Oil prices surged on Monday and shares slid as military conflict in the Middle East looked set to last weeks, sending investors flocking to the relative safety of the dollar and gold.

Brent LCOc1 jumped 4.5% to $76.07 a barrel, though it had briefly topped $82.00 at one stage, while U.S. crude CLc1 climbed 3.9% to $69.59 per barrel. Gold rose 1.0% to $5,327 an ounce XAU=. O/RGOL/

Military strikes by the United States and Israel on Iran showed no sign of lessening, while Iran responded with missile barrages across the region, risking dragging its neighbours into the conflict.

President Donald Trump suggested to the Daily Mail the conflict could last for four more weeks, while posting that attacks would continue until U.S. objectives were met.

All eyes were on the Strait of Hormuz where around a fifth of the world's seaborne oil trade flows and 20% of its liquefied natural gas. While the vital waterway has not yet been blocked, marine tracking sites showed tankers piling up on either side of the strait wary of attack or maybe unable to get insurance for the voyage.

"The most immediate and tangible development affecting oil markets is the effective halt of traffic through the Strait of Hormuz, preventing 15 million barrels per day (bpd) of crude oil from reaching markets," said Jorge Leon, head of geopolitical analysis at Rystad Energy.

"Unless de-escalation signals emerge swiftly, we expect a significant upward repricing of oil."

A prolonged spike in oil prices would risk reigniting inflationary pressures globally, while also acting as a tax on business and consumers that could dampen demand.

OPEC+ did agree a modest oil output boost of 206,000 barrels per day for April on Sunday, but a lot of that product still has to get out of the Middle East by tanker.

"The nearest historical analogue in our view is the Middle East oil embargo of the 1970s, which increased oil prices by 300% to around $12/bbl in 1974," said Alan Gelder, SVP of refining, chemicals and oil markets at Wood Mackenzie.

"That is only US$90/bbl in 2026 terms. Eclipsing this in today's market concerned about significant losses of supply seems very achievable."

That would be expensive for Japan, which imports all its oil, sending the Nikkei .N225 down 1.4%, with airlines among the hardest hit. Chinese blue-chips .CSI300 went their own way and held steady.

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell 1.2%.

AND IT'S A BIG US DATA WEEK

In the Mid East, the UAE and Kuwait temporarily closed their stock markets citing "exceptional circumstances".

For Europe, EUROSTOXX 50 futures STXEc1 shed 1.4% and DAX futures FDXc1 slid 1.3%. On Wall Street, S&P 500 futures ESc1 and Nasdaq futures NQc1 both lost 0.6%.

The oil shock rippled through currency markets with the dollar a main beneficiary. The U.S. is a net energy exporter and Treasuries are still considered a liquid haven in times of stress, shoving the euro down 0.2% to $1.1788 EUR=EBS.

While the Japanese yen is often a safe harbour, the country imports all of its oil making the flows more two-way. The dollar added 0.1% to 156.25 yen JPY=EBS, while gaining on the Australian dollar AUD=D3, which is often sold as a liquid proxy for global risk.

In bond markets, 10-year Treasury yields steadied at 3.970%, having briefly touched an 11-month low of 3.926% US10YT=TWEB.

Bonds had gained a bid on Friday when UK mortgage lender MFS was placed into administration following allegations of financial irregularities. Its collapse stoked wider credit fears, with well-known big banks among its lenders. MFS had borrowed 2 billion pounds ($2.69 billion).

The news slugged banking stocks and combined with jitters over AI-related stocks to hit Wall Street more broadly. .N

Investors also have to weather a squall of U.S. economic data this week, including the ISM survey of manufacturing, retail sales and the always vital payrolls report.

Any weakness could shake confidence in the economy after a disappointing fourth quarter, but would also likely narrow the odds on rate cuts from the Federal Reserve.

Markets currently imply a 50% chance of an easing in June and about 60 basis points of cuts this year. 0#USDIRPR

European gas prices soared more than 20 percent Monday on fears that the Iran war will cut supplies in the Gulf region, notably exports from Qatar.

The Dutch TTF natural gas contract, considered the European benchmark, rocketed to 38.885 euros, having earlier gained more than 22 percent.

Despite the surge, the price was below the level it reached in January during the northern hemisphere winter.

Bangladesh has demonstrated notable resilience in navigating recent economic headwinds, with growth expected to strengthen gradually over the next few years, according to Frederic Neumann, chief Asia economist and co-head of Global Research Asia at HSBC Global Research.

Speaking at an event organised by the Hongkong and Shanghai Banking Corporation Limited (HSBC) in Bangladesh on Monday, Neumann said the bank projects Bangladesh's gross domestic product (GDP) growth at 5.0 per cent in 2026, rising to 5.5 per cent in 2027.

Export value growth is forecast at 4.1 per cent for the 2026 calendar year, reflecting a moderate recovery amid a challenging global environment, he said.

The event, titled "Bangladesh and the World: Economic Prospects for 2026 and Beyond", brought together senior finance professionals, corporate leaders and policymakers to discuss global and regional economic trends and their implications for Bangladesh.

In his keynote address, delivered via Zoom, Neumann observed that Bangladesh has emerged with resilience from the shocks of recent years, including global inflationary pressures, tighter financial conditions and volatility in external demand.

He noted that remittance inflows continue to increase year on year, reflecting growing trust in formal transfer channels. Combined with easing inflation, these trends are expected to support private consumption, which remains a key driver of economic activity.

However, he cautioned that while domestic and foreign investment could pick up modestly following the recent general election, any meaningful acceleration would depend heavily on the new government's ability to restore and sustain investor confidence.

Strengthening law and order, ensuring policy predictability and maintaining macroeconomic stability would be critical in this regard, he said.

Looking ahead, Neumann highlighted Bangladesh's impending graduation from least developed country (LDC) status in November 2026 as a major milestone that also brings fresh challenges.

He stressed that the transition would require renewed efforts to enhance export competitiveness through expanded market access, improved governance and stronger infrastructure.

"LDC graduation underscores the urgency of reforms," he said, adding that Bangladesh would need to move swiftly to secure favourable trade arrangements and diversify its export base beyond traditional products.

He identified a slowdown in global consumer demand as the principal external risk facing the economy, noting that this has been partly driven by tariff measures imposed by the United States.

Such developments, he warned, could weigh on export-oriented sectors, particularly readymade garments.

Against this backdrop, Neumann emphasised the need for Bangladesh to accelerate trade negotiations with the European Union, its largest garment export market.

Ensuring continued preferential or near-preferential market access after LDC graduation would be crucial to sustaining export growth and employment, he said.

With the formation of a new government following what he described as a largely peaceful election, Neumann said the administration now holds a clear political mandate to pursue reforms and deliver the stability sought by citizens and investors alike.

"Facing an extensive reform agenda, the government must demonstrate its commitment to promises made and address the aspirations of the country's young generation," he remarked.

The keynote session was followed by an interactive question-and-answer segment, during which participants raised issues ranging from exchange rate management to investment climate reforms and global financial market trends.

At the event, Jignesh Ruparel, chief financial officer of HSBC Bangladesh, delivered a presentation outlining the HSBC Group's latest global financial results and its international capabilities.

He noted that the group's 161-year history is rooted in its founding mission to facilitate local and international trade.

With a presence in 56 countries and territories, including Bangladesh, HSBC continues to connect customers to opportunities worldwide, Ruparel said.

Kausar Alam, president of the Institute of Cost and Management Accountants of Bangladesh, described the CFO connect event as a timely initiative that offered valuable insights into Bangladesh's evolving macroeconomic landscape within a global context.

He said the economy holds significant latent potential, supported by favourable demographic trends and a resilient private sector.

He added that the private sector remains a key driver in Bangladesh's ambition to become a trillion-dollar economy by 2040, provided that structural bottlenecks are addressed and reforms are implemented effectively.

Speaking at the gathering, Md Mahbub ur Rahman, chief executive officer of HSBC Bangladesh, said the bank's strong performance in 2025 reflects the strength of its global network and the trust placed in it by clients.

As Bangladesh enters a pivotal phase of reform and growth, he said, HSBC's role is to connect local ambition with global opportunity.

Through initiatives such as CFO connect, Rahman added, the bank aims to provide a platform for senior finance professionals in Bangladesh to exchange insights, deepen engagement with global trends and strengthen their preparedness for an increasingly dynamic and uncertain economic environment.

The event was attended by chief financial officers, senior executives and stakeholders from both local and multinational companies operating in Bangladesh.

Bangladesh's garment exporters' body has instructed its members to suspend new business dealings with an Indian company linked to the Aditya Birla Group after it allegedly failed to clear export dues of $426,830 owed to a Bangladeshi manufacturer.

In a letter to members last month, the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) said no new transactions should be undertaken with Styleverse Lifestyle Pvt Ltd and its related entities until the outstanding payment to Ducati Apparels Ltd is settled.

It also warned that no UD or UP certificates should be issued in favour of the company without prior approval from the association.
According to BGMEA sources, Styleverse Lifestyle Pvt Ltd is a sister concern of the Aditya Birla Group, with the Indian conglomerate holding a 51% stake in the company.

Md Khayer Mia, managing director of Ducati Apparels Ltd, told The Business Standard that the Indian buyer had been sourcing products from his company for about two and a half years, initially in small quantities.

In December 2024, Styleverse placed an order for 94,000 pieces of men's joggers and cargo trousers. The goods were manufactured accordingly, and a representative from Mumbai inspected and accepted the shipment. The products were then exported to India through the Benapole-Petrapole land port.

"According to the agreement, acceptance was supposed to be given within five working days after customs clearance, but they did not provide it," Khayer said.

He added that when contacted, the company later raised complaints about product quality. "I offered to visit India and conduct a quality check, but they did not agree."

Styleverse then proposed selling the goods to another customer. "Based on that [proposal], I arranged for resale, but they did not release the products, citing issues related to their brand tags," he said. "Eventually, I decided to take back the goods, but when the company failed to return them, I filed a complaint with the BGMEA after returning to Bangladesh."

"I did so because if the export proceeds do not come into the country, I could face allegations of money laundering, and it may also lead to a violation of the conditions of my bonded licence," he added.

Arbitration call ignored

Following this, the BGMEA sent letters to the company, as well as to the commerce and foreign ministries, the Indian High Commission in Dhaka, and the Bangladesh High Commission in Delhi.

The association invited Styleverse to Dhaka for arbitration, but the company did not participate and instead sent a legal notice to BGMEA.

Later, the BGMEA issued a letter to all its member factories, instructing them to obtain approval from the association before entering into any new business agreements with the company.

In its letter to members, the garment exporters' body said it had also contacted The Indian Garage Co, Aditya Birla Fashion and Retail Ltd, and Grasim Industries Limited and their representatives, but no progress had been made. Despite repeated requests to join arbitration proceedings, the Indian buyer had not responded positively.

As a result, Ducati Apparels Ltd has fallen into financial difficulty, BGMEA said.

The association advised its members not to enter into fresh contracts with the company or its related entities. It warned that any member ignoring the directive would bear responsibility for potential complications.

Speaking to TBS on the issue, a senior official at the commerce ministry said they have written to concerned officials on the Indian side and were trying to resolve the dispute as soon as possible.

The Aditya Birla Group is one of India's largest multinational industrial groups, with operations spanning metals, cement, textiles, carbon black, financial services, and retail. Its fashion and retail business is managed by Aditya Birla Fashion and Retail Ltd, which markets several international and in-house clothing brands.

BGMEA said it was seeking cooperation from all concerned to ensure swift recovery of the outstanding dues, describing the matter as urgent.

Ducati Apparels is a concern of the Hyacinth Group and manufactures denim trousers, woven bottoms, and T-shirts for global brands.

The Centre for Policy Dialogue (CPD) has urged the newly elected government to immediately scrap the reciprocal trade agreement signed with the United States by the previous interim administration, terming it grossly discriminatory and detrimental to Bangladesh's economic sovereignty.

The think tank also called for a complete departure from the traditional business as usual bureaucratic approach, unveiling a comprehensive 13-sector policy roadmap to guide the government's executive and legislative decisions over the first 180 days and the next five years.

The recommendations were presented today (28 February) at a media briefing titled "New government's economic and social sector policy and administrative decisions: 180 days and beyond," held at the CPD office in Dhaka.
CPD research director Khondaker Golam Moazzem presented the extensive analysis, emphasising that the new administration must adopt knowledge-based decision-making and deeply decentralise power to overcome systemic inefficiencies.

Taking a firm stance on recent international negotiations, the CPD warned that the US trade agreement severely jeopardises Bangladesh's smooth transition strategy (STS) for LDC graduation.

According to the think tank, the agreement's clauses completely restrict Bangladesh's independence in terms of trade and investment with third countries. It forces Bangladesh to comply with US border measures and restricts the imposition of digital service taxes.

CPD raises concerns over power overcapacity, pushes for 'no new fossil' fuel policy
The CPD strongly advised the government to withdraw from this agreement before notifications are exchanged and also urged a review of the Economic Partnership Agreement (EPA) with Japan, as it controversially allows duty-free imports of LNG, thereby delaying the country's renewable energy transition.

Beyond trade, the CPD's analysis spanned critical macroeconomic areas, including resource mobilisation, the business environment, and foreign direct investment (FDI). With the country's tax-to-GDP ratio plunging to a South Asian low of 6.8%, the think tank recommended forming a tax ombudsman, consolidating the current eight VAT slabs into a three-tier structure, and eliminating tax incentives for high-emission fossil fuel power producers.

To attract FDI and ease the cost of doing business, CPD proposed enacting a Single Digital Interface Act to legally bind ministries to integrate their databases. They also suggested translating the government's pledges of 48-hour company registration and 30-day profit repatriation into enforceable legal standards, alongside establishing specialised commercial courts for rapid dispute resolution.

New cenbank governor appointment a 'weak step' by govt: CPD
Turning to the power and energy sector, the CPD heavily criticised the government's ambitious target to generate 35 GW of electricity by 2030.

"There is no need to fix the BNP's distant target of 35 gigawatts for 2030. Because within that target, we again see an indication of promoting fossil fuels. Therefore, we believe that instead of sticking to the 35-gigawatt target, it would be better to move towards a more realistic goal – as CPD had suggested – that reaching 30 gigawatts by 2040 would be sufficient. We think the new government should proceed with such a target in mind," said Dr Golam Moazzem.

Instead of expanding domestic coal extraction and building new inland LNG terminals, the government was advised to adopt a strict 'no new fossil fuel-based power generation' policy.

The think tank recommended shifting focus toward domestic gas exploration through Bapex, expanding the national rooftop solar programme, and inserting 'No Electricity, No Pay' clauses in all future power purchase agreements to eliminate the heavy burden of unconditional capacity charges.

On the social front, the CPD addressed pressing issues surrounding labor rights, child labour, and international migration.

CPD calls for tax justice, FDI reform
Addressing the alarming rise in child labour, which currently traps 3.5 million children, Golam Moazzem proposed utilising the newly planned Family Card scheme to provide conditional cash transfers to vulnerable households, strictly tied to withdrawing their children from hazardous work and sending them back to school.

To protect outbound migrant workers from rampant extortion, the government was urged to dismantle entrenched recruitment syndicates, mandate digital financial transactions for all recruitment fees, and transform Technical Training Centres (TTCs) into dedicated overseas placement hubs aligned with global market demands.

Golam Moazzem said true accountability cannot be achieved if the government operates solely on the "one leg" of the executive branch. He strongly advocated for parliamentary reforms.

CPD recommended ensuring that opposition MPs lead key parliamentary standing committees, such as the Public Accounts Committee, and reforming the Prime Minister's Question Time to be ballot-based rather than executive-controlled.

Bangladesh’s stock market took a heavier hit than most of its global peers following the United States and Israel’s attacks on Iran, as investor panic and weak market safeguards amplified a selloff that rattled bourses worldwide.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), fell 138 points, or 2.47 percent, to close at 5,461 yesterday.

The DS30, the blue-chip index, dropped 52 points, or 2.40 percent, to 2,117.

By comparison, losses in other markets were more contained. In the US, in after-hours trading, the Dow Jones Industrial Average fell 1.05 percent, the S&P 500 dropped 0.43 percent, and the Nasdaq declined 0.92 percent.

In stock trading, after-hours trading refers to electronic trading that takes place after the regular market session ends.

In the Gulf region, Saudi Arabia’s benchmark index, the largest in the region, fell 2 percent. Oman’s Muscat stock index (MSX30) declined 1.8 percent, and Bahrain’s BAX dropped 0.9 percent.

“The US and Israel’s attack on Iran is a significant global event with major implications for the world economy, and investors in Bangladesh reacted to that,” said Md Moniruzzaman, CEO of Prime Bank Securities.

He noted that the DSEX initially plunged over 200 points as panicked investors rushed to sell, before recovering somewhat as calmer investors stepped back in.

“The capacity of our investors to analyse global events is comparatively weak, which is why panic tends to set in quickly,” he said.

“If the conflict prolongs, oil prices will rise, the global economy will suffer, and inflation may climb further. All sectors will be affected… but by how much depends on careful analysis. Some sectors may remain unscathed. Investment decisions should be based on analysis, not fear,” he added.

For instance, he pointed out that in Gulf markets, shares of oil companies actually rose during the selloff, buoyed by expectations of higher oil prices in the wake of the conflict.

Striking a similar tone, Saiful Islam, president of the DSE Brokers Association of Bangladesh, said, “Investors here were panicked, fearing broader economic damage from the US and Israel’s invasion of Iran.”

Gulf markets, he explained, were partly cushioned by optimism around future oil company profits, while markets in other countries were stabilised by the active participation of mutual funds and institutional investors.

“In Bangladesh, mutual funds, which act as shock absorbers, are not functioning at the level seen elsewhere. That gap amplified the market’s reaction,” Islam said.

Yesterday, turnover on the DSE also fell sharply, dropping 18 percent to Tk 775 crore.

Bangladesh recorded its highest remittance inflow for any February in at least seven years last month, as expatriates sent home more money ahead of Eid-ul-Fitr, one of the largest festivals for Muslims.

According to central bank data released yesterday, expatriates remitted $3.02 billion in February, up 19.4 percent from $2.53 billion in the same month a year earlier.

Industry insiders note that inflows typically rise ahead of Eid, as remitters tend to send larger amounts during Ramadan for families to celebrate the festival.

The strong February figure is also part of a broader upward trend. Between July and February of the current fiscal year, total remittance inflow reached $22.45 billion, reflecting 21.4 percent year-on-year growth.

However, experts warn that conflicts in the Middle East could weigh on inflows in the months ahead.

Bankers say the sustained rise in remittances is helping ease pressure on Bangladesh’s balance of payments and stabilise the foreign exchange market.

They said government incentives, banks’ efforts to channel funds through formal routes, and the decline of the hundi system -- an illegal but once-popular cross-border transfer mechanism – have all contributed to the increase, particularly following the political changeover in August 2024.

The rising inflows have helped push up foreign exchange reserves. Gross reserves stood at $35.11 billion as of February 26, up from $26.26 billion a year earlier, according to Bangladesh Bank data. Under the International Monetary Fund’s BPM6 calculation method, reserves reached $30.36 billion, compared to $21.08 billion in the same period last year.

Besides, the central bank has purchased $5.38 billion from the foreign exchange market so far in the ongoing fiscal year to manage liquidity and build up reserves

Mohammed Nurul Amin, former chairman of the Association of Bankers Bangladesh (ABB), told The Daily Star that remittances have been a key driver behind the recent increase in reserves, indicating improved performance of the external sector.

The former senior banker, however, cautioned that the outlook is uncertain as conflicts grip the Middle East.

“Iran’s top leader has been assassinated. If the war situation prolongs, factories in Middle Eastern countries may remain closed and salaries could decline, leading to various negative impacts overall, which may also affect remittance inflows,” he said.

However, if the conflict does not last long, the impact is unlikely to be significant, he said, adding that Bangladesh receives the major portion of its remittances from Middle Eastern countries.

Brent crude jumped 10 percent to about $80 a barrel over the counter on Sunday, oil traders said, while analysts predicted that prices could climb as high as $100 after US and Israeli strikes on Iran plunged the Middle East into a new war.

“While the military attacks are themselves supportive for oil prices, the key factor here is the closing of the Strait of Hormuz,” said Ajay Parmar, director of energy and refining at ICIS.

Most tanker owners, oil majors and trading houses have suspended crude oil, fuel and liquefied natural gas shipments via the Strait of Hormuz, trade sources said, after Tehran warned ships against moving through the waterway. More than 20 percent of global oil is moved through the Strait of Hormuz.

“We expect prices to open (after the weekend) much closer to $100 a barrel and perhaps exceed that level if we see a prolonged outage of the Strait,” Parmar said.

Middle East leaders have warned Washington that a war on Iran could lead to oil prices jumping to more than $100 a barrel, said RBC analyst Helima Croft. Barclays analysts also said prices could hit $100.

The Opec+ group of oil producers agreed on Sunday to raise output by 206,000 barrels per day (bpd) from April, a modest increase representing less than 0.2 percent of global demand.

While some alternate infrastructure could be used to bypass the Strait of Hormuz, the net impact from its closure would be a loss of 8 million to 10 million bpd of crude oil supply even after diverting some flows through Saudi Arabia’s East-West pipeline and Abu Dhabi pipeline, said Rystad energy economist Jorge Leon.

Rystad expects prices to rise by $20 to about $92 a barrel when trade opens. The Iran crisis also prompted Asian governments and refiners to assess oil stockpiles and alternative shipping routes and supplies.

Green Pure Houseware (BD) Co Ltd, a China (Hong Kong)-based company, is set to invest $30.47 million to set up a manufacturing plant in the Bepza Economic Zone.

Md Tanvir Hossain, executive director (investment promotion) of Bangladesh Export Processing Zones Authority (Bepza) and Wang Shenyu, managing director of Green Pure Houseware, signed a land lease agreement on behalf of their respective sides at the BEPZA Complex in Dhaka today, according to a press release.

The company will mainly produce greenhouse hydroponics tents-- specialised portable structures for soil-less cultivation.

Additionally, EVA cabinet mats, cartons, and PE packaging films will also be manufactured at the facility. The products will be exported to major international markets, including the US, Europe, the UK, Canada, and Japan.

The project is expected to create 3,000 jobs for Bangladeshi nationals.

Major General Mohammad Moazzem Hossain, executive chairman of Bepza, witnessed the signing ceremony. He welcomed the investors and reaffirmed Bepza’s commitment to providing seamless services and a business-friendly environment.

Senior Bepza officials, including Abdullah Al Mamun, member (engineering), ANM Foyzul Haque, member (finance), and ASM Anwar Parvez, executive director (public relations), were also present.

Stocks at the Dhaka bourse tumbled yesterday as escalating geopolitical tensions in the Middle East rattled investors, triggering broad-based selloffs and snapping the market's recent upward momentum.

The benchmark DSEX index of the Dhaka Stock Exchange (DSE) plunged 138 points, or 2.47%, to close at 5,461. The blue-chip DS30 index also suffered a steep decline, shedding 52 points, or 2.40%, to settle at 2,117.

Market breadth remained overwhelmingly negative, with 353 issues declining against only 30 advances, while six securities remained unchanged.

Turnover dropped 18% to Tk775 crore, reflecting cautious participation as investors largely chose to stay on the sidelines.

The market capitalisation of the premier bourse plummeted by around Tk8,000 crore to Tk7.10 lakh crore in a single session.

Major index draggers included BRAC Bank, Islami Bank, Square Pharma, Walton and BAT Bangladesh, whose declines weighed heavily on the benchmark indices.

According to EBL Securities, the capital market's upward trajectory faced a setback amid intensifying geopolitical unrest in the Middle East.

In its daily market review, the brokerage said the conflict sparked widespread panic among investors, prompting them to adopt a cautious stance and closely monitor further developments before making fresh commitments.

The market opened with a sharp fall, with the DSEX losing more than 200 points at the opening bell as aggressive selling pressure dominated early trading. Although the index managed to recover part of the initial losses, the broader market remained under persistent downward pressure throughout the session, with most stocks trading in the red, the brokerage noted.

Market participants now remain watchful of further developments in the Middle East, as any escalation could deepen volatility in the coming sessions.

Ashequr Rahman, managing director of Midway Securities, told The Business Standard that Bangladesh, as a net fuel-importing country, is particularly vulnerable to the ongoing conflict involving Iran, the United States and Israel. He said the country imports at least 40% of its total fuel requirement through the Strait of Hormuz, a critical shipping route now at risk due to the tensions.

If the conflict prolongs, Bangladesh could face fuel shortages and price hikes stemming from supply disruptions, Ashequr Rahman warned. Such a scenario could hamper industrial production and power generation, ultimately affecting the broader economy. The uncertainty surrounding energy supplies has unnerved investors, prompting panic-driven selling that dragged down stock prices across sectors.

However, Rahman observed that the scale of panic was relatively contained compared to previous crises. In past episodes of severe uncertainty, many stocks turned buyer-less, intensifying the downturn. This time, although prices fell sharply, buyers were still present in the market, suggesting that the initial panic may not necessarily persist in the coming days.

On the sectoral front, bank stocks accounted for the highest turnover at 24.2%, followed by pharmaceuticals at 13.1% and textiles at 8.7%. All major sectors posted negative returns, with travel and leisure suffering the steepest decline at 4.2%, followed by paper and printing at 3.7% and financial institutions at 3.2%.

Despite the overall slump, a handful of stocks bucked the trend. National Bank surged 10%, leading the gainers' chart, amid news that it is set to secure Tk1,000 crore in financial assistance from the central bank. Prime Finance also rose 10%, while Shinepukur Ceramics, Northern Jute and Union Capital posted notable gains.

Among the worst performers were BD Welding, which dropped 7.61%, Popular Life First Mutual Fund, BD Thai Food, Makson Spinning and AFC Agro, all posting losses of more than 6%.

The bearish sentiment also spilled over to the port city bourse. At the Chittagong Stock Exchange PLC, the CSCX index fell 165 points to 9,421, while the CASPI index declined 245 points to close at 15,351. Turnover at the exchange stood at Tk12.78 crore.

Gold rose to near a one-month high on Friday and was headed for a seventh straight month of gains, supported by geopolitical tensions after the United States and Iran extended nuclear talks, while softer US Treasury yields further boosted bullion.

Spot gold was up 0.8 percent at $5,230.56 an ounce by 01:38 p.m. ET (1838 GMT), hitting its highest level since January 30 earlier in the session. Prices have climbed 7.6 percent so far in February.

US gold futures for April delivery settled 1 percent higher at $5,247.90.

“There’s a lot of nervousness surrounding geopolitics, you have all the set-up for a high probability of a military operation over the weekend, so it’s a risk-off in a flight to safety,” said Phillip Streible, chief market strategist at Blue Line Futures.

The US and Iran made progress in Thursday’s nuclear talks, mediator Oman said, but hours of negotiations ended without a breakthrough that could avert possible US strikes amid a major military buildup.

Meanwhile, the US Embassy in Jerusalem also permitted non‑emergency staff and families to leave Israel citing safety risks.

US 10‑year Treasury yields slipped to a three-month low, making non-yielding gold more attractive by lowering its opportunity cost.

Gold’s next likely upside target is $5,450, with key support near $5,120, Streible said.

Data showed that US producer prices increased more than expected in January, suggesting inflation could pick up in the months ahead.

Markets are pricing in about a 42 percent chance of a 25‑basis‑point US Federal Reserve rate cut in June, as per the CME FedWatch tool.

Elsewhere, top consumer China’s net gold imports via Hong Kong in January rose by 68.7 percent from December, Hong Kong Census and Statistics Department data showed.

China’s central bank moved to curb the yuan’s rise by removing risk-reserve rules for forex forwards, encouraging more dollar buying.

The country's private sector credit growth plummeted to an all-time low of 6.03% in January, as prolonged political instability and a high-interest-rate regime forced businesses to stall expansion plans and led banks to adopt a highly cautious lending stance.

According to the latest data from the Bangladesh Bank, credit growth edged down from 6.1% in December, continuing a sharp decline from the 10.13% recorded in July 2024.

Although a brief spike to 6.58% occurred in November, analysts attribute this to loan restructuring ahead of the 12 February national election rather than genuine new investment in productive sectors.
In its monetary policy statement for January-June 2026, the central bank attributed the slowdown to tight monetary conditions, rising government borrowing to finance the budget deficit and subdued demand for loans amid continued uncertainty surrounding new investment decisions.
The decline has been steady over recent months, with growth recorded at 6.29% in September, 6.35% in August, 6.52% in July, 6.40% in June, 7.17% in May and 7.5% in April. In contrast, private sector credit growth stood at 10.13% in July 2024 before falling sharply following the political transition in August that year.

Economists say prolonged political uncertainty, weak business confidence and structural weaknesses in banks have discouraged investment, prompting many businesses to postpone expansion plans despite the BNP securing a landslide victory in the February election.

Newly appointed central bank Governor Md Mostaqur Rahman has indicated that policy support will be introduced to revive private sector lending and restore economic momentum.

On his first day in office, he said lending rates would be gradually reduced to encourage investment and that reopening closed factories and business establishments would be essential to revitalise economic activity – signalling a possible shift away from the prolonged contractionary monetary stance.

Bankers, however, say high borrowing costs are only part of the challenge. Syed Mahbubur Rahman, managing director of Mutual Trust Bank, told TBS that banks are currently extending loans at even around 11% interest while paying similar rates on deposits, leaving minimal margins.

He noted that although high lending rates remain a constraint, investors prioritise reliable infrastructure – including gas, electricity and port facilities – before financing considerations.

Persistent energy shortages and infrastructure bottlenecks, he said, have prevented both existing businesses from expanding and new investors from entering the market.

A major factor behind the credit slowdown has been increased government borrowing from banks. During July-December of the 2025-26 fiscal year, net credit to the government reached Tk50,782 crore, equivalent to 43% of the revised annual target of Tk1.18 lakh crore.

Net government borrowing from the banking system rose 32.8% by December 2025, effectively crowding out private borrowers in an already tight liquidity environment.

Banks are simultaneously struggling with soaring non-performing loans, which climbed to a record Tk6.44 lakh crore at the end of September 2025 – roughly one-third of total outstanding loans.

Elevated default levels have weakened bank capital positions, increased provisioning requirements and made lenders more cautious in approving new credit.

Liquidity pressures and slow deposit growth have further constrained lending capacity. In an effort to curb inflation, the central bank earlier raised its policy rate to 10%, pushing commercial lending rates close to 15% and discouraging businesses, particularly small and medium-sized enterprises, from taking fresh loans.

The effects of weak credit expansion are increasingly visible across the economy. Imports of capital machinery have declined, signalling slower industrial growth, while reduced investment has dampened money circulation. Many factories are operating below capacity, consumer demand remains subdued and private sector job creation has slowed.

The central bank had set a target of 9.8% private sector credit growth for July-December 2025, but actual performance fell significantly short.

Experts warned that if lending growth fails to recover, industrial output could weaken further, private investment may remain stagnant and employment recovery could face prolonged delays.

The Bangladesh Securities and Exchange Commission (BSEC) has initiated the formulation of rules to ensure legal protection for whistleblowers, aiming to encourage greater disclosure of information about the capital market.

Market insiders say that these rules to protect whistleblowers and provide incentives are being introduced for the first time in the capital market's history.

In addition to providing protection, the draft rules propose that whistleblowers who provide information will receive 25% of the penalties as an incentive if the capital market regulator imposes fines on any capital market stakeholders.

To formulate the rules, the regulator published draft rules namely "Capital Market Related Information Disclosure and Whistleblower Protection Rules, 2026" in its website and sought public opinions within two weeks, by 15 March.

The draft rules define a whistleblower as any person associated with the board of directors, an executive member, trustee board member, auditor, or lawyer of any market intermediary registered with the BSEC, or of any listed company, mutual fund, alternative investment fund, or special purpose vehicle (SPV).

Protection of whistleblowers

The draft rules state that if a whistleblower discloses information, their identity shall not be revealed without their consent, unless disclosure is required by law.

If the whistleblower is an employee, no disciplinary or punitive action shall be taken against them under these rules for providing such information.

This includes demotion, unfavorable transfer, forced retirement, dismissal, reprimand, discriminatory treatment, or any other action that could cause overall, legal, or financial harm.

Any information disclosed by a whistleblower shall not be used as evidence in any legal proceeding. A whistleblower shall not be compelled to testify in any case arising from the disclosed information, nor shall any question be permitted during proceedings that may reveal their identity.

If any book, document, or record submitted as evidence contains details that could identify the whistleblower, appropriate measures must be taken to ensure that such information remains confidential when presented before the court.

Incentives

The draft rules state that if any monetary penalty or fine is recovered based on information provided by a whistleblower, the appropriate authority may, at its discretion, award the whistleblower a financial incentive or honorarium.

The Commission will determine, through periodic orders, the conditions, amount, and procedures for granting such incentives. However, the reward will not exceed 25% of the realised fine and, in any case, will be capped at Tk10 crore.

Treasury bill yields for all three tenures fell below the policy rate today (1 March) as liquidity in the banking sector improved significantly.

The yields on 91-day, 182-day, and 364-day treasury bills dropped to 9.90%, 9.98%, and 9.93%, respectively, according to the latest auction results. Just a week earlier, the yields stood above 10%, with the 91-day bill at 10.02%, the 182-day bill at 10.11%, and the 364-day bill at 10.07%.

Treasury bills are short-term government debt instruments issued for periods ranging from 91 days to 364 days.
The decline reflects a surge in liquidity across the banking system. Call money rates have also dropped by around 40 basis points between January and March this year.

Mohammad Ezazul Islam, director general of the Bangladesh Institute of Bank Management, said the fall in yields was mainly driven by two factors.

"The central bank has been purchasing foreign exchange reserves from commercial banks through auctions. As a result, liquidity has flowed back into the banking system," he said.

According to Bangladesh Bank data, the central bank has purchased $5.39 billion from commercial banks through auctions so far in the current fiscal year.

Ezazul Islam added that slower private sector credit growth was another major reason behind the increased liquidity.

Bangladesh Bank's latest data shows private sector credit growth stood at 6.03% in January.

A deputy managing director of a private bank said the "excess liquidity" in the banking sector has pushed treasury bill yields lower, noting that central bank dollar purchases have injected additional funds into the banking channel.

He also said deposit growth has strengthened liquidity conditions, as rising deposits increase banks' available funds.

Another deputy managing director said government borrowing demand has declined recently, partly due to slow implementation of the Annual Development Programme (ADP), further contributing to the fall in treasury bill yields.

As a fresh Middle East conflict risks sending oil prices sharply higher, Saudi Arabia, Russia and six other key members of the Opec+ alliance are widely expected to announce an output increase Sunday, analysts say.

The virtual meeting by the eight members of the Organization of the Petroleum Exporting Countries and allied nations (Opec+) known as the "Voluntary Eight" (V8) comes a day after the US and Israel launched an ongoing wave of strikes on Iran.

Last year, the V8 group -- comprising Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman -- boosted production by around 2.9 million barrels per day (bpd) in total before announcing a three-month pause in output hikes.

But now the picture has changed dramatically.

Even before the conflict erupted on Saturday, the market had already priced in a growing geopolitical risk premium over months of US military build-up in the region.

Brent, the global benchmark for crude oil, jumped more than three percent on Friday to trade over $73 per barrel, up from $61 at the beginning of the year.

Several other developments have squeezed oil supply since early January, said UBS analyst Giovanni Staunovo.

They include "cold weather in the US across January (that) resulted in temporarily production shut-ins", "disruptions in Russia" linked to drone attacks, as well as in Kazakhstan, where "a power outage disrupted production from the Tengiz oil field", he added.

That's why, even before Saturday's strikes, the market was anticipating a quota increase of 137,000 barrels per day.

"These relatively high prices are a good incentive for Opec+ to resume its production increases" from April, Kpler analyst Homayoun Falakshahi told AFP.

Before the weekend, Falakshahi said a US strike on Iran would not necessarily alter the Opec+ decision, as the group might prefer to wait and assess the impact on flows before adding more oil to the market than previously planned.

Iran tensions

In the short term, the US attack will likely trigger "a massive surge in prices" with what follows depending on how far the conflict escalates, Falakshahi said.

The conflict could certainly severely disrupt global oil supplies and send barrel prices soaring to a level not seen in years.

Iran is a significant oil producer, but the principal risk remains a prolonged blockade of the Straits of Hormuz, through which around 20 million barrels of crude pass each day -- around 20 percent of global production.

And there are virtually no alternatives for crude transport.

Only Saudi Arabia and the UAE have pipeline networks, capable of carrying a maximum of 2.6 million barrels per day, that allow them to bypass the Straits of Hormuz, according to the US Energy Information Administration.

"That said, even if strikes remain limited, we think Brent crude oil prices might rise to about $80pb (around their peak during the 12-day war in June 2025), from $73pb yesterday", wrote William Jackson, chief emerging markets economist at Capital Economics.

But prices would rise much more if the conflict is a prolonged one, particularly if the Strait of Hormuz is blocked for an extended period.

"That could cause oil prices to jump, perhaps to around $100pb," said Jackson.

Limited impact

Even if Opec+ agrees on an output increase of 137,000 barrels per day on Sunday, the impact on oil prices will be limited, especially since the hike would only translate into an actual increase of 80,000 to 90,000 barrels, according to Kpler estimates.

"Spare capacity is much smaller than some perceive, and primarily in the hands of Saudi Arabia," Staunovo told AFP, adding that Russian production had been "on a declining trend over the last two months".

Boosting production would nevertheless allow Opec+ members to regain market share in the face of competition from other key players such as the United States, Canada, Brazil, and Guyana.

"Opec+ would prefer prices of $80-90, but around $70 per barrel is the ideal price level for this strategy" because it is "not enough to encourage further investment by US producers but acceptable for Opec+," Falakshahi said.

Bangladesh Bank's new governor rolls out a to-do list focused on continued reforms to manage banking sector's distressed assets and reopen closed factories for economic pickup and job generation.

Bangladesh Bank will continue its reform programme to make banking services faster and more efficient for both the central bank and commercial banks, Governor Md Mostaqur Rahman told bankers Sunday.

He said the regulator would step up efforts to resolve distressed assets in the banking system--much of the money trapped in businesses and industries of embattled owners shut down amid political upheavals.

The governor made the remarks at his maiden meeting with the governing council of the Association of Bankers, Bangladesh (ABB), led by its chairman Mashrur Arefin, at the central bank headquarters.

Present at the conclave, close on the heels of reshuffle in the BB hierarchy, were 19 chief executives of commercial banks.

Mr. Arefin, managing director and chief executive officer of City Bank PLC and chairman of the ABB, billed the meeting constructive as the governor listened carefully to the concerns of bank executives while outlining his policy priorities.

"The governor was very cordial and chaired the meeting with humility and warmth," Mr Arefin told The Financial Express.

"He listened patiently to the views of all 19 CEOs and outlined several of his core priorities."

According to the leading banker, the business-tycoon-turned banking regulator emphasised the need to create a business- and manufacturing-friendly environment aimed at generating up to 10 million new jobs.

He also stressed the productive use of distressed assets arising from non-performing loans, including the reopening of closed factories.

The governor also highlighted the potential of a "one village, one product" initiative to promote entrepreneurship and exports.

Mr Arefin said citing the cheese produced in Ashtogram in Kishoreganj as a practical example, the new BB chief suggested that banks could help such locally specialised products reach global markets through district-based development initiatives.

The governor also made several commitments during discussion, according to ABB officials.

He quoted the central bank governor as saying that the executives should report any political pressure directly to him.

He also assured bankers that the central bank would respond more promptly to issues raised by ABB, with faster decisions aimed at reducing the cost of doing business.

The central bank also plans to move towards selective deregulation, beginning with allowing banks to negotiate rental and lease agreements independently within defined regulatory guidelines.

The governor also pledged efforts to facilitate the release of overdue funds related to export incentives, Export Development Fund (EDF) reimbursements and remittance incentives.

"We are professionals and we want the governor to succeed," Mr Arefin said, describing bank chief executives as key stakeholders in the reform process.

He added that bankers welcomed the governor's proposal for the central bank and commercial banks to jointly host a "Bangladesh Day" event for foreign correspondents and international lenders later this year.

ABB leaders also requested the central bank to expedite the release of remittance-related incentives and improve operational efficiency under the EDF.

Syed Mahbubur Rahman, managing director and chief executive officer of Mutual Trust Bank, who also attended the meeting, said bankers discussed the issue of lowering interest rates but stressed that borrowing costs alone would not revive investment.

"We argued that reducing interest rates is only one factor and it cannot revive the investment alone," Mr Rahman told the FE writer. "Reliable power and gas supply and other structural issues must be addressed to make business and investment more vibrant."

He said bankers also highlighted the importance of refinancing schemes, particularly for small and midsize enterprises, as a way of supporting entrepreneurs and stimulate economic activity.

The Bangladesh Bank plans to cut policy rate – a major shift from tight monetary policy after the appointment of new governor – aiming to reduce lending rate demanded by the business community.

Governor Md Mostaqur Rahman, who vowed to lower lending rates on his first day at office last week, has called a Monetary Policy Committee meeting for Wednesday, according to central bank sources.
The committee may propose a 50-basis-point cut to the policy rate from the existing 10%, as the new governor signalled on his first day in office, a senior Bangladesh Bank executive said.

However, economists and bankers said reducing rates while inflation remains elevated could reverse recent gains. They believe any cut should be limited and cautious if inflation is to be brought down.

Meanwhile, interest rates in the call money market and on all treasury bills and bonds fell below the 10% policy rate on Sunday, giving the central bank room to reduce the rate.

According to the Bangladesh Bank, the cut-off yields on 91-day, 182-day and 364-day treasury bills were 9.89%, 9.97% and 9.93% respectively, while the call money rate stood at 9.89% on Sunday.

The prospective shift in monetary policy comes as global energy markets face one of their gravest shocks in decades, following joint US and Israeli strikes on Iran and Tehran's retaliatory missile attacks, which could worsen inflationary pressures.

The Bangladesh Bank maintained a tight monetary policy during the interim government's tenure, raising the policy rate from 8.5% to 10% to contain inflation.

The latest monetary policy, announced by former governor Ahsan H Mansur just ahead of the February national election, kept the rate unchanged at 10% due to persistent inflation.

Under the tight stance, the central bank brought inflation down from double digits to single digits over the past year, although it remains above the desired level. The previous target was to reduce inflation to below 7%, but it is still above 8%.

According to Bangladesh Bank data, average inflation stood at 8.66% at the end of January, while lending rates ranged between 11% and 12%.

However, soon after taking office, Mostaqur Rahman, who is also a businessman, said he would prioritise reducing lending rates and supporting growth.

Speaking to The Business Standard, a senior central bank executive said inflation had not fallen to the expected level despite the tight policy.

He said the Bangladesh Bank is now considering easing its stance to support the supply side by injecting liquidity, arguing that increased production and supply could help ease inflationary pressures.

'Infrastructure problems must be resolved first'

Mutual Trust Bank Managing Director Syed Mahbubur Rahman said bankers also want lending rates to fall, but prevailing market realities make that difficult.

"At present, the government is the largest borrower. When the government is borrowing at 10% or more through treasury bills and bonds, it is extremely difficult for banks to reduce lending rates," he said.

He further explained that some banks are now offering up to 11% interest to mobilise deposits. "How can loans be offered at lower rates after borrowing at such high costs?"

He added, "Many say high lending rates are a major obstacle to investment. We also agree high rates are a barrier, but they are not the only or principal one."

He explained that when an investor decides to invest, the first considerations are gas, electricity and port facilities. "At present, shortages of gas, electricity and infrastructure are the main challenges for investment."

He suggested that to boost investment, infrastructure problems must be resolved first and the issue of lowering lending rates can then be addressed.

He hoped the new governor would continue the ongoing reform initiatives in the banking sector. If a firm message is not delivered at the outset, vested interests may try to return the sector to its previous state.

'Rate reduction should be cautiously limited'

Fahmida Khatun, executive director at Centre for Policy Dialogue, told TBS that bringing down inflation while simultaneously lowering interest rates would be highly challenging.

She said that during the Awami League government's tenure, inflation kept rising as interest rates were not increased to a rational level, allowing price pressures to intensify.

"The interim government took policy measures and raised interest rates, which helped contain inflation to some extent. However, in my view, if we are to bring inflation down to 5-6%, this policy stance needs to continue," she said.

She noted that there is some justification in the argument that lower rates are needed to stimulate credit growth. "Even if the central bank decides to reduce the policy rate at this stage, it should be done in a very limited and cautious manner," she added.

'Surge in credit demand could prompt BB to inject liquidity'

Mohammad A (Rumee) Ali, former deputy governor of Bangladesh Bank, said lending rates remain high due to elevated inflation and mounting default loans in the banking sector. He said lending rate reduction will make money easy creating more demand.

However, he warned that if rates are lowered without first containing inflation and ensuring productive use of credit, it could further fuel price pressures.

"Banks are constrained in their lending capacity because of high non-performing loans. A surge in credit demand could prompt the central bank to inject liquidity, increasing the risk of further inflation," said.

'Maintaining existing tight monetary stance more credible route'

Zahid Hussain, former lead economist at the World Bank's Dhaka Office, said easier credit and lower interest rates tend to boost import demand, placing added pressure on the taka.

Any depreciation of the currency then feeds directly, and often asymmetrically, into non-food inflation, he said.

Within this framework, he added, non-food inflation functions like core inflation. "It does not necessarily signal excess demand. Rather, it reflects how earlier food price shocks and exchange-rate pressures are transmitted across the economy."

Movements in the taka are quickly passed through to the prices of imported goods, energy, transport and other non-food items. Core-like indicators are therefore useful in tracking transmission effects, but they should not be read as evidence of overheating demand or expanded policy space.

He argued that maintaining the existing tight monetary stance, alongside exchange-rate stability and stronger competition in food markets, offers a more credible route to sustained disinflation than premature easing under the current inflation regime.

Business community gets priority to business oriented governor

Bangladesh Bank has appointed a new governor at a time when the banking sector faces a record 36% default loan ratio, sharply limiting lending capacity and disrupting normal operations.

Addressing the default crisis was not among the priorities he outlined on his first day in office. His appointment as a career businessman drew criticism within the industry over potential conflicts of interest. Of his 11 stated priorities, four focused on supporting the business community.

It is the first time a businessman with interests in garments and real estate has been made governor of Bangladesh Bank.

He himself had been a defaulter until two months ago, before obtaining loan rescheduling under a policy committee decision in December. He has also prioritised reopening closed industries to revive business activity.

With inflation still high, his focus on reopening factories has prompted speculation that loan rescheduling may be accelerated, as many closures stem from loan defaults.

A 10-year rescheduling package with a two-year grace period, introduced in September, faced strong resistance from banks, which questioned its effectiveness.

Of 1,500 applicants, only 300 received approval from the central bank's policy committee, and most of those cases remain unimplemented.

'Most banks unable to expand lending'

Speaking to TBS, a managing director of a private commercial bank, requesting anonymity, said the sector is in dire straits due to unusually high default loans.

Of 61 banks, no more than 12 are able to extend fresh credit. He said five banks have merged, around 10 are critically exposed, and another 20 remain vulnerable though not publicly identified.

Referring to large banks whose boards were reconstituted after the regime change, he said deposit inflow appears strong as confidence returned. In reality, however, capital has been eroded by default loans, restricting lending capacity.

Although liquidity has increased as deposits returned, most banks cannot expand credit without first rebuilding capital through lower defaults. In this context, the sector lacks the capacity to meet large corporate credit demand.

He warned that loan rescheduling promoted by Bangladesh Bank may not be recognised by global rating agencies or multilateral lenders.

The International Monetary Fund requires rescheduled loans to be classified as stressed assets alongside defaults, limiting any cosmetic improvement in ratios.

As a result, rescheduling alone may not lift the country's credit profile. He alleged that many firms seeking long-term rescheduling defaulted due to corruption and fund diversion.

Citing a major real estate group, he said inspections found fund diversion behind its default, despite a request for a 10-year rescheduling with a two-year grace period.

Many applicants, he added, have debt-to-equity ratios above 100% and would struggle without fresh equity. A grace period in such cases could strain banks' cash flows and deepen systemic weakness.

He also noted that the government faces a funding squeeze and is borrowing heavily from banks. Any policy rate cut to lower lending rates could spur credit demand, forcing the central bank to inject liquidity and heighten inflation risks.

Excess liquidity stood at Tk3.21 lakh crore at the end of last year, largely invested in treasury bills and bonds. Yet private sector credit growth remained at a historic low of 6%, reflecting weak expansion demand.

ChatGPT developer OpenAI has secured $110 billion in fresh funding from a group of major technology firms led by Amazon, pushing the company's pre-money valuation to $730 billion.

OpenAI co-founder and CEO Sam Altman said yesterday (27 February) that Amazon has committed $50 billion to the round, while Nvidia and SoftBank will each invest $30 billion.

He added that more investors may join as the funding process continues.

'Unbelievably dangerous': ChatGPT Health may miss life-threatening emergencies, finds study

Amazon will initially invest $15 billion, with the remaining $35 billion to be released over the coming months under certain conditions.

Altman said the partnerships will help expand OpenAI's global reach, strengthen infrastructure and improve financial stability, enabling the company to bring advanced AI tools to more users and businesses worldwide.

He noted that ChatGPT now has over 900 million weekly active users and more than 50 million paying subscribers. According to Altman, AI is entering a new stage where cutting-edge research is rapidly turning into everyday tools used at a global scale.

As part of a multiyear deal, OpenAI and Amazon will introduce new AI capabilities for enterprises, with Amazon Web Services becoming the exclusive third-party cloud provider for OpenAI Frontier.

The two firms will also expand their existing agreement by $100 billion over eight years.

OpenAI said it is also deepening ties with Nvidia, while stressing that its long-standing partnership with Microsoft remains unchanged and central to its strategy.

Japan aims to help transform India's Northeast into a geopolitical gateway to Southeast Asia by strengthening connectivity to the Bay of Bengal and the Indian Ocean, Deputy Foreign Minister Horii Iwao said on Thursday.

Speaking in Shillong, Horii said Japan remains "firmly committed" to the region's development and views it as a "powerful engine of growth" when integrated into a broader economic grid spanning Nepal, Bhutan, Bangladesh and Southeast Asia, says the Hindu.

The initiative forms part of Japan's Free and Open Indo-Pacific (FOIP) policy, under which Tokyo is working to establish an "Industrial Value Chain" linking India's Northeast to maritime routes. Officials say the objective is to promote holistic regional development by improving connectivity and supply chains.

Under the administration of Prime Minister Sanae Takaichi, Japan is expanding cooperation with India beyond infrastructure projects to include private-sector collaboration in strategic sectors such as semiconductors, economic security and clean energy.

Horii also highlighted renewed efforts to strengthen people-to-people ties between Japan and the Northeast, including social and cultural exchanges.

The push follows recent high-level diplomatic engagements. Indian Prime Minister Narendra Modi met Takaichi, Japan's first female prime minister, at the Group of 20 summit in South Africa in November 2025.

In January 2026, India's External Affairs Minister Subrahmanyam Jaishankar hosted Japanese Foreign Minister Toshimitsu Motegi for talks aimed at deepening the bilateral partnership.

Stocks maintained strong upward momentum today (26 February) as trading activity surged at the Dhaka bourse following the appointment of a new governor at Bangladesh Bank, with turnover soaring 68%.

The benchmark DSEX of the Dhaka Stock Exchange advanced 45 points, or 0.81%, to close at 5,600, regaining the key psychological level after recent volatility. The blue-chip DS30 index rose 17 points, also 0.81%, to finish at 2,169.

Market breadth remained firmly positive, as 239 issues advanced, 93 declined and 59 remained unchanged, reflecting broad-based buying.

Turnover climbed sharply to Tk947 crore, signalling renewed investor participation and improved liquidity. Market capitalisation also increased, supported by gains in large-cap stocks.

Major contributors to the ryesally included Islami Bank Bangladesh, Beximco Pharmaceuticals, City Bank, Eastern Bank and Robi Axiata, whose price appreciation lifted the indices.

Mostaqur Rahman FCMA was appointed governor of Bangladesh Bank for a four-year term on Wednesday, replacing Ahsan H Mansur.

Market observers noted that Mostaqur's prior experience as a board member of the Chittagong Stock Exchange between 1998 and 2000 underscores his familiarity with the capital market.

Minhaz Mannan Emon, director of the DSE and managing director of BLI Securities Limited, told The Business Standard that the day's rally and transaction growth had no direct correlation with the governor's appointment.

However, he voiced optimism about the new governor's integrity and longstanding engagement with national economic affairs, suggesting such factors could bolster investor confidence.

He also said the formation of a new government by the Bangladesh Nationalist Party has generated expectations of administrative changes across key institutions.

Speculation regarding potential leadership changes at the Bangladesh Securities and Exchange Commission may also be shaping investor sentiment, he added.

According to EBL Securities' daily market review, the capital market extended its recovery from a brief correction phase, driven by broad-based buying.

While mid-session profit-taking briefly slowed the rally, renewed buying interest in the latter half pushed the indices higher by the close.

Sector-wise, banking stocks dominated turnover with a 22% share, followed by pharmaceuticals (18.7%) and telecom (9.1%). All sectors ended in positive territory, led by ceramic (up 3.1%), IT (2.3%) and travel (2.3%).

City Bank, Robi, Orion Infusion, Khan Brothers PP Woven Bag and BRAC Bank topped the turnover chart.

Several loss-making firms featured among the gainers, including Familytex, BIFC, Union Capital and ICB Islamic Bank, each posting the maximum 10% rise.

Meanwhile, the Chittagong Stock Exchange PLC also closed higher. The CSCX index gained 69 points to 9,587, while the CASPI advanced 128 points to 15,597.

Turnover at the port city bourse stood at Tk19.54 crore, reflecting positive sentiment across both trading floors.