Samsung has resumed manufacturing operations in Bangladesh after a hiatus of about 18 months, with locally produced smartphones expected to return to the market in January next year.

The restart signals a renewed push in Bangladesh's electronics manufacturing sector, where Samsung was the first global smartphone brand to assemble handsets locally through Fair Electronics.

Production of Samsung refrigerators has already begun at the company's factory in Shibpur, Narsingdi, while washing machine production is scheduled to start in September. Air conditioners, televisions and smartphones are expected to enter production in early 2027.

Bangladesh's large and hard-working workforce, combined with Korean technology and investment, gives the country the potential to become a regional manufacturing hub for Korean companies.
Jijoon Kim | South Korean ambassador to Bangladesh

The South Korean ambassador to Bangladesh, Jijoon Kim, announced the development during his visit to the factory today (22 july). During a visit by South Korean Ambassador Jijoon Kim to the factory today. Samsung Bangladesh Managing Director Jungmin Jung and Fair Group Chairman Ruhul Alam Al Mahbub accompanied him during the tour.

According to Fair Group, it became Samsung's official distribution partner in Bangladesh in 2014, established a local manufacturing facility in 2017 and launched the country's first locally manufactured Samsung smartphones in 2018.

The group has invested around Tk1,000 crore in electronics manufacturing, including about Tk300 crore in smartphone production. The facility has an annual production capacity of around 2.5 million mobile phones.

Fair Group is currently manufacturing products under China's Hisense brand while restarting Samsung production. The company plans to produce around 150,000 refrigerators annually under the two brands by 2027. At present, it manufactures between 40,000 and 50,000 Hisense refrigerators a year.

A visit to the factory showed refrigerators being assembled through automated production lines, with processes ranging from metal body fabrication and component assembly to foam insulation, compressor installation and final quality testing.

Mohammed Mesbah Uddin, chief marketing officer of Fair Group, told TBS that Samsung smartphone production remained suspended from mid-2024 through the end of 2025 as the business environment became challenging following the sharp depreciation of the taka in 2023.

"Effectively, it became very difficult to continue business operations during that period," he said.

He said Fair Group had planned to revamp its operations in 2025, but the process He stated that Fair Group had intended to revamp its operations in 2025, but the process fell short of expectations. as expected. With conditions improving this year, the company has restarted production.

Mesbah said the transition of the market from 4G to 5G devices also required technological upgrades and new machinery, contributing to delays in restarting smartphone production.

While the factory is capable of producing 2.5 million handsets annually, he said the company does not expect to utilise its full capacity in the first year after resuming operations.

Speaking to journalists after touring the facility, Ambassador Kim described Fair Electronics as a successful example of technology transfer, local manufacturing and industrial cooperation between Bangladesh and South Korea.

He said Bangladesh's large and hard-working workforce, combined with Korean technology and investment, gives the country the potential to become a regional manufacturing hub for Korean companies.

Fair Group Chairman Ruhul Alam Al Mahbub urged the government to take stronger action against grey-market and unofficial mobile phone imports, saying a supportive policy environment would accelerate local manufacturing, attract investment, increase government revenue and create jobs.

Samsung Bangladesh Managing Director Jungmin Jung reaffirmed the company's long-term commitment to Bangladesh and its partnership with Fair Electronics in expanding local manufacturing while maintaining Samsung's global quality standards.

The country's worsening gas crisis is putting crores of taka in industrial investment at risk, delaying new projects, disrupting factory operations and increasing financial risks for banks, business leaders, energy experts and policymakers warned yesterday (22 July).

Speaking at the "Energy Security and Transformation of Bangladesh" policy conclave organised by the daily Bonik Barta in Dhaka, participants said prolonged gas shortages have become one of the biggest barriers to investment, while highlighting the need for infrastructure expansion, a diversified energy mix, and greater private sector participation.

They further called for urgent reforms to boost domestic gas production and strengthen long-term energy security.

Trust Bank Managing Director Ahsan Zaman Chowdhury said the gas shortage has left around Tk7,000-8,000 crore in the bank's industrial financing stranded, warning that the crisis could eventually spill over into the banking sector.

"When banks approve industrial loans, the projects already have gas connection approvals from Titas. Entrepreneurs invest their own money, provide guarantees and install machinery, but the projects cannot begin operations because gas is unavailable," he said.

According to him, expensive imported machinery has remained idle for three to four years in many cases, causing national economic losses as equipment gradually deteriorates.

If the projects eventually become loan defaults, the banking sector will also come under severe pressure, he added.

Echoing similar concerns, Meghna Group of Industries Chairman Mostafa Kamal said the gas crisis, combined with administrative bottlenecks, is discouraging new investment and threatening existing industries.

Although the government speaks of improving the ease of doing business, entrepreneurs continue to struggle to secure gas connections, regulatory approvals and infrastructure support, while also having to meet the conditions of foreign lenders, he said.

The MGI chairman noted that the Bangladesh Economic Zones Authority had promised to provide gas, electricity and water to the company's economic zones. Relying on those commitments, the company continued to attract investors, with 15 companies from the US, Europe and China investing there and creating around 12,000 jobs.

However, delayed gas connections have stalled project implementation despite nearly $600 million in financing from the International Finance Corporation (IFC), the World Bank and other international lenders, Mostafa said, adding that unlike domestic banks, foreign lenders offer little flexibility in extending project deadlines, exposing investors to substantial financial risks.

The industrialist, whose group operates 57 factories employing around 65,000 people, warned that prolonged delays in one major project could undermine the viability of several others.

East Coast Group Chairman Azam J Chowdhury said policy unpredictability remains one of the biggest deterrents to investment. While the government talks about "zero duty", procedures at the NBR and Customs remain complicated, he said.

Transcom Group CEO Simeen Rahman said for modern manufacturing, the challenge is no longer just energy availability, but energy reliability and power quality.

"Gas shortages, voltage fluctuations and unplanned interruptions do more than just stop production – they create a wave of uncertainty that destabilises our entire supply chain and inflates operating costs," she said.

Energy expert M Tamim said Bangladesh should pursue a diversified energy mix rather than aim for complete energy independence.

"There is absolutely no chance of becoming fully energy-independent. Our primary goal must be to use renewable energy to reduce our crushing reliance on imports, not to dream of total self-sufficiency," he said, urging greater regional electricity trade and stronger government support for large-scale solar projects.

Former Power Grid Bangladesh chairman M Rezwan Khan, meanwhile, proposed a three-tier electricity tariff structure covering peak, off-peak and super off-peak hours.

"If we raise peak-hour prices but lower them during off-peak times, the average cost remains the same for the government, but it creates a massive incentive for businesses and apartments to replace diesel generators with battery storage," he said.

No new industrial gas connections

Titas Gas Transmission and Distribution PLC Managing Director Shahnewaz Parvez said the company cannot provide new industrial gas connections unless domestic gas production increases or overall supply improves.

More than 500 customers have already deposited money for gas connections after receiving demand notes but remain unable to obtain supplies because of inadequate supply, he said.

Titas distributes about 60% of the country's natural gas and requires around 2,200 million cubic feet per day (mmcfd) to meet demand.

According to Shahnewaz, although at least 1,700 mmcfd is needed to maintain relatively normal operations, Titas is currently receiving only 1,500-1,550 mmcfd.

The situation has worsened after one floating LNG terminal recently went offline, intensifying shortages, particularly in Gazipur's industrial belt, he added.

Neglect in gas exploration

Power, Energy and Mineral Resources Minister Iqbal Hasan Mahmood Tuku attributed the crisis to years of neglect in domestic gas exploration. "About 28,000MW of generation capacity has been built, but no effective initiative was taken to increase domestic gas production. Not a single gas well was drilled over the past 17 years."

He also noted that Bangladesh depends on only two floating LNG terminals, leaving the gas supply system vulnerable whenever one terminal becomes inoperable.

Meanwhile, speaking about the country's power distribution system, the minister said the government wants to privatise power distribution to improve efficiency, accountability and bill collection.

He invited the private sector to submit proposals to take over the country's electricity distribution companies, adding that the prime minister has given consent to move ahead with the initiative.

He also said the government is considering allowing private companies to import petroleum products to encourage competition and reduce the state's role in the sector.

World Bank Country Director for Bangladesh and Bhutan Jean Pesme said Bangladesh's growing reliance on imported fuel and the widening gap between energy supply costs and consumer tariffs are increasing fiscal pressure.

He said around 30% of gas demand, 95% of oil and 90% of coal consumption now depend on imports, exposing the economy to global price volatility and supply disruptions.

According to the World Bank, energy subsidies now account for about 1.1% of GDP, underscoring the need for gradual tariff reforms, expansion of renewable energy, regional power trade and greater private investment in the gas value chain.

Omera Renewable Energy CEO Masudur Rahim said policy inconsistencies were also slowing investment in renewable energy. "Although the government announced zero-duty benefits for solar equipment, importers are not receiving those incentives due to conflicting tax conditions, discouraging rooftop solar expansion despite its significant potential."

Pakistan has asked the United States for a $10 billion exchange stabilisation facility, according to a source briefed on the matter, which, if approved, could provide a lifeline for the cash-strapped South ​Asian economy.

The request, which is being reported for the first time, follows Pakistan's role in brokering talks over the Iran war, which raised its diplomatic profile and ‌stirred hopes that it could seek economic gains from Washington and other partners.

In the request to US Treasury Secretary Scott Bessent, Islamabad is seeking a Bilateral Exchange Stabilization Support Facility between the US and the Pakistani government worth $10 billion with maturity of up to five years.

The facility, if agreed to, would bolster Pakistan's reserves, ease pressure on the rupee and reduce its reliance on multilateral financing, even as Islamabad undertakes tighter fiscal and monetary policies ​in line with its International Monetary Fund program.

The US Treasury declined to comment on the reported request.

Pakistan's finance ministry did not immediately respond to Reuters' request for comment outside ​of Asia business hours

Pakistani Finance Minister Muhammad Aurangzeb met with Bessent in Washington on Tuesday and said he had raised the vulnerability of the ⁠country's economy to regional geopolitical developments, the ministry said in a statement that did not mention the request.

"Senator Aurangzeb sought greater U.S. support for Pakistan’s road to market, underpinned by improved access ​to international capital markets, higher foreign exchange reserves, and enhanced sovereign credit ratings," it said, adding that both sides reaffirmed their commitment to deepening bilateral economic cooperation, promoting greater US investment, and advancing ​strategic projects.

Pakistan remains under $7 billion IMF discipline that has required politically unpopular tax increases, spending restraint and reforms.

Exchange stabilisation facilities are rare US Treasury backstops, usually routed via the Exchange Stabilization Fund, that provide dollars, swaps or guarantees to support reserves and steady currencies.

These facilities are different from the permanent standing dollar swap lines that the US Federal Reserve has with some major central banks and act as an international supply line of US ​dollars to underpin financial stability.

A 2025 Argentina package was the first new foreign-government exchange stabilisation facility operation since Uruguay in 2002, aside from Mexico's long-standing swap line, dating to the 1940s and ​now sized at $9 billion.

Pakistan narrowly avoided default in 2023 with a $3 billion IMF standby deal and later secured a $7 billion Extended Fund Facility, along with a separate $1.3 billion loan to build up its resilience to ‌climate change and ⁠natural disasters. But its reserves still depend on official financing, rollovers and deposits from China and Saudi Arabia.

That leaves Islamabad exposed to shifts in bilateral support and IMF disbursement delays. That vulnerability was exposed in April when Pakistan repaid about $3.5 billion, one-fifth of its reserves, to the United Arab Emirates with Saudi Arabia providing $3 billion in fresh support.

Pakistan’s central bank said in January that reserves could return to near their 2021 record, reaching $20 billion by the end of 2026.

RECASTING TIES WITH WASHINGTON

A US exchange stabilisation facility would carry weight as both a liquidity backstop and political signal, easing pressure ​on reserves and the Pakistani rupee, while reducing ​the South Asian country's dependence on IMF ⁠tranches and ad hoc rescues.

IMF-backed reforms have stabilised the economy at a political cost, including higher taxes, spending restraint and limited room for development or welfare spending.

Ratings agency Fitch said in April that Pakistan's adherence to its IMF program has supported the country's funding capacity, while rebuilt foreign exchange ​buffers provide a cushion against economic shocks from the Middle East conflict.

But deeper constraints remain. Fitch cautioned that rising energy costs and potential ​supply disruptions could sharply ⁠erode the country's foreign exchange reserves.

Foreign investment in Pakistan has remained thin, deterred by recurring external crises, policy uncertainty, security risks, past profit-repatriation curbs and a narrow export base, while the country's credit rating remains deep in speculative-grade territory, keeping borrowing costs high and market access limited.

Pakistan has sought to use its ties to the Trump administration to address some of these issues, with economic cooperation that has so ⁠far spanned crypto, real estate and mining.

Pakistan has signed a stablecoin agreement for cross-border payments with an affiliate of World Liberty Financial, ​the main crypto business of President Donald Trump's family. It has also pursued a memorandum of understanding to redevelop the closed Pakistan International Airlines-owned Roosevelt Hotel in New York with the US government, and courted US mining investment, including in ​Reko Diq, where the US Export-Import Bank has announced $1.25 billion in financing.
(1 Pakistani rupee = $0.0036)

Commercial banks have asked the Bangladesh Bank to exempt small and medium enterprise (SME) loans from its new 4 percent cap on interest rate spreads, arguing that these loans cost more to manage than other types of lending.

The request came in a recent letter to the BB governor from the Association of Bankers, Bangladesh (ABB), a forum of bank executives.

The central bank, on June 29, instructed banks to keep the weighted average difference between their lending and deposit rates, known as the intermediation spread, within 4 percentage points for all sectors except credit cards and consumer finance. Banks earn money by charging borrowers more interest than they pay depositors. That overall gap is the spread the central bank is now capping.

The BB said it took the decision to ensure that borrowing costs remain reasonable for businesses and productive sectors. As of May, the weighted average deposit rate across the banking sector was 6.22 percent, and the weighted average lending rate was 11.92 percent -- a spread of 5.70 percent, well above the new cap, according to central bank data.

Banks say SME loans are more expensive to manage than other loans, mainly because handling many small loans takes more staff time and paperwork per taka lent than handling fewer, larger loans. That’s why SME loans already carry higher interest rates than most others: currently around 15 to 16 percent, compared with 13 to 14 percent for most other loans. Credit card rates are higher still, which is part of why BB left credit cards out of the cap entirely.

Bank executives have pushed back on the cap more broadly, not just for SMEs.

They argue that BB’s calculation is based on the interest rate banks are supposed to charge, but doesn’t account for how much of that money banks actually collect. A large share of loans are now in default, or have had their repayment terms rescheduled, meaning banks often earn little or nothing from them.

Bank executives recently raised the issue directly with BB Governor Md Mostaqur Rahman, urging that the regulator base the cap on their actual returns, not the rates on paper.

Contacted, Mashrur Arefin, chairman of the ABB, told The Daily Star that a rigid 4 percent spread cap distorts market-based loan pricing, which should reflect the policy rate, liquidity, inflation, borrower risk and operating costs -- not an administrative ceiling.

“It weakens monetary policy transmission, limits banks’ ability to price risk, discourages efficient banks from expanding, and may reduce credit growth,” he said.

Mashrur, who is also the managing director of City Bank, said the cap could also undermine banks’ financial intermediation role, discourage competition, and ultimately slow investment, employment and economic growth. “A more effective way to lower borrowing costs is through lower inflation, lower policy rates and stronger competition.”

He said the effect would hit SMEs hardest, since SME lending already involves higher administrative costs, more risk of default, and more monitoring than lending to large corporations.

A flat 4 percent spread cap makes many SME loans commercially unviable, prompting banks to shift toward lower-risk corporate borrowers, the ABB chairman said, adding that this would restrict formal financing for small businesses, weaken entrepreneurship and job creation, and push many SMEs toward costlier informal lenders -- the opposite of the policy’s intended objective.

The difficulty is already familiar to small business owners. Taslima Miji, an SME entrepreneur, said high interest rates are a major obstacle to her business.

“It is very difficult to run a business by borrowing at such high interest rates. Therefore, lending rates should be reduced. However, we often cannot even obtain loans because of the numerous conditions and stringent requirements imposed by banks,” she said.

In FY25, banks disbursed Tk 2,05,493 crore in SME loans, down by nearly 9 percent from FY24, BB data showed.

Officials of the central bank said overall private sector credit growth is currently low, which is why SME loan disbursement did not pick up.

Besides regular SME loan disbursement, the cottage, micro, small and medium enterprise (CMSME) sector will receive Tk 5,000 crore in low-interest loans under the BB-announced stimulus package to revive the country’s struggling private sector.

A new US tariff targeting Brazil took effect Wednesday, while Washington’s other trading partners brace for a fresh volley of duties as President Donald Trump’s temporary global levies expire this week.

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.

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.

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.
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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.”

Listed non-bank financial institution (NBFI) Union Capital Limited reported a wider loss in the first half of 2026 as lower interest income and weaker recoveries from non-performing and written-off loans weighed on its earnings.

According to the company's unaudited financial statements published on the Dhaka Stock Exchange (DSE) website, its consolidated loss per share (EPS) widened to Tk2.12 for the January-June period, compared with a loss of Tk1.60 in the corresponding period last year.

Despite the weaker financial performance, the company's share price rose 8.70% to Tk5 on the DSE today (22 July).

The company's quarterly performance, however, showed some improvement. For the April-June quarter, Union Capital posted a consolidated loss per share of Tk1.18, down from a loss of Tk1.53 in the same quarter of 2025.

Its operating cash flow also deteriorated during the period. Consolidated net operating cash flow per share (NOCFPS) turned negative at Tk0.18 for the first six months of 2026, compared with a positive Tk0.89 a year earlier, reflecting weaker cash generation from core operations.

Union Capital's financial position weakened further, with its consolidated net asset value (NAV) per share falling to negative Tk67.61 as of 30 June 2026 from negative Tk65.49 at the end of December 2025, indicating a further erosion of shareholders' equity.

The company attributed the weaker earnings to lower recoveries from non-performing loans, which reduced both interest income and provision releases during the first half. Recoveries from previously written-off loans also declined, further hurting profitability.

Union Capital has remained under financial strain for several years due to high levels of default loans, liquidity constraints and sluggish lending. Although it has been working to improve asset quality and strengthen loan recoveries, the latest results suggest limited progress.

Listed on the stock market in 2007, Union Capital provides lease finance, term loans, SME financing, corporate finance and other financial services.

The broader NBFI sector in Bangladesh has been under pressure in recent years amid rising default loans, weak corporate governance, funding shortages and slower business growth, leaving many institutions with mounting losses and deteriorating capital positions.

The Cabinet Committee on Government Purchase (CCGP) on Wednesday approved two procurement proposals worth about Tk 303.16 crore involving the import of muriate of potash (MOP) fertiliser and the purchase of sacks for the Directorate General of Food.

The approval came at a meeting held at the Secretariat with Finance Minister Amir Khosru Mahmud Chowdhury in the chair.

The committee recommended approving a proposal from the Ministry of Agriculture to import 40,000 (±10%) tonnes of MOP fertiliser under the 12th (second optional) lot of a state-level agreement between the Canadian Commercial Corporation (CCC) and the Bangladesh Agricultural Development Corporation (BADC).

The fertiliser will be imported at a total cost of Tk 192.10 crore, with the price fixed at US$388.55 per tonne.

The committee also recommended approving a proposal from the Ministry of Food for the procurement of 1.6 crore sacks, each with a capacity of 30 kg, through 80 packages under the electronic government procurement (e-GP) system for the Directorate General of Food.

The procurement will cost Tk 111.06 crore, with contracts to be awarded to 21 bidders selected across the 80 packages.

The country's premier bourse returned to negative territory today (22 July) as a sharp final-hour sell-off erased early intraday gains.

The benchmark DSEX index, which had successfully scaled past the 5,900-point threshold during the mid-session, ultimately succumbed to broad-based selling pressure, ending a volatile day with a 27-point decline.

The DSEX settled at 5,871 points, reflecting the growing anxiety among investors regarding proposed regulatory changes and escalating geopolitical tensions in the Middle East.

The blue-chip DS30 index followed suit, edging down by 3 points to close at 2,216.

Despite the fall in indices, market participation remained healthy, with turnover rising by 7% to reach Tk1,211 crore.

The insurance margin controversy

The market's volatility was primarily driven by controversy over the Bangladesh Securities and Exchange Commission's (BSEC) proposal to tighten margin lending rules for the insurance sector.

The draft rules, recently released for public feedback, have divided market participants.

The managing director of a leading brokerage firm told The Business Standard that influential investors, who have historically driven rallies in insurance stocks, are unhappy with the proposal.

"Rumours that the stricter rules are already a done deal have triggered panic among investors holding insurance scrips," he said.

However, more conservative investors support the move, arguing that excessive margin lending was a key factor behind the 2010 stock market crash.

Amid growing concerns, the BSEC recently clarified in a press release that the rules remain in the draft stage and will be finalised only after reviewing public feedback.

Market pulse and sectoral movement

According to the daily market review by EBL Securities, the market pulse was positive for most of the day, with the DSEX briefly reclaiming the 5,900-mark.

However, the sentiment soured in the final hour of trading.

"Investor caution prevailed due to unsettled policy uncertainties and the renewed escalation of conflict in the Middle East, which continues to weigh on the global risk appetite," the brokerage house stated.

The market breadth remained bearish, with 245 issues declining compared to 100 that managed to advance, while 44 remained unchanged.

The general insurance sector was the day's biggest laggard, dropping by 2.4%, followed by travel and life insurance.

In contrast, the mutual fund sector provided a rare silver lining, surging by 3.8%, while the food and telecommunication sectors posted marginal gains.

Top movers and draggers

The day's downturn was driven by corrections in heavyweight scrips, including LafargeHolcim Bangladesh, Square Pharmaceuticals, Walton, BSRM Limited, and Power Grid.

Textile stocks led turnover, accounting for 16.6% of the day's volume, followed by pharmaceuticals and mutual funds.

Among individual stocks, MBL First Mutual Fund hit the 10% upper circuit, followed by Prime Finance, BIFC, and Exim Bank First Mutual Fund. Premier Bank was the day's worst performer, losing 8.77%, followed by Usmania Glass and Sonar Bangla Insurance.

The bearish mood also prevailed at the Chittagong Stock Exchange (CSE), where the Selective Categories' Index (CSCX) fell 19 points to 9,633 and the All Share Price Index (CASPI) dropped 20 points to 15,778. Turnover at the port city bourse also remained subdued.

A technical glitch at one of the country’s floating LNG terminals has cut gas supply to the national grid by around 450 million cubic feet per day (mmcfd), or nearly 17 percent, worsening an already acute supply crunch across the country.

According to Petrobangla data, total gas supply was around 2,620 mmcfd against demand of nearly 3,800 mmcfd before the problem was detected on Tuesday.

Following the shutdown of the affected floating storage and regasification unit (FSRU), supply has dropped to 2,170 mmcfd.

The disruption has affected industries, power plants, and CNG (compressed natural gas) filling stations in different parts of the country.

In some areas, including Dhaka and its surrounding areas, lower gas pressure has prevented CNG stations from receiving adequate supplies, resulting in long queues and public suffering.

The government said relevant agencies and technical experts were working to fix the FSRU problem. However, it did not say when the terminal would return to normal operations.

At a briefing at the Secretariat yesterday, Monir Hossain Chowdhury, a joint secretary of the Energy Division, said the immediate gas supply disruption was linked to the FSRU malfunction rather than the Middle East conflict.

He said there was no crisis in fuel supply and accused some people of spreading “fake news” in this regard.

The country currently has around 344,000 tonnes of diesel in stock, while another 180,000 tonnes are expected to arrive by July 31, he said.

The stock is enough to meet national demand for about 48 days, he added.

Moreover, another 240,000 tonnes of diesel are scheduled to arrive in August, the joint secretary said.

Bangladesh’s dependence on the Middle East for fuel imports is limited, with crude oil being the main area of reliance.

“We used to bring fuel through the Red Sea, but we have found alternative routes,” he said, adding that there was no immediate risk of a fuel supply crisis.FSRU glitch cuts gas supply by 17%

Star Business Report

A technical glitch at one of the country’s floating LNG terminals has cut gas supply to the national grid by around 450 million cubic feet per day (mmcfd), or nearly 17 percent, worsening an already acute supply crunch across the country.

According to Petrobangla data, total gas supply was around 2,620 mmcfd against demand of nearly 3,800 mmcfd before the problem was detected on Tuesday.

Following the shutdown of the affected floating storage and regasification unit (FSRU), supply has dropped to 2,170 mmcfd.

The disruption has affected industries, power plants, and CNG (compressed natural gas) filling stations in different parts of the country.

In some areas, including Dhaka and its surrounding areas, lower gas pressure has prevented CNG stations from receiving adequate supplies, resulting in long queues and public suffering.

The government said relevant agencies and technical experts were working to fix the FSRU problem. However, it did not say when the terminal would return to normal operations.

At a briefing at the Secretariat yesterday, Monir Hossain Chowdhury, a joint secretary of the Energy Division, said the immediate gas supply disruption was linked to the FSRU malfunction rather than the Middle East conflict.

He said there was no crisis in fuel supply and accused some people of spreading “fake news” in this regard.

The country currently has around 344,000 tonnes of diesel in stock, while another 180,000 tonnes are expected to arrive by July 31, he said.

The stock is enough to meet national demand for about 48 days, he added.

Moreover, another 240,000 tonnes of diesel are scheduled to arrive in August, the joint secretary said.

Bangladesh’s dependence on the Middle East for fuel imports is limited, with crude oil being the main area of reliance.

“We used to bring fuel through the Red Sea, but we have found alternative routes,” he said, adding that there was no immediate risk of a fuel supply crisis.

At a meeting on alternative financing chaired by Finance Minister Amir Khosru Mahmud Chowdhury on June 20, the Bangladesh Bank governor proposed that the country’s first international sovereign bond should be a $50 million panda bond in China’s onshore market. An inter-ministerial committee will weigh it against a conventional dollar Eurobond.

The obvious objection is arithmetic. Against a Tk 9.38 lakh crore budget and external repayments heading towards $6 billion a year, $50 million would fund the government for only a matter of hours. But raising money is the wrong test for a debut. I argued last month that Bangladesh’s problem is not solvency but the absence of any market channel once the concessional cushion thins. The question is not how much to borrow, but what a first transaction is designed to achieve.

A well-designed debut produces things that money cannot buy later. The first is a price: a market rate for Bangladeshi sovereign risk, set by investors rather than inferred from a rating letter. The second is an apparatus: the disclosure and reporting machinery that a bond requires. None of this exists today. A debut is also a rehearsal: the ministry’s first order book and first pricing call, at a size where a mistake becomes a lesson rather than a crisis.

Pakistan has just shown what this looks like. In May, it became the first South Asian sovereign to issue a panda bond: about $258 million, priced with a 2.5 percent coupon and more than five times oversubscribed, more than five percentage points below the average on its outstanding dollar bonds. The difference was structure, not creditworthiness. Partial guarantees from the Asian Development Bank and the Asian Infrastructure Investment Bank lifted the instrument to a domestic AAA rating. Having worked on the privatisation of Pakistan’s state oil and gas companies a decade ago, I recognise the pattern. Its access to international capital has always depended on structure. Indonesia is pricing its own debut this week at around $1 billion, but it is investment grade and needs no guarantee. Bangladesh, rated B+ with a negative outlook, appears to investors much like Pakistan, and the same template applies: a small, credit-enhanced issue with proceeds ring-fenced for a named project.

The standard warning against sovereign bonds invokes Sri Lanka and Argentina. What undermined those borrowers was scale and purpose: billions raised at market rates to plug fiscal deficits, unhedged. A $50 million guaranteed instrument is a controlled experiment that makes failure less likely because the alternative is a debut done in a hurry, at scale, when repayments force the government’s hand.

The caveats should be on the record. A yuan bond will be seen by some as a tilt towards Beijing. A small instrument guaranteed by multilateral banks is a market transaction, not a political alignment, and the dollar Eurobond should remain under consideration in parallel. Yuan debt also creates a currency mismatch because Bangladesh earns dollars, not renminbi. A swap line or hedging against Chinese imports should therefore be built in from the start. And this would genuinely be a first. The Bangla Bond listed in London in 2019 was issued by IFC on its own balance sheet, and the sovereign’s signature has never been tested in international markets.

The committee’s terms of reference should define success in terms of capability rather than proceeds: engage the rating agencies before any mandate is awarded, and negotiate a partial guarantee with the ADB or AIIB based on the Pakistani model. A published debt strategy should identify a benchmark transaction and set a date. The governor’s $50 million figure is right, for better reasons than caution. The first bond is not the financing. It is the door.

Textile millers yesterday urged the government to introduce a special refinancing scheme for existing loans to export-oriented primary textile industries with a maximum interest rate of 5 percent.

The millers made the demand during a meeting with Prime Minister Tarique Rahman at his secretariat office in Dhaka. Bangladesh Textile Mills Association (BTMA) President Showkat Aziz Russell led the delegation.

They also urged the government to quickly implement the announced Tk 20,000 crore working capital support package through simplified procedures, project-based Credit Information Bureau (CIB) assessments, and temporary relaxation of CIB requirements for closed or partially operational industrial enterprises.

The manufacturers made the demand during a meeting with Prime Minister Tarique Rahman at his secretariat office
They also sought the adoption of a competitive policy framework through a coordinated tariff and tax structure, financial support measures, and export promotion policies for the primary textile and export-oriented readymade (RMG) industries in line with those of competing countries.

They also urged the Prime Minister’s Office to ensure the prompt and efficient delivery of government services to export-oriented industries.

In response, the prime minister directed the formation of a high-level committee comprising the commerce minister, the prime minister’s adviser on finance and planning, and the Bangladesh Bank governor, according to a BTMA statement.

The committee will convene its first meeting within one week to review the existing challenges facing the primary textile sector and submit its recommendations.

At the meeting, the BTMA handed over a Tk 5 crore cheque to the prime minister’s relief and welfare fund.

Meanwhile, a delegation of the board of directors of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), led by its president, Mahmud Hasan Khan, met with the prime minister yesterday.

The BGMEA leaders demanded an uninterrupted supply of gas and electricity to keep factories operational and ensure the timely shipment of export orders.

The delegation highlighted the adverse impact of the recent energy crisis on production and the increased operating costs incurred by factories due to their reliance on alternative power sources.

BGMEA also strongly requested the establishment of a dedicated mechanism under the Prime Minister’s Office to facilitate the prompt resolution of issues relating to customs, banking, gas, electricity, and other government services for export-oriented industries, according to a BGMEA statement.

The association also proposed that the prime minister introduce a permanent policy under which annual customs bond audits would be conducted by leading professional audit firms to eliminate the complexities associated with frequent audits by the National Board of Revenue and bond authorities.

In view of the inadequate cargo handling capacity at Hazrat Shahjalal International Airport, which has led to increased lead times, BGMEA requested urgent measures to construct a temporary cargo shed.

The leading trade body also requested the allocation of suitable government land in Gazipur, the country’s largest apparel manufacturing hub, to establish a modern specialised hospital for garment workers, ensuring affordable, quality healthcare services for millions of workers.

Power distribution and petroleum import are set to be privatised under sweeping reforms in Bangladesh's hard-up energy sector as the new government aims to cut subsidies and bring efficiency in the vital field.

Officials say the revamping plan comes as the sector has suffered from years of weak planning and growing dependence on imported fuels.

Power, Energy and Mineral Resources Minister Iqbal Hasan Mahmood disclosed the plans while addressing a policy conclave titled 'Energy Security & Transformation of Bangladesh' organised by Bonik Barta at the Pan Pacific Sonargaon in Dhaka on Wednesday.

The minister said the government received the prime minister's approval in principle to move ahead privatising electricity-distribution companies.

"I want to privatise all our distribution companies," he said. "The government can generate electricity and sell it in bulk, but retail distribution should be handled by the private sector."

He invited local entrepreneurs to submit proposals, saying that private operators would improve accountability, strengthen bill collection and reduce government's financial burden. Referring to India, he said electricity distribution in cities like Kolkata, Mumbai and Delhi was successfully managed by private companies, adding that Bangladeshi firms should also be capable of performing the same role.

Mahmood also said the government was considering allowing private companies to import petroleum products to encourage competition and reduce the state's role in fuel import.

The minister has described Bangladesh's energy sector as one that has been left without an effective long-term strategy over the past 17 years. While power-generation capacity had expanded to around 28,000 megawatts, he said, domestic fuel supplies had failed to keep pace.

"Not a single gas well has been drilled in the country over the past 17 years," he told the meet, adding that Bangladesh had become increasingly dependent on fuel imports.

He mentioned that three gas-fired power plants in the Khulna region remained idle because gas supply had not been secured, while construction of a pipeline from Bhola was continuing.

Referring to the recent disruption to one of the country's two floating LNG-import terminals, Mahmood said gas pressure had fallen across several regions, disrupting household supplies and compressed natural gas stations and triggering protests.

He stresses that Bangladesh must simultaneously increase domestic gas exploration and strengthen LNG-import infrastructure to ensure long-term energy security.

The minister said the government was trying to create greater opportunities for private investment across the energy sector.

He also announced plans to install 10,000 megawatts of solar power during the current government's tenure through utility-scale projects and cluster-based rooftop solar systems operated by private investors under net-metering arrangements.

Building owners installing rooftop solar facility would receive municipal tax rebates, while those unwilling to adopt solar power could face additional taxes.

Land has already been identified for large-scale solar projects, with tenders expected in August or September, he added.

State Minister for Planning Md Zonayed Abdur Rahim Saki attended the conclave as special guest.

Bangladesh Energy Regulatory Commission Chairman Jalal Ahmed warned that Bangladesh's domestic energy resources were steadily depleting.

He said domestic gas production had fallen from around 2,600-2,700 million cubic feet per day in 2016-17 to about 1,700 million cubic feet per day, while uncertainty remained over the country's remaining reserves.

Jalal Ahmed notes that Myanmar recently discovered an estimated 100 trillion cubic feet of offshore gas and India about 29 trillion cubic feet off Andhra Pradesh, whereas Bangladesh had not conducted offshore exploration in the Bay of Bengal for 17 years.

"Even if surveys began immediately," he said, "it would still take at least five years before any commercial discoveries could be confirmed."

During a panel discussion, East Coast Group Chairman Azam J. Chowdhury criticised a lack of transparency in policymaking, particularly changes to tax incentives for the solar sector.

He said investors required a predictable regulatory framework and argued that once businesses committed substantial capital, the government had a moral responsibility to ensure energy connections. Frequent supply disruptions, he added, were affecting industrial production and the wider supply chain.

World Bank Country Director for Bangladesh and Bhutan Jean Pesme described energy as a key driver of private investment, economic growth, employment, competitiveness and fiscal sustainability.

While acknowledging Bangladesh's achievements in expanding electricity access, he said the sector remained vulnerable because of its dependence on imported fuels and the persistent gap between supply costs and consumer tariffs.

According to Pesme, imports now account for around 30 per cent of Bangladesh's gas demand, 95 per cent of fuel-oil demand and 90 per cent of coal demand, exposing the economy to global price volatility and supply disruptions.

He added that declining domestic gas production and expensive power-generation contracts were placing increasing pressure on public finances.

Simeen Rahman, Chief Executive Officer of Transcom Group and Vice-President of the Metropolitan Chamber of Commerce and Industry, said industries required not only adequate electricity but also reliable and high-quality power supplies.

She said voltage fluctuations, outages and unreliable electricity disrupted production, increased operating costs and weakened competitiveness. Rising energy prices also pushed up the costs of running generators, transporting raw materials and distributing finished products, while many companies were unable to pass those additional costs on to consumers because of intense international competition.

Trust Bank Managing Director Ahsan Zaman Chowdhury said commercial banks became heavily exposed to industrial projects affected by gas shortages.

He said Trust Bank alone had between Tk 70 billion and Tk 80 billion invested in projects whose operations had been delayed because of inadequate gas supplies.

The Bangladesh Securities and Exchange Commission (BSEC) met with a visiting International Monetary Fund (IMF) technical assistance mission yesterday to discuss developing Bangladesh’s green and sustainability bond markets as part of efforts to strengthen sustainable finance.

The meeting, held at the BSEC building in Dhaka, was attended by Commissioner Tanwir Habib Rahman and senior BSEC officials. The IMF delegation was led by Suphachol Suphachalasai, team leader of the Climate Policy Diagnostic Technical Assistance Mission, according to a BSEC press release.

Discussions covered progress on a sustainable finance taxonomy, verification processes for bond issuance, impact reporting, external reviews, raising awareness among potential issuers, and identifying investor demand.

The two sides also discussed strengthening the regulatory framework for thematic bonds and agreed to improve coordination between BSEC and the IMF in these areas.

According to the press release, the meeting highlighted the role of the capital market in mobilising long-term financing for sustainable and climate-resilient investments in Bangladesh.

The participants also discussed ways to enhance the capital market’s capacity to channel funds into green investments and strengthen market infrastructure to support sustainable economic growth.

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A United Arab Emirates-based investment company has expressed interest in investing more than $2.0 billion in Bangladesh's priority sectors, signalling renewed foreign investor interest in the country's infrastructure and capital market.

Abu Dhabi-based Equiline Finance signed a memorandum of understanding (MoU) with Prime Bank Investment on Monday to jointly explore investment opportunities and develop bankable projects across key sectors, according to a statement.

The proposed investment pipeline covers government-backed projects in energy, transport, healthcare, ports and logistics, agriculture and agro-processing, waste and water management, tourism, digital infrastructure and other priority sectors.

Market operators said the partnership comes at a time when Bangladesh is actively seeking to diversify sources of foreign investment amid pressure on external financing and rising demand for long-term capital to support infrastructure development.

Under the agreement, Prime Bank Investment, a wholly owned subsidiary of Prime Bank PLC, will act as Equiline Finance's local investment banking partner by identifying investment opportunities, conducting bankability assessments, structuring transactions and facilitating capital market financing and regulatory processes.

The collaboration is expected to create a structured platform for mobilising institutional foreign capital into Bangladesh's infrastructure and capital market while strengthening investment ties between Bangladesh and the United Arab Emirates.

"Bangladesh continues to attract serious international capital for infrastructure, energy transition and sustainable development," said Syed M Omar Tayub, Managing Director and Chief Executive Officer of Prime Bank Investment.

He said the partnership would combine Equiline Finance's global financing capability with Prime Bank Investment's domestic market expertise to transform investment interest into well-structured, bankable projects capable of attracting long-term capital.

Equiline Finance Chief Executive Officer Salah Al Nasser said Bangladesh offers strong economic fundamentals and a clear development agenda, making it an attractive destination for sustainable investments.

"Partnering with Prime Bank Investment strengthens our local interface for project origination, structuring and market execution as we explore high-impact investments across priority sectors," he said, adding that the partnership would help establish a durable platform for sustainable and structured finance in Bangladesh.

Prime Bank Investment has over 16 years of experience in Bangladesh's investment banking industry, providing debt and equity capital market services, corporate advisory, portfolio management and trustee services.

Equiline Finance specialises in structured project finance, export finance, sustainable and impact investments, capital structuring, risk management, mergers and acquisitions, and institutional advisory.

If the proposed investment programme materialises, it could become one of the largest recent foreign investment initiatives in Bangladesh, providing a major boost to infrastructure financing, expanding foreign participation in the capital market and deepening the country's economic ties with Gulf investors, market insiders say.

Bangladesh Bank (BB) today (Wednesday) issued a circular easing foreign exchange transactions for freelancers and individual service exporters, in a move aimed at further supporting the country’s growing digital services sector.

The new guidelines allow freelancers to receive payments based on electronic evidence—such as platform statements, emails, and other digital communications—removing reliance on conventional export documentation and making the process more adaptable to digital trade, BSS reports citing a press release.

To facilitate small-value transactions, inward remittances up to US$ 20,000 can be credited without formal declaration requirements. Payments through Online Payment Gateway Service Providers (OPGSPs) are permitted up to $10,000 per transaction, with provisions ensuring timely repatriation of funds to Bangladesh.

The circular also enables issuance of dual-currency freelancer cards and expands the use of Mobile Financial Service Providers (MFSPs) and Payment Service Providers (PSPs), thereby widening access to convenient and efficient digital payment channels.

In addition, freelancers in ICT sectors may retain up to 50% of their export earnings in foreign currency accounts, commonly known as Exporters’ Retention Quota (ERQ), while other service exporters may retain up to 30%, providing greater flexibility in managing international business expenses.

Market participants view the move as a timely and forward-looking step, aligning the regulatory framework with the evolving nature of digital trade and freelance work.

By simplifying procedures and expanding access to formal payment channels, the circular is expected to encourage greater formalization of service export earnings, improve transparency, and strengthen foreign exchange inflows.

As per business insiders, the initiative is expected to enhance ease of doing business for freelancers, promote formal remittance channels, and further integrate Bangladesh’s service exporters into the global digital economy, while also supporting the country’s broader ambition of building a robust knowledge-based and digitally driven export ecosystem.

Bangladesh Foreign Minister Dr Khalilur Rahman met his counterparts from China, Russia, and the US on the margins of the ASEAN Regional Forum Foreign Ministers' Meeting on Wednesday in the Philippine capital, Manila.

These meetings covered a broad spectrum of bilateral relations, including trade, investment, energy and connectivity, as well as regional and international issues. During these meetings, the Bangladesh side underlined that the ‘Bangladesh First’ policy will guide Bangladesh’s external relations, a spokesman for the foreign ministry said on Wednesday.

The adviser to the prime minister for foreign affairs, Mr. Humaiun Kobir, is accompanying the foreign minister.

At the bilateral meeting with Chinese Foreign Minister Wang Yi, both sides resolved to advance a comprehensive cooperative partnership to jointly build a China-Bangladesh Community for a shared future. The two foreign ministers discussed further cooperation in regard to the repatriation of forcibly displaced Myanmar nationals, multi-modal transport corridors, trade and investment, and energy cooperation.

During the Bangladesh-Russia bilateral meeting, the Russian Foreign Minister Sergey Lavrov congratulated the Foreign Minister of Bangladesh on his election as the President of the 81st UN General Assembly. Both sides agreed to enhance cooperation in the energy sector.

Later in the afternoon, US Secretary of State Marco Rubio received the Bangladeshi foreign minister and discussed further strengthening US-Bangladesh ties. Foreign Minister Rahman invited Secretary Rubio to visit Bangladesh.

The Bangladesh foreign minister is leading the Bangladesh delegation to the 33rd ASEAN Regional Forum Foreign Ministers meeting and the 50th anniversary of the Treaty of Amity and Cooperation of Southeast Asia.

The Executive Committee of the National Economic Council (ECNEC) on Wednesday approved eight development projects involving an estimated cost of Tk 14,411.21 crore.

Of the total project cost, Tk 10,494.21 crore will come from the government's own funds, while Tk 3,550.44 crore will be financed through project loans.

The approvals came at an ECNEC meeting held at the Cabinet Division in the Bangladesh Secretariat, chaired by Prime Minister and ECNEC Chairperson Tarique Rahman.

Of the eight projects, three are new and five are revised.

The meeting was attended by Finance and Planning Minister Amir Khasru Mahmud Chowdhury, Local Government, Rural Development and Cooperatives Minister Mirza Fakhrul Islam Alamgir, Industries, Textiles and Jute and Commerce Minister Khandaker Abdul Muktadir, Law, Justice and Parliamentary Affairs Minister Md. Asaduzzaman, Home Affairs Minister Salahuddin Ahmed, Disaster Management and Relief Minister Asadul Habib Dulu, Power, Energy and Mineral Resources Minister Iqbal Hasan Mahmud, Water Resources Minister Md. Shahiduddin Chowdhury Annie, State Minister for Local Government, Rural Development and Cooperatives Mir Shahe Alam, State Minister for Planning Md. Jonayed Abdur Rahim Saki, and senior government officials.

Among the approved projects, three belong to the Local Government Division: the General Social Infrastructure Development-2 (GSIDP-2) (First Revised) project, the Greater Dinajpur (Dinajpur, Thakurgaon and Panchagarh) Integrated Development Project, and the Rural Road Maintenance and Employment Project.

Other approved schemes include the Disaster Shelter Construction, Renovation and Development Project (Third Revised) under the Ministry of Disaster Management and Relief; the Dhaka-Ashulia Elevated Expressway Construction Project (Second Revised) under the Road Transport and Bridges Ministry; the Power Distribution System Development Project, Sylhet Division (Third Revised) and the Drilling of one appraisal-cum-development well (Begumganj-5) and two exploration wells (Begumganj-6 and Sunetra-2) under the Power, Energy and Mineral Resources Ministry; and the Kidney Dialysis Centre Expansion Project (Second Revised) under the Health and Family Welfare Ministry.

The ECNEC meeting was also informed that Planning Minister Md. Jonayed Abdur Rahim Saki had approved 11 development projects, each costing less than Tk 50 crore, under delegated authority. The projects include regional offices for the National University, transport infrastructure, electricity transmission facilities, airport mobile network installation and vocational education institutes.

Oil prices rose to a near six-week high on Wednesday, with Brent crude surpassing $95 a barrel, on mounting concerns about disruptions to Middle Eastern supply routes because of escalating hostilities between the US and Iran and threats to shipping by the Iran-backed Houthi militia in Yemen.

Brent crude futures were up $3.82, or 4.2 percent, at $94.83 a barrel at 0938 GMT after hitting a session high of $95.24.

US West Texas Intermediate crude climbed $3.65, or 4.33 percent, to $87.99. Both benchmarks touched their highest levels since June 11.

The US military said it carried out an 11th consecutive night of attacks on Iran. The US attacks came a short while after the Kuwaiti army said its air defences were intercepting Iranian drones.

As well as the renewed conflict over control of the Strait of Hormuz, the Iran-aligned Houthis have opened a new front in the war by threatening to target vessels carrying Saudi oil in the Bab el-Mandeb strait and announced a naval blockade of Saudi Arabia.

“The energy market now has the dual-strait worry, with the Bab el-Mandeb Strait looking like it could join the Strait of Hormuz as a hot spot, as traders closely watch shipping numbers in the Red Sea,” said Tim Waterer, chief market analyst at KCM Trade.

Bab el-Mandeb at the southern entrance to the Red Sea has become an increasingly important route for Saudi Arabian crude exports as traffic through the Strait of Hormuz has fallen sharply again since a ceasefire between the United States and Iran collapsed earlier this month.

Three oil tankers loaded with Saudi crude for China and India made U-turns in the Red Sea on Tuesday, heading towards the Suez Canal rather than braving the Yemeni coast.

“The (Houthi) threat has led tankers to divert which could further pressure the physical market and Saudi exports, contributing to push prices to the upside,” said Frank Walbaum, market analyst at trading platform Naga.com.

In response to the Houthi warnings, Asian refiners are seeking to ship crude oil from Saudi Arabia’s Red Sea port of Yanbu through the Suez Canal and around Africa.

While global oil stockpiles have drawn amid the conflict, the latest US data is showing some building of inventories.

Data from the American Petroleum Institute showed that US crude and distillate inventories rose last week, while gasoline stockpiles fell, market sources said.

The inventory data comes ahead of official figures from the US Energy Information Administration on Wednesday.

Jamuna Bank PLC has reported that its consolidated net profit jumped by 22% in the first half of this year.

According to its price-sensitive statement approved at a board meeting today (22 July), the bank posted a consolidated net profit of Tk378.29 crore in January-June of 2026, significantly higher than Tk311.25 crore recorded in the same period of 2025.

During the first half, its consolidated earnings per share stood at Tk4.03, which was Tk3.31 a year ago.

The bank said net profit increased due to higher investment income and lower provisions against loans and advances compared to the previous period.

Rupali Bank, a state-owned commercial bank, posted a consolidated loss of Tk640.56 crore in the first half of 2026, as lower interest income and higher borrowing costs weighed heavily on its financial performance.

According to a price-sensitive disclosure approved at the bank's board meeting today (22 July), Rupali Bank recorded a consolidated loss per share (LPS) of Tk13.13 for the January-June period of 2026.

The bank said the substantial loss was primarily driven by a decline in interest income alongside a sharp increase in borrowing costs.