we have many problems in society right now. We are trying to prevent these as much as we can," Pezeshkian said in a speech broadcast on state television.

His comments came after the United States vowed last week to bring about the "collapse" of the Iranian regime through a newly announced sanctions campaign, nearly six months after the start of their war.

In his response, Pezeshkian said that, thanks to US President Donald Trump, Iran was "in a full-scale economic, military and security war".

"He says he is imposing the most crushing and terrifying sanctions on Iran," Pezeshkian said.

The Iranian government has faced several waves of mass protest in recent years, often triggered by economic hardships, including inflation and exchange rate swings leading to declining purchasing power.

At the end of December last year, a protest movement initially sparked by the rising cost of living turned into mass demonstrations denouncing those in power.

Authorities reported more than 3,000 deaths during the unrest, accusing the United States and Israel of orchestrating the violence.

Foreign-based NGOs, however, said officials had launched an indiscriminate crackdown that left thousands dead.

"We are striving with all our hearts to overcome inflation, livelihood problems, unemployment, and to secure the future of the people, so that they can live with dignity and pride," Pezeshkian said on Sunday.

Here's what you need to know about the clothing giant, which has faced allegations of labour and environmental abuses as well as regulatory scrutiny abroad.

- Breadth and speed -

Shein's main competitive advantage lies in its ability to offer a staggering variety of items on its platform -- backed up by hyper-efficient product development and supply chains.

Customers love the firm's massive catalogue of ultra-cheap items, from $8 sundresses to $2 bracelets, at a time when inflation has shrunk purchasing power around the world.

The firm moved its headquarters to Singapore between 2021 and 2022 -- a move analysts say was intended to avoid increasing global scrutiny of Chinese firms.

But it still benefits from China's unique combination of a huge low-cost textile manufacturing sector and a highly sophisticated e-commerce logistics network.

The company ranks suppliers by their flexibility and ability to deliver urgent orders, and regularly eliminates the poorest performers, according to a 2021 Zhongtai Securities report.

At the same time, it tracks users' search data and social media trends to generate designs with a high likelihood of attracting demand -- often appearing to simply copy from other brands.

Shein has been accused repeatedly of intellectual property infringement, disclosing in July that it was facing more than 40 related lawsuits.

- TikTok power -

The rapid growth achieved by Shein was driven in large part by success in marketing its products on social media -- particularly on short video app TikTok.

As internet usage worldwide peaked during the pandemic, the firm cultivated a strategy that saw it enlist small-time video bloggers and ordinary social media users to represent the brand in exchange for free products and cash.

It quickly built a loyal following of customers in the United States and elsewhere, with many participating in a trend of posting videos of their "Shein haul" of new clothes online.

But that strategy has also bred controversy, with a sponsored factory tour for a group of Western influencers in 2023 sparking a strong backlash for glossing over alleged labour violations.

Today, Shein's challenges are compounded by increasingly tough competition from rival low-cost e-commerce giant Temu.

- Labour, safety concerns -

Like other fast-fashion giants including H&M and Zara, Shein has faced allegations of underpaying and overworking textile workers at its factories.

The firm has also been accused of obscuring its production processes from the public eye.

In 2024, the European Union added Shein to its list of digital companies that are big enough to be subject to stricter safety curbs.

Another hurdle arose in February of this year, when the European Commission launched an investigation into the firm's compliance with the Digital Services Act.

Areas assessed by the probe include the firm's systems for preventing the sale of illegal products, risks associated with its "addictive design" and the transparency of its content recommendations, the Commission said.

- Overconsumption fears -

Others say the company's super-cheap products and frenzied online marketing encourage a culture of overconsumption to the detriment of the environment.

A ranking last year by US-Canadian campaign group Stand Earth placed Shein tied for last place on a list of over 40 major fashion brands in terms of their environmental practices.

In the boldest move yet globally to curb the rise of fast fashion, France is set to impose per-item fees on Shein, Temu and other platforms deemed by the legislation to engage in "ultra-fast fashion".

The tsunami of parcels generated by low-cost e-commerce giants has also been dealt a fresh blow by the scrapping of US tax exemptions for individual shipments valued less than $800.

Shein says it conducts regular third-party audits to ensure fair wages, and it says its on-demand model avoids overproduction and thus "dramatically reduces waste".

The general wage rate index in Dhaka Division rose 8.72 percent on a point-to-point basis in July 2026, compared with an Urban General inflation rate of 8.24 percent. The national general wage growth was lower at 8.22 percent during the same period.

The 0.48 percentage-point gap between Dhaka's wage growth and its Urban General inflation rate marked a stronger wage performance in the capital division.

The BBS data indicate that wages of low-paid workers covered by the index increased faster than the general rise in urban consumer prices during the period.

The service sector led wage growth in Dhaka, with its wage rate rising 9.30 percent in July, the highest among the three sectors. Industry followed at 8.63 percent, while agriculture recorded 8.62 percent growth.

The sectoral performance in Dhaka was also stronger than the corresponding national figures in all three sectors. Nationwide, wage growth stood at 8.39 percent in services, 8.15 percent in industry and 8.24 percent in agriculture.

At the national level, however, the 8.22 percent general wage growth remained slightly below the country's 8.32 percent general inflation rate in July. This makes the Dhaka wage performance distinct from the national picture, where wage growth did not exceed overall inflation.

Bangladesh's general point-to-point inflation fell to 8.32 percent in July from 9.16 percent in June. The 12-month moving average inflation also declined to 8.66 percent during August 2025 to July 2026, from 9.77 percent in the previous 12-month period.

Alongside the latest wage and inflation figures, the BBS has shifted both the Consumer Price Index (CPI) and the Wage Rate Index (WRI) to a new base year of 2021-22.

The revised WRI is based on monthly wages for 63 specific occupations across all 64 districts. The occupations cover 17 categories in agriculture, 30 in industry and 16 in the service sector.

The BBS has also initiated compilation of the Mymensingh Divisional Index, according to the latest report.

The WRI is designed to measure movements in nominal wages of low-paid skilled and unskilled labour over time. It is also used to measure changes in real wages and standards of living.

The latest changes in the index are accompanied by a broader monthly release covering the Consumer Price Index, inflation rate and Wage Rate Index.

"Canada wants the benefits of being a State, without being one!!!" Trump said in a post on Truth Social.

"They have also charged our great farmers, for many years, massive amounts of Tariffs. No more!!!" he said.

Carney said Saturday that new Canadian tariffs would take effect on September 8, notably targeting the US steel and dairy industries.

New 50-percent US tariffs impacting about $20 billion worth of goods, or 5.5 percent of Canadian exports to the US, came into force Saturday.

The Elon Musk-founded company shared a promotional image on social media late Friday promising "exclusive access" to Cybercabs at a September 3 event in Austin, Texas, where Tesla is headquartered.

"We're celebrating the launch of our Cybercab robotaxi with an exclusive event in Austin -- and you could be there," the company said on its website, promoting a sweepstakes to win a chance to attend the event.

First unveiled in October 2024, the gold-colored vehicle can carry two passengers and marks the first Tesla car with no steering wheel or pedals.

At the time, Musk said the company was planning to begin production of the self-driving cars before 2027 and sell them to private buyers for under $30,000.

US tech industry publication The Information reported this week that Tesla staffers have been told the rollout will begin with Cybercab rides for employees on public roads, followed by the vehicle being incorporated into the ranks of its Robotaxi service in Austin.

Tesla enthusiasts have in recent weeks reported seeing parking lots filled with Cybercabs, sparking rumors of an impending launch.

Last year Tesla debuted its self-driving cars in Austin using its Model Y SUV vehicles, with the "Robotaxi" service gradually expanding to several other cities in Texas, Florida and California.

However, state laws require many of the vehicles to have a human supervisor or driver ready to take over control if necessary.

Waymo, the self-driving vehicle subsidiary of Google parent company Alphabet, offers its services in 11 US cities.

He made the call while addressing the ‘BAJUS Jewellery Fashion Carnival 2026’ in the capital on Saturday night. 

Muktadir emphasised the need for policy support, investment and modernisation of the jewellery industry to make it a competitive export-oriented sector and help increase the country’s foreign exchange earnings. 

The minister said the government is committed to creating a favourable business environment and supporting sectors that have the potential to contribute significantly to the national economy. 

BAJUS President Enamul Haque Khan, in his written speech at the event, said the association wants to transform the jewellery sector into the country’s second-largest foreign exchange-earning sector by 2030-31. 

He said policy ambiguity is one of the major obstacles to the development of the industry and called for facilitating gold imports through a non-discriminatory policy framework. 

According to BAJUS, easier gold imports could reduce the price of jewellery in the domestic market by at least Tk 30,000 per bhori. 

The association said implementation of the proposed ‘Gold Policy-2018 (Amended)-2026’ could generate Tk 2,000-2,500 crore in annual government revenue from the sector. 

It also proposed allowing undisclosed gold to be declared against a one-time fee, saying the measure could generate an additional Tk 500-700 crore in revenue and facilitate the creation of a digital database of the country’s total gold stock. 

BAJUS has set a target of establishing 500 new modern jewellery factories by 2030 to make the industry export-oriented.  

The proposed factories are expected to create direct employment for 50,000 people and indirect employment for another 100,000. 

The association also demanded 10 bighas of land in Dhaka to establish a specialised economic zone named ‘Swarnapalli’, which would include a diamond processing unit. 

It said updating the 2006 Rough Diamond Import-Export (Control) Rules and reducing additional duties on diamond imports in line with neighbouring countries would help develop the diamond processing industry. 

BAJUS projects that Bangladesh could export around $2 billion worth of diamond jewellery annually by 2031 if the necessary policy reforms are introduced. 

Water Resources Minister Md Shahiduddin Chowdhury Anee, former National Board of Revenue (NBR) chairman Abdur Rahman Khan FCMA, representatives of different government agencies and diplomats, among others, attended the programme. 

BAJUS said around 2.8 million people are directly and indirectly dependent on the jewellery sector, which represents around 40,000 jewellery businesses and four lakh artisans. 

The association also thanked the government for providing tax and VAT concessions to the jewellery sector in the national budget for fiscal year 2026-27 and urged speedy implementation of further policy reforms.

Impacted products range from hockey sticks to cement.

"You're at war when you get attacked. We got attacked," Carney said.

US President Donald Trump had said Washington "should be able to have a deal with Canada," citing his "good relationship" with Carney.

But on Saturday, Canada's prime minister said Trump set conditions that were ultimately unacceptable even though earlier talks had been positive.

"In recent days, the United States proposed new terms that were uneconomic, unfair and undermined the net benefits for Canada, and called into question the reliability of any deal," Carney said in Ottawa.

"We cannot accept what they've offered, and we will not give what they've asked."

New Canadian tariffs will notably target the US steel and dairy industries and take effect on September 8. More details would come next week, Carney said.

A senior US official characterized this week's talks in Washington as candid and not acrimonious.

US Trade Representative Jamieson Greer told Fox News on Saturday that Washington was "moving forward with measures that respond to Canadian retaliation." He also said no new talks were planned with Canadian negotiators.

- 'Significant pressure' -

Canada has been seeking relief from Trump's tariffs on autos, steel and aluminum, which have battered the country's economy, forced job losses and strained what was once an iron-clad trade relationship.

The White House had alleged "discriminatory treatment" by Canada against US alcohol, automobile and dairy products in introducing the duties.

They were originally set to take effect Wednesday, before Trump issued a three-day reprieve citing progress in talks.

Carney said one reason the deal collapsed was US negotiators at the 11th hour introducing restrictions on Canadian trade deals with other countries.

US negotiators also made unacceptable "threats" to the French language and "Quebec culture," he said, referring to the French-speaking province in eastern Canada.

The escalating trade war was met with anger by Democratic lawmakers and governors from border states including Minnesota, New York and Washington, blaming Trump for triggering chaos that will raise costs on US businesses and families.

"Needlessly picking fights with our allies and raising prices here at home. That's Trump's economic policy in a nutshell," New York Governor Kathy Hochul posted on X.

Beyond the latest tariffs, the US and Canada still have to agree on revisions to the North American free trade agreement, USMCA, which Trump declined to renew in its current form.

Trump's threats to make Canada the 51st US state have also antagonized Canadians.

- Lunch money -

Carney has repeatedly said relations with the US have been forever altered, and that Canada must reduce reliance on its southern neighbor, which currently accounts for roughly 70 percent of Canadian exports.

"We've been under no illusions. We recognized from the start that America has changed," Carney said Saturday. "We recognize that sometimes, its signature was written in pencil."

Carney spoke with provincial leaders to outline next steps.

One of them, Ontario Premier Doug Ford, said Canadians must remain united.

Trump "can't be trusted, simple as that," Ford told reporters. "President Trump is the type of person who would steal your lunch money."

The Business Roundtable, a group of 200 chief executives of leading US corporations, warned the new tariffs "risk raising costs for American businesses and families," and urged both governments to resume negotiations.

The new authority has been formed through the merger of the Bangladesh Investment Development Authority (BIDA), Bangladesh Economic Zones Authority (BEZA) and Public-Private Partnership Authority (PPPA), bringing investment facilitation, policy coordination, economic zone development and public-private partnership functions under one institution, said a press release.

Operating under the Prime Minister's Office, Invest Bangladesh also unveiled its new brand identity today, marking the transition towards a unified national investment platform.

"This is more than an institutional merger. It is about organising the government more effectively around the investor," Invest Bangladesh Chairman Ashik Chowdhury said.

"By uniting our capabilities, we aim to provide clearer accountability and more coordinated support across the investment journey. We will continue to respect our heritage while forging new chapters as a bigger and stronger team," he added.

The new agency is expected to provide domestic and foreign investors with a single point of access to investment opportunities, approvals, services and facilities across Bangladesh.

The Invest Bangladesh Act, 2026 provides for an integrated framework covering economic zones, free-trade zones and other declared industrial areas. It also enables underused government land, facilities, shares and rights to be put to productive use.

The Act further provides clearer approval frameworks for public-private partnership projects, including simplified procedures for smaller PPP projects.

Invest Bangladesh will also facilitate the digitisation of investment and business services through a single digital platform.

It will continue operating BanglaBiz, Bangladesh's single digital platform for investment services, providing online and time-bound access to business licences and permits.

The agency is working to implement a 14-day business licensing framework as part of the government's efforts to establish a faster and more predictable business environment.

As the 180-day period for implementing the government's commitments made in March nears its end, Invest Bangladesh said it would publish a progress report on delivery against those commitments before the period ends.

Investors are expected to benefit from more coordinated access to approvals, registrations, import-export services, incentives, industrial zones and other government services.

Economic zones will remain a priority as they offer advantages in terms of utilities and transport connectivity.

However, Invest Bangladesh will also facilitate projects outside economic zones, including through the utilisation of unused state assets, depending on the nature of projects and investors' requirements.

The merger will not disrupt existing investor services. Instead, the institutional integration is intended to create a single front office and provide more coordinated support throughout the investment lifecycle.

Regarding manpower, regular officers and employees of BIDA, BEZA and PPPA will be absorbed into Invest Bangladesh in equivalent positions, with continuity of service and existing benefits protected.

Consultants, outsourced personnel and daily-wage workers will continue under their existing contracts or orders.

The formation of Invest Bangladesh is aimed at simplifying the investor journey and creating a more coordinated and predictable investment environment in the country.

Canadian Prime Minister Mark Carney vowed that his country will match the US tariffs "dollar for dollar to protect our workers and businesses", after officials said late Friday that Washington and Ottawa had not managed to strike a deal.

The lack of a final agreement means that new 50-percent duties, set to impact some $20 billion of Canadian exports to the United States, took effect on Saturday.

US Trade Representative Jamieson Greer told reporters on Friday that "tonight, Canada declined to finalize the trade deal under the terms agreed earlier this week."

That came despite Washington's offers for tariff reductions in sectors like steel and aluminum, he added.

The surprise announcement came after Trump said that the United States "should be able to have a deal with Canada," citing his "good relationship" with Carney.

After hours of trade talks on Friday, however, Canada's top negotiator Dominic LeBlanc told reporters that officials still "have more work to do."

LeBlanc and Greer also met for around three hours on Thursday.

Greer said that the Trump administration put on the table "significant tariff reductions on steel, aluminum, autos and lumber" in exchange for concessions from Canada.

He said that Canada was also maintaining its "prolonged retaliation" against the United States.

But Carney said in a statement that "last-minute changes in the US proposed terms were unfair, uneconomic, and called into question the reliability of any deal."

- 'Discriminatory treatment' -

Canada's regional leaders said previously that the United States was particularly irritated by one retaliatory measure: the removal of US alcohol and wine from liquor stores.

The White House had alleged "discriminatory treatment" by Canada against US alcohol, automobile and dairy products in introducing the duties.

They were originally set to take effect on Wednesday, before Trump issued a last-minute delay of three days -- citing major progress in talks.

Canadian negotiators have been camped out in Washington this week to firm up a deal that aimed to address various flash points.

Canada has been seeking relief from Trump's tariffs on autos, steel and aluminum, which have battered the country's economy, forced job losses and strained what was once an iron-clad trade relationship.

Carney has repeatedly told Canadians that relations with the United States have been forever changed, regardless of what happens with an individual trade deal.

He says the country must diversify and reduce its reliance on the United States, which currently accounts for roughly 70 percent of Canadian exports.

Beyond the ongoing negotiations, the United States and Canada still have to agree on revisions to the North American free trade agreement, USMCA, which Trump declined to renew last month. 

Lebanon has been dealing with an unprecedented financial crisis since 2019 and was still reeling from the 2024 Israel-Hezbollah war when the Iran-backed group drew it into the Middle East conflict by attacking Israel in March.

Israel responded with a heavy air campaign and ground invasion that Lebanese authorities say have killed more than 4,300 people.

Due to the war, "real GDP is projected to contract by 6.4 percent in 2026, reflecting the collapse in tourism, weaker consumption, disrupted supply chains, heightened insecurity, and prolonged displacement," the World Bank said in a report.

Inflation is also expected to rise to 17.5 percent this year, "driven by supply disruptions, higher shipping costs, and rising oil prices, further reducing people's purchasing power," the report said.

The World Bank said Lebanon's economy had strengthened before the latest conflict, with an estimated real GDP growth of 4.2 percent in 2025, "the fastest since the onset of the 2019 financial crisis".

"Advancing reforms -- particularly on banking sector restructuring and fiscal management -- will be critical to restoring confidence, protecting stability, and mobilising the financing needed for reconstruction and recovery," Dahlia Khalifa, the World Bank's Middle East director, said.

The international community has been demanding that Lebanese authorities enact financial reforms in order to secure much-needed economic aid.

Last week, parliament passed amendments to a bank resolution law aimed at restructuring troubled banks and addressing the country's banking crisis.

The International Monetary Fund welcomed the law, describing it as "a very good step that reflects Lebanon's commitment to aligning its legislation with the best international practices".

Lebanon has been in discussions with the IMF, which said it would resume its meetings in Beirut next month.

The Middle East conflict, sparked by US-Israeli strikes on Iran in February, has roiled global shipping, sending governments and shipping firms scrambling to seek alternative routes.

Sailing from Busan New Port, the container ship -- the "PanStar Acro" -- will sail to Europe via the Arctic, testing whether a route opened by melting sea ice can be commercially viable.

"The ship will depart at 8 pm (1100 GMT) today unless there are unforeseen circumstances, such as bad weather," an oceans ministry official told AFP on Saturday.

The ship will leave for Felixstowe in Britain, Rotterdam in the Netherlands and Gdansk in Poland before returning, with the voyage expected to take about 45 days, according to the ministry.

The voyage follows that of the Chinese container ship "Dubai Tower", which left the eastern port city of Ningbo for Europe this month, heading north through the Bering Strait before turning west along Russia's Arctic coast.

The usual maritime route between Asia and Europe runs through the Suez Canal, but travelling through the Arctic can cut the journey by around 7,000 kilometres (4,300 miles) and about 10 days, according to the Korea Institute for International Economic Policy.

South Korea's Vice Oceans Minister Nam Jae-hon said the Arctic route was "bound to become an alternative" to Middle Eastern shipping lanes -- as geopolitical risks and technological advances make it increasingly competitive.

Marc Lanteigne, a political science professor at the Arctic University of Norway, said the voyage -- coming soon after China's "Dubai Tower" began its own Arctic journey -- showed the Northern Sea Route (NSR) was becoming normalised as a "secondary maritime transit corridor".

A successful voyage would demonstrate South Korea's interest in "developing alternative shipping sea lanes", he told AFP, with concerns that it could fall behind as Chinese firms expand regular services through the increasingly viable Arctic route.

- Russia issue -

Some experts warn South Korean ships using the Arctic route could risk breaching Western sanctions on Russia -- currently a key security ally of North Korea -- as they would receive Russian navigation and weather services involving payments, albeit small ones.

South Korea's foreign ministry declined to comment when asked by AFP about the concerns involving Russia.

The oceans ministry said this week that "consultations with key relevant countries and agencies" have been completed to "implement administrative procedures necessary" for the voyage.

Vladimir Tikhonov, Korean Studies professor at the University of Oslo, said "strictly speaking, US and EU sanctions are not international law, unlike UN sanctions".

"And with continued uncertainty in the Middle East - itself driven in part by US actions - South Korea may have few alternatives if the Arctic route proves economically viable," he told AFP.

Lanteigne said China's Northern Sea Route ambitions were more politically driven than South Korea's, with Beijing viewing the polar regions as "strategic new frontiers", raising Western security concerns.

Meanwhile, environmental groups warned growing traffic along the shorter NSR could accelerate Arctic sea ice loss already driven by global warming.

Major carriers including CMA CGM, MSC and Hapag-Lloyd have pledged to avoid Arctic shipping routes.

The NSR is believed to be accessible only during the time of year when the ice is melted enough to allow transits without icebreakers.

"The Northern Sea Route has become increasingly viable as the Arctic warms about four times faster than the global average, leading to a sharp decline in sea ice," South Korean environmental group Paran Ocean Citizen Science Center said in a statement last year.

"But making the route commercially viable would require further warming, putting the policy at odds with efforts to combat climate change."

Washington imposed two new sets of tariffs on the Latin American giant in July, a move that has become a key campaign issue ahead of Brazil's presidential election in October.

Lula -- who is seeking a fourth and final term in office -- told Trump that the tariffs "negatively affect both Brazil and the United States," according to a statement from his office.

"To remain at the negotiating table is the best option for both countries," he said.

Relations between Trump and the leftist Lula have blown hot and cold in recent months, but diplomatic tensions have flared as the election approaches.

Trump has backed several victorious right-wing candidates in recent Latin American elections. He is an ally of Brazil's jailed far-right former president Jair Bolsonaro, whose son Flavio is Lula's main rival in the election.

The statement from the Brazilian presidency said the conversation between Trump and Lula lasted an hour and 20 minutes and "took place in a friendly and cordial tone."

Lula, 80, has made national sovereignty a key theme of his campaign.

In an interview last week, he warned Trump: "Don't meddle in Brazil's affairs, especially regarding the election. If you do meddle, you'll lose."

- 'Daily terror'-

The two octogenarian leaders have often appeared to get on well one-on-one, with Trump last year hailing an "excellent chemistry" with Lula.

The US last year dropped punitive tariffs it imposed over the trial against Jair Bolsonaro, which Trump labelled a "witch hunt," after diplomatic efforts by Lula's government.

However, Lula then suffered a blow after a visit by Flavio Bolsonaro to the White House in May.

Two days later, the US designated Brazil's two largest drug cartels as terrorist organizations -- which Flavio has said was a personal request.

"These criminal groups inflict daily terror on the most vulnerable populations, but they are not the same as terrorist organizations," Lula told Trump.

Security is the main concern of Brazilians heading into this year's elections, polls have shown.

Flavio Bolsonaro is pushing for a tough-on-crime model like that of El Salvador's President Nayib Bukele, whose sweeping crackdown on gangs and mass detentions have drawn controversy.

- Deforestation and PIX -

The United States imposed a 25-percent tariff on a range of Brazilian goods over policies it argued harm US commerce -- such as deforestation and a free electronic payments system known as PIX.

Brazilian data shows deforestation in the Amazon fell last year to its lowest point since 2016.

Brazil was also impacted under a separate global tariff regime against US trading partners accused of using forced labor.

Lula has repeatedly said he believes it was US Secretary of State Marco Rubio and not Trump who was behind the tariffs against Brazil.

"Trump is the best of the lot, and the one who talks most seriously with me," he said in the interview last week.

The US cattle herd has shrunk to its smallest size since the 1950s -- in part due to drought and international competition -- with the diminishing numbers pushing beef product prices higher.

"As we work to rebuild this herd and help our ranchers, for the next 90 days, the United States will allow up to 300,000 metric tons of product for ground beef to be imported with no out of quota tariff," Trump wrote on his Truth Social platform.

The US president did not say which countries would be exporting the beef but added there was a commitment to sell it at 25 percent below market prices.

Steeper beef prices have become a symbol of high living costs in the world's biggest economy, pressing the Trump administration to take steps to bring costs down.

Affordability will be a key issue in November's midterm elections, where Democrats are seeking to wrest control of both houses of Congress from Trump's Republicans.

- 'Disappointed' -

US cattle and rancher groups have been resistant to importing more beef. Responding to the move, Senator Deb Fischer of Nebraska, a major beef-producing state, said she was "extremely disappointed."

"We all want lower grocery prices, but as I've said for months, we cannot do it at the expense of American producers. Flooding the market with foreign beef hurts our livestock industry," said Fischer, a Republican.

The National Cattlemen's Beef Association, a trade group, was similarly downbeat.

"Flooding the market with government-subsidized, below-market beef is not the way to rebuild the American cattle herd," CEO Colin Woodall said. "Today's announcement and other market interventions throw cold water on the prospect of herd expansion and sacrifices long-term stability for short-term messaging."

Responding to the criticism later in the day, Trump offered no details on how the plan would work but insisted he would get beef prices down because "that's what the voters want, and that's what I want."

Last fall, Trump demanded ranchers slash their prices, and he later moved to expand imports of beef trimmings from Argentina to cool ground beef prices.

He has also launched an investigation into the meatpacking industry over the high prices of red meat.

His latest effort comes as American households struggle with stubborn inflation, fueled by an energy crisis linked to the war on Iran.

Trump launched the war alongside ally Israel in late February, with Tehran's retaliatory action virtually blocking the Strait of Hormuz, a vital energy and fertilizer supply route.

This has pushed up fuel, transportation and food costs.

Despite higher beef prices, US consumer demand for meat remains robust.

The US Department of Agriculture estimates total beef consumption this year will hit 29.4 billion pounds, an uptick from 2025.

The American Farm Bureau Federation warned in May, however, that Americans are consuming more beef than US farmers and ranchers can supply.

It added that ranchers need to rebuild the US cattle herd -- or demand would have to cool -- in order for beef prices to fall.

Yet "cattle producers still face substantial uncertainty that clouds herd rebuilding decisions," wrote Bernt Nelson, an economist at the federation.

These include threats to animal health, including the New World screwworm, a flesh-eating parasite.

"We have more work to do. We're going to continue working up until the last minute. Our job is not finished," LeBlanc told reporters as he left the office of US Trade Representative Jamieson Greer after hours of talks.

In the latest salvo amid months of trade hostility, US President Donald Trump threatened to impose new 50-percent duties on a range of Canadian products by Wednesday.

But he issued a last-minute delay, citing major progress in talks.

Canadian negotiators have been camped out in Washington this week trying to finalize a deal that reportedly aims to address various flash points.

LeBlanc arrived with his team at Greer's office past midday on Friday, and only left around 7:30 pm (2330 GMT). Both officials also met for around three hours on Thursday.

The Canadian official's latest comments came after Trump said the United States "should be able to have a deal with Canada," citing his "good relationship" with Prime Minister Mark Carney.

Canada wants relief from Trump's tariffs on autos, steel and aluminum, which have battered Canada's economy, forced job losses, and strained what was once an ironclad trade relationship.

Details of the proposed agreement emerged this week after Carney briefed the leaders of Canada's provinces and territories.

US tariffs will likely be reduced in certain areas, but not removed entirely, with Saskatchewan's conservative Premier Scott Moe telling reporters there's no going back to the pre-Trump "status quo."

Ryan Majerus, a trade lawyer at King & Spalding, told AFP that Washington's apparent willingness to reduce the sector-specific tariffs "dramatically increases the potential of a deal."

"I think both sides want an off-ramp here," Majerus said, while noting that Ottawa was "under tremendous pressure" to get tariffs removed and the public may be unhappy with the outcome.

Canada's opposition Conservative Party was already on the offensive Friday, with its leader Pierre Poilievre saying "one-sided tariffs on Canadian industry would be a bad deal."

"Tell me how the Canadian company is supposed to compete against an American company when only our guy pays the tariff," Poilievre said.

- Booze ban -

Canada's regional leaders said the United States has been particularly irritated by one retaliatory measure: the removal of US alcohol and wine from liquor stores.

Carney on Wednesday asked the provinces to restock US booze.

Some publicly agreed, but others voiced hesitance.

Quebec Premier Christine Frechette said she wanted to study the deal before agreeing to anything, while Manitoba's left-wing Premier Wab Kinew told reporters Trump appeared "weak" and suggested Canada should "fight."

Ontario Premier Doug Ford, one of Trump's most prominent critics during the trade war, has so far stayed quiet.

Ford controls the Liquor Control Board of Ontario, one of the largest individual purchasers of US alcohol products.

Carney has repeatedly told Canadians that relations with the United States have been forever changed, regardless of what happens with an individual trade deal.

He says the country needs to diversify and reduce its reliance on the United States, which currently accounts for roughly 70 percent of Canadian exports.

Beyond the ongoing negotiations, the United States and Canada still have to agree on revisions to the North American free trade agreement, USMCA, which Trump declined to renew last month. 

"The BPPA will not give blanket permission for offline procurement, as the present government is determined to bring all public procurement under e-GP," he said at an orientation on the BPPA and its functions held yesterday for the first batch of the four-week training course on Basic Public Procurement Management (PPM), which commenced at ESCB on August 8, 2026. The training will conclude on September 1, 2026. A total of 28 officers from various government offices, including four women officers, are participating in the training, said a press release here today.

The CEO of BPPA urged the participants to make the best use of the opportunities offered by the four-week training. He made a comprehensive presentation on the establishment of BPPA, its functions and governing board, the e-GP system and its progress, opportunities and challenges, Sustainable Public Procurement (SPP), implementation of BPPA project, and its future plans. Focusing on the principles of Fit for Purpose and Value for Money in public procurement, the CEO said that price alone should not be the sole consideration in sustainable procurement.

"Sustainable procurement is very important for achieving sustainable development in the country," he said. He noted that people, planet and profit are vital dimensions of sustainable procurement and highlighted the importance of the 4Rs-Reduce, Reuse, Recycle and Recover-in promoting sustainability. As part of their ongoing training at ESCB, the participants visited the BPPA office to gain practical exposure to the e-GP system, Help Desk, Review Panel and other aspects of public procurement. Shaikh Muhammad Refat Ali, director (Training) of BPPA, accompanied the participants to different sections of the Authority.

At the BPPA conference room, he briefed them on the functions and activities of BPPA and shared copies of the Authority's Annual Report with the participants. Director, Rules, former CPTU (former Additional Secretary) Masud Akter Khan, provided an orientation on the process through which BPPA provides opinions on procurement-related queries and letters frequently received from procuring entities. He informed the participants that a notification on the issuance of such opinions is currently under process.

Aparna Baidya, director of the BPPA, spoke on the procedures and objectives of procurement post-review and shared with the participants a notification issued in this regard. Director of BPPA Mohammad Ali Ahmed Khan briefed them on the procedures of the Review Panel and the Debarment Review Board. The four-week PPM training course is being conducted by BPPA under the Procurement Modernization to Improve Public Service Delivery (PMIPSD) project with support from the World Bank.

Here are the main players who could lose out if they continue to trade with Iran:

- China -

More than a quarter of Iran's trade takes place with China, with $18 billion in imports and $14.5 billion in exports in 2024, according to World Trade Organization (WTO) data.

Hydrocarbons and chemical compounds like industrial alcohols and plastics accounted for the bulk of Tehran's exports to Beijing.

In exchange, Iran bought industrial machinery, electronic equipment, cars and metals from China.

- UAE -

Before it announced this week that it was suspending all trade with Iran, the United Arab Emirates was a significant trading partner.

In 2024, 30.6 percent of imports to Iran came from the UAE, valued at about $21 billion, according to the WTO.

According to Iranian customs authorities, in the 10 months preceding January 2026, exports from Iran to the UAE registered $6.4 billion, while imports from the UAE totalled $14.81 billion -- more than those from China over the same period.

- Turkey -

Turkey is also a major partner for Iran.

In the final 10 months of 2025, Iran imported $5.6 billion worth of goods from Turkey, according to Iran's customs authorities.

In turn, some $7.91 billion worth of goods -- most notably hydrocarbon products -- were exported from Iran to Turkey.

- Russia -

Russian imports from Iran were valued at $930 million in the last 10 months of 2025, while Russian exports to Iran amounted to $1.36 billion, according to Iranian customs authorities.

In 2022, Russia exchanged grain, gold and timber for Iranian agricultural products.

Cooperation has only expanded, with The Telegraph reporting on a new Caspian Sea route for bilateral trade.

Ukraine in July fired at vessels transporting military cargo involving Iran in the Caspian Sea, drawing Tehran's ire.

- Iraq -

Iran's exports to Iraq in the last 10 months of 2025 were worth $7.91 billion, compared to about $450 million in imports.

- India -

Bilateral trade fell from $17 billion in 2018-19 to $1.7 billion in 2024-25, according to India's commerce department.

India, which has sought to diversify its energy sources since the blockade of the Strait of Hormuz, imported about 276,000 barrels of oil per day from Iran in mid-April, according to the maritime tracker Kpler.

- Germany -

Germany's exports to Iran totalled 870.5 million euros ($1 billion) from January to November 2025, according to the country's official statistics office Destatis.

Imports were 217 million euros during that period.

- Sri Lanka -

Sri Lanka exported $68 million to Iran in 2024, up from $43 million the previous year, according to the Central Bank of Sri Lanka.

Official imports have been zero since US sanctions on Iranian oil.

- Japan -

Japan's exports to Iran rose 38 percent in 2024 to $89 million, while imports dropped 6.4 percent to $29 million, according to the Japan External Trade Organization.

Exports included pharmaceuticals, automobiles and electrical machinery. Imports included fabric products and foodstuffs.

- Philippines -

The Philippines exported $66 million in goods to Iran in 2024, up from $38 million the year prior.

The giant US retailer steered much of the benefit from US tariff refunds towards investments to attract inflation-strapped customers, who faced gasoline prices above $4 a gallon for much of the quarter.

US comparable sales, a closely watched benchmark, grew by 2.6 percent compared with 4.1 percent in the first quarter, a slowdown that weighed on shares.

Shares fell 9.2 percent on Thursday.

Walmart also cited a negative effect from a price cap on 10 top-selling pharmaceutical products due to new US rules that went into effect January 1.

Executives said they were committed to lowering prices, noting that the company executed more than 11,000 "rollbacks" -- or price cuts -- in the quarter.

We're "seeing some incremental pressure on the consumer relative to the beginning of the year with higher fuel prices," Chief Financial Officer John David Rainey said on a conference call with analysts.

"It's why we have leaned so heavily into lower prices," said Rainey. "We're not managing our business for one quarter. We're managing our business on a multi-year basis to play to win."

Walmart too is facing a hit from the jump in energy prices, estimating a $2 billion drag in fuel costs for all of 2026.

"There's a limit to what companies can absorb," Rainey told CNBC, alluding to the $2 billion impact.

"We've done our best to try to handle that within the mechanisms that we have to offset that," Rainey said. But "higher oil prices is likely going to translate into higher prices for the consumer if it sustains at this level."

For the second quarter, Walmart reported profits of $6.4 billion, down 9.4 percent from the year-ago quarter.

Revenues were $187.9 billion, up 5.9 percent from the year-ago period as Walmart raised its full-year profit and sales forecast.

As with other recent quarters, Walmart said US results were lifted by market share gains across income categories but led by upper-income households.

The company also pointed to a boost from new businesses such as membership and advertising.

- Are consumers struggling? -

Walmart described growth in grocery sales as stronger than in health and wellness or "general merchandise," which includes discretionary items such as fashion.

Adding to the hit from the new pharma price rules, Walmart also experienced slower growth in the second quarter in sales of GLP-1 diabetes and weight loss products.

But executives said they were pleased with the underlying business around pharma, noting growing market share and that health and wellness customers tend to spend more than the average Walmart customer.

GlobalData Managing Director Neil Saunders called the results "another set of strong" quarterly figures, but noted that the US comparable growth was the slowest in six and a half years.

"Given the significant role Walmart plays in the lives of many Americans, the deterioration will set some alarm bells ringing over whether the consumer is running out of steam," Saunders said.

"It also raises the question as to whether the helpful gains from more higher income shoppers migrating to Walmart are starting to fade," he wrote.

"We think both things are true, in part, but should not be dramatically overstated at this point."

Briefing.com described Walmart's underlying business as "healthy," but said the company's "softer US trends" were a "letdown" after strong results from smaller US retail rival Target on Wednesday.

Treasury Secretary Scott Bessent's pledge that he had more tools to provide support did little to comfort US markets as sceptical Wall Street investors resumed their selling amid concerns over elevated inflation and government borrowing, among other things.

The lack of progress on reopening the Strait of Hormuz added to unease on trading floors, with oil prices gradually rising over the past two weeks as the United States and Iran remain deadlocked.

The US Treasury provided a much-needed boost to markets on Wednesday when it said it planned to "at least double" its sovereign bond buybacks, a day after the 30-year yield surged to levels last seen in 2007 just before the global financial crisis.

That sent long-term rates plunging but they rebounded on Thursday, with Mark Malek, of Muriel Siebert & Co, calling it "a housekeeping move destined to be short-term, at best".

Bessent told CNBC on Thursday that his department had a "big toolkit" to address a rise in yields that it views as unmoored to financial conditions. Such measures could include increased bond purchases beyond the scale announced the day before.

"We think that this is a thinly traded area of the market, that we're in August, and there's been a lot of corporate issuance that's influenced the market," Bessent said.

"We believe that the yields don't reflect the underlying fundamentals."

He added that inflation -- which has been running above the Federal Reserve's two percent target for more than five years -- would ease once the United States gets "on the other side" of the Iran war and oil prices retreat.

The increase in yields weighed on Wall Street, where all three main indexes fell as tech firms -- which rely on debt to fund their huge investments -- dropped.

However, Asia fared better, with tech-rich Seoul helped by a rally in chipmakers Samsung and SK hynix, with the former said to be planning a shareholder return worth as much as $79 billion.

SK hynix rocketed more than 12 percent Thursday after announcing a $29 billion share buyback.

Hong Kong, Singapore, Wellington and Taipei also rose, though Tokyo, Sydney and Shanghai dipped.

On currency markets, the yen rose against the dollar after Japanese inflation picked up last month on higher oil prices caused by the Middle East crisis, giving the country's central bank room to hike interest rates next month.

Observers have said the spike in yields is down to a number of things.

Michael Hewson at MCH Market Insights wrote: "We already knew at the start of this year that governments would be looking to raise a lot of money due to increased spending commitments on both sides of the Atlantic, which would mean that buyers would likely be spoiled for choice.

"With the boom in AI infrastructure spending, we've discovered yet another source of supply in the form of corporate bonds with the likes of Amazon, Alphabet, Meta and the like looking to raise up to $500 billion of their own.

"This excess in supply is also likely an additional factor serving to weigh on global sovereign debt markets with some investors preferring to invest in Big Tech as opposed to indebted sovereigns."

Others pointed to Fed Chair Kevin Warsh's refusal to provide markets with forward guidance on the bank's plans as fuelling uncertainty on trading floors.

Traders will be closely watching his speech at next week's annual meeting of central bankers, economists and finance chiefs in Jackson Hole, hoping for some clarification on monetary policy.

- Key figures at around 0200 GMT -

Tokyo - Nikkei 225: DOWN 0.7 percent at 65,746.88 (break)

Hong Kong - Hang Seng Index: UP 0.7 percent at 25,882.03

Shanghai - Composite: DOWN 0.1 percent at 3,891.45

Dollar/yen: UP at 158.97 yen from 159.11 yen on Thursday

Euro/dollar: UP at $1.1690 from $1.1680

Pound/dollar: UP at $1.3644 from $1.3630

Euro/pound: DOWN at 85.67 pence from 85.68 pence

West Texas Intermediate: FLAT at $87.83 per barrel

Brent North Sea Crude: UP 0.1 percent at $93.89 per barrel

The reading from the internal affairs ministry, which excludes volatile food prices, was in line with market expectations.

Excluding food and also energy prices, inflation was 1.9 percent, up from 1.7 percent in June and in line with consensus forecasts.

Unadjusted, inflation increased to 1.9 percent from 1.6 percent in June, also meeting average economist projections according to Bloomberg News.

While helping big Japanese exporters like Toyota and Sony, a weak yen increases the cost of imports like oil and food for resource-poor Japan.

Prime Minister Sanae Takaichi has moved to shield consumers from the sharp rise in oil prices resulting from the Middle East conflict with fuel and energy subsidies.

The Bank of Japan, which has a two-percent target for core inflation, hiked interest rates to a 31-year high in June and is expected to raise them again this year.

A BoJ rate hike could lift the yen.

The currency has given up around half of its gains that followed a historic joint market intervention by the United States and Japan last month.

The MoU, titled "Up-scaling of Sustainable Agroecological Farming in Bangladesh," was signed today by PKSF Deputy Managing Director Dr Akond Mohammad Rafiqul Islam and CAB International Regional Director for South Asia Dr Vinod Pandit, said a press release.

Speaking at the signing ceremony, PKSF Managing Director Md Fazlul Kader stressed the need to advance agriculture through sustainable, science-based and market-driven solutions.

He emphasized promoting agroecological farming and equipping farmers with skills to adopt modern and environmentally friendly agricultural practices.

Kader also highlighted the potential for developing microenterprises among local farmers to produce bio-pesticides, saying such initiatives could lower production costs, reduce environmental and public health risks and accelerate the transition to safer food production.

Dr Vinod Pandit said the initiative would focus on reducing the use of harmful pesticides and promoting safer biological pest-control solutions through training and enhanced technical capacity.

The initiative will also raise awareness among agricultural stakeholders, strengthen digital data management and develop market-based partnerships to reduce farmers' production costs and promote environmentally sustainable agriculture, he said.

Under the MoU, the technical expertise of CAB International's PlantwisePlus programme will be combined with PKSF's implementation capacity and extensive grassroots network.

The collaboration is expected to strengthen the skills and capacities of smallholder and marginal farmers and facilitate wider adoption of sustainable agroecological farming practices.

Dr Saleh Ahmed, Country Representative of CAB International in Bangladesh, also spoke at the event.

According to the latest data, expatriate Bangladeshis sent US$64 million in remittances on August 19 alone.

The strong inflow has also pushed the country's cumulative remittance earnings in the current fiscal year to US$4.890 billion during the period from July 1 to August 19, 2026, compared with US$4.051 billion during the same period last year.

The figure represents a year-on-year increase of US$839 million, or 20.7 percent, in the first 50 days of the fiscal year 2026-27.

The sustained growth in remittance inflows is expected to strengthen the country's foreign-exchange reserves and support overall external-sector stability.

The latest trend also reflects continued strong participation of Bangladeshi migrant workers in sending earnings home through formal channels.

The meeting was held on Tuesday at the BSEC Commission Meeting Room and was chaired by BSEC Chairman Masud Khan, said a press release.

BSEC Commissioners Tanwir Habib Rahman, CPA, Nahid Mahtab, Md Nafeez Al Tarik, CFA, FRM, and Hossain Sadat, FCS, along with Executive Director and Spokesperson Md Abul Kalam, Executive Director Mohammad Jahangir Alam and officials from relevant departments attended the meeting.

Representatives of the World Bank Group also participated in the discussion.

The meeting reviewed the feasibility of establishing the MRC, its potential institutional structure and its possible role in developing Bangladesh's housing finance and capital markets.

The participants exchanged views on how an MRC could help deepen the primary mortgage market by providing long-term refinancing facilities to financial institutions. They also discussed the potential for mobilising capital market resources to support housing finance.

The proposed institution could potentially help financial institutions access longer-term funds for mortgage lending, thereby supporting the expansion of housing finance in Bangladesh.

The World Bank Group is conducting the feasibility study in response to a formal request from the Financial Institutions Division (FID) of the Ministry of Finance.

The workshop, aimed at increasing the use of Bangla QR among small and medium entrepreneurs, was held at the training centre of Bangladesh Bank's Rajshahi office with support from the International Finance Corporation (IFC). BRAC Bank served as the lead bank.

The participants received hands-on training on using Bangla QR, which enables customers to make simple, secure and interoperable payments through any participating bank or mobile financial application by scanning a single QR code.

The organizers said wider adoption of Bangla QR would help expand digital payment facilities across the country and encourage small entrepreneurs to shift towards cashless transactions.

Executive Director of Bangladesh Bank's Rajshahi office Mohammad Badiuzzaman Didar attended the workshop as the chief guest, while Additional Managing Director and Head of SME Banking of BRAC Bank Syed Abdul Momen was present as special guest.

Director of Bangladesh Bank's Payment Systems Department-1 A.N.M. Moinul Kabir chaired the programme.

Director of Bangladesh Bank's Rajshahi office Md Nazim Uddin, Additional Directors Md Parwez Anzam Munir and Mohammad Moin Uddin, Joint Director Jewel Majumder, and Head of Merchant Acquiring at BRAC Bank Khairuddin Ahmed, among others, attended the workshop.

Senior officials of Bangladesh Bank, representatives of IFC and local businesspeople also participated in the programme.

The speakers described Bangla QR as an important component of a cashless economy, saying it would make transactions easier, safer and more seamless for both customers and merchants.

They also highlighted its potential to reduce dependence on cash, expand access to modern banking services and promote transparent and secure financial transactions.

The speakers urged businesses to adopt Bangla QR technology quickly to facilitate the transition towards a cashless economy.

A press release said BRAC Bank's role as the lead bank in the workshop reflects its commitment to building a cashless economy as part of its ongoing initiatives to expand digital transactions.

The “7th IMAAE and Industrial Automation Expo-2026” was inaugurated at around 10:30am at the Karatoa Convention Centre in Jamiltola area of the city by Bogura Chamber of Commerce and Industry (BCCI) President MSM Atikur Rahman Badal.

Organised by Tallol Agro’s ‘Chicks Foods’ in collaboration with IBEPL, the exhibition will remain open to visitors from 10am to 7pm daily from August 20 to 22.

In his inaugural speech, Badal underscored the need for developing Bogura as an “Industrial Hub” of the northern region.

“We must promote technical and IT education instead of relying solely on manual labour,” he said, adding that sustainable industries were essential for Bangladesh to remain globally competitive.

Badal said the chamber planned to keep its hall rooms open free of cost for seminars to raise awareness among local entrepreneurs and arrange specialised training programmes.

He also said priority was being given to cargo facilities and composite and agro-based industries to help local products reach international markets.

The BCCI president said initiatives had been taken to bring local products under BSTI, autoclave machine and ISO certification to improve quality control and international acceptability.

A proposal in this regard had also been submitted to the BSTI director general, he added.

Badal expressed hope that enhanced technical skills would create decent employment opportunities for local youths in Bogura, with monthly incomes of Tk 50,000 or more.

Among others, Chicks and Foods Ltd Managing Director Kazi Ekhlasul Haque, Confidence Exim International Ltd Managing Director Abul Faiz Azad and General Manager of Operations Betty Lee of Chinese company Anhui Jieshun Automobile Technology Co Ltd were present at the event.

Md Sakhawat Hossain, a representative of the organisers of the Industrial Machinery and Manufacturing Equipment (IMME) Expo and Industrial Automation Expo, said the event was organised to establish direct links between industrial machinery and equipment manufacturers and suppliers and industries in the northern region.

“It’s a platform for acquiring appropriate technology, machinery and skills,” he added.

More than 80 local and foreign companies are showcasing their products and technologies at the expo.

Industrial machinery for rice, flour, pulses, edible oil, jute mills, poultry, feed, auto-bricks, textiles, furniture, pharmaceuticals, plastics and LPG industries are on display.

Besides, demonstrations of boilers, generators, compressors, electrical automation, medical equipment, WTP, solar technology and fire safety equipment are also being held.

Meanwhile, exclusive offers and discounts are also available for visitors.

The intensified economic pressure campaign comes as the war nears its sixth month with no immediate diplomatic or military off-ramp in sight and the vital Strait of Hormuz still significantly choked-off.

With November elections quickly approaching, Trump is also facing renewed domestic scrutiny over the war's costs on US consumers and toll on the military.

"Today, I am announcing the MOST CRUSHING ECONOMIC OPERATION EVER TAKEN AGAINST ANY COUNTRY! This will be Economic Warfare and Isolation on an unprecedented scale," Trump wrote on Truth Social.

"ANY country that allows its financial institutions, businesses, airports, or government entities to provide any type of lifeline to Iran will itself face TREMENDOUS Economic Consequences," he said.

He did not specify what punishment countries would face, and none other than Iran were mentioned by name.

He listed several activities that he said need to stop immediately: "oil smuggling, swap lines, cash transfers, exchange houses, ship registries, front companies."

Treasury Secretary Scott Bessent had similarly said last week that the US would soon be ramping up efforts at economically isolating Iran, as part of a two-pronged approach with a US naval blockade.

"It will be a combination of economic isolation, like the world has never seen before," Bessent told conservative television network Newsmax.

The US Treasury has for months been carrying out an effort, dubbed Operation Economic Fury, aiming to cut off Iran's funding with targeted sanctions.

    Iranian defiance -

Iran has struck a defiant tone, having survived months of US military operations that failed to bring a decisive end to the war and has -- according to US media reports -- severely drawn down US munition stockpiles. The Pentagon has denied these reports.

The conflict broke out on February 28 with US-Israeli attacks on the Islamic republic, which retaliated with missile and drone strikes across the region.

Tehran's missile and drone threat has severely curtailed shipping traffic through the Strait, as a framework US-Iran deal to reopen it collapsed.

However, Trump earlier on Wednesday touted US military efforts to aid ships out of the strait, saying "right now, a lot of boats are coming through."

Digital media outlet Axios reported that US forces were facilitating the transit of 15 to 20 ships in and out of the Hormuz each night in recent weeks -- carrying "roughly half the pre-war volume" of daily oil shipments.

In recent days, both sides have said messages were being exchanged, however Trump on Tuesday insisted talks were off and posted a message on social media suggesting the strait could be a "NEW U.S. Territory."

On Tuesday, the UAE announced that it was suspending all economic dealings with Iran after saying it had been targeted by two ballistic missiles.

The neighbours across the Gulf share deep cultural and historical ties, and the UAE -- home to a sizable Iranian community -- had been a major trading partner for US-sanctioned Iran, at least before the war.

"We need all of our Allies to stand with the United States of America to isolate, and defeat, the Iran threat," Trump said Wednesday on Truth Social.

Commerce Minister Khandakar Abdul Muktadir made the remarks at a meeting with a delegation of the Confederation of Indian Industry (CII), led by its Director General Chandrajit Banerjee, at the Secretariat here today, said a press release.

The meeting discussed bilateral trade and investment relations, existing challenges and potential areas of future cooperation.

The commerce minister said the geographical proximity of Bangladesh and India offers significant opportunities to transform connectivity into economic benefits through increased trade, investment and industrial cooperation.

Despite differences in size, population and economic strength, the two countries can benefit from their geographical realities, particularly by expanding trade, connectivity and investment involving Bangladesh and India's northeastern region, he said.

Muktadir also stressed the importance of increasing economic connectivity in South Asia, saying that although the region has a large combined economy, intra-regional trade remains relatively low.

He said stronger economic integration could create new opportunities for industrialisation, investment and employment.

Regarding recent trade restrictions between Bangladesh and India, the commerce minister called for discussions to restore bilateral trade to a normal footing.

He expressed hope that positive progress would be achieved within the next few months.

Visa-related difficulties faced by business people and professionals also came up for discussion.

Muktadir said it was not practical for people who regularly travel for business, medical treatment and other purposes to apply for new visas every few months.

He stressed the need for cooperation between the two countries to introduce longer-term visa arrangements for regular travellers.

The CII delegation proposed forming two joint task forces to enhance cooperation in infrastructure and high-technology sectors.

One task force would focus on promoting private investment and public-private partnerships (PPPs) in infrastructure, while the other would work on future-oriented industries such as semiconductors, green hydrogen, battery storage and data centres.

The CII said around Rs 25 lakh crore was invested in India's infrastructure sector last year, with a significant portion coming from the private sector.

It said Bangladesh could also attract domestic and foreign institutional investment by drawing on India's experience.

The meeting also highlighted the importance of utilising the capacity of local manufacturing industries.

Indian business representatives said many local enterprises have the capability to manufacture products domestically but have weakened due to various challenges.

They said strengthening local production could reduce import dependence and accelerate project implementation.

Citing the example of a joint initiative with Energypac, a CII representative said Bangladesh still imports many products despite having the capacity to manufacture them locally.

Imports through land ports can take as long as 40-45 days, he said, adding that revitalising local industries could significantly reduce such delays.

The CII also expressed interest in investing in the fast-moving consumer goods (FMCG) sector.

It proposed establishing a modern integrated manufacturing facility near Dhaka for products including soap, home-care insecticides and fragrances.

The delegation also stressed the need for an effective regulatory framework to ensure quality control of unregistered products.

The CII representatives further called for adjustments to the tariff structure to encourage the use of energy-efficient technologies in industries.

They said their steam-related technologies could reduce gas consumption by 10-35 percent in the textile, readymade garment and food industries, but tariff discrimination was discouraging their adoption.

The Indian industry body also proposed creating internship opportunities for Bangladeshi youth in Indian companies and extending cooperation to resolve visa-related difficulties faced by Bangladeshi engineers seeking employment in third countries.

Both sides emphasised the importance of moving beyond formal discussions by undertaking specific initiatives, increasing private-sector engagement and establishing institutional mechanisms to make Bangladesh-India economic relations more effective and result-oriented.

Prime Minister Mark Carney said talks on averting those tariffs were at an "intense and delicate" stage, but declined to discuss details, insisting it was "not the time to talk about negotiations in public."

Monday's inflation data from Statistics Canada pointed to elevated gasoline prices, which were up 25.7 percent compared to July 2025.

"The conflict in the Middle East, including the blockade of the Strait of Hormuz and the partial closure of Red Sea shipping routes in late July, put upward pressure on gasoline prices," the national statistics agency said.

June's inflation rate was 2.8 percent.

Increased costs in tourism-related businesses, including air travel, also helped drive up prices, the agency said, with analysts pointing to elevated spending related to the World Cup, which Canada co-hosted.

While the three percent mark is at the upper edge of the central bank's preferred inflation range, analysts said an interest rate hike to cool inflation was not likely any time soon, given the looming threats facing Canada's economy.

US trade friction was already viewed as a major risk even before Trump threatened to hit Canada with new 50 percent tariffs on a range of goods from Wednesday.

- 'Confidence shock' -

Canadian negotiators have been camped out in Washington seeking a deal to sideline the new tariffs while securing relief on a set of sectoral levies that have hammered Canada's auto, steel, lumber and aluminum industries for months.

Canadian media reports indicate Ottawa has offered a range of concessions, including pressuring the provinces to put US alcohol and wine back on the shelves.

But it is not clear if a deal is imminent.

Pressed by reporters for details on how Canada might respond if Washington follows through with new tariffs, Carney said he expected to speak to Trump this week and had a plan "that will cover all eventualities."

TD Bank senior economist Leslie Preston said Monday's inflation data won't "spook" the Bank of Canada into raising rates, citing friction with Washington.

"Canada continues to deal with the confidence shock of on-again, off-again tariff threats from the US, which, given there is no deal as yet to avert the 50 percent tariffs set to come into effect on August 19, remains a clear downside risk to Canada's economy," Preston said.

The tentative agreement between Prime Minister Mark Carney's government, the province of Quebec as well as Newfoundland and Labrador marks a major effort to increase electricity production.

It includes plans to upgrade the Churchill Falls generating station while developing a new hydro project on Gull Island. Both sites are in Labrador, on Canada's Atlantic coast.

Some of the new power generated would also be transmitted to Quebec, with utility Hydro-Quebec selling a significant amount of electricity into the northeastern United States.

Carney's office put the total investments in the project at nearly CAN$70 billion ($50.5 billion).

But the initiative could be stalled within months.

At Monday's signing ceremony in Newfoundland, Quebec Premier Christine Frechette acknowledged that her political opponents, the separatist Parti Quebecois, could tear up the agreement if they win provincial elections in October, an outcome current polls suggest is likely.

But if the project moves forward, Carney said the amount of power generated would be "enough to light, heat (and) cool the homes in Toronto, Montreal and Vancouver combined."

Since taking office last year, Carney has been criticized by environmentally conscious groups who accuse him of betraying climate pledges backed by his predecessor Justin Trudeau.

A member of Carney's cabinet resigned last year over plans to advance a new oil pipeline running from Alberta to the Pacific coast.

Monday's announcement was however welcomed by the Canadian Climate Institute, which said it showed "the level of ambition needed to reach Canada's goal of doubling the electricity grid with clean energy."

The group's president, Rick Smith, said that enhancing domestic clean energy supply will also "improve energy security and affordability in a time of volatile energy price swings.

Oil prices added to their recent gains as the United States and Iran showed no signs of reaching a deal to reopen the Strait of Hormuz after nearly six months of war, even though Monday was in theory the day a US-Iran ceasefire expires.

On Monday, US President Donald Trump threatened to bomb Oman if it got in the way of a US-Iran deal.

"The ongoing diplomatic gridlock between Washington and Tehran over transit through the Strait of Hormuz has kept crude prices elevated," said David Morrison, an analyst at Trade Nation.

While oil prices jumped more than two percent, the yield on the 30-year US Treasury bond climbed to 5.31 percent, its highest level since June 2007.

Analysts see spiking Treasury yields as suggesting markets believe inflation will stay high, and recognition that a flood of US bonds reaching the market will keep the US deficit high and demand elevated yields.

"When you get a move like that in oil and interest rates, it just kind of tends to serve as a headwind. This means a little bit less risk-taking than you might have otherwise," said Briefing.com analyst Patrick O'Hare.

"There's just not a lot of buying interest in today's session," said O'Hare, adding that the market move can be accentuated by low trading volumes due to summer vacations.

All three major US indices finished lower, with the S&P 500 down 0.5 percent.

Earlier, London, Paris and Frankfurt all closed lower.

A paper from the European Central Bank highlighted growing anxiety about the spillover effects of an dot.com-type bubble from artificial intelligence on European markets.

"We argue that economic research on past technological revolutions points to a worrisome conclusion: a correction of current stock market valuations is likely," said the ECB paper, which described a US pullback in AI equities as a worry for the EU.

"The effects of a US correction could extend beyond financial markets to euro area sentiment, financing conditions and hiring," the ECB said. "A US AI fallout would not remain a US problem."

On the corporate front, attention now turns to the release of earnings this week from retail titans Walmart, Home Depot and Target, which could give a clearer view of sentiment among American consumers.

Recent statistics have pointed to a weakening US labor market and slower US consumer spending, but even poor results from the top retailers could help the US stock market, said Ipek Ozkardeskaya, analyst at Swissquote.

"Results pointing to weaker domestic consumption could further tame inflation worries, help ease Fed hike bets and hence put downward pressure on US yields. That would be a positive development for the major US indices, heavy in technology," she said.

In Asia, Hong Kong was lifted by tech giants Alibaba, Tencent and JD.com, while Shanghai and Taipei were also up. Seoul was closed for a holiday.

Tokyo advanced as the chipmaker Kioxia soared more than 15 percent, while SoftBank, Advantest and Tokyo Electron rose between 1.6 and 2.6 percent.

- Key figures at around 2030 GMT -

New York - DOW: DOWN 0.5 percent at 53,459.78 (close)

New York - S&P 500: DOWN 0.5 percent at 7,745.06 (close)

New York - Nasdaq Composite: DOWN 0.3 percent at 26,644.91 (close)

London - FTSE 100: DOWN 0.3 percent at 10,720.30 (close)

Paris - CAC 40: DOWN 0.7 percent at 8,579.60 (close)

Frankfurt - DAX: DOWN 0.4 percent at 26,338.61 (close)

Tokyo - Nikkei 225: UP 0.7 percent at 69,220.25 (close)

Hong Kong - Hang Seng Index: UP 1.3 percent at 25,453.23 (close)

Shanghai - Composite: UP 1.4 percent at 3,982.65 (close)

Brent North Sea Crude: UP 2.7 percent at $90.87 per barrel

West Texas Intermediate: UP 2.6 percent at $84.50 per barrel

Euro/dollar: UP at $1.1579 from $1.1570 on Friday

Pound/dollar: UP at $1.3545 from $1.3538

Dollar/yen: DOWN at 159.46 yen from 159.32 yen

Euro/pound: UP at 85.50 pence from 85.47 pence

Net profit climbed 9 percent from a year earlier to US$9.8 billion in the financial year to June 30, said the resources group, the world's biggest miner by market value.

Revenue rose 14.6 percent to US$58.8 billion.

BHP is the world biggest copper producer and plans to expand output of the red metal by about 40 percent by 2035, the group said in a statement.

The miner also reported record iron ore production and a strong result in coal, but copper was the star commodity and expected to remain so.

"Copper is the engine that is driving BHP's growth," chief executive Brandon Craig said.

Copper prices were 26 percent higher on average in the 2026 financial year, the company said.

The metal has eclipsed iron ore as the biggest earner for BHP -- generating more than half of the group's operating profit for the first time.

Global copper demand is expected to grow to more than 50 million tonnes by 2050, it said.

As economies expand, copper will be required to build electricity networks for the transition away from fossil fuels, and to create data centres for artificial intelligence, BHP said.

"We also see a looming global copper supply challenge, as existing copper mines age and with the pipeline of potential projects less healthy than in previous cycles."

The group said it would pay shareholders a four-year record high dividend of US$1.72 a share -- equal to US$8.7 billion.

BHP shares climbed 3.3 percent to Aus$64.24 in morning trade.

He made the call when Lithuanian non-resident Ambassador to Bangladesh Diana Mickeviciene met him at the Ministry of Commerce at the Secretariat here, said a press release.

Commerce Secretary Md Ataur Rahman Khan was present at the meeting.

Muktadir said Bangladesh and Lithuania have significant scope to expand bilateral trade and investment although the existing volume of trade between the two countries remains limited.

He particularly highlighted Bangladesh's rapidly growing ICT sector, skilled young workforce and strong pool of freelancers, saying Lithuanian technology companies could utilise these resources to expand their operations in Bangladesh and gain access to the wider South Asian market.

"Bangladesh is now a promising destination for investment," the minister said, adding that necessary facilities have been ensured for repatriation of investment and profits.

He said Bangladesh is providing a stable and investment-friendly environment for international investors and urged Lithuanian businesses to take advantage of the emerging opportunities.

During the meeting, the two sides discussed ways to strengthen bilateral trade, investment cooperation and partnerships in technology-oriented sectors, including ICT, cybersecurity and fintech.

Ambassador Diana Mickeviciene said Lithuania is a global leader in laser technology, GovTech and fintech services.

She expressed her country's interest in sharing expertise and technological experience with Bangladesh to support its digital transformation, technological development and cybersecurity capabilities.

The Lithuanian ambassador also emphasised the importance of building effective partnerships between the public and private sectors of the two countries, saying such cooperation could create new opportunities in technology, innovation and investment.

The meeting also stressed the need for prompt measures to expand bilateral trade, increase business-to-business contacts and undertake joint initiatives in technology-driven sectors.

The recommendations were made in a CPD study titled "Renewable Energy as a Competitiveness Strategy for Industrial Decarbonization in Bangladesh's RMG Sector" presented at a national dialogue on "Industrial Decarbonisation in the RMG Sector: How to Take it Forward?" in the city today.

Dr Khondaker Golam Moazzem, Research Director of CPD, moderated the event while Sami Mohammad, Programme Associate of CPD, and Atikuzzaman Shazeed, Research Associate of CPD, presented the findings of the study.

The study covered 350 RMG factories and examined energy use, machinery efficiency, renewable energy adoption and financial and institutional barriers.

According to the study, the RMG sector remains structurally locked into carbon-intensive production, meaning incremental energy-efficiency measures alone will not be sufficient to achieve deep decarbonisation.

The study found that capital and energy function as complements under the existing production system, while a core group of machines remains difficult or impossible to substitute.

The CPD therefore recommended directing machinery replacement incentives toward areas where significant energy savings are technically feasible. 

Cutting, for example, accounts for around 5.5 percent of the installed machine stock but could deliver about 27 percent of total savings, while sewing represents around 85 percent of the machine stock but provides less than 3 percent of substitution-based savings.

The think tank also called for a shift towards overall renewable electrification, alongside long-term research and development into lower-energy sewing technologies.

It stressed that policy support should not focus solely on machine substitution, particularly because sewing has a large irreplaceable machine core.

The CPD recommended giving greater policy attention to thermal processes in washing and dyeing, which the study identified as the most energy-intensive production stage.

Rooftop solar can offset grid and captive electricity consumption, but it cannot currently replace gas-fired boilers used in thermal processes.

On financing, the CPD urged the government and financial institutions to expand blended finance, combining private investment, concessional lending and government-backed credit, particularly for smaller factories. 

The study found that smaller factories face the largest efficiency gaps, with the smallest group showing a 57.3 percent energy-saving gap compared with 8.9 percent for the largest factories.

The study also recommended that financial institutions develop standardised appraisal frameworks for renewable energy and energy-efficiency investments to reduce the technical burden on factories seeking loans.

The CPD further called for outcome-based regulation, including mandatory energy audits and standardised emissions reporting, rather than an approach focused mainly on procedural compliance.

It also recommended better coordination among institutions to reduce transaction costs related to renewable energy projects.

The study suggested formalising buyer-driven incentives by encouraging preferential sourcing from factories that demonstrate verified progress in decarbonisation. 

It also proposed wider dissemination of model-factory experiences to overcome information and behavioural barriers.

The CPD found that renewable energy can also improve factories' cost predictability. 

Under an illustrative 30 percent solar-offset scenario, average monthly energy costs could fall by 15.7 percent, while a 10 percent offset-the maximum observed in the sample-could reduce costs by 5.5 percent.

A simulation of energy-price uncertainty showed that renewable adoption could reduce monthly energy-cost volatility, with the coefficient of variation falling from 0.1148 to 0.1102 under the renewable-offset scenario. The study said the reduction was positive for 96 percent of factories.

However, implementing the study's recommended machine reallocation would require substantial investment. 

The estimated sector-wide cost ranges from Tk 6,604 crore for 50 percent adoption to Tk 13,209 crore for full adoption, with the largest factories accounting for the bulk of the cost.

The CPD concluded that decarbonisation of the RMG sector should be treated not simply as an environmental obligation but as a competitiveness strategy, particularly as global buyers increasingly place importance on verified emissions performance.

It stressed that technological, financial, institutional and behavioural interventions must be implemented in a coordinated manner to break the sector's carbon lock-in.

The recommendations at a glance are: targeted incentives for efficient machinery; accelerated renewable electrification; long-term R&D for low-energy sewing technology; measures to decarbonise thermal processes; blended finance for smaller factories; outcome-based regulation and mandatory energy audits; standardised emissions reporting; coordinated institutional approvals; buyer-driven incentives; and standardised financial appraisal systems for green investment.

Oil prices turned higher and investors braced for further volatility as US and Iranian officials insisted on control of the Strait of Hormuz, which has been largely shut to tanker traffic by Iran since the US and Israeli launched strikes nearly six months ago.

On Wall Street, where the S&P 500 hit a new record high on Thursday, stocks slipped into negative territory, and most European indexes ended lower after a mixed showing in Asia.

Weaker than expected US retail sales raised new questions about the prospects for the world's biggest economy.

Total US retail sales were down 0.6 percent in July from the previous month, at $763.6 billion, while a new US consumer sentiment survey by the University of Michigan showed confidence dropped by around eight percent in August, ending two months of gains.

"Although the early-month weakening in sentiment was pervasive across various demographic groups, notably large reductions were seen among older consumers, lower-income consumers, and those without a college degree," said consumer survey director Joanne Hsu. "These groups are all particularly vulnerable to any erosion of purchasing power stemming from inflation."

While the data fed into expectations that the Federal Reserve would not hike borrowing costs anytime soon, "investors should be careful what they wish for," said Bret Kenwell, investment analyst at eToro.

"For the economy to stay resilient, consumers will need to do the same," he said, noting that even though US petrol prices eased in July, "that relief did not translate into stronger spending elsewhere."

And with the US-Iran conflict showing little sign of ending, worries about growth and stubborn inflation dominated attention across markets.

"We continue to monitor oil prices and developments in the Middle East as well as Treasury behavior after the weak auction" earlier this week, said Cresset Capital's Jack Ablin, who noted that trading volumes were light on a Friday in the middle of vacation season.

Away from the war, the technology sector and massive spending on artificial intelligence rollouts remained front and center.

US chip manufacturing equipment group Applied Materials saw its shares slide more than five percent despite record quarterly sales of $9.1 billion, with analysts saying investors had expected more.

But SanDisk surged 7.4 percent as markets cheered an investor presentation that outlined the company's prospects with the growth of artificial intelligence.

In Asia, Seoul gained more than two percent Friday as shares in the chipmakers SK hynix and Samsung recovered further following last month's selloff.

The country's Kospi index had tanked about 40 percent between hitting its June high and an intra-day trough on August 6, but has since rebounded more than 20 percent.

Friday also saw gains for Tokyo, where tech giants Kioxia, Advantest and Sony rallied along with the technology investment titan SoftBank.

- Key figures around 2020 GMT -

New York - DOW: DOWN 0.2 percent at 53,732.41 (close)

New York - S&P 500: DOWN 0.2 percent at 7,785.76 (close)

New York: Nasdaq: DOWN 0.3 percent at 26,729.16 (close)

London - FTSE 100: DOWN 0.2 percent at 10,750.11 (close)

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In a consolidated circular, the regulator said the new framework incorporates the use of Electronic Transferable Records (ETRs), a digital equivalent of paper-based transferable documents or instruments, such as bills of lading, and digital signatures.

The move is aimed at achieving legal functional equivalence between paper-based and electronic documents, it said.

The framework covers a comprehensive range of import-related matters, including import trade procedures, online reporting, approved payment methods, and advance remittances.

It also provides detailed guidelines on bill of entry submissions, supplier’s and buyer’s credit, payment behaviour for timely settlements, and back-to-back LCs.

Additionally, the circular includes updated provisions on the retention of export proceeds for import payments, inland LCs in foreign currencies, and imports conducted through specialised and free trade zones.

Regulations regarding the import of gold, silver, jewellery, and foreign currency notes have also been integrated into the document.

The central bank stated that these instructions will remain valid for one year from August 13, 2026.

“Any new instructions issued during this period will be read in conjunction with the circular,” said a senior official of the BB.

“The government debt-to-GDP ratio increased modestly, while the government debt-to-revenue ratio rose further, mainly due to higher accumulation of debt relative to revenue generation,” said the Bangladesh Systemic Risk Report for July-December 2025.

In fiscal year 2020-21 (FY21), the government’s aggregate debt was about 3.3 times its annual revenue; by FY25, that ratio had risen to about 4.5 times, the report said.

In other words, for every Tk 100 in government revenue, aggregate government debt stood at roughly Tk 330 in FY21, rising to about Tk 450 by FY25. The government debt-to-GDP ratio, meanwhile, increased from roughly 32.7 percent in FY21 to 35.3 percent in FY25.

The debt-to-revenue ratio indicates the government’s debt burden relative to the resources it mobilises through revenue. Aggregate debt, which includes both domestic and external debt, remained higher than government revenue throughout the period, the report noted.

The widening gap comes against the backdrop of Bangladesh’s persistently weak revenue mobilisation.

The International Monetary Fund’s (IMF) latest debt sustainability analysis also identified low revenue mobilisation and rising domestic debt as key vulnerabilities for the country’s debt-servicing capacity. Tax revenue declined to 6.8 percent of GDP in FY25 from 7.4 percent in FY24, according to the IMF, which attributed the weak performance to structural problems including a narrow tax base, low compliance, and inefficiencies in tax administration.

The move marks the 53-year-old group’s first entry into the equity market as it works through a period of financial pressure linked to rapid expansion, higher interest rates, currency depreciation and delayed returns on some investments.

In a press release issued yesterday, the consumer goods manufacturer said it has appointed LankaBangla Investments PLC as the issue manager to structure the fundraising, which may involve an initial public offering (IPO), private equity, preference shares, corporate bonds or Sukuk.

ONE Bank PLC will serve as the banking partner for the proposed transactions, which are expected to proceed on a best-efforts basis over the next 12 to 18 months, subject to regulatory approval and market conditions, according to the statement.

According to the banking regulator and lending banks, the group has outstanding debt of around Tk 25,000 crore across 48 banks and non-bank financial institutions.

The fundraising plan comes as the corporate giant, known for consumer brands such as Teer, Sun and Natural, pursues a three-year plan to strengthen its liquidity and manage its debt.

City Group has been a leading importer of edible oil, sugar and wheat flour for several decades.

“Its funding had so far been largely limited to bank loans, and the group has now recognised the need for equity and long-term financing,” said Mohammed Nasir Uddin Chowdhury, director of LankaBangla Investments.

“Part of the funds raised will be used to repay existing bank loans, and part to improve liquidity as working capital,” he said.

Nasir said not all of the funds will be raised through an IPO. Some may come through preference shares and some through bonds.

“We want to connect them to long-term financing tools,” Nasir said. “It’s true that if they could have come to the capital market earlier, it would have been better, and they might not have faced their recent issues.”

He said the company has now recognised the importance of long-term financing for future growth, describing the move as a starting point from which City Group would improve its financing mix through the capital market.

Syed Mahbubur Rahman, a former chairman of the Association of Bankers, Bangladesh (ABB), described the development as a “smart and better move” for City to find a new avenue for financing.

“It should have come to the market much earlier. It’s a good lesson for other companies too, to come to the stock market while they remain in a good position,” he said.

Mahbubur, however, expressed concern about whether the market is ready to provide large amounts of funding, noting that it has remained sluggish for many years.

“The capital market should be more private-sector friendly,” he added, “so that companies do not need to wait long to raise capital.”

HOW THE GROUP CAME UNDER PRESSURE

Bankers and industry sources, speaking on condition of anonymity because they were not authorised to discuss client matters publicly, said City Group’s expansion in recent years had extended into non-core sectors, including cement, LPG, tea, media and economic zones.

They said profits from its core food and commodity businesses had been channelled into the newer ventures, which failed to generate expected returns.

Sources said the biggest drag on the group’s finances had been the Hoshendi Economic Zone in Munshiganj, where it invested nearly Tk 12,000 crore to establish six industrial units.

Despite completing construction, the factories remain idle because they lack gas connections, City Group told the Bangladesh Bank earlier.

City is exploring the sale or divestment of some non-core assets, including the Hoshendi Economic Zone, its tea garden, LPG business and television channel Ekhon TV.

In a letter to the Bangladesh Bank governor a few months ago, City Group Managing Director Md Hasan outlined a set of macroeconomic factors affecting the group’s operations and sought regulatory support.

The letter estimated that its import financing capacity had declined by around $900 million, citing a 42 percent fall in the taka against the US dollar over the past four years.

Domestic lending rates have risen by four to five percentage points, while US dollar borrowing costs have nearly tripled since 2022, according to the letter. Tighter credit conditions and difficulties in obtaining international letter of credit (LC) confirmations have further reduced effective credit limits by $400 million.

City has requested that the central bank instruct lenders not to classify its existing loans until September 30, 2026, while providing working capital support and loan restructuring.

An agreement formalising the group’s entry into the capital market was signed at City Group’s corporate head office in Dhaka on August 12.

The signing was attended by Md Hasan, managing director of City Group, and Farzana Rahman and Shampa Rahman, both sponsor shareholders and directors of the group.

Mohammed Nasir Uddin Chowdhury, director of LankaBangla Investments and managing director of LankaBangla Securities, and Muhit Rahman, managing director of ONE Bank, along with senior executives from both organisations, were also present.

GDP growth reached 1.5 percent after a 0.4 percent rise in the first three months of the year, the economy ministry said, well above analyst estimates of around 0.3 percent.

"The industrial sector greatly contributed to growth, driven in particular by the chemical and pharmaceutical industries," the ministry said in a brief statement.

"The services sector also grew as a whole," it added, ahead of its release of detailed figures on September 3.

The Swissmem employers' association recently noted that industrial firms were benefiting from demand for AI data centre equipment.

And in May, a closely watched survey of purchasing managers saw the index reach its highest level in three years, even with new US tariffs of 12.5 percent impacting exports.

The Swiss customs office had already announced a 1.7 percent rise in exports in the second quarter, up from 0.3 percent the previous quarter.

"The early signs suggest that this momentum will continue into the third quarter," analyst at Capital Economics said in a research note following the GDP release.

"We have pencilled in a 1.0 percent quarter-on-quarter rise in GDP in the third quarter, but these indicators suggest that growth could be even stronger," it said.

"There are far too many unproductive state-owned enterprises, always reporting losses while claiming profits -- those profits are just made up," Prabowo said in his state of the nation address to parliament.

With the establishment last year of Indonesia's Danantara sovereign wealth fund to manage state assets, "we discovered that there are 1,074 state-owned enterprises," the president told lawmakers.

"I had thought there were 300 or 400 state-owned enterprises, but it turns out there are 1,074. And these state-owned enterprises sometimes operate as they please, with no sense of responsibility to the nation, to the state."

So far, 290 have been closed, Prabowo added, and by December 31, there should be no more than 300 left.

"We will close more than 750 enterprises and retain only those that are productive, those that create added value for the people," the president added, in what "may be the largest corporate restructuring in the world."

The drive has already saved about 50 trillion rupiah (more than $2.8 billion) in overhead costs, including directors' and commissioners' salaries, building and car rentals and business travel, said Prabowo.

The target for this year was to save more than 70 trillion rupiah.

Prabowo mooted the creation of "a special ad hoc court to investigate the management and boards going back 30 years, maybe."

But he also asked lawmakers to consider a kind of "special amnesty for those who repent."

The advances tracked a healthy lead from Wall Street, where the S&P 500 ended at a record and the Nasdaq saw its highest close since June after data showed the producer price index slowed sharply in July and came in below forecasts.

The reading compounded bets on the Fed standing pat at its meeting next month, following the previous day's consumer price index reading that also pointed to easing inflationary pressure and last Friday's jobs report showing 23,000 positions were lost in July.

Investors are now pricing in a less than 40 percent chance of a September rate hike, compared with 50 percent last week.

"A few weeks ago, traders were being asked to justify why the Fed should not hike again," said Stephen Innes, global strategist at Quintex Intel.

"After the latest run of data, the burden of proof has flipped. The market now wants to know what would actually force the Fed to tighten.

"We've now had a constructive triple-header of dovish US data: softer payrolls last Friday, an obliging core CPI print, and now a risk-friendly PPI release.

"The disinflation ducks are starting to line up, and with oil also backing off, the market has steadily stripped away the case for another near-term Fed hike."

However, uncertainty prevails on trading floors as inflation at more than three percent remains well above the Fed's two percent target, while the Middle East crisis could erupt at any time and send oil prices soaring.

Meanwhile, Cleveland Fed boss Beth Hammack reiterated her view that borrowing costs need to rise despite the latest run of figures.

"I love to see that those numbers are coming in lower... but I don't have confidence that we're going to continue to see that, or that we're going to see them low enough that it's going to bring us back down to that two percent number," she said in Ohio on Thursday.

"I think we need to act now," she added.

That came after she told Yahoo Finance on Monday that "one 25-basis-point move probably doesn't do a whole lot for the economy. So it's probably some number of (movements)" but did not want to say where they should land.

For now the softer readings provided a boost to tech firms, which benefit from lower borrowing costs.

Seoul -- the poster child of the AI-stoked stock market boom -- rallied more than one percent as chipmakers SK hynix and Samsung continued to recover from last month's selloff.

There were also gains in Tokyo, where tech giants Kioxia, Advantest and Sony spiked and sector investment titan SoftBank surged four percent.

Taipei, Singapore, Jakarta and and Wellington were also up, with Manila fluctuating.

However, Hong Kong and Sydney slipped.

Crude prices extended Thursday's drop of more than two percent, with investors still hopeful of a deal to reopen the Strait of Hormuz despite few signs of movement and the US and Iran exchanging threats.

In the latest salvo, US Treasury Secretary Scott Bessent threatened Thursday to subject Tehran to economic isolation "like the world has never seen before", adding that new measures were expected next week.

- Key figures around 0230 GMT -

Tokyo - Nikkei 225: UP 0.9 percent at 68,889.01 (break)

Hong Kong - Hang Seng Index: DOWN 0.8 percent at 25,203.64

Shanghai - Composite: DOWN 0.2 percent at 3,920.08

Euro/dollar: UP at $1.1536 from $1.1528 on Thursday

Pound/dollar: UP at $1.3492 from $1.3486

Dollar/yen: DOWN at 159.40 yen from 159.52 yen

Euro/pound: UP at 85.51 pence from 85.48 pence

West Texas Intermediate: DOWN 0.5 percent at $80.87 per barrel

Brent North Sea Crude: DOWN 0.5 percent at $86.62 per barrel

The US president justified the decision on national security grounds, according to a White House statement that detailed a 100 percent duty rate on the import of certain unmanned aircraft systems (UAS), as they are formally known.

Those with a takeoff weight of more than 25 kilograms and with so-called national security capabilities such as thermal cameras and docking stations will be tariffed at 100 percent.

Smaller drones face a 25 percent tariff.

The statement said the tariffs will "encourage increased domestic production" of drones and their components and reduce reliance on foreign supply chains.

Most of the new tariffs are to take effect September 3.

"The tariffs are really targeting industrial and commercial drones, and to a lesser degree smaller drones used by hobbyists," Clayton Swope, a senior fellow at the Center for Strategic and International Studies, told AFP.

- Dual use -

In December 2025, the US Federal Communications Commission (FCC) -- which is charged with regulating telecommunications nationally -- argued that domestic production of drones would "reduce the risk of direct UAS attacks and disruptions, unauthorized surveillance, sensitive data exfiltration, and other UAS threats to the homeland."

It added that drones "are inherently dual-use: they are both commercial platforms and potentially military or paramilitary sensors and weapons," and foreign production of drones and their components, "could enable persistent surveillance, data exfiltration, and destructive operations over US territory."

The war in Ukraine has underscored how commercial and hobbyist drones can be outfitted for frontline attacks.

The Chinese company DJI, founded in 2006, has captured more than two-thirds of the global drone market in recent years, according to several studies.

It has also been in Washington's crosshairs for several years, with US officials accusing it of supplying products used to surveil ethnic minorities in China, particularly the Uyghurs.

Since 2022, DJI has been on a US list of Chinese companies linked to the country's military and therefore subject to restrictions on access to US technology.

DJI fought its inclusion on the list in 2024, insisting that it was not owned or controlled by the military.

It is "critical that America be able to produce its own unmanned capabilities without parts or even raw materials from China," Joshua Steinman, a supply chain expert formerly on the Trump administration's National Security Council, told AFP.

Last week, China announced restrictions on drone exports to the United States and blacklisted six companies in response to trade sanctions imposed by Washington over forced labor and national security concerns.

That move came days after the US imposed fresh tariffs on China and 59 countries.

In late July 2026, the US government also added humanoid and quadruped robots to a blacklist of products and companies barred from import into the United States, saying they posed critical national security risks.

That sector, too, is dominated by Chinese industry.

The understanding came at the second Foreign Office Consultations (FOC) between the two countries held in Prishtina on Thursday, according to a joint communiqu‚ received here this morning.

Bangladesh delegation was led by Foreign Ministry's Secretary (Bilateral-East & West) Dr M. Nazrul Islam, while Kosovo's delegation was headed by Secretary General of the Ministry of Foreign Affairs and Diaspora Ilir Mu‡aj.

Recognising the growing demand for labour mobility, the two sides stressed the importance of establishing a structured framework for recruitment and employment of Bangladeshi workers in Kosovo.

They agreed to explore G2G cooperation mechanisms to ensure that labour migration takes place in a transparent, orderly and mutually beneficial manner.

During the consultations, the two sides reviewed the entire spectrum of bilateral relations and expressed satisfaction over progress made since the establishment of diplomatic ties.

They identified significant untapped potential for cooperation in trade, investment, education, agriculture, information and communication technology, tourism, labour mobility and people-to-

people exchanges.

Both sides also stressed early conclusion of agreements under negotiation, particularly those relating to economic cooperation and avoidance of double taxation.

Kosovo appreciated Bangladesh's longstanding contribution to UN peacekeeping operations and expressed gratitude to Bangladeshi peacekeepers who served in Kosovo.

Bangladesh, meanwhile, welcomed Kosovo's growing participation in international and regional organisations and expressed support for its continued integration into international organisations and multilateral mechanisms.

Kosovo commended Bangladesh's humanitarian response to the Rohingya crisis and backed Dhaka's efforts to ensure safe, voluntary, dignified and sustainable repatriation of the forcibly displaced Rohingyas to Myanmar.

Both sides also reaffirmed their opposition to terrorism, violent extremism and transnational crime and agreed to strengthen coordination in regional and international forums.

The two countries agreed to hold their third Foreign Office Consultations in Dhaka in 2027 at a

mutually convenient date.

The meeting discussed the expansion of Bangladesh's digital payment ecosystem, including the TKPAY platform, strengthening payment security and various issues of mutual interest.

Deputy Governors Dr Md Kabir Ahmed and Md Sarwar Hossain, along with senior officials of the central bank's Payment Systems Department, were present at the meeting.

The approval came at the 37th meeting of the CCGP for 2026, held at the Cabinet Division in the capital with Finance Minister Amir Khosru Mahmud Chowdhury in the chair.  

Under a proposal of the Industries Ministry, the committee approved the import of 40,000 tonnes of bulk granular urea fertilizer from Saudi Arabia’s SABIC Agri-nutrients Company for the 2026-27 fiscal year.

The fertilizer will be imported at US$421.67 per tonne, with the total procurement cost standing at Tk 209.06 crore. The quantity has a tolerance of plus or minus 10 percent.

Meanwhile, the Agriculture Ministry received approval for two proposals to import a total of 70,000 tonnes of DAP and TSP fertilizer from Morocco’s OCP Nutricrops S.A.

Under the first proposal, 40,000 tonnes of DAP fertilizer will be imported at US$891.67 per tonne, at a total cost of around Tk 441.91 crore.

The committee also approved the import of another 30,000 tonnes of TSP fertilizer from OCP Nutricrops S.A. at US$677.33 per tonnes, costing around Tk 251.76 crore.

President of ICMAB Md. Kausar Alam FCMA formally inaugurated the Center in the presence of Chairman of SDG and ESG Committee Professor Dr. Md. Salim Uddin FCMA, former President of ICMAB Mohammed Salim FCMA, members of the SDG and ESG Committee and officials of the Institute, said a press release here today.

The Center will serve as a platform for professional capacity building, research, technical guidance, knowledge development, stakeholder engagement and thought leadership on ESG and sustainability.

According to ICMAB, the initiative is the first dedicated ESG Center within a professional body in Bangladesh and reflects its vision to position the accounting and finance profession at the forefront of sustainability-related developments.

The Center will focus on connecting Bangladeshi professionals and organisations with evolving international practices in sustainability disclosure, climate-related risk, responsible investment and long-term value creation.

It will also seek to strengthen the capacity of Cost and Management Accountants to respond to the growing expectations of investors, regulators, development partners and global value chains.

At the national level, the Center is expected to promote the integration of ESG principles into corporate and public-sector decision-making. Its activities will include training, research, professional dialogue and collaboration to support organisations in strengthening sustainability governance, improving ESG-related information and incorporating environmental and social considerations into strategy, performance management and resource allocation.

The Center will also provide a platform for engagement among professional accountants, corporate leaders, regulators, policymakers, academia, financial institutions and sustainability practitioners.

The three-day trade fair began Tuesday (August 11) at Distrito Anhembi in Sao Paulo with financial support from the Export Promotion Bureau (EPB) and under the management of the Bangladesh Embassy in Brasilia.

Four Bangladeshi companies-Jihan Plastic Industries, Mother Tannery, Rainbow Jute and Classical Handmade Products-are showcasing their products at five booths at the major South American trade fair.

The EPB and Bangladesh Embassy have also set up a separate booth featuring brochures, leaflets and publications on Bangladesh's exportable products, along with audio-visual materials highlighting the country's export sector.

Bangladeshi exhibitors are displaying a diverse range of products, including jute goods, bags, leather products, natural-fibre baskets, home d‚cor items, bamboo products, terracotta and clay products, and Nakshi Kantha.

Formal inauguration of the Bangladesh pavilion held on Tuesday morning in the presence of officials of the Bangladesh Embassy, representatives of Brazilian government agencies, fair organisers and representatives of the participating Bangladeshi companies.

Following the inauguration, the Bangladeshi stalls drew a growing number of visitors and buyers, while several business-to-business (B2B) meetings were held.

Potential buyers visited the stalls to learn about the quality of Bangladeshi products and expressed appreciation for the items on display. Some visitors also showed interest in purchasing the products.

As part of the fair's sideline events, a seminar titled "Production and Export of Home and Lifestyle Products from Bangladesh" will be held today.

Representatives of various Brazilian business organisations and foreign buyers are expected to attend the seminar.

The organisers hope Bangladesh's participation in Home Show Brazil 2026 will create new opportunities to promote and market Bangladeshi home d‚cor and lifestyle products in Latin American markets.

The initiative is also expected to help Bangladeshi exporters establish new business contacts, identify potential buyers and diversify the country's export destinations in the region.

Traders trod nervously ahead of the consumer price index (CPI) figures, which follow a report last week showing the world's top economy lost more than 20,000 jobs last month, suggesting the labour market was slackening.

With inflation stubbornly elevated above the Fed's two percent target for more than five years -- compounded by the Iran war since February -- monetary policymakers are increasingly considering lifting borrowing costs.

The bank's July meeting saw three board members call for an increase, dissenting from the final decision to hold rates, and investors are betting they will announce one before the end of the year, with some eyeing at least two.

Analysts pointed out that there will be one more CPI release and another jobs report before the Fed's next meeting in September.

The higher oil prices rise, the more traders expect the Fed to tighten, and a lack of progress in talks between the US and Iran on a deal to reopen the Strait of Hormuz is adding upward momentum.

An announcement from Pakistan's defence minister that the two were "close to some sort of arrangement" provided a sliver of hope Tuesday, though that later faded.

His remarks came after Washington and Tehran had issued demands for compensation over the five-month war, hardening their positions.

Meanwhile, a US helicopter fired missiles on Tuesday into the engine room of a Panama-flagged cargo ship that attempted to break the American blockade of Iran's ports, the United States military said.

There was also little major reaction to a report that Iran and Oman were in advanced talks on reopening Hormuz to some maritime shipping.

Both main crude contracts rose Wednesday, and have risen around 14 percent in the past week.

"Crude oil prices have surged in the last few days because the Strait of Hormuz remains effectively shut, and there are no signs of progress between the US and Iran," wrote Forex.com's Fawad Razaqzada.

"The latest headlines around talks between Oman and Iran provided some relief, but we shouldn't confuse talks with an actual breakthrough. Iran has come out saying that the Strait of Hormuz will remain shut until their conditions are met."

He said the positions of the US and Iran indicated "any potential deal is still some way off, meaning risks remain skewed to the upside for oil prices".

Equity markets fluctuated ahead of the CPI release, though Seoul enjoyed another strong day as it claws back some of the huge tech-led losses sustained in July.

The Kospi climbed more than three percent, helped by chipmakers SK hynix and Samsung, which bore the brunt of that selloff.

The gains were helped by strong earnings reports from US AI giants CoreWeave and Super Micro Computer that eased worries about the years-long investment boom that has led many observers to question when firms will see a return.

Tokyo, Shanghai, Taipei, Manila and Jakarta also rose, though Hong Kong, Sydney, Singapore and Wellington were in the red.

- Key figures around 0210 GMT -

West Texas Intermediate: UP 0.7 percent at $83.78 per barrel

Brent North Sea Crude: UP 0.6 percent at $89.40 per barrel

Tokyo - Nikkei 225: UP 0.1 percent at 67,002.60

Hong Kong - Hang Seng Index: DOWN 1.1 percent at 25,375.72

Shanghai - Composite: UP 0.1 percent at 3,939.29

Euro/dollar: DOWN at $1.1539 from $1.1542 on Tuesday

Pound/dollar: DOWN at $1.3505 from $1.3506

Dollar/yen: UP at 159.35 yen from 159.27 yen

Euro/pound: DOWN at 85.43 pence from 85.46 pence

New York - DOW: DOWN 0.3 percent at 53,791.85 (close)

London - FTSE 100: DOWN 0.2 percent at 10,844.19 (close)

The event, organised by TSI Limited, was held at the Boardroom of Hotel InterContinental in the capital, according to a short message of the Home Ministry.

In his speech, the Home Minister highlighted the importance of strengthening business and economic cooperation between Bangladesh and Japan.

In the editorial of its quarterly news bulletin published yesterday, the business chamber described the Middle East conflict involving the United States, Israel, and Iran as “the worst global crisis since the pandemic.”

The chamber warned that escalating operational expenses threaten to hit core export industries -- most notably readymade garments -- while straining fiscal reserves through higher energy subsidies.

Consequently, the crisis undermines national macroeconomic stability and risks stalling Bangladesh’s planned graduation from the least developed country (LDC) category.

International financial institutions have already warned that prolonged hostilities could significantly weaken global economic growth while fuelling inflation.

For many developing countries, particularly those heavily dependent on imported energy and food, the conflict risks widening fiscal deficits, increasing debt burdens and slowing progress towards the sustainable development goals.

As a net importer of fuel, fertiliser and other essentials, Bangladesh faces rising global energy, shipping and insurance costs and supply-chain disruptions, which could increase inflation, widen the trade deficit, raise the government’s subsidy burden and increase production costs, especially for the readymade garment sector.

Rising fertiliser prices could also affect domestic agricultural productivity and food prices, while prolonged geopolitical uncertainty threatens to discourage foreign direct investment.

Beyond immediate domestic impacts, the ICCB noted that the crisis highlights the need for a more resilient global trading system.

While businesses are increasingly diversifying supply chains, strengthening inventory management, and investing in digital trade solutions, the chamber stressed that such adjustments require time, investment, and greater international cooperation.

“At this critical juncture, the international community must prioritise diplomacy over confrontation,” the chamber stated, adding that sustainable peace is an economic imperative to preserve open trade routes and ensure uninterrupted access to food and energy.

Citing a joint report by the International Chamber of Commerce (ICC) and Oxford Economics, the chamber noted that economic policy uncertainty in 2025 reduced real business investment by 1.4 per cent across 10 major economies, representing about $202 billion in lost or delayed capital spending.

In an adverse 2026 scenario, those costs could rise to $380 billion, whereas a return to policy clarity could generate an additional $252 billion in investment -- representing a swing of more than $630 billion.

The ICC said the conflict shows that geopolitical tensions have global economic consequences, affecting countries, businesses and consumers.

Disruptions to energy infrastructure and shipping in the Strait of Hormuz have pushed up oil, gas, fertiliser and freight costs, fuelling inflation and threatening food security. Heightened uncertainty is also raising input costs and making investors more cautious.

The ICC stressed that peace and stability are essential for investment, efficient supply chains and sustainable economic growth.

In addition, the central bank is also offering incentives for banks and other payment service providers to encourage transactions through the national QR platform for purchases up to Tk 2,000.

These new measures were taken to promote digital payments and to encourage small vendors to adopt the national Bangla QR system.

The directives, issued in two separate circulars yesterday, are set to take effect on October 1, 2026.

Under the new regulations, the central bank has eliminated the Interchange Reimbursement Fee (IRF) for all Bangla QR transactions, setting the rate at zero.

Previously, banks and mobile financial service (MFS) providers charged an IRF ranging from 0.35 percent to 0.70 percent. Under the revised framework, acquiring institutions will no longer receive fees or service charges on these transactions.

Additionally, Bangladesh Bank has repealed its July 1 instruction that mandated a minimum Merchant Discount Rate (MDR) of 1 percent. Without a fixed floor, acquiring institutions may now negotiate rates directly with merchants or waive fees entirely.

To further accelerate adoption among small and marginal traders, the central bank is introducing an incentive scheme for Bangla QR-based transactions up to Tk 2,000 processed through the National Payment Switch Bangladesh (NPSB).

The scheme applies to purchases at merchant points of small and marginal product sellers and service providers onboarded through individual retail accounts.

Under the incentive model, acquiring institutions will receive 0.10 percent of the transaction value, while issuing institutions will receive 0.20 percent, subject to specific conditions.

To prevent abuse, Bangladesh Bank explicitly stated that single transactions cannot be split into smaller amounts to claim incentives. Failed, refunded, reversed, or disputed payments will be ineligible.

The central bank retains auditing authority over all transaction and settlement records, with powers to recover or adjust funds paid out on artificial or excessive transactions.

Acquiring institutions are required to actively monitor transaction patterns and prevent misuse, such as artificial transaction splitting or unauthorised cash-outs. Institutions found non-compliant may face penalties under the Payment and Settlement Systems Act, 2024.

These measures complement the government’s broader “Cashless Bangladesh” initiative. Last August, the Ministry of Local Government, Rural Development and Co-operatives instructed all city corporations and municipalities to require Bangla QR integration for trade licence issuance and renewal.

Furthermore, Bangladesh Bank directed all banks, MFS providers, and Payment Service Providers (PSPs) to replace proprietary QR codes with the standardised Bangla QR by June 30, 2026. A steering committee headed by the central bank governor has been formed to oversee nationwide merchant onboarding and public awareness campaigns.

To support these operational shifts, the central bank’s board recently approved a Tk 100 crore fund dedicated to subsidising merchant charges for small traders, aiming to build a more inclusive, transparent, and interoperable digital payment ecosystem.

She made the call while exchanging views with Bangladeshi businesspeople, professionals and migrant workers in Singapore on Monday, according to a foreign ministry press release received here today.

The Bangladesh Chamber of Singapore organised the interaction at a local hotel, where entrepreneurs briefed the state minister on business opportunities and challenges and offered proposals for strengthening bilateral economic ties.

Shama underscored economic diplomacy as a key tool for expanding trade and attracting investment, saying Singapore, as a major global business hub, holds significant potential for investment in Bangladesh that could also generate employment.

She said the government was working to create a more investment-friendly environment and had established a separate wing at the foreign ministry to coordinate with government and private-sector stakeholders on migration, trade and investment issues.

Highlighting Bangladesh’s trade deficit with Singapore, Shama stressed diversifying exports and developing new export sectors through research, innovation and appropriate policy support.

She identified jute and jute-based products as having potential in the Singapore market and proposed establishing joint Bangladesh-Singapore Chamber comprising businesses, entrepreneurs and investors from both the countries.

Such a platform, she said, could play a crucial role in promoting trade and investment and expanding bilateral business cooperation.
During the interaction, business representatives identified data centres as a potential area for Singaporean investment in Bangladesh and highlighted the possible benefits of a Bangladesh-Singapore Free Trade Agreement (FTA).

They said an FTA could benefit Bangladeshi companies in sectors such as steel, shipbuilding and ship recycling through duty-free access to the Singapore market.

The business community also proposed road shows and trade fairs to showcase Bangladeshi products, a one-stop service for Singaporean investors and simplified procedures for opening bank accounts.

Professionals and migrant workers, meanwhile, identified elderly caregiving as a promising new employment sector for Bangladeshis and called for greater diversification into skilled fields such as IT, data analysis, cybersecurity and artificial intelligence.

Participants also raised concerns over high migration costs and alleged exploitation by some recruiting agencies.

Shama said the government was working to bring recruitment under a transparent system to reduce exploitation and migration costs while reviewing opportunities under Technical and Vocational Education and Training (TVET).

She said discussions with relevant ministries and stakeholders were continuing to expand employment opportunities for Bangladeshis abroad.

The state minister also highlighted potential cooperation in renewable energy, artificial intelligence, technology, pharmaceuticals, ICT, education and TVET.

“Bangladesh is open for investment from all over the globe,” she said, encouraging expatriate Bangladeshi entrepreneurs to explore investment opportunities at home.

Shama asked participants to submit their proposals in writing so the government could pursue appropriate measures with relevant ministries and agencies.

She reaffirmed the government’s commitment to working for the welfare of expatriate Bangladeshis, including those living in Singapore.

Crude has surged around 10 percent over the past week, with the United States and Iran appearing no closer to a deal on the crucial waterway despite upbeat comments from the White House earlier in the month.

In the latest blow, Donald Trump said Monday he would seek conflict compensation from Iran as part of any peace negotiations, citing attacks and killings stretching back decades allegedly backed or perpetrated by Tehran.

The US president's announcement was a direct response to Tehran's demand for US war reparations as a precondition to any resolution of the crisis.

Trump's remarks came a day after he said he was "low-keying" his approach to the conflict, suggesting he was prepared to let economic pressure mount in place of further military strikes.

However, the latest back and forth risks putting a quick agreement further out of reach, and on Monday both main crude contracts jumped around five percent. They extended the gains on Tuesday.

"In the absence of any positive headlines on negotiations to reopen the strait, pressure on oil prices has been upward," wrote Jason Wong at BNZ.

And Stephen Innes, global strategist at Quintex Intel, said: "In effect, both sides are trying to weaponise the oil barrel without firing another shot. Washington is trying to choke Iran's ability to get its crude out, while Tehran is squeezing the artery through which everybody else's crude gets through.

"It is quite the game of chicken."

The prospect of oil prices remaining elevated for the time being has revived concerns over inflation and boosted the chances of interest rate increases.

While a surprise loss of more than 20,000 jobs in the US economy last month eased fears of a Federal Reserve hike, a spike in price pressures could force the bank's hand.

Cleveland Fed boss Beth Hammack told Yahoo Finance on Monday: "I would say in general, one 25-basis-point move probably doesn't do a whole lot for the economy.

"So it's probably some number of (movements). But I don't want to prejudge what that number is going to be."

The US-Iran deadlock and rising crude costs comes as traders await the release of consumer price data on Wednesday, which could play a key role in guiding the Fed on its next move.

Asian equities were mixed following a tepid day on Wall Street.

Shanghai, Wellington, Taipei and Manila all edged down but there were gains in Hong Kong, Sydney, Singapore and Seoul.

Tokyo was closed for a holiday.

- Key figures around 0215 GMT -

Hong Kong - Hang Seng Index: UP 0.1 percent at 25,946.16

Shanghai - Composite: DOWN 0.5 percent at 3,948.19

Tokyo - Nikkei 225: Closed for holiday

West Texas Intermediate: UP 0.3 percent at $82.40 per barrel

Brent North Sea Crude: UP 0.3 percent at $87.97 per barrel

Euro/dollar: UP at $1.1546 from $1.1543 on Monday

Pound/dollar: UP at $1.3512 from $1.3508

Dollar/yen: DOWN at 159.18 yen from 159.31 yen

Euro/pound: UP at 85.46 pence from 85.45 pence

New York - DOW: DOWN 0.1 percent at 53,975.98 (close)

London - FTSE 100: DOWN 0.4 percent at 10,862.50 (close)

The central bank today issued the directive through its Payment Systems Department-2 (PSD-2), with the measure particularly aimed at reducing the cost of doing business for small merchants, street vendors and other micro-level businesses and encouraging wider use of digital payments.

Under PSD-2 Circular Letter No. 06, the issuing institution would not be entitled to any fee or service charge from the acquiring institution for transactions conducted through Bangla QR.

The directive applies to scheduled banks, mobile financial service (MFS) providers, payment service providers (PSPs) and payment system operators (PSOs), establishing a uniform zero-IRF arrangement across the Bangla QR ecosystem.

The instruction amended the relevant provisions of PSD Circular No. 02/2025, dated February 8, 2025, while other provisions of the circular remained unchanged. It also repealed PSD-2 Circular Letter No. 05, issued on July 1, 2026.

The zero-IRF arrangement was scheduled to come into effect on October 1, 2026, giving banks and payment service providers time to make necessary system adjustments.

Bangladesh Bank introduced the measure to lower transaction-related costs for merchants and encourages wider adoption of Bangla QR, particularly for small-value retail transactions.

The move was an important policy step towards expanding interoperable digital payments and supporting the country's broader goal of building a "Cashless Bangladesh."

According to a BB circular issued today, Authorized Dealers (ADs) can now issue or allow the use of international cards to facilitate legitimate payments by students enrolled in regular courses at recognized foreign educational institutions.

The facility will cover undergraduate and postgraduate programmes, language courses, and professional diploma or certificate programmes.

The central bank said the move aims to facilitate payments to overseas educational institutions and service providers as they increasingly require tuition, enrollment and other education-related fees to be paid through international cards and online platforms.

Under the new arrangement, transactions made for overseas education will be treated separately and will not be counted against the existing travel quota or other foreign exchange entitlements.

ADs may issue debit, prepaid or credit cards for the purpose. For credit cards, the applicable limits will be determined by the issuing bank's internal policy, subject to the limits prescribed by Bangladesh Bank.

BB circular also said the cards may be issued in the name of either the student or the person who bears the student's educational expenses.

Before allowing such transactions, banks must complete all necessary regulatory formalities, including Know Your Customer (KYC) and Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) requirements.

BB instructed ADs to put in place appropriate controls to ensure that payments are made only to eligible beneficiaries and remain within the loaded amount and the validity period of the card.

All transactions under the facility must be reported to Bangladesh Bank through the TM Module using the appropriate purpose codes.

The central bank also said all other existing instructions relating to foreign exchange transactions for overseas education will remain unchanged.

According to the latest data from Bangladesh Bank, the country received $675 million in workers' remittances during August 1-9, 2025, while the inflow rose to $1.142 billion during the corresponding period this year.

The country received $205 million in remittances on August 9 alone, according to the central bank data.

The sharp increase in remittance inflow comes as expatriate Bangladeshis continue to send more money through formal channels, helping strengthen the country's foreign exchange position.

Meanwhile, total workers' remittance inflow during July 1-August 9 of FY2026-27 stood at $4.001 billion, up 26.9 percent from $3.153 billion received during the corresponding period of FY2025-26.

The DSEX, the broad index of the DSE, gained 22.6 points to settle at 5,845, compared with 5,822 in the previous trading session.

The market opened on a positive note and maintained the upward trend throughout the session, although a brief mid-session correction saw intermittent selling pressure.

 However, resilient buying interest helped the market recover and close higher.

Renewed buying interest in insurance stocks also gained momentum, with opportunistic investors chasing potential quick gains.

Despite the rebound, overall investor sentiment remained cautious amid persistent domestic uncertainties and geopolitical headwinds.

Market turnover declined 5.8 percent to Tk 9.1 billion from Tk 9.6 billion in the previous session, indicating relatively subdued trading activity despite the rise in the benchmark index.

General Insurance accounted for the highest share of turnover at 22.8 percent, followed by Textile at 19.6 percent and Pharma at 8.8 percent.

Sectoral performance remained mixed. General Insurance advanced 2.7 percent, while Miscellaneous and Services gained 2.1 percent each.

On the losing side, Cement declined 1.2 percent, followed by Financial Institutions at 0.6 percent and Travel at 0.4 percent.

Of the 395 issues traded, 197 advanced, 127 declined and 71 remained unchanged.

The port city bourse, Chittagong Stock Exchange (CSE), also ended higher. Its selected index, CSCX, gained 17.7 points, while the All Share Price Index (CASPI) advanced 10.6 points.

The initiative was discussed at a meeting with New Zealand Trade and Enterprise (NZTE), where Bangladesh highlighted opportunities for joint investment, business-to-business (B2B) linkages and export expansion in these sectors.

Rachel McGuckian, Market Manager for Southeast and East Asia at NZTE, attended the meeting, while Bangladesh Commerce Secretary Md Ataur Rahman led the Bangladesh delegation.

Joint Secretary (FTA) Md Firoz Uddin Ahmed and Deputy Secretary (FTA) Farhana Islam were also present.

The meeting noted that bilateral trade between Bangladesh and New Zealand currently stands at around US$450 million annually. Dairy products and metal products account for a significant portion of Bangladesh’s imports from New Zealand.

On the other hand, Bangladesh’s exports to New Zealand amount to around US$147 million, with ready-made garments accounting for a major share.
Bangladesh sought NZTE’s cooperation in expanding its non-RMG exports to New Zealand to make bilateral trade more balanced and diversified, said a Commerce Ministry press release.

Particular emphasis was placed on creating new market opportunities for Bangladeshi pharmaceuticals, environment-friendly jute products, leather goods, sustainable textiles and IT services in the New Zealand market.

Highlighting the capabilities of Bangladesh’s pharmaceutical industry, the delegation said Bangladeshi drug manufacturers operate under internationally recognised certifications and quality production systems.

This, it said, creates opportunities for Bangladesh to supply quality generic medicines and vaccines to New Zealand’s healthcare sector at competitive prices.

The Bangladesh side also highlighted the availability of more than 650,000 skilled technology professionals in the country and proposed developing business partnerships with New Zealand technology companies in software, fintech and digital services.

On investment, Bangladesh invited New Zealand companies to invest in the country’s special economic zones, highlighting opportunities in dairy processing, specialised nutritional products, cold-chain logistics, agri-tech, advanced manufacturing, renewable energy and environmentally friendly technologies.

Bangladesh informed the meeting that various investment facilities are available for foreign investors in the special economic zones.

New Zealand companies can utilise these opportunities not only to invest in Bangladesh but also to expand their businesses into the wider South and Southeast Asian markets, the Bangladesh side said.

To turn bilateral cooperation into concrete outcomes, Bangladesh proposed three immediate measures.

These include establishing direct communication between NZTE’s Southeast and East Asia team and the Bangladesh Investment Development Authority (BIDA), arranging virtual B2B meetings between New Zealand business buyers and Bangladeshi exporters in the pharmaceutical, IT and leather sectors, and enhancing coordination with New Zealand’s Ministry of Foreign Affairs and Trade (MFAT) to make bilateral trade and investment cooperation more effective.

The two sides also agreed on the establishment of a bilateral Business Council and on organising and participating in trade fairs.

The meeting stressed the importance of building a balanced and mutually beneficial economic partnership by utilising the respective strengths of both countries.

It was expected that combining Bangladesh’s large market and manufacturing capabilities with New Zealand’s technological expertise and high-value export capacity could take bilateral trade and investment relations to a new height.

Under a new directive issued today, eligible tour operators can collect package charges in taka for overseas travel services, including accommodation, transportation and other destination-related services.

The authorized dealers (ADs) will subsequently be able to remit the required foreign currency to overseas tour operators, hotels or destination management companies against those packages from the taka collected from customers, at prevailing exchange rates.

The facility will allow eligible tour operators to handle the taka payments domestically while settling their foreign obligations through authorized banks.

To qualify, tour operators must have membership with the Tour Operator Association of Bangladesh (TOAB) and maintain tie-up arrangements with overseas tour operators, hotels or destination management companies.

Bangladesh Bank has also fixed an annual foreign exchange remittance ceiling of US$3,000 per traveler, outside the annual travel quota, under the facility.

The limit applies to remittances made against overseas tour packages where customers have paid the package charges in taka.

The central bank has prescribed documentation requirements to ensure that taka collected from customers is used against genuine overseas travel services. 

These include invoices or contracts from overseas service providers, detailed itineraries and cost breakdowns, lists of travelers with passport numbers, agreements between local and overseas tour operators, and evidence of receipt of funds in taka from customers.

Tour operators will be required to keep transaction records against each traveler's passport number and maintain cumulative records of foreign exchange released for each traveler during a calendar year.

They must also obtain a declaration from travelers that their annual foreign exchange limit has not already been exhausted through another tour operator.

Bangladesh Bank said tour operators may retain their service charges or commissions in taka. Remittances to overseas counterparts, however, must represent only the net payable amount after applicable taxes.

The facility is intended for genuine overseas travel services and cannot be used for unrelated fund transfers, advance remittances without confirmed bookings or contractual obligations, or capital-account transactions disguised as travel expenses.

Authorized dealers will scrutinize the relevant documents and establish the bona fide nature of the transaction before making the remittance. They must also report the remittances to Bangladesh Bank within seven days for post-facto checking.

The new instructions amend the existing provisions on remittances against overseas tour packages issued under Part-J of FEPD-1 Circular No. 08 dated May 7, 2026.

The consumer price index -- a key gauge of inflation -- eased to 0.5 percent year-on-year, lower than the 0.8 percent forecast by a Bloomberg survey and the slowest rise since January, according to the National Bureau of Statistics.

The ambassador made the remarks while visiting the traditional floating guava market and guava orchards at Bhimruli in Jhalakathi during a tour of the country's southern region.

Christensen said he would discuss the prospects of Bangladeshi guava exports with his government and relevant authorities.

He noted that guavas are also cultivated in warm and tropical regions of the United States, with limited production in Florida, Hawaii and California.

Accompanied by his wife Deanne Dao, the US envoy toured Bhimruli's floating guava market and several orchards this morning, where he interacted with local growers and orchard owners.

Christensen learned about guava cultivation, production and marketing and expressed appreciation for the quality of the fruit as well as the hard work of local farmers.

The ambassador also expressed delight at Bhimruli's natural beauty and the distinctive character of its traditional floating market.

“Visiting the land of scenic waterways by river boat, it feels great to be in Barishal!” Christensen said, sharing his impression of the visit.

Bhimruli's floating guava market is one of the best-known traditional agro-tourism attractions in southern Bangladesh.

During the monsoon season, farmers and traders transport and sell guavas aboard boats along the area's canals and waterways, creating a distinctive floating marketplace that attracts tourists from home and abroad.

Local orchard owners said the US ambassador's visit generated enthusiasm among guava growers in the area.

Iran has imposed an effective blockade of the strait and wants to charge users for passage, repeatedly attacking ships it accuses of attempting to circumvent its preferred route.

The US vehemently opposes any Iranian tolls in the strait, though a June deal struck by the warring parties does allow Tehran to hammer out arrangements for the "future administration" of Hormuz in conjunction with fellow coastal state Oman.

Continued attacks in the strait, which was free to transit before the war, led to the collapse of an April ceasefire, and mediators have since urged both sides to return to the terms of the June memorandum.

The United Arab Emirates' foreign ministry on Saturday condemned what it called a "hostile Iranian attack that targeted a tanker belonging to ADNOC (Abu Dhabi National Oil Company) with a missile while it was transiting the Strait of Hormuz, without causing casualties".

Later on Saturday, the United Kingdom Maritime Trade Operations (UKMTO) said a ship was hit by a projectile off Oman in the Strait of Hormuz, causing a fire that was extinguished but no casualties. It was unclear whether they were referring to the same ship.

On Friday, ADNOC had put out a statement saying that since the start of the war, 15 of its vessels had been attacked in Hormuz, "including three vessels this week alone".

Oman's foreign ministry on Saturday condemned "repeated attacks on vessels transiting the Strait of Hormuz", without naming Iran.

It also said that "ongoing negotiations regarding navigation arrangements in the Strait of Hormuz are proceeding in a positive and constructive atmosphere", and urged against any actions that might jeopardise the progress.

The previous Iran-US deal -- meant to serve as a jumping-off point for negotiations on a permanent settlement -- had said Iran and Oman would hash out future arrangements for the strait in discussion with other Gulf countries and "in line with the applicable international law".

International law generally forbids tolling in such waterways.

- Reopening uncertain -

Iranian Foreign Minister Abbas Araghchi said that talks with Oman were "approaching the final stages", but cautioned that "this is not a sign of the reopening of the Strait of Hormuz".

"The reopening of the Strait of Hormuz is subject to other conditions and compensation for the violation of the memorandum of understanding by the United States," he said, referencing the June deal.

Iranian security chief Mohammad Bagher Zolghadr on Saturday laid out a laundry list of preconditions for reopening the strait, including an end to the "war and aggression against Iran and its allies in Lebanon, Palestine, Yemen, and Iraq".

He also demanded the lifting of a parallel US naval blockade of Iran, the end of sanctions, the release of frozen assets, and compensation for wartime damage, according to remarks reported by Tasnim news agency.

The Revolutionary Guards, the ideological arm of the Iranian military, underscored the point, saying Hormuz's reopening had "nothing to do with the negotiations between Iran and Oman", adding that the "enemy is forced to accept Iran's conditions for the opening of the strait".

Meanwhile, Israel's public broadcaster reported that US Admiral Brad Cooper -- head of US Central Command, which leads Middle East operations -- paid quick visits to Gulf allies the UAE and Bahrain, as well as Israel.

Cooper reportedly met with Israeli military chief Eyal Zamir, Kan said, describing the visit as a "multi-front situation assessment".

"You are hereby provided notice that the President is considering removing you from your position," reads a letter from the White House to Cook dated August 5 and signed by Deputy Chief of Staff Dan Scavino.

Cook has been given 21 days from the date of the letter to respond to unproven allegations that she made false statements on mortgage applications -- charges that she has denied.

Trump has launched an unprecedented assault on the independence of the Federal Reserve in his second term, opening a criminal probe against previous chairman Jerome Powell and attempting to fire Cook.

His move to dismiss Cook was the first such attempt by a president in the US central bank's 111-year history.

The Supreme Court ruled in June that Trump did not have the power to dismiss Fed governors "for any reason, or no reason."

The US central bank is a non-partisan institution that makes monetary policy for the world's largest economy, with governors appointed by the president after a Senate confirmation process.

The Supreme Court made special mention of the importance of the Fed's independence.

The court said it decided the case "on the narrow ground that the President failed to afford Cook the procedural protections to which she was entitled by statute."

It did not rule on the underlying mortgage fraud allegations.

Trump reacted angrily to the June verdict, saying on social media he would take "appropriate action immediately" against Cook.

The White House letter details the allegations against Cook, asserting that "at a minimum, this conduct was grossly negligent and demonstrates that you are unfit for the office."

Referencing the Supreme Court's decision, in which judges ruled that Trump had tried to fire Cook without giving her an opportunity to respond to the allegations, the letter demands she do so by August 26.

Cook, the first Black woman to serve as a Fed governor, has consistently denied the allegations against her.

"This was never about mortgage documents signed years before I became a Federal Reserve governor," she said in a statement reported by US media after the Supreme Court ruling.

"It was an attempt to remove me on a manufactured pretext because I refused to bow to political pressure and continued to set interest rates based only on what would best serve the American people."

Democratic Senator Elizabeth Warren labeled the latest attempt to fire Cook as Trump "once again trying to illegally take over America's central bank."

She added that Democrats would "fight back to make sure he fails."

Stocks gained on the report that showed 23,000 jobs were lost last month, upending expectations that 80,000 to 100,000 new posts would be created.

Wall Street's S&P 500 gained 0.6 percent to close at a new record, with the tech-focused Nasdaq up more than one percent and the Dow also closing in the black.

Nearly every European market closed higher, with Paris, Frankfurt and Milan again reaching all-time highs.

Combined with steep downward revisions to US jobs readings in May and June, the data is "likely to revive concerns among Fed officials about the health of the labor market and make them less inclined to commit to near-term tightening," said Thomas Ryan, an economist at Capital Economics.

Art Hogan at B. Riley Wealth Management said the new data would likely give the Federal Reserve pause in considering interest rate hikes.

"It certainly changed the dynamic of the predicting markets about monetary policy," he told AFP.

"There was a little bit of a respite in the rise in Treasury yields... and that also takes away a bit of a headwind for equities."

Stocks have powered ahead in recent sessions, fueled largely by tech names after corporate earnings beat forecasts and eased fears about when massive AI investments would start paying off.

Hopes for an imminent US-Iran deal to end the blockage of the Strait of Hormuz added to optimism that oil and gas, along with other key products, would again start flowing freely after more than five months of war.

But oil prices turned higher ahead of the weekend in the absence of any confirmation of an accord, amid reports that Iran was planning to block US and Israeli ships from the waterway.

Analysts said prices were unlikely to fall back to levels seen before the US-Iran war, when the main futures contracts were under $70 a barrel, absent concrete signs of progress after days of conflicting comments from officials on both sides.

- Key figures around 2000 GMT -

New York - DOW: UP 0.3 percent at 54,036.93 points (close)

New York - S&P 500: UP 0.6 percent at 7,757.64 (close)

New York - Nasdaq: UP 1.3 percent at 26,690.62 (close)

London - FTSE 100: UP 0.3 percent at 10,901.09 (close)

Paris - CAC 40: UP 0.2 percent at 8,714.93 (close)

Frankfurt - DAX: UP 0.7 percent at 26,319.45 (close)

Tokyo - Nikkei 225: DOWN 0.1 percent at 65,606.71 (close)

Hong Kong - Hang Seng Index: UP 0.5 percent at 25,668.03 (close)

Shanghai - Composite: UP 1.0 percent at 3,940.04 (close)

Euro/dollar: UP at $1.1567 from $1.1524 on Thursday

Pound/dollar: UP at $1.3499 from $1.3456

Dollar/yen: DOWN at 157.50 yen from 158.40 yen

Euro/pound: UP at 85.68 pence from 85.65 pence

Brent North Sea Crude: UP 1.3 percent at $83.55 per barrel

West Texas Intermediate: UP 1.2 percent at $78.18 per barrel

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.