A day after a massive bloodbath at the Dhaka bourse, stocks rebounded yesterday as the sell-off largely subsided and buyers dominated the market.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), surged 132 points, or 2.64%, with more than 90% of the traded stocks advancing on the bourse, although turnover fell by 22%, data showed.

On Sunday (8 March), the first trading session of the week, stocks suffered the highest single-day fall in six years as escalating geopolitical tensions in the Middle East triggered panic selling across the market.

The index plunged 231 points, or 4.42%, to close at 5,008, hitting a two-month low and marking the biggest one-day decline since the Covid-19 pandemic era.

Market insiders said Sunday's sell-off was mostly panic driven assuming fuel crisis significantly may hit businesses due to Middle East conflict. After the conflict began, stocks witnessed bearish trends as cautious investors preferred to pull-off funds selling shares.

"Stocks declined significantly in recent trading sessions due to heavy sell-offs. As investors offloaded shares in previous sessions, funds generated from those sales were reinvested in the market, which helped stocks rebound," said the managing director of a brokerage firm.

The port city bourse, Chittagong Stock Exchange (CSE), settled on a positive territory. The Selective Categories' Index (CSCX) and All Share Price Index (CASPI) advanced by 51.9 points and 82.6 points, respectively.

Bank stock save indices

The data showed that stocks began trading on the red pulling DSEX below 5,000 points marks. Six minutes later after starting trades, stock climbed to green as sell-offs reversed into buy domination, and continued till 10.22am with DSEX increasing 100 points.

After that a wave of sell-off again gripped the market, the bank stocks saved the indices as share prices of some large cap stocks including Islami Bank, BRAC Bank, City Bank and Pubali Bank increased.

According to LankaBangla financial portal, the four banks pulled DSEX by 54 points with a total increase of 132 points.

At the DSE, shares of 36 banks listed, but trading continued for 31 banks as shares trading of five Islamic banks suspended as the banks were merged into a one entity namely Sammilito Islami Bank.

On Sunday, the share price of 39 banks increased, only a bank share declined and shares price remained unchanged for a bank.

EBL Securities said, the capital bourse staged a partial rebound following the steep selloff in recent sessions, as bargain hunters turned back to accumulate equities at attractive price points; however, overall investor participation remained subdued amid lingering uncertainties surrounding the ongoing Middle East conflict.

It said, market indices maintained an upbeat trajectory throughout the session, supported by broad-based price appreciation across most scrips. However, cautious investors remained on the sidelines, closely monitoring market direction amid the absence of any visible progress toward a resolution or ceasefire in the ongoing conflict.

Apparently, market turnover decreased by 21.8% to Tk4.2 billion from Tk5.3 billion in the previous session. On the sectoral front, Bank stocks accounted for the highest share of turnover by 25.5%, followed by Pharma by 19.3% and Textile by 8.9%.

Gainers, losers

Islami Bank Bangladesh topped the gainer list hitting upper circuit, a highest single day limit capped by the regulator, by 9.89% to Tk41.10 each at the DSE.

Followed by City Bank by 8.24% to Tk30.2 each, AB Bank by 8.19% to Tk6.6 each, EBL NRB Mutual Fund by 8% to Tk2.7 each, and First Bangladesh Fixed Income Fund by 8% to Tk2.7 each.

While on the losing side, Green Delta Insurance topped the loser list as its shares price fell by 7.10% to Tk52.3 each, followed by Vanguard AML Rupali Bank Balanced Fund by 5.35% to Tk5.3 each, Dulamia Cotton Spinning Mills by 5.32% to Tk112 each, Renwick Jajneswar by 1.93% to Tk521.8 each, and Golden Jubilee Mutual Fund by 1.69% to Tk5.8 each.

Islami Bank Bangladesh PLC has approved a proposal to bring little-known US-based B100 Holdings LLC as a strategic investor in its mobile financial services subsidiary mCash Ltd, aiming to strengthen the platform's capital base and expand its digital financial services.

The decision was taken at a board meeting of Islami Bank Bangladesh PLC held at its head office in Dhaka on Sunday, according to a price-sensitive disclosure issued the same day.

Under the proposal, the New York-based B100 Holdings will join as a strategic partner in mCash Ltd, which operates the bank's mobile financial services platform. The investment will be subject to compliance with legal and regulatory requirements and approvals from relevant authorities.

Following the announcement, Islami Bank's share price rose 9.89% on the Dhaka Stock Exchange yesterday, reaching Tk41.10. The bank's market capitalisation increased by around Tk690 crore to Tk6,617 crore.

According to the disclosure, the paid-up capital of mCash will be increased in phases to Tk500 crore. Islami Bank will retain at least 51% ownership of the subsidiary, while B100 Holdings may acquire up to 48.99% of shares through subscription, subject to approval from the mCash board and regulators.

Under rules set by Bangladesh Bank, commercial banks must hold a minimum 51% stake in mobile financial service providers. Islami Bank said it would comply with the requirement while allowing the foreign investor to hold a maximum of 48.99% of shares.

Based on the proposed capital structure, B100 Holdings could invest nearly Tk245 crore in the company.

Omar Faruk Khan, managing director of Islami Bank, said the proposal originated from the US firm.

"They approached us with the investment proposal and our board has accepted it in principle because they committed to bring funds as needed, potentially from the Middle East," Omar told The Business Standard.

He said the bank would now examine the firm's financial strength and capability before finalising any agreement.

"At this stage, we are still in the initial phase. After reviewing their strength and ability, we will make the final decision regarding the partnership," he added.

Omar also acknowledged that mCash has struggled to secure a strong position in the market since its launch more than a decade ago.

"Despite operating for over ten years, mCash remains in a relatively weak position compared to other mobile financial service providers. Our goal is to develop mCash into a competitive platform similar to bKash, the country's leading MFS provider," he said.

To achieve that goal, the bank plans to increase investment in the platform and bring in a strategic partner capable of supporting long-term expansion.

Limited information about US investor

Public information about B100 Holdings, however, remains limited. According to the New York company registry, the firm was established on 22 December 2025 in New York. Arman Chowdhury is listed as its co-founder and chairperson.

Several stock market analysts contacted by The Business Standard said they were unfamiliar with both the individual and the newly formed investment firm.

Information available online indicates that Arman has been serving as national executive director of the Muslim Ummah of North America since 2021. He is also associated with New York's Baitul Mamur Masjid and Community Center as its president.

According to the company's website, B100 Holdings aims to invest in Bangladesh's economic infrastructure by supporting 100 large business enterprises through institutional capital, governance frameworks, and operational expertise.

The firm describes itself as a principal investor and long-term sponsor that deploys capital on a deal-by-deal basis alongside select institutional partners.

It says this model allows it to focus on long-term value creation without the constraints of traditional fund cycles or forced exits.

Islami Bank launched the mCash service in December 2012 and operated the platform directly through its own infrastructure for more than a decade. In January this year, the bank spun off the service into a separate subsidiary to strengthen governance and attract external investment.

The newly formed mCash Ltd has an authorised capital of Tk1,000 crore and an initial paid-up capital of Tk50 crore.

Iran has agreed to provide Bangladeshi oil ships with safe passage as the Bangladesh government has intensified efforts to maintain a stable fuel supply through multiple strategic measures amid escalating conflict in the Middle East.

Bangladesh has sought assurances from Iran for the safe passage of its oil and LNG-carrying vessels through the Strait of Hormuz as escalating conflict in the Middle East threatens one of the world's most critical energy shipping routes.

Iran has agreed that Bangladeshi ships will be allowed to pass through the strategic waterway after notifying Iranian authorities before entering the strait, energy officials said, easing immediate concerns over the country's fuel supply.

Meanwhile, a vessel carrying 27,000 tonnes of diesel arrived at Chattogram port from Singapore yesterday, and four more ships carrying 1,20,205 tonnes of fuel are scheduled to arrive at the port later this week, energy officials have said.

They said to meet April's demand, the Ministry of Power, Energy and Mineral Resources has begun the process of importing 3 lakh tonnes of diesel from alternative sources through direct procurement.

An official said Bangladesh is planning direct procurement outside long-term contracts, as deliveries under existing agreements have become uncertain following the war.

Under normal circumstances, the country's daily diesel demand is 12,000 tonnes, but the government is currently supplying 9,000 tonnes per day. If the current supply continues, the five incoming shipments totalling 147,205 tonnes will cover 16 days of national demand.

On Monday morning, Mohammad Arif Sadek, the ministry's public relations officer, confirmed the arrival of a fuel vessel at Chattogram port and said another ship was expected on Monday night.

China and India signal support

India and China have also expressed willingness to assist Bangladesh in supplying fuel. Finance Minister Amir Khasru confirmed seeking cooperation from India and China to ensure energy security, stating:

"Not only India and China, we have approached several countries to secure fuel supplies and maintain communication with them. There is no reason for a fuel crisis."

After a meeting with Finance Minister Amir Khasru Mahmud Chowdhury and Energy Minister Tuku yesterday, the ambassador China Yao Wen confirmed his country's interest in supporting Bangladesh.

After the meeting, Yao Wen said Bangladesh and China will work together to resolve fuel issues, and China is eager to provide fuel assistance.

Option to import more diesel from India

Under an existing agreement between BPC and India's Numaligarh Refinery Limited, the Indian state-owned refinery is scheduled to supply 180,000 tonnes of diesel annually through the India-Bangladesh Friendship Pipeline.

Of this volume, around 120,000 tonnes have already been confirmed, but Bangladesh still has the option to import an additional 60,000 tonnes depending on its demand.

According to BPC officials, the additional supply being explored would mainly cover the last week of March and the entire month of April, as two diesel cargoes scheduled for early March failed to arrive within their delivery windows.

Monir Hossain Chowdhury, Joint Secretary (Operations) of the Energy Division, told TBS that several suppliers have proactively offered to sell fuel to Bangladesh. The BPC will review these offers and forward them to the ministry for approval.

4 more tankers due this week

Port sources said tanker Xiu Chi, carrying 27,204 tonnes of diesel from Singapore, entered Chattogram port yesterday. Shipping agents said four more diesel tankers are scheduled to arrive in the coming days.

Another tanker, Lian Huan Hu, was expected to reach the port last night from Singapore with nearly 30,000 tonnes of diesel. The tanker SPT Themis is scheduled to arrive on Thursday carrying 30,484 tonnes.

Tanker carrying 27,000 tonnes of diesel reaches Ctg Port, 4 more due this week

Two additional vessels – Raffles Samurai and Chang Hang Hong Tu – are expected to reach the port on Saturday, each carrying around 30,000 tonnes of diesel.

Nazrul Islam, managing director of Pride Shipping, the local agent for the four tankers, told TBS that the vessels are expected to arrive within a week according to schedule.

Emergency imports under consideration

Amid supply uncertainty, the government has moved to secure around 300,000 tonnes of diesel from alternative suppliers outside its existing long-term contracts.

Officials said the fuel will be procured through the direct procurement method (DPM) to expedite the process. Discussions are currently underway with several North American suppliers to arrange emergency diesel shipments.

Speaking to TBS on Sunday, Energy Secretary Md Saiful Islam said the government is exploring every available option to ensure adequate diesel supply for April.

"So far we don't have that many problems in March. Keeping the supply uncertainty from long term contracts, we are exploring all sources to ensure around 3 lakh tonnes of diesel under DPM so that there is no disruption in the supply chain," he said.

Regarding when the supply will be confirmed from alternative sources, the energy secretary said, "We are trying to confirm delivery as soon as possible."

The authorities began exploring alternative sourcing options early, anticipating the lengthy approval process required for emergency purchases.

"There is an approval process involving the government's purchase committee. That is why we started the process earlier," Saiful Islam said.

Currently, Bangladesh imports refined petroleum products from eight countries – Malaysia, the United Arab Emirates, China, Indonesia, Thailand, India, Oman and Kuwait.

However, officials noted that a significant portion of petrol and octane is produced locally, helping reduce reliance on imports for these products.

Import disrupted

According to a fuel import scenario prepared by BPC on 7 March and presented before Prime Minister Tarique Rahman, the country planned to import 293,000 tonnes of diesel in March.

However, around 60,000 tonnes of diesel cargoes have either been deferred or cancelled, raising concerns about supply stability.

In its briefing to the prime minister, BPC noted that despite having contracts with suppliers from both the Near East and the Far East, geopolitical developments have made fuel supply increasingly uncertain.

In one instance, Singapore-based Vitol Asia cancelled a scheduled octane shipment for March, citing geopolitical risks in the Middle East.

According to BPC data as of 7 March, Bangladesh currently has 129,000 tonnes of diesel in reserve, which is enough to meet demand for around 14 days. The country also has 23,000 tonnes of octane, sufficient for about 25 days, and 15,000 tonnes of petrol, enough for roughly 15 days.

In addition, BPC reported 67,000 tonnes of furnace oil in reserve, which could last about 49 days, while Jet A-1 aviation fuel reserves stand at around 60,000 tonnes, also enough for roughly 49 days.

Mobile courts launched nationwide

To ensure uninterrupted fuel supply, the Cabinet Division has instructed all deputy commissioners to operate mobile courts across the country. This directive was issued in a letter from the Cabinet Division on Monday.

District authorities have been directed to take necessary measures accordingly.

Additionally, the Bangladesh Petroleum Corporation (BPC) has established central and regional monitoring and control cells to closely track fuel supply, maintain market stability, and resolve complaints promptly.

Special attention is being given to ensure that fuel supply for irrigation during the ongoing Boro season is not disrupted.

The Bangladesh Independent Power Producers' Association (Bippa) has urged the government to clear outstanding power bills owed to private power plants, warning that delays could disrupt fuel imports and lead to load-shedding during the upcoming summer.

The association said power producers are struggling to open letters of credit (LCs) to import fuel due to delayed payments at a time when global energy markets remain volatile amid the ongoing Middle East conflict.

The appeal was made at a press conference held in the capital yesterday by Bippa, which represents privately owned power plants in the country. Former Bippa president Imran Karim presented an overview of the current power sector situation at the event.

Bippa said outstanding payments owed to private power producers have reached around Tk14,000 crore, making it increasingly difficult for companies to maintain operations.

Under existing power purchase agreements, electricity bills are supposed to be settled within 30 days, but payments are currently being delayed by 180 to 270 days, according to the association.

Such prolonged delays have created severe financial pressure for power plant operators, making it difficult to procure fuel and sustain electricity generation.

"If the payments are cleared, fuel can still be imported even under difficult global conditions, including the ongoing war situation," Imran said.

To address the issue, Bippa suggested that the government could adopt a similar approach to the one taken by the previous interim administration.

Imran noted that the interim government had earlier issued Tk5,000 crore in bonds to partially clear outstanding payments to power producers.

The move, along with regular bill payments afterward, helped stabilise the sector and ensured uninterrupted electricity supply during last summer, he said.

"As a result, there was no major load-shedding during last year's summer," Imran said, adding that the current government could also issue bonds or allocate funds to settle the dues and avoid a similar crisis this year.

Effective power capacity lower than installed capacity

Although Bangladesh's installed electricity generation capacity exceeds 28,000 megawatts (MW), a large portion of that capacity remains idle due to fuel shortages and other operational constraints, power plant owners noted.

According to Bippa, more than 6,000MW of generation capacity remains unused because of insufficient gas supply, while another 1,626MW is currently offline for maintenance.

In addition, solar power is unavailable at night, and many diesel-fired plants remain shut due to high operating costs.

As a result, the country's effective available capacity during peak demand stands at around 18,627MW, and actual generation could reach about 18,000MW if fuel supplies remain stable, Imran said.

Fuel costs rising faster than electricity tariffs

Imran also pointed out that global fuel price increases have significantly raised electricity generation costs.

According to his analysis, fuel costs for power generation have risen by about 95% over the past six years, while electricity tariffs have not increased at the same pace.

During the same period, operational costs of power plants have increased by 55%, adding further financial pressure on plant operators.

Meanwhile, about 70% of electricity consumption in Bangladesh occurs in residential, commercial, and agricultural sectors, where tariffs have increased by only 54% over the same period.

As a result, higher electricity generation would increase the government's subsidy burden, as production costs continue to rise faster than retail tariffs.

To ease pressure on electricity generation costs, Bippa called on the government to temporarily withdraw import duties on fuel used for power generation.

Specifically, the association proposed removing 34% duty on imported fuel oil and 22% duty on imported liquefied natural gas (LNG).

According to Bippa, such measures could help lower generation costs at a time when global energy prices remain volatile.

Gas shortages limiting power generation

Bippa President David Hasanat also noted that managing electricity demand during the upcoming summer could be challenging due to multiple constraints.

"The situation could become even more complicated due to the ongoing Iran war, which is affecting global fuel markets," he said.

Hasanat added that around 23% of the country's power plants are currently unable to operate due to gas shortages, further straining the electricity system. He noted that increasing gas supply in the short term remains difficult because of infrastructure limitations.

"There is no immediate scope to significantly increase gas supply, and the infrastructure needed to expand imports is also limited," he said.

Fuel reserves may last until early April

According to Imran, oil-based power plants currently have enough fuel reserves to operate until 7-10 April, although the situation may vary across facilities depending on individual fuel stocks.

"To keep these plants operational, it is essential to ensure a steady fuel supply and timely payment of bills," he said.

Responding to questions about reducing generation costs, Imran said operators of furnace-oil-based power plants have already made concessions.

He noted that the interim government had reduced the service charge on fuel imports from 9% to 5%, which plant owners accepted.

He also said power producers are not charging interest on overdue payments, despite bills remaining unpaid for up to nine months.

"In contrast, some suppliers in other sectors shut down operations due to unpaid bills, but private power plants have continued operating despite the outstanding dues," he said.

Despite the challenges, Hasanat said private power producers remain committed to supporting the government in maintaining the electricity supply.

"We are ready to support the government in maintaining a stable electricity supply. After all, if the country survives, we all will survive," he said.

The price of the US benchmark WTI oil contract topping $100 after the United States launched a military attack against major crude producer Iran is the latest significant swing experienced by the commodity this century.

AFP examines the volatile movements, including when crude surged to record highs close to $150 per barrel in 2008, before turning negative 12 years later during the Covid-19 pandemic.

2022: Russia's invasion of Ukraine

Crude futures last climbed above $100 in February 2022, soon after the invasion of Ukraine by oil and gas producer Russia.

In March of that year, prices approached their 2008 highs, with Brent reaching $139.13 and the main US contract, West Texas Intermediate (WTI), $130.50.

Fears of insufficient oil supplies as Western sanctions against Russia followed -- coupled with increased demand after the Covid-19 pandemic -- kept prices mostly above $100 until the summer of 2022.

Prices went on to fall back largely owing to high supplies.

2020: Covid pandemic

Just two years before surpassing $100 following Russia's invasion, oil prices briefly turned negative following the onset of the coronavirus pandemic that shut offices and factories -- and grounded planes worldwide.

The market also tumbled on scarce storage facilities and a Saudi-Russia price war.

WTI slumped to minus $40.32, meaning that producers paid buyers to take the oil off their hands.

At the same time, Brent tanked to a record low of $15.98.

2012: Iran crude embargo

After falling under $90 over a eurozone economic crisis, oil prices rose back above $100 after Western powers imposed a raft of economic sanctions on Iran, including crude exports, aimed at halting its nuclear programme, long a source of Washington-Tehran tension.

Wider tensions in the Middle East owing to the Syria conflict kept prices almost continuously above $100 until 2014, before sliding under $50 at the start of the following year as a result of American shale oil flooding the market.

2011: Arab Spring

Brent soared to $127 in March 2011 following unrest in the oil-producing Middle East and North Africa region.

The market bounded higher after the so-called Arab Spring uprisings toppled the long-standing leaders of Tunisia, Egypt and Yemen, while unrest also rocked other parts of the region, especially crude producer Libya.

2008: Record-high $147

On July 11, 2008, Brent hit a record high of $147.50 per barrel, having breached $100 at the start of the year for the first time.

The same day, WTI achieved an all-time peak at $147.27 per barrel.

Crude surged thanks to falling stockpiles in the United States, strong Chinese demand and unrest in key OPEC members Iran and Nigeria.

A weaker dollar also lent strong support, making crude priced in the greenback cheaper for buyers holding other currencies.

But by December 2008, Brent had tanked to sit at around $36 owing to a severe economic recession worldwide in the wake of the global financial crisis.

In a bid to curb share manipulation, the Bangladesh Securities and Exchange Commission imposed hefty fines totalling around Tk1,500 crore on influential investors – often described as gamblers – for breaching securities laws, mostly through serial trading, over the past one and a half years under the interim government.

The fines, aimed at restoring market order, were primarily issued between 8 August 2024 and 16 February this year, marking the largest enforcement action in the country's capital market since the regulator was established in 1993.

However, recovery of the fines has reached only about 0.35% – roughly Tk5.23 crore – as many penalised investors have yet to pay, and some have challenged the regulator's decisions, raising questions about the effectiveness of the enforcement drive.

Following the formation of the new government, the Ministry of Finance sought details about the commission's activities. In response, the BSEC submitted a report outlining measures taken during the past 18 months, including enforcement actions against share manipulation.

The current commission, led by former banker Khondoker Rashed Maqsood, was formed after the ousting of former prime minister Sheikh Hasina in August 2024.

After taking office, the commission pledged strict action against market manipulation in an effort to stabilise the capital market.

According to officials, the regulator has taken action against manipulation cases that occurred during the previous administration but were largely overlooked by the then-commission.

Under the rules, fines must be paid within 30 working days after being imposed. Those penalised can appeal to the commission for a review within three months and seek a revision within six months.

Companies linked to manipulation cases

The companies whose shares were manipulated include Karnaphuli Insurance, Paramount Insurance, Global Insurance, BD Finance, Prime Finance First Mutual Fund, Delta Life Insurance, NRB Commercial Bank, Sonali Paper, Fortune Shoes, Fine Foods, Alltex Industries, Khan Brothers PP Woven Bags, Asia Insurance, Sonali Life Insurance, and Gemini Sea Food Limited.

Among the largest penalties was imposed on Beximco Limited, owned by Salman F Rahman, the former private industry and investment adviser to the prime minister. The company and its associated entities – Marjana Rahman and Associates and Mosfequr Rahman and Associates – were fined a combined Tk428 crore for share manipulation.

Abul Khayer, a government cooperative cadre officer, and his associates – including family members and cricketer Shakib Al Hasan – were fined Tk194 crore.

At least 50 other investors were fined Tk351 crore for violating securities laws in transactions involving several insurance sector companies.

In another case, Jashim Uddin, Masudur Rahman, Shikkito Bekar, and their associates were fined Tk5.52 crore for share manipulation. The commission also imposed Tk28.87 crore in penalties for non-payment of dividends.

Abul Kalam, spokesperson for the BSEC, said the penalties were intended to restore discipline in the market.

"The commission has imposed fines to restore discipline in the capital market. Those involved in manipulation have been fined their entire realised gain, minus 10%, to ensure no one can make gains from foul play in the market anymore," he told The Business Standard.

He acknowledged that collecting the fines can take time. "Collecting share manipulation fines is time-consuming. Accused individuals have at least nine months for review and revision, after which legal proceedings can begin. Fine collection is ongoing," he said.

According to the regulator, individuals penalised by the commission are given three months to seek revision and six months to apply for a review after a fine is imposed.

The government has issued a fresh circular to appoint a managing director (MD) for state-owned Sammilito Islami Bank after the previously selected candidate declined to take the position.

The Financial Institutions Division of the Ministry of Finance published the new recruitment notice today (8 March), inviting applications from qualified and experienced candidates.

In February, Nabil Mustafizur Rahman, additional managing director of United Commercial Bank (UCB) PLC, was appointed as the MD of Sammilito Islami Bank.

However, he later expressed his inability to assume the role citing "physical illness," a reliable Bangladesh Bank source confirmed the matter to The Business Standard.

As he did not join the post, the authorities have issued a fresh recruitment notice for the position.

According to the circular, the selected candidate will initially be appointed on a three-year contractual basis, with the possibility of renewal based on satisfactory performance.

Applicants must have at least 20 years of experience in the banking sector. They must also have served either as the chief executive officer of a bank or held a position directly below the CEO for at least two years.

Candidates are required to have expertise in Islamic banking operations, Shariah governance, Islamic accounting systems, profit distribution mechanisms, and Islamic risk management. Experience in digital banking, organisational transformation, or bank mergers will be considered an added qualification.
Nabil Mustafizur Rahman appointed first MD of Sammilito Islami Bank

Applicants must be between 45 and 60 years of age at the time of the circular's publication and must not be loan defaulters.

The appointed MD will oversee all operations of the bank, including corporate, SME, retail, treasury, agriculture, international trade, and digital banking. The role will also involve developing Shariah-based banking products, strengthening risk management, and coordinating organisational integration following the bank merger.

Applications will initially be screened based on qualifications, after which shortlisted candidates will be invited for interviews. Final appointment will require background verification and approval under Bangladesh Bank's "fit and proper" criteria.

Interested candidates must submit their CV, cover letter, attested copies of academic and professional certificates, a copy of their national ID card, and a passport-size photograph. Applications must be sent in a sealed envelope addressed to the Secretary of the Financial Institutions Division at the Bangladesh Secretariat in Dhaka, along with a PDF copy sent via email.

The deadline for submitting applications is 25 March by 5pm.

Sammilito Islami Bank PLC was formed as a new state-owned bank through the merger of five weak Islamic banks – EXIM Bank, Social Islami Bank, First Security Islami Bank, Global Islami Bank, and Union Bank.

The bank's paid-up capital has been set at Tk35,000 crore, of which the government will contribute Tk20,000 crore and Tk15,000 crore will come from depositors' shares. Its authorised capital has been fixed at Tk40,000 crore.

Fuel reserves in Bangladesh have increased with the arrival of two fuel-laden ships, but the government will continue rationing supplies due to uncertainty surrounding the ongoing war, Power, Energy and Mineral Resources Minister Iqbal Hassan Mahmood Tuku said today (8 March).

"Once these two ships deliver fuel, our reserves will increase further," he said while speaking at a discussion programme at the Jatiya Press Club.

The minister said rising reserves do not mean fuel can be used in an uncontrolled manner. "We will continue rationing for as long as the war continues."

Explaining the need for rationing, Tuku said the duration of the war remains uncertain and the government wants to use the existing reserves carefully.

"We do not know when the war will end. That is why we have asked people to use fuel sparingly and introduced rationing so that the reserves last longer. If we consume everything at once, the reserves will quickly run out. But if we manage consumption properly, we will be able to continue for a longer time," he added.

Tuku also said rumours are being spread that the government may increase electricity and fuel prices due to the war.

"I want to assure people that we are not increasing power prices for now," he said.

The minister urged people not to panic or stockpile fuel out of fear of a price hike.

"There is no shortage of fuel, but rationing must continue. We do not know when the war will end, and people should understand that," he added.

The minister also urged BNP leaders and activists, as well as the public, to remain vigilant so that fuel is not smuggled or sold on the black market.

Referring to the condition of the power sector under the previous government, Tuku said the current administration inherited a fragile and debt-ridden system with outstanding dues of around Tk76,000 crore.

"Despite the challenges, we have managed to keep the system stable so far, and we hope it will remain stable in the future," he said.

Oil prices surged about 20% on Monday (9 March), hitting their highest since July 2022, as the expanding US-Israeli war with Iran ‌led some major Middle Eastern oil producers to cut supplies and on fears of prolonged disruption to shipping through the Strait of Hormuz chokepoint.

Iraq and Kuwait have begun cutting oil output, adding to earlier liquefied natural gas reductions from Qatar, as the war blocked shipments from the Middle East.

Analysts predict the United Arab Emirates and Saudi Arabia will have to also cut output ​soon as they run out of oil storage.

The war could leave consumers and businesses worldwide facing weeks or months of higher fuel prices even ​if the week-old conflict ends quickly, as suppliers grapple with damaged facilities, disrupted logistics and elevated risks to shipping.

Brent crude futures ⁠rose as much as $18.35, or 19.8%, to $111.04 a barrel and were up $15.24, or 16.4%, at $107.93 as of 0014 GMT on Monday.

US West Texas Intermediate (WTI) crude futures were ​up $16.50, or 18.2%, at $107.40 a barrel, after rising as much as $20.34, or 22.4%, to $111.24 earlier in the session.

Brent climbed 27% and WTI rose 35.6% last week, before ​the latest jumps.

"I think prices have rallied this morning on the reports that Middle East producers are now reducing output due to storage facilities filling up fast," said Daniel Hynes, senior commodity strategist at ANZ.

"The next flag will be whether it eventually gets to a point where they have to start shutting in oil wells, which not only impacts output even further, it ​delays a response once the conflict eases as well. That would potentially sustain those prices for much longer," Hynes added.

Iraqi oil production from its main southern oilfields ​has fallen by 70% to just 1.3 million barrels per day as the country is unable to export oil via the Strait of Hormuz due to the Iran war, three industry ‌sources said ⁠on Sunday. Crude storage has reached maximum capacity, said an official with the state-run Basra Oil Company.

Kuwait Petroleum Corporation began cutting oil output on Saturday and declared force majeure on shipments, though it did not say how much production it would shut.

Iran's attacks on oil infrastructure across the region have continued. Fujairah Media Office said fire broke out in the UAE's Fujairah oil industry zone resulting from debris falling, with no injuries reported. Saudi Arabia's Defence Ministry said on X it intercepted a drone heading to ​the Shaybah oilfield.

New leader

Iran on Monday named Mojtaba ​Khamenei to succeed his father Ali ⁠Khamenei as Supreme Leader, signalling that hardliners remain firmly in charge in Tehran a week into its conflict with the United States and Israel.

"With the appointment of the late leader's son as Iran's new leader, US President Donald Trump's goal of ​regime change in Iran has become more difficult," said Satoru Yoshida, a commodity analyst with Rakuten Securities.

"That view accelerated buying, ​as Iran is expected ⁠to continue its closure of the Strait of Hormuz and attacks on other oil-producing nations' facilities, as seen last week," he said, predicting WTI could rise to $120 and then $130 a barrel in a relatively short period.

Israel's military has threatened to kill any replacement for Khamenei, while Trump said the war might only end once Iran's military and rulers had ⁠been wiped ​out.

Meanwhile, as oil prices surged, US Senate Democratic Leader Chuck Schumer called on Trump to release ​oil from the Strategic Petroleum Reserve.

"President Trump should release oil from the SPR now to stabilise markets, bring prices down, and stop the price shock that American families are already feeling thanks to his ​reckless war," Schumer said in a statement.

Following the payment of $1.37 billion in bills to the Asian Clearing Union (ACU), the country's foreign exchange reserves have once again fallen below $30 billion.

Bangladesh Bank Spokesperson and Executive Director Arief Hossain Khan confirmed the development today (8 March), saying that after the ACU payment for January and February, the reserves now stand at $29.38 billion.

ACU payments are made every two months to settle import transactions among member countries under the regional clearing arrangement.

The ACU was established on 9 December 1974 under the initiative of the United Nations Economic and Social Commission for Asia, with its headquarters in Tehran, Iran.

The organisation facilitates the settlement of trade payments among its nine member countries – Bangladesh, Bhutan, India, Iran, Maldives, Myanmar, Nepal, Pakistan, and Sri Lanka – through a multilateral clearing system involving the central banks of these nations.

Banks will have to keep provisions for potential losses before loans turn bad, from January 2028, according to a directive given by Bangladesh Bank (BB), which aims to enable lenders to detect the risk of credit deterioration in advance and enhance transparency in financial reporting.

To identify potential loan losses, banks will be required to classify loans based on a global standard -- the International Financial Reporting Standard 9 (IFRS 9). It specifies how an entity should classify and measure financial assets, financial liabilities and some contracts to buy or sell non-financial items.

In a circular yesterday, BB introduced guidelines for the loan loss framework based on IFRS 9.

Under the guidelines, banks will be required to apply the IFRS 9-based Expected Credit Loss (ECL) model to funded and non-funded credit facilities from January 1, 2028. The system will later be extended to other financial instruments from January 1, 2029.

Under the new framework, loans will be classified into three stages based on changes in credit risk: performing loans (Stage 1), loans with a significant increase in risk (Stage 2), and credit-impaired loans (Stage 3).

Provisions will be calculated based on either 12-month or lifetime expected credit losses, depending on the stage. A provision against loans is an expense set aside by banks from their earnings to cover anticipated losses from unpaid or defaulted loans.

The new rules will also extend provisioning requirements to off-balance-sheet exposures such as loan commitments, bank guarantees and unused credit lines, enabling banks to assess risks more comprehensively.

Currently, banks follow a rule-based loan classification and provisioning system, which relies on the “incurred-loss” approach -- where provisions are typically made after loans show clear signs of deterioration.

The IFRS 9 framework will shift the system to a forward-looking model, requiring banks to estimate potential credit losses in advance rather than waiting for borrowers to default.

Lenders will also have to account for macroeconomic indicators such as economic growth, inflation and interest rate trends when assessing credit risk.

Banks will need to upgrade their data infrastructure and risk-modelling systems to implement the framework, while the central bank will provide regulatory guidance and supervisory support to ensure a smooth transition, central bank officials said.

Industry insiders said that the successful implementation of IFRS 9 would make the banking sector more resilient and attractive to foreign investors by strengthening international confidence.

The US dollar held broadly steady in Asian trade ​on Friday and was poised for its steepest weekly gain in more than a year as the escalating conflict in the Middle East drove demand for safe-haven ‌assets.

The euro and yen remained on the back foot as the crisis drove oil prices ever higher, spurring inflation risks in economies dependent on energy imports and upending policy expectations for the Federal Reserve and other central banks.

Earlier hopes for a de-escalation gave way to fresh uncertainty, with Iran warning that Washington would “bitterly regret” the sinking of an Iranian warship. US President Donald Trump said he wanted to be involved in choosing ​Iran’s next head of state after US and Israeli air strikes killed Supreme Leader Ali Khamenei in the early moments of the war.

“If the Middle Eastern conflict ​continues at its current intensity, it’s likely to bring sustained higher inflation, a stronger US dollar, and a vastly reduced chance of Fed ⁠rate cuts,” IG market analyst Tony Sycamore wrote in a note.

The dollar index , which measures the greenback against a basket of currencies, was trading a touch lower at 99.03, still on ​course for a 1.4 percent gain this week that would be the most since November 2024.

The euro was little changed at $1.161 and set for a 1.7 percent slide this week. The yen fell ​0.2 percent to 157.83 per dollar. Sterling nudged up 0.02 percent to $1.3358.

The war intensified on Thursday, with US and Israeli jets hitting areas across Iran, and Gulf cities coming under renewed bombardment.

In a phone interview with Reuters, Trump said Mojtaba Khamenei, a son of the late supreme leader who has been considered a favorite to succeed his father, was an unlikely choice.

The greenback was one of a handful of winners in a volatile ​few sessions that have dragged stocks, bonds and, at times, even safe-haven precious metals lower.

“Broadly speaking, we are seeing most clients reduce risk across both G10 and EM currencies,” said ​Nathan Swami, head of FX trading for Japan, Asia North, Asia South and Australia at Citi in Singapore.

“When the conflict started over the weekend, we saw hedgers and custodians buy dollars in many of the onshore ‌markets. Central bank ⁠support has kept Asian FX markets in check for now, but we think more depreciation pressure will build up the longer the conflict lasts.”

Bank of Japan Deputy Governor Ryozo Himino said in parliament that the weak yen was pushing up import costs and may affect underlying inflation.

If the Middle East conflict and closure of the Strait of Hormuz last only about a month, the impact on growth in developing Asia would be modest, said Albert Park, chief economist for the Asian Development Bank.

The spike in energy prices from the Middle East war has stoked fears of ​a resurgence in inflation, with overnight index swaps (OIS) ​showing shifts in rate outlooks for major ⁠central banks.

Flourish Garments Bangladesh Co Ltd, a China (Hong Kong)-based company, will invest $15.34 million to set up a high-end garment manufacturing factory at the Bepza Economic Zone (Bepza EZ) in Mirsharai, Chattogram.

The factory will annually produce four million pieces of garments, including fleece jackets, soft-shell jackets, down jackets, cotton coats, leather jackets, underwear, T-shirts, polo shirts, shorts and parkas.

The product range will also include long pants, ski suits, ski pants, windproof jackets, fishing suits, hiking suits, yoga suits, running suits, jeans, knitted shorts, faux leather clothing, deer-skin velvet clothing, golf clothing and casual skirts.

The investment will create job opportunities for 1,988 Bangladeshi nationals.

Md Tanvir Hossain, executive director (investment promotion) of the Bangladesh Export Processing Zones Authority (Bepza), and Han Junxiao, managing director of Flourish Garments Bangladesh Co Ltd, signed the agreement at the Bepza Complex in Dhaka yesterday, according to a press release.

Major General Mohammad Moazzem Hossain, executive chairman of Bepza, attended the programme. Speaking at the signing ceremony, Hossain assured the company of Bepza’s full support to ensure smooth and successful business operations in the zone.

He noted that Bepza continues to expand its facilities and develop new zones to accommodate growing investor interest and further strengthen Bangladesh’s export-oriented industrial base.

The Bepza executive chairman also urged the new investor to encourage and attract more high-quality and responsible investors to Bepza zones, contributing to sustainable industrial growth and export diversification in Bangladesh.

Abdullah Al Mamun, member (engineering); ANM Foyzul Haque, member (finance); Samir Biswas, executive director (administration), and ASM Anwar Parvez, executive director (public relations), along with senior officials of Bepza and representatives of the company, were also present.

US retail gasoline and diesel prices are soaring as the U.S.-Israel war with Iran constrains oil and fuel exports, which could be a political test for President Donald Trump's Republican Party ahead ​of midterm elections in November.

Fuel prices jumped more than 10 percent this week as oil rose above $90 a barrel, its highest in years, adding pain at the ‌pump for consumers already strained by inflation. Trump on Thursday shrugged off higher gasoline prices in an interview with Reuters, opens new tab, saying "if they rise, they rise."

The president had vowed to lower energy prices and unleash U.S. oil and gas drilling during his second term, but much of his tenure has been marked by volatility and uncertainty amid shifts in policies like tariffs and geopolitical turmoil. The US is the world's largest oil producer. It is a major exporter ​but also imports millions of barrels a day since it is the world's largest oil consumer.

As of Friday, the national average prices for regular gasoline stood at $3.32 a ​gallon, up 11 percent from a week ago and the highest since September 2024, according to data from the motorists association AAA. Diesel was at $4.33, ⁠up 15 percent from a week ago, surging to the highest since November 2023.

US motorists in parts of the Midwest and the South, including states that supported Trump, have ​seen some of the steepest increases in fuel costs since the conflict in Iran started.

In Georgia, a swing state, average retail gasoline prices rose 40.1 cents a gallon over the past week, ​according to fuel tracking site GasBuddy.

Andrenna McDaniel, a healthcare insurance worker in South Fulton, Georgia, said she was surprised to see prices skyrocket overnight.

“They jumped up so quickly," she said on Friday, adding that she does not agree with the war at all.

McDaniel, a Democrat, said that for now she is only driving for the most important things, and feels lucky that she works from home so she does not have to drive as ​much as other people do.

Georgia voted for Donald Trump in the 2024 election.

Trump voter Richard Soule, 69, a US Air Force veteran and a retired firefighter, said a little pain at the pump ​is worth Trump's efforts to protect America.

Gasoline prices are displayed at a gas station price display, in Carlsbad, California

Gasoline prices are displayed at a gas station price display, in Carlsbad, California, US, March 3, 2026. REUTERS/Mike Blake/File Photo Purchase Licensing Rights, opens new tab

"When President Trump went in there and bombed out their nuclear, and they just thumbed their nose at it, I believe he did the right thing at the right ‌time," Soule said ⁠on Friday as he filled up his Ford F-150 truck in Marietta, Georgia.

Other states, including Indiana and West Virginia have seen prices rise by 44.3 cents and 43.9 cents, respectively.

PRICES MAY RISE FURTHER

More pain may be on the way, analysts said, as oil prices continue to trend upward. On Friday, US oil futures settled at $90.90 a barrel, up nearly $10 and the biggest single-day rise since April 2020.

“Given current market conditions, the national average price of gasoline could climb toward $3.50 to $3.70 per gallon in the coming days if oil continues rising and supply disruptions persist,” GasBuddy analyst Patrick De ​Haan said.

The disruptions in the Middle East and ​the Strait of Hormuz, a key trade ⁠conduit, have boosted demand for US oil abroad, which in turn has driven up prices for domestic refiners too.

“The US has weaned itself off of its dependence on Middle Eastern crude, but obviously Asian refineries, and to a lesser extent, European refineries have not,” Denton Cinquegrana, chief oil ​analyst with OPIS.

“That’s what you’re seeing happen in the spot market, because the demand for US exports rise, and so the price rise."

Seasonal ​factors could add further ⁠pressure. Gasoline prices typically go up in the spring and peak in the summer due to higher gasoline demand and production of summer-blend gasoline, which is more costly to produce.

Diesel fuel saw an even more aggressive jump since Iran began retaliating against US and Israeli strikes, significantly disrupting shipping in the Strait of Hormuz.

Global diesel inventories have remained in tight supply due to heavy demand for heating and power generation ⁠during a ​prolonged winter in the US and other parts of the world and a structural tightness of refining capacity.

Sticker prices ​of everything from food to furniture go up when the cost of diesel goes up, as the fuel is mainly used in freight transportation, manufacturing, agriculture, and global shipping, analysts said.

“In a world where buzzword seems to be 'affordability', that is ​certainly not going to help," Cinquegrana said.

The benchmark index of the Dhaka Stock Exchange (DSE) suffered its steepest single-day fall in six years today (8 March) as escalating geopolitical tensions in the Middle East triggered panic selling across the market.

The DSEX index plunged 231 points, or 4.42%, to close at 5,008, hitting a two-month low and marking the biggest one-day decline since the Covid-19 pandemic era. The previous steepest fall was recorded on 9 March 2020, when the index dropped 279 points during global market turmoil caused by the pandemic.

The blue-chip DS30 index also came under heavy pressure, losing 91 points, or 4.55%, to settle at 1,919.

The sharp correction reflected widespread selling as investors rushed to cut losses amid growing uncertainty over global energy markets and the potential economic fallout for Bangladesh.

Market breadth was overwhelmingly negative. Of the traded issues, 371 declined, while only 10 advanced and nine remained unchanged, illustrating the scale of the sell-off.

Despite the slump in prices, trading activity increased as investors scrambled to exit positions. Turnover rose 16% to Tk532 crore during the session.

The panic-driven fall also wiped out a significant portion of market value. The overall market capitalisation of the Dhaka bourse declined by Tk13,400 crore to Tk6.84 lakh crore in a single trading day.

Major banking and blue-chip stocks exerted strong downward pressure on the index. Among the biggest draggers were BRAC Bank, Islami Bank, Square Pharmaceuticals, City Bank and BAT Bangladesh, which collectively accounted for a large share of the index's decline.

Negative sentiment also spilled over to the port city's bourse. At the Chittagong Stock Exchange PLC, the CSCX index fell 255 points, or 2.81%, to close at 8,805, while the CASPI index dropped 419 points, or 2.83%, to settle at 14,405. Turnover at the exchange plunged 60% to Tk16.37 crore, reflecting a sharp contraction in trading activity.

According to the daily market review by EBL Securities Limited, the capital market continued to witness a bloodbath, with no sign of relief for investors as pessimism surrounding the escalating Middle East conflict intensified.

The brokerage said relentless bearish sentiment gripped the market from the opening bell of the week's first trading session, prompting panic-stricken investors to dump holdings to minimise further losses in their already battered portfolios.

Selling pressure persisted throughout the session, leading to widespread price corrections across most sectors and leaving overall market sentiment deeply uncertain.

The latest fall extended the market's losing streak to four consecutive trading sessions. During this period, the benchmark index has shed a total of 526 points, while the market capitalisation of listed companies has declined by nearly Tk30,000 crore.

The downturn has been largely attributed to rising geopolitical risks following reported strikes involving the US and Israel against Iran, heightening fears of a broader conflict in the Middle East. Investors worry that any escalation could disrupt global energy supplies and significantly raise oil and gas prices.

Moniruzzaman, managing director of Prime Bank Securities, told TBS that the conflict has already pushed global oil and gas prices higher, raising concerns that Bangladesh's import bill could increase substantially.

He warned that disruptions to fuel imports could affect power generation and industrial production, particularly as the country approaches peak electricity demand during the summer months. A slowdown in industrial activity, combined with rising energy costs, could further intensify inflationary pressures.

Amid such uncertainty, investors opted for caution, triggering broad-based selling across nearly all sectors of the market. Moniruzzaman added that trading is likely to remain volatile in the coming sessions, depending on developments in the Middle East and movements in global energy markets.

Investor anxiety was further fuelled by recent domestic developments. On Sunday, the Bangladesh Energy Regulatory Commission increased the price of Jet A-1 aviation fuel for March, setting the rate for domestic flights at Tk112.41 per litre.

Market insiders said fears of a broader fuel price hike are spreading as global energy prices rise amid supply disruptions. Reports that energy exporters such as Qatar, Oman and Kuwait have declared force majeure on certain shipments have heightened concerns about Bangladesh's fuel imports.

They also noted that scenes of vehicles queuing at filling stations amid fears of potential shortages have further unsettled investors, contributing to panic in the stock market.

Analysts said the situation has been compounded by the lack of clear policy direction to stabilise the market. While several countries have introduced tax cuts on fuel or support measures for financial markets to cushion the shock, investors in Bangladesh are still waiting for concrete steps to restore confidence in the capital market.

Bangladesh’s stock market today recorded its steepest single-day decline in six years amid concerns over energy supply linked to the escalating conflict involving the United States, Israel and Iran in the Middle East.

The broad index, DSEX, of the Dhaka Stock Exchange (DSE) plunged 231 points, or 4.42 percent, to close the day at 5,008.

Of the traded stocks, the prices of 371 issues declined as investors rushed to sell, while only 10 advanced and the rest remained unchanged.

In March 2020, amid fears over the impact of the Covid-19 pandemic, investors witnessed three major declines within a span of 10 days.

The first had occurred on March 9, when the index dropped 6.5 percent. This was followed by another fall of 5.0 percent on March 16, and a further decline of 4.5 percent on March 18.

Dhaka stocks plunged amid investors’ jittery over energy security as US-Isarel war with Iran raises concerns of a prolonged hit to global energy markets.

The DSEX, the benchmark index of the Dhaka Stock Exchange, plunged 2.75 percent, or 144.17 points, to 5,096.65 as of 12:30 pm.

The market dipped just after opening at 10 am, and the benchmark index fell to as low as 5060 points at 12.01 pm. Later, it recovered.

Turnover at the DSE stood at Tk 335.43 crore. Among the traded shares, 25 gained, 344 dropped, and 16 remained unchanged.

“Energy is a key input for factories, and fears have grown among investors that the intensifying Iran war may affect fuel supply,” said a market analyst on anonymity.
Investors fear it could hamper production at listed firms, he added.
The Chittagong Stock Exchange also fell. The CASPI, the major index of the port city bourse, fell 347 points, or 2.37 percent, to 14,447.

Country’s overall economic activity gained momentum in February, with the Purchasing Managers’ Index (PMI) rising to 55.7, indicating a faster pace of expansion compared with the previous month.

The Bangladesh PMI February report, released on Sunday by the Metropolitan Chamber of Commerce and Industry (MCCI), Dhaka and Policy Exchange Bangladesh (PEB), showed the index increased by 1.8 points from January.Bangladesh economic trends

The PMI is designed to provide timely insights into the country’s economic conditions to help businesses, investors and policymakers make informed decisions. The index was developed by MCCI and Policy Exchange Bangladesh with support from the UK Government and technical assistance from the Singapore Institute of Purchasing & Materials Management.

According to the report, stronger growth in agriculture, manufacturing and services drove the overall expansion, while the construction sector returned to contraction during the month.

The agriculture sector recorded its sixth consecutive month of expansion, with faster growth in new business and business activity. Input costs and order backlogs also returned to expansion, though employment in the sector continued to contract at a faster pace.

Manufacturing maintained expansion for the 18th straight month, with growth accelerating in February. Key indicators including new orders, factory output, imports, input prices and supplier deliveries remained in expansion. However, new exports, finished goods and employment continued to contract, while order backlogs reverted to contraction.

The construction sector slipped back into contraction after expanding in January. New business, employment and order backlogs declined, although construction activity and input costs showed expansion.Maps

Meanwhile, the services sector registered its 17th consecutive month of expansion, with faster growth across new business, business activity, employment, input costs and order backlogs.

The future business index pointed to continued expansion across all major sectors—agriculture, manufacturing, construction and services—indicating positive business expectations in the coming months.

Businesses surveyed in the report noted a degree of seasonal optimism ahead of Ramadan and Eid-ul-Fitr, which is expected to boost demand, particularly in services and retail. However, firms also highlighted persistent pressure from rising input costs, including raw materials, labour and utilities.

Dr M Masrur Reaz, Chairman and CEO of Policy Exchange Bangladesh, said the February PMI suggests a modest increase in economic activity, supported by stronger demand in agriculture and services linked to Ramadan-related consumption.

He also warned that escalating military tensions in the Middle East could pose downside risks to Bangladesh’s growth outlook.

Despite the seasonal boost in demand, the report noted that broader growth prospects remain constrained by persistent inflationary pressure, sector-specific challenges and external economic risks.

Olympic Industries PLC has approved the purchase and import of new capital machinery to expand its packaging and food processing capacity.

The decision was taken at a board meeting held on Saturday, according to a disclosure filed on the Dhaka Stock Exchange yesterday.

Under the plan, the company will import two sets of brand-new capital machinery to establish a carton production plant. The equipment will have a combined annual production capacity of 315.36 million pieces, with each set capable of producing 157.68 million pieces per year.

The machinery will be procured from China at a total cost of $500,000, including freight charges, which is equivalent to around Tk6.13 crore. The machines will be installed and commissioned at the company's Kutubpur factory in Narayanganj.

In a separate move, the board also approved the purchase of a brand-new egg washing and breaking machine for its food processing operations. The machine, which will have an annual capacity of 175.20 million pieces, will be imported from Hong Kong.

The cost of the machinery, including freight, is estimated at $46,000, equivalent to approximately Tk56.44 lakh. It will be installed and commissioned at the company's Lolati factory in Kanchpur.

The investment is expected to strengthen Olympic's packaging capability while enhancing efficiency in its food production process, said the company in its disclosure.

Olympic Industries, one of the leading fast-moving consumer goods companies, is producing a wide range of biscuits, confectionery and bakery products for both domestic and export markets.

The company has maintained steady financial growth in recent periods. For the July-December period of 2025, Olympic reported revenue of Tk1,548 crore, up from Tk1,490 crore in the same period a year earlier.

During the period, earnings per share rose slightly to Tk5.99 from Tk5.82 a year earlier. The company's net asset value per share stood at Tk65.34 as of December 2025.

Bangladesh's import of liquefied natural gas (LNG) from long-term contracts has become highly uncertain after all three suppliers invoked force majeure, a legal tool that allows them to suspend or delay contractual obligations in events beyond their control, amid the ongoing US-Israel war on Iran.

According to Petrobangla officials, the latest force majeure notice came from Oman-based OQ Trading Limited on 5 March, followed by the US-based Excelerate Energy the next day.

Earlier on 2 March, Bangladesh's largest LNG supplier QatarEnergy invoked the same.

Confirming the development, Petrobangla Chairman Md Arfanul Hoque on Saturday told TBS, "We are now looking for alternatives from the spot market to fill the window left vacant by the three suppliers."

With the three suppliers invoking force majeure, Bangladesh is set to lose all six LNG cargoes scheduled under long-term contracts for April, along with two additional deliveries from short-term arrangements.

Officials said the development could potentially block the supply of at least eight LNG cargoes from both long- and short-term contracts, leaving Bangladesh heavily dependent on the volatile spot market.

According to the import plan, three additional cargoes were supposed to be procured from the spot market in April too which means Bangladesh has a plan to procure 11 LNG cargoes in April.

All three suppliers interlinked

Petrobangla officials said once QatarEnergy – which is scheduled to supply around 40 LNG cargoes to Bangladesh in 2026 – invoked force majeure, similar moves by the other suppliers became almost inevitable as QatarEnergy accounts for around 20% of the world's seaborne LNG.

Officials added that supply arrangements from the other suppliers, OQ Trading (OQT) and Excelerate, are closely linked to deliveries tied to QatarEnergy under existing agreements.

While there is a provision to source LNG from alternative suppliers outside QatarEnergy if OQT and Excelerate can manage, the enforcement of force majeure effectively blocks this option.

Petrobangla said the force majeure imposed by OQ Trading will remain in effect until 8 April.

Petrobangla Chairman Arfanul said, "With the imposition of force majeure by OQ, Petrobangla will lose two cargoes scheduled for delivery on 3 and 8 April."

What was the April import plan

According to Petrobangla's earlier LNG import plan, 11 cargoes were scheduled to arrive in April. Of these, six were to come under long-term contracts, two under short-term, and three from the spot market.

Of the six long-term cargoes, three were to be supplied by QatarEnergy, one by QatarEnergy Trading, one by OQT, and one by Excelerate. Of these six cargoes, five were expected to pass through the Strait of Hormuz, while one was to come from Angola.

Energy officials said that out of the six deliveries planned for April, four cargoes have already been confirmed cancelled following the invocation of force majeure by the suppliers.

Talking to TBS yesterday, Energy Secretary Md Saiful Islam said the government is now stepping up efforts to import LNG from the spot market to maintain supply. "Bangladesh is also considering purchasing LNG through G2G arrangements under direct procurement."

Short-term supply also under threat

According to Petrobangla's plan for April, Bangladesh intended to import two cargoes under short-term contracts – one from OQ Trading and another from Saudi Aramco.

Officials said one of the cargoes originates from Qatar and normally transits through the Strait of Hormuz, while the origin and route of the other cargo have yet to be confirmed. As OQ Trading has invoked force majeure, supply from the company has become uncertain.

Besides, Bangladesh had planned to procure three cargoes from the spot market in April.

Volatile spot market now only hope

With the Strait of Hormuz effectively closed and production disruptions reported at facilities operated by QatarEnergy, LNG supplies under long-term contracts have become uncertain.

To mitigate the disruption, the energy secretary said the government has already invited tenders to purchase LNG cargoes from the spot market for April delivery.

"We floated a tender on 8 March for four cargoes from the spot market. Bidders have been given two days until Tuesday to respond," said Secretary Saiful. "Apart from the spot market, we are also opening a window to purchase LNG on a G2G basis."

Officials from the Energy Division and Petrobangla warned that LNG availability in the spot market is tightening as major buyers such as China, Japan, South Korea, and India scramble for additional cargoes, pushing prices higher.

They said the situation could leave price-sensitive importers like Bangladesh, already under fiscal strain, particularly vulnerable to the ongoing volatility.

Earlier, Petrobangla floated a tender to buy two LNG cargoes for the March delivery window from the spot market, but the first attempt drew no bids.

In the second attempt, the agency secured one cargo at over $28 per MMBtu and another at around $24 per MMBtu, nearly 2.5 times higher than prices below $10 per MMBtu on 1 March.

According to the Asian spot LNG benchmark Platts JKM, prices stood at $10.73 per MMBtu on 27 February but surged to around $15.7 per MMBtu in the latest trading sessions.

Meanwhile, Energy Minister Iqbal Hassan Mahmood Tuku yesterday said fuel reserves in Bangladesh have increased with the arrival of two fuel-laden ships, reports UNB.

"Once these two ships deliver fuel, our reserves will increase further," he said at a discussion programme. The minister said rising reserves do not mean fuel can be used in an uncontrolled manner. "We will continue rationing for as long as the war continues."