US Treasury Secretary Scott Bessent said Wednesday that Donald Trump’s 15-percent global tariff is likely to be rolled out this week, as the president moves to rebuild his trade agenda after a major legal setback.

The Supreme Court last month struck down Trump’s country-specific tariffs, which he imposed on allies and competitors alike, delivering a stinging rebuke of his signature economic policy.

Since then, the US leader has tapped a different law to impose a new 10-percent duty, and vowed to raise this level to 15 percent.

Asked when the hike will be implemented, Bessent told CNBC: “That’s likely sometime this week.”

He added that this will be done under Section 122 of the Trade Act of 1974 -- the same basis for Trump’s new 10-percent tariff -- which only allows for a duty lasting 150 days unless Congress extends it.

During this five-month window, the Trump administration will move to wrap up investigations linked to concerns over national security and unfair trade, Bessent said. These probe, in turn, could bring about new sets of tariffs.

“It’s my strong belief that the tariff rates will be back to their old rate within five months,” Bessent said.

“And those are very fulsome authorities,” he added, referring to the laws justifying these investigations.

“They have survived more than 4,000 legal challenges. They are more slow moving, but they are more robust,” Bessent said.

Gold prices rose over 1 percent on ‌Wednesday, rebounding from a more than one-week low hit in the previous session, as a widening Middle East conflict sent global markets tumbling and supported safe-haven demand.

Spot gold gained 1.5 percent to $5,164.42 ​per ounce by 0701 GMT. US gold futures for April delivery ​added 1 percent to $5,174.30.

On Tuesday, bullion fell more than 4 percent to its lowest since February 20, weighed by a firmer dollar and dimming rate-cut prospects ​as inflation concerns were intensified by fears of a prolonged war.

Gold could shrug ​off the previous session’s selloff over the coming days as the metal has swayed to its own narrative and has been resilient despite whatever the dollar and yields have been ​doing since the beginning of last year, said Ilya Spivak, head of global ​macro at Tastylive.

Oil and gas prices surged as the US-Israeli war on Iran halted energy exports ‌from the Middle East, with Tehran attacking ships and energy facilities, closing navigation in the Gulf and forcing production stoppages from Qatar to Iraq.

“Higher oil prices as a result of escalating geopolitical tensions in Iran added to inflationary concerns and complicated ​the outlook for ​monetary easing,” said Christopher Wong, a strategist at OCBC.

“The underlying fundamentals (for gold) have not materially shifted. Structural drivers such as geopolitical uncertainty, policy ​unpredictability and portfolio diversification needs remain intact,” Wong added.

Investors ​expect the US Federal Reserve to hold rates at the end of its next two-day meeting on March 18, according to the CME Group’s FedWatch tool.

After several rounds of rises, gold prices in Bangladesh fell, with the rate of 22-carat gold dropping by Tk9,214 per bhori.

The new rate sets the price of 22-carat gold at Tk2,68,214 per bhori (11.664 grams), according to a statement issued this morning (4 March) by the Bangladesh Jewellers Association (Bajus).

Bajus said the decision was taken considering the overall market situation, particularly a decline in the price of pure gold (tejabi gold) in the local market.

The revised rates have come into effect immediately.
Gold prices hiked by Tk3,324 per bhori

Under the new pricing structure, 21-carat gold now costs Tk2,56,025 per bhori while 18-carat gold is priced at Tk2,19,258 per bhori.

The price of traditional-method gold has been set at Tk1,79,159 per bhori.

The last adjustment was made on 3 March, when Bajus increased the price of 22-carat gold by Tk3,324 per bhori to Tk2,77,428.

So far in 2026, gold prices have been adjusted 37 times in the domestic market, with rates increased 24 times and reduced 13 times.

Alongside gold, silver prices have also been reduced.

The price of 22-carat silver has been cut by Tk641 per bhori to Tk6,532.

The price of 21-carat silver now stands at Tk6,240 per bhori, 18-carat silver at Tk5,365 per bhori, and traditional-method silver at Tk4,024 per bhori.

In 2026, silver prices have been adjusted 22 times so far, including 14 increases and eight reductions.

Commerce Minister Khandakar Abdul Muktadir has said the recently signed trade deal between Bangladesh and the United States is not irreversible, noting that there remains scope for amendment, addition or deletion of provisions if needed.

The agreement includes elements that could help further strengthen bilateral trade ties in the future and should not be viewed as "wholesale negative" or "wholesale positive", he said while speaking to reporters after a meeting with US Assistant Secretary of State for South and Central Asian Affairs S Paul Kapur at the commerce ministry today (4 March).

Muktadir said there was no discussion on the recent trade deal, noting that the agreement has already been signed and constitutes a state-level arrangement, leaving little scope for fresh decisions at this stage.

"The agreement was signed on the 9th [February]. There was no separate discussion on it today," he said, adding that the deal was signed to expand economic, trade and investment relations between the two countries.

Referring to bilateral trade, he said the volume of trade between the countries exceeds $8.5 billion, while Bangladesh imports goods worth nearly $2.75 billion from the US. "As a single country, the US remains one of Bangladesh's largest trading partners."

Asked whether issues mentioned in a congratulatory letter to the premier from US President Donald Trump – including trade and defence-related matters – were discussed, the minister replied that military issues do not fall under his ministry's jurisdiction.

On the issue of visa bonds, he said the matter would be handled by the foreign ministry. The government wants businesspeople and investors from both countries to travel without obstacles, he said.

At the meeting, Muktadir highlighted the volatility in the global energy market following the Middle East conflict and sought US cooperation, especially in ensuring LNG supplies.

He said discussions covered investment, digital infrastructure development and prospects for future economic cooperation, alongside trade-related issues.

During the meeting, Paul Kapur recommended the removal of non-tariff barriers that may be hindering American investment in Bangladesh, Muktadir said.

The US believes that eliminating certain non-tariff barriers would help attract more American investment to Bangladesh, making the country a more appealing destination for US businesses, the minister said.

US cuts Bangladesh tariff to 19%, no duty on RMG made of US cotton

He said that addressing these barriers could also facilitate Bangladesh's smoother inclusion in US development assistance and financing programmes. However, the minister did not disclose which non-tariff barriers were discussed.

Meanwhile, the US assistant secretary held a separate meeting with Foreign Minister Khalilur Rahman at the foreign ministry.

Speaking to the media on the recent deal, Khalilur said that the reciprocal trade agreement was not signed abruptly just days before the national election.

He claimed that the matter had been discussed in advance with the leadership of the country's two major political parties – BNP and Jamaat-e-Islami, and both had agreed to the deal before its signing.

"The US Trade Representative spoke to the heads of our two key parties before the elections and they also agreed to it. So it's not like we did this in the dark," Khalilur said in response to a question on whether there had been any pressure to expedite the signing of the deal ahead of the recently held national election.

US makes up to Tk18 lakh visa bond mandatory for Bangladeshi B1/B2 applicants from 21 Jan

He said there are entry and exit clauses and the government can review it if it desires so.

"We have discussed the crisis in the Middle East. I told him [Paul Kapur] that two of our Bangladeshis have lost lives and seven others have been injured. If this war is prolonged or spreads, this fear may increase further," he said.

Dhaka conveyed to the US official that the US should try to resolve this conflict, this problem, through dialogue as soon as possible by giving diplomacy opportunity.

Paul Kapur, however, underscored the importance of implementing the provisions of the agreement on "reciprocal trade" to foster greater bilateral trade and investment, the foreign minister said.

Bangladesh’s monthly import bill could rise by up to $80 million for every $10 increase in oil prices, as escalating conflict in the Middle East drives up global energy prices, according to the report prepared by BRAC EPL Stock Brokerage Ltd.

The warning came yesterday as oil prices rose about 1 percent following US and Israeli strikes on Iran, which have disrupted supplies in the region.

Iran has closed the Strait of Hormuz, the only maritime gateway to the Persian Gulf. Around one-fifth of global oil exports pass through this route.

Brent crude climbed $1.1, or 1.4 percent, to $82.52 a barrel by 1143 GMT, after closing on Tuesday at its highest level since January 2025, Reuters reported. The BRAC EPL report cited analyst warnings that a prolonged blockade could push prices well beyond $100 a barrel if the escalation continues into a second week.

Bangladesh spends roughly $1 billion to import more than 60 lakh tonnes of petroleum a year and relies heavily on the Hormuz route
Bangladesh bought crude at an average of $72 a barrel in 2025, according to the Bangladesh Petroleum Corporation (BPC).

Amid rising concern, the government held an emergency meeting yesterday. Officials discussed whether energy supplies from alternative sources could be secured in time if the disruption in the Gulf continues.

The report said war risk premiums have surged. Insurance costs for vessels operating in the Gulf have risen to 1 percent of ship value, up from 0.2 percent before the strikes. That has added hundreds of thousands of dollars to individual voyages.

Major insurers have begun cancelling war risk coverage for the Persian Gulf. About 150 tankers have dropped anchor, effectively stalling 20 percent of global oil and LNG shipments.

“Bangladesh’s immediate exposure is the higher delivered cost of crude and refined products, amplified by freight and insurance premiums,” the report said, adding that disruption in the Gulf now poses a direct operational risk for the country.

It added that contingency plans are under discussion, including prioritising gas for fertiliser and power generation while raising coal-based output to offset the “Hormuz risk”.

Bangladesh spends roughly $1 billion per year to import more than 60 lakh tonnes of petroleum and relies heavily on the Hormuz route. It sources most petroleum from the Middle East, and more than half of LNG imports in 2025 passed through this chokepoint.

The country meets nearly 30 percent of its gas demand, equivalent to 2,650 mmcfd, through imported LNG as domestic output continues to fall short.

On March 2, Oxford Economics projected that LNG prices could rise 30 percent to an average of about $14 per million British thermal units (MMBtu) between April and June, up from $9 to $10 at present.

Against the backdrop, state-run Rupantarita Prakritik Gas Co Ltd has floated tenders to purchase two LNG cargoes from the spot market for March 15-16 and March 18-19 deliveries, according to people familiar with the matter.

The BRAC EPL report said foreign exchange reserves stood at $30.27 billion in late February 2026, calculated under the IMF manual, providing a stronger buffer than a year earlier. However, it said the first impact of the conflict is likely to appear in the marginal dollar price of trade credit, particularly in letter of credit (LC) margins and forward premiums.

It said imported energy inflation leaves little room for absorption without wider knock-on effects.

“Under the current automatic pricing architecture, energy price changes transmit faster into transport, irrigation and food distribution costs, raising the probability of sticky headline inflation if the war premium persists into the April-May period, potentially forcing a reversal of the planned monetary easing if the war premium is not neutralised by June,” it added.

The report said a shift towards a more accommodative monetary stance is expected under the new governor of the Bangladesh Bank to support growth.

It said policymakers are likely to focus on ensuring dollar liquidity for commercial banks and could reintroduce import curbs on luxury goods, similar to measures taken during the 2022 Russia-Ukraine war, to contain imported inflation.

The Gulf Cooperation Council (GCC) accounts for 51 percent of remittance inflows to Bangladesh, with the United Arab Emirates and Saudi Arabia together contributing about one third of the total, the report noted. Historically, higher oil prices have strengthened fiscal spending and labour demand in the Gulf.

“This acts as a stabilising medium-term force on remittance continuity. Our take is that remittances can cushion US dollar liquidity to some extent but cannot fully neutralise a sustained energy import shock.”

On exports, the report said that higher freight and insurance premiums will increase the landed cost of Bangladeshi goods. Airspace disruption will cut belly cargo capacity and force rerouting. Belly cargo refers to goods transported in the lower deck or “belly hold” of a passenger aircraft.

As of March 4, global insurers had designated the Gulf a “Listed Area”, lifting premiums by 300 to 400 percent, it said.

“Expected longer lead times will require higher inventory buffers and may increase the risk of delivery-linked discounting. The competitiveness challenge, therefore, is whether Bangladesh exporters can preserve on-time delivery economics. Exporters with stronger balance sheets, better forwarder diversification, and resilient buyer relationships should be structurally better positioned,” it concluded.

Taxpayers may soon sigh with relief from the rigours of responding separately to multiple queries from tax and VAT officials as the government's revenue authority is integrating its outmoded auditing system.

A joint audit system for income tax and VAT (value-added tax) payers is set to be launched with a twin-purpose: to remedy taxpayer vacation and curb tax evasion through inter-agency data sharing. Both individual and corporate taxpayers will no longer have to respond to the same queries or submit the same documents twice.

Income-tax and VAT officials will conduct audits simultaneously to obtain a comprehensive picture of a taxpayer's financial position.

"Initially, we will start with 15 cases on a pilot basis to assess its feasibility," says Abdur Rahman Khan, chairman of the National Board of Revenue (NBR), in an interview with The Financial Express.

He mentions that the NBR has already begun selecting taxpayers for the piloting. A joint team comprising VAT and income -tax officials will conduct the audits and submit reports.

"If this model proves successful, the number of joint audits will be increased gradually," he adds.

The initiative -- which comes amid a recast of the revenue system, including bifurcation of the NBR into policy and implementation divisions -- is also expected to pave the way for merging the two separate Large Taxpayers Units (LTUs), which currently handle income tax and VAT matters independently.

Additionally, a data -integration system between the income-tax and customs wings will be introduced, allowing income tax officials to access customs import data for verifying tax returns, Mr Khan further mentions.

Currently, the income -tax and customs wings maintain separate databases, which will be bridged under the new initiative.

President of the Institute of Chartered Accountants of Bangladesh (ICAB) NK Mobin appreciates the move. He hopes it would reduce taxpayers' time and hassle caused by multiple audits from different agencies.

"This will provide comfort to taxpayers who previously had to furnish the same documents before income-tax and VAT officials during separate audits," he explains.

"Corporate taxpayers spend significant time and incur substantial costs in facing several audits by different agencies each year."

Apurba Kanti Das, former income-tax member at the NBR, mentions that the concept Large Taxpayers Unit (LTU) was introduced with a focus on income tax under the Revenue Reforms and Modernisation Project (RIRA), funded by UK's Department for International Development (DFID) in 2003.

Although the LTU initially had separate chambers for VAT officials, the VAT wing later opted to establish its own LTU, he notes.

Former customs member Farid Uddin, who served on the NBR reform advisory committee, says the two wings currently operate under separate laws and should be brought under one administrative structure.

In its reform report, the expert advisory panel recommended merging VAT and income tax into a single department.

"The two wings need to work in an integrated manner to conduct central audits effectively," he opines.

Talking to the FE, several field-level officials, however, have given some different views. They think the process would be difficult to conduct on a large scale as filed offices for income tax and VAT are scattered across the country.

There are numerous tax files with several timelines and natures which would need a rigorous brainstorming to make the model successful.

Adeline Beauty Technology (Bangladesh) Co Ltd, a Chinese company, will invest $22 million to establish a fashion and beauty products manufacturing factory at the Bepza Economic Zone in Mirsharai, Chattogram.

The investment will create employment opportunities for approximately 4,170 Bangladeshi nationals.

The company will manufacture a wide range of fashion, hair and beauty products, including wigs, eyelashes and cosmetic nails, primarily for export to major international markets such as the US, Canada, the UK, Germany, France, Spain, Italy, the UAE, Russia and Mexico, among other destinations.

Md Tanvir Hossain, executive director (investment promotion) of Bangladesh Export Processing Zones Authority (Bepza), and Hang Sun, managing director of Adeline Beauty Technology (Bangladesh) Co Ltd, signed a land lease agreement in this regard at the Bepza Complex in Dhaka yesterday, according to a press release.

Major General Mohammad Moazzem Hossain, executive chairman of Bepza, attended the signing ceremony.

Speaking on the occasion, he reaffirmed the authority’s commitment to providing a secure, compliant and business-friendly environment for investors.

He also encouraged further Chinese investment in diversified and value-added sectors.

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

The Bangladesh Bank has decided to pause regular purchase of dollars from banks to keep the market afloat as it sees risk of exchange rate volatility in case the Middle East war prolongs.

The central bank's monetary policy committee meeting scheduled for Wednesday to review a policy rate reduction was cancelled considering the ongoing situation as it could further put pressure on the exchange rate, said a senior executive of the central bank.

Bangladesh Bank Governor Md Mostaqur Rahman, who had called the meeting as his first priority was to reduce the lending rate, has changed his mind, instructing officials that the policy committee meeting will be held after Eid.

The Bangladesh Bank bought $25 million from two commercial banks on Monday but decided to pause further dollar buying as it backtracked from the buying spree on Tuesday, according to central bank sources.

The central bank is in a comfort zone for now with its foreign exchange reserve position to meet additional demand for dollars amid rising trade costs after the US-Israel strikes on Iran.

But it will be challenging to keep the rate stable in the coming days if the war prolongs, said a senior executive of the central bank.

The country's foreign exchange reserves are still rising, reaching $30.5 billion as per the International Monetary Fund's calculation, while the figure stands at $35.3 billion as per Bangladesh Bank's own calculation.

The reserve amount is enough to cover imports of more than four months, according to the central bank.

Inter-bank dollar transactions remained normal, with a stable rate at Tk122 to Tk123. The exchange rate has not yet been hit by the war on the fourth day of the Iran conflict as the Bangladesh Bank had already paused regular dollar buying from the market as a precaution to keep it afloat.

However, the dollar market seemed slightly stressed as remittance inflow from Middle Eastern countries slowed on the first two days of March as workers could not go to exchange houses amid the alarming situation, said a senior executive of a private commercial bank.

On the other hand, the cash dollar price in the kerb market increased slightly by Tk0.10 to Tk0.20 over the last two days, trading between Tk125.80 and Tk126, according to brokers. However, the price of the Saudi riyal, dirham and other Middle Eastern currencies dropped.

Speaking to The Business Standard, Arif Hossain Khan, executive director and spokesperson of Bangladesh Bank, said, "We are not worried about inflow of remittance but concerned that many workers may lose their job."

He said the central bank buys dollars only when remittance inflows exceed the holding limit of banks.

Remittance inflow still remains high even after the Iran war as the country received $377 million in remittances in the first two days of March, up from $188 million received during the same period last year, central bank data show.

Islami Bank, which is the highest remittance earner, is experiencing a normal flow of remittances even after the Iran war as workers usually send higher amounts home ahead of Eid, said a senior executive of the bank.

"The official exchange rate still remains stable but it depends on energy reserves of the government," said a senior executive of the central bank.

The Bangladesh Bank is closely monitoring exchange rate movements and will sell dollars to keep the rate stable if it sees higher demand, he added.

The central bank bought $5.4 billion from the market since the start of FY26, which contributed to rebuilding reserves.

The financial account balance stood at a surplus of $2 billion at the end of July-December of FY26, compared to $525 million during the same period last year, giving more space to the central bank to spend reserves amid rising costs.

He, however, said the Bangladesh Bank may see a major shock in remittance inflows from Middle Eastern countries if the war prolongs as more than 50% of remittances come from the Gulf.

He said exports have already slowed, and remittances will also slow down if the war affects the job market in the Middle East. In this situation, rising import costs will put pressure on the exchange rate in the near future, slightly increasing the dollar price, he opined.

Speaking to The Business Standard, Syed Mahbubur Rahman, managing director of Mutual Trust Bank, said the exchange rate remained stable due to low import demand.

However, imports have started to rise slowly, and if demand picks up after a reduction in the lending rate, it will put pressure on the dollar market, he added.

Trading activity at the Dhaka Stock Exchange (DSE) shrank sharply yesterday (4 March) as investors largely stayed on the sidelines following Tuesday's record-breaking plunge, although the benchmark index managed to stabilise.

The DSEX edged down just 2 points, or 0.03%, to close at 5,323, trimming the massive 218-point fall recorded a day earlier the steepest single-day drop in six years since the Covid-19 pandemic. The blue-chip DS30 shed 4 points, or 0.23%, to settle at 2,045.

Market breadth remained positive, with 227 issues advancing against 112 declining, while 54 remained unchanged.

However, turnover fell sharply by 34% to Tk582 crore, reflecting subdued participation as investors adopted a cautious stance after recent volatility.

Major index draggers included Grameenphone, BAT Bangladesh, Square Pharma, LafargeHolcim Bangladesh and National Bank, which collectively kept the benchmark under pressure despite gains in smaller stocks.

Market insiders said the bourse appeared to have absorbed the shock from Tuesday's panic-driven selloff, triggered by fears of an energy supply disruption amid escalating tensions in the Middle East.

Analysts noted that the moderation in losses suggested investors were reassessing the situation rather than rushing to exit positions.

A managing director of a brokerage firm told The Business Standard that investor confidence improved after the government decided to procure fuel from the spot market to avert a potential energy crisis.

The move helped calm fears of immediate supply shortages and power disruptions, which had intensified in the previous session.

Yesterday's trading reflected a pause in panic selling, with many investors staying on the sidelines while some bargain hunters picked up low-priced stocks that had fallen sharply regardless of fundamentals.

As a result, several loss-making firms dominated the gainers' list.

Top gainers included Fareast Finance, FAS Finance, Peoples Leasing and Pacific Denims, each rising 10%, while Saif Powertec gained 9.67%.

On the losing side, GSP Finance fell 9.67%, Union Capital dropped 8.82%, Sonargaon Textile declined 8.05%, while Grameenphone and BIFC also posted notable losses.

The cautious sentiment extended to the port city bourse. At the Chittagong Stock Exchange PLC, the CSCX fell 52 points to 9,175 and the CASPI tumbled 68 points to 15,017.

Turnover there plunged 62% to Tk8.86 crore, reflecting a sharp contraction in trading activity.

Dacca Dyeing and Manufacturing Company Ltd is facing a deepening financial crisis that has cast serious doubt over its ability to continue as a going concern, according to its latest audited financial statements.

In the audit report for the financial year 2024–25, the company's auditor flagged significant uncertainties surrounding its future operations, citing accumulated losses, mounting debt obligations and substantial underutilisation of production capacity.

The audit observations show that the company has incurred heavy retained losses, eroding its capital base. A sizeable portion of both long-term and short-term loans has either matured or is due for repayment, intensifying liquidity pressure.

At the same time, a large share of its installed production capacity remains idle, reflecting weak operational performance and limited business activity.

Considering these conditions, the auditor expressed concern about the company's ability to continue its business operations in the foreseeable future.

Listed on the Dhaka Stock Exchange PLC in 2009, the company has a paid-up capital of Tk87.15 crore.

Its shareholding structure shows that sponsors and directors hold 30.10%, institutional investors 17.25%, foreign investors 0.08%, while the remaining 52.57% is held by general shareholders.

Today (4 March), the company's shares closed 0.56% lower at Tk17.90.

The textile manufacturer has been incurring losses and has not declared any dividend since the 2022–23 financial year, leading to its downgrade to the Z category on the stock exchange.

Companies placed in the Z category typically fail to pay dividends or hold annual general meetings on time, signalling elevated risk for investors.

The financial strain has intensified further in the current fiscal year. In the first half of FY26, the company reported a loss of Tk372.20 crore, marking a sharp deterioration in its financial health.

During the July–December period of FY26, turnover fell 41% year-on-year to Tk8 crore, underscoring a severe contraction in business activity. In the corresponding period a year earlier, the company had reported a loss of Tk18.20 crore.

Loss per share surged to Tk42.71 during the period, reflecting the scale of the downturn.

Founded in 1963, the company is currently operated under the QC Group. Its board includes Gias Uddin Quader Chowdhury, Samir Quader Chowdhury, Samiha Quader Chowdhury and Sajia Quader Chowdhdhury, who are relatives of former BNP leader Salahuddin Quader Chowdhury, executed in 2015 for crimes against humanity committed during the 1971 Liberation War.

Song Yang, commercial counsellor of the Embassy of the People's Republic of China in Bangladesh, has underscored a significant surge in investment commitments to Bangladesh.

"Since August 2024, more than 30 Chinese enterprises have signed investment agreements with Bangladeshi partners, with intended investments totalling nearly $1 billion," he said at an Iftar programme held at a hotel in Dhaka today (4 March), organised by the Bangladesh China Chamber of Commerce and Industry (BCCCI).

Leaders of the Chinese Enterprises Association in Bangladesh (CEAB) also expressed optimism about further investments in the coming days.

Han Kun, President of CEAB, reaffirmed the commitment of Chinese enterprises to supporting Bangladesh's development through investment, industrial cooperation, and participation in development projects.

In his welcome remarks, BCCCI President Khorshed Alam stressed the importance of expanding bilateral trade and investment. He noted that China has granted 100% duty-free access to Bangladeshi products and encouraged exporters to take advantage of this opportunity by promoting products such as fruits, vegetables, shrimp, agricultural goods, and leather items.

Among others present at the programme were Md Golam Rasul, chief of the Special Branch (SB) of Police; Mahbubur Rahman, president of the International Chamber of Commerce (ICC), Bangladesh; and Nargis Morsheda, former administrator of BCCCI and joint secretary at the Ministry of Commerce.

The event brought together diplomats, senior government officials, leaders of trade bodies, presidents of bilateral chambers, directors and members of BCCCI, and representatives from the media.

Northern Jute Manufacturing Company, a company listed on the stock exchanges, has said there is no undisclosed price-sensitive information behind the recent surge in its share price.

In response to a query from the Dhaka Stock Exchange (DSE) on 2 March over the unusual price hike, the company made the statement through a disclosure published on the exchanges yesterday (4 March).

DSE data show that in just six trading sessions up to 2 March, the company's share price jumped around 52% to Tk139.20 from Tk91.50 on 22 February. Yesterday, the shares closed at Tk131.80, up 4.27% from the previous session.

In the 2019–20 fiscal year, the company reported a profit of Tk2.43 crore. Since then, it has not disclosed any financial statements.

The company has been out of production for several years. A DSE inspection team found in 2024 that the factory premises were completely closed.

Officials at the Bangladesh Small and Cottage Industries Corporation (BSCIC) industrial estate in Kushtia, where the factory is located, said the plant had been shut eve before the Covid-19 pandemic as the board of directors went into hiding. It operated partially during the pandemic before eventually closing down entirely.

Listed in 1994, the company has a paid-up capital of Tk21.14 crore. Of the total shares, public shareholders hold 84.9%, while sponsor-directors hold 15.09%.

According to its website, Northern Jute set up a modern jute yarn and twine manufacturing plant with 2,433 spindles on 5.5 acres of land at the BSCIC Industrial Estate in Kushtia. The company has two units for producing heavy- and light-count yarn and previously exported its products to several countries, including Turkey, Japan, Hong Kong, Poland, Russia, Bulgaria, India, China, and Australia.

Qatar on Monday suspended its Liquefied Natural Gas (LNG) production following attacks on key operating facilities by Iran.

This suspension means Bangladesh, which has a long-term agreement with Qatar to supply LNG, will not get its much-needed fuel in this lean season. As a result the country will face heavy load shedding, since a significant portion of its gas-based power generation will not have adequate supply.

Bangladesh is heavily dependent on imported fuels to meet its energy needs. It imports various fuel oil, coal, LNG, and liquefied petroleum gas (LPG) worth around $5 billion annually because domestic gas and coal resources are very limited.

Lost opportunity

Bangladesh could have fared differently and better had the Yunus-led government not cancelled 31 renewable power projects totalling 3,300 megawatt capacity, mostly solar, with around 300MW wind and a small 25MW waste-to-energy project.

By now, around one third of these projects could have been generating electricity, reducing the impact of load shedding caused by impending LNG supply shortfall.

However, they were cancelled in September 2024, just one month after Muhammad Yunus assumed office. The government argued that these projects, signed under the Awami League through the controversial Quick Energy Supply (Special Provision) Act 2010, had not been awarded through competitive bidding.

The power tariffs under these projects ranged between 9.7 cents and 10.6 cents per kilowatt hour. The Transparency International Bangladesh (TIB) and the investors criticised the cancellation, and the government's decision was challenged at the High Court. The court ruled that the projects had been signed in good faith and could therefore be condoned with a review option.

With Letters of Intent (LoIs), the power companies had already purchased or were in the process of purchasing lands for their projects. Land acquisition is the most difficult part for any such ventures.

Costly mistake

When companies were expecting final agreements, the then-energy adviser Fouzul Kabir Khan pushed for the cancellation of all LoIs. The government subsequently floated fresh tenders for renewable projects totalling more than 5,000MW.

Although these tenders drew bids with lower tariffs at between 7 and 8 cents, the participation was weak, and the government secured deals for only about 900MW. If these bidders prove competent, their project may come online in 2028 or later but not before.

Cancelling the 31 deals was a costly mistake. Bangladesh remains far behind its renewable energy targets. The more energy it imports, the more vulnerable it becomes to global market volatility, geopolitical conflict, and foreign currency depletion. Building renewable capacity is essential for long-term energy security.

Renegotiation was better

Instead of outright cancellation, the Yunus government could have renegotiated the bids for these 31 projects.

Dozens of bidders told TBS in 2024 that the tariff offered by these solar projects ranges between 9.7 cents and 10.6 cents per kilowatt hour. These offers were made more than a year ago during which time solar modules price dropped by 20%. Since solar modules account for 35% of the project costs, the government could have renegotiated tariffs down by at least 1 cent and up to 1.5 cents bringing them into the 8-9 cents range.

The Yunus government also significantly reduced import duties on solar panels to 1% for the 2025-26 fiscal year to promote renewable energy. Additionally, a 10-year tax holiday (100% for 5 years, then 50% for 3, 25% for 2) is available for eligible renewable energy projects, with proposals to exempt VAT and stamp duty.

This prompted some of the cancelled bidders to offer even more cuts in their tariffs. But the government did not respond, a couple of bidders said.

Solar module prices decline almost every year globally. This was confirmed when the bids in 2025 under the Yunus government came in at 7-8 cents.

These 31 cancelled projects could have replaced $820 million worth of fossil fuel imports while providing direct jobs to 10,000 people.

Bangladesh had set a target of generating 15% of its electricity from renewable resources by 2030 and 40% by 2040. Yet, current achievements hover around just 3%.

Cancelling projects is easy because it requires doing nothing. But prudently executing them demands foresight, effort, and the intellectual capacity to secure the nation's future.

The Bangladesh Securities and Exchange Commission (BSEC) on Tuesday approved the prospectus of ‘LankaBangla Fixed Income Fund,’ an open-ended mutual fund, during its 1001st commission meeting held at the BSEC headquarters in the capital.Bangladesh economic trends

The regulatory decision was reached today during the 1001st commission meeting conducted at the BSEC meeting room, said a press release.

BSEC Chairman Khondoker Rashed Maqsood presided over the session.

The ‘LankaBangla Fixed Income Fund’ is established as an open-ended mutual fund with an initial primary target of Taka 25 crore.

The LankaBangla Fund has a capital structure comprising a Taka 2.5 crore contribution from the sponsor and a Taka 22.5 crore public offering, with each unit priced at a face value of Taka 10.

According to a BSEC press release, the commission has formally approved both the draft prospectus and the abridged version of the prospectus for the fund. The approval of the abridged version serves as the regulatory clearance required for the asset manager to proceed with public notifications and the formal investor subscription process.

Dhaka stocks tumbled in the first half today amid rising fears over the impact of the conflict in the Middle East after Iran warned of attacks on ships sailing through the Strait of Hormuz, one of the world’s most critical maritime trade routes.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), plunged 131 points, or 2.37 percent, to 5,402 in the initial trading hours.

The decline came after a day of recovery in share prices. The premier bourse dipped amid concerns after the conflict began. Yesterday, the index rose 77 points.

The DS30, the blue-chip index, fell 59 points, or 2.89 percent, to 2,073.

The DSES, the Shariah-based companies’ index, also slumped in early trade.

Stock market analysts said investors were panicked as the Iran war was intensifying, which could impact Bangladesh’s economy, which is highly dependent on oil and gas from Middle Eastern countries.

Yesterday, Danish shipping giant Maersk suspended all new cargo bookings between the Indian subcontinent, including Bangladesh, and the Gulf region amid the evolving situation in the Middle East.

Earlier, Mediterranean Shipping Company (MSC), in a customer advisory issued on March 1, declared a booking suspension for worldwide cargo to the Middle East.

Several other global shipping lines also announced the suspension of Middle East cargo bookings.

At the DSE, turnover — an important indicator of the market — stood at Tk 456 crore as of 11:53 am.

Among the traded stocks, 40 advanced, 326 declined, and 22 remained unchanged.

Banglalink is participating in Mobile World Congress (MWC) Barcelona 2026, held from 2–5 March 2026 in Barcelona, Spain, to engage with global industry leaders and explore the next phase of AI-led digital transformation.

Banglalink is a VEON company. VEON is a Nasdaq-listed, UAE-headquartered digital operator serving customers across five markets, including Bangladesh.

Hosted by the GSMA, MWC Barcelona 2026 is being held under the umbrella theme "The IQ Era", focusing on how artificial intelligence is reshaping networks, digital platforms and new services.

Banglalink said its officials, alongside VEON representatives, are holding bilateral meetings with global technology partners and development institutions, including the World Bank and the International Finance Corporation, to explore collaboration on digital infrastructure, financial inclusion and AI-driven innovation.

At the event, VEON Group CEO Kaan Terzioğlu delivered a keynote titled "Transforming Tomorrow's Connected World", highlighting VEON's DO1440 strategy and the need to embed digital services into daily life alongside connectivity.

Johan Buse, chief executive officer of Banglalink, said the AI era is a pivotal moment for Bangladesh's digital journey, with telecom operators evolving beyond connectivity to expand economic participation, and digital and financial inclusion.

Banglalink said it has integrated AI and machine learning into network planning and optimisation, introduced AI-enabled customer support tools, and expanded digital financial and lifestyle platforms as part of its evolution into an integrated digital services provider.

Banglalink said it has invested more than $2.5 billion in Bangladesh over the past two decades, contributed over $4 billion to the national exchequer, supported about 10,000 direct and indirect jobs, and serves more than 38 million subscribers.

An extended conflict in the Middle East after the US and Israel launched strikes on Iran could trigger global stagflation -- a troublesome blend of high inflation and anaemic growth -- due to spiking oil and gas prices, economists warned.

WILL THERE BE AN OIL SHOCK?

The conflict has nearly halted traffic through the Strait of Hormuz, through which around 20 percent of global seaborne oil passes, with several ships attacked.

Global oil prices shot higher on Monday, with the Brent crude international reference oil contract up nearly nine percent at $79.30 per barrel at 1410 GMT.

It briefly surpassed $80 per barrel earlier in the day, and was up considerably from the $61 per barrel at the start of the year.

Economist Sylvain Bersinger said the war risks “creating a third oil shock after those in 1973 and 1979 and the 2022 gas shock”.

Europe’s benchmark gas price shot more than 50 percent higher on Monday.

He said the price of oil could rise to $110 per barrel, but added that was no longer exceptional as oil prices had risen over $140 in 2008 and were above $100 in the 2010s.

Adam Hetts at asset manager Janus Henderson said that while oil prices would certainly rise, the increase should remain “at reasonable levels”.

WHAT IMPACT ON GLOBAL TRADE?

The conflict could act as a shock to trade “at the worst possible moment”, said economists at ING bank.

The global trading system is already under stress from US President Donald Trump’s tariff offensive as well as the fragmentation of supply chains since Covid and the war in Ukraine.

Moreover the closure of the Gulf airspace is disrupting aviation between European and Asia, they noted.

For Ruben Nizard, head of political risk research at Coface, a trade credit insurance company, this crisis could also “throw another wrench into the works by driving up maritime freight costs” and pushing up inflation.

“At the global level, this would open the door to an economic scenario of stagflation,” he added, referring to a situation with high inflation and weak or non-existent growth.

WHAT IMPACT ON THE GLOBAL ECONOMY?

According to economists at Natixis bank, a prolonged disruption of traffic in the Strait of Hormuz “would have major implications for markets, but also for inflation dynamics and overall economic stability”.

They added that “China would be particularly affected by this war.”

Cyrille Poirier-Coutansais, director of the research department at the French Navy’s Centre for Strategic Studies, agreed that China is particularly dependent upon oil shipped through the Strait of Hormuz.

“The question is whether there will be enough fuel to keep the world’s factory running,” he told AFP.

For the economist Sylvain Bersinger the impact on Europe will likely be less than the 2022 gas shock, which would help France in particular to avoid a recession.

In a sign of declining investor confidence, the interest rate on European sovereign bonds climbed on Monday.

The yield on 10-year German government bonds, the benchmark in the eurozone, stood at 2.70 percent in afternoon trading, compared with 2.64 percent on Friday.

WHAT RISKS IN A LONG WAR?

The intensity and duration of the conflict will be key in determining its impact.

“In a prolonged conflict, the combination of higher energy costs, disrupted logistics, and a generalised confidence shock would constitute a meaningful drag on global trade volumes at precisely the moment the world economy was still digesting the inflationary and growth consequences of the tariff shock,” said economists at ING bank.

Coface’s Nizard said they estimated that “an increase of roughly 15 dollars in the price of Brent over a prolonged period could shave about 0.2 percentage points off global growth and add almost half a point to inflation.”

These are “not insignificant” effects in a context of “fairly fragile global economic growth”, he added.

The Bangladesh Bank (BB) has allowed banks to provide special term loans to export-oriented industries to help them pay workers’ wages for February this year.

In a circular today, the central bank said that global and domestic economic headwinds, coupled with declining exports, delays in opening letters of credit and liquidity stress, have disrupted production in many export-oriented industrial establishments.

As a result, some firms are facing difficulties in paying workers' salaries and allowances on time, it added.

To ensure uninterrupted production and sustain export capacity, banks have been instructed to extend term loans, outside existing working capital limits, to solvent units for disbursing February salaries.

The loan amount cannot exceed the average wage and allowance payments of the preceding three months of the respective firm.

Only industries that export at least 80 percent of their total production will be considered export-oriented. In addition, eligible applicants must have paid workers’ wages for the period from November 2025 to January 2026, the BB directive reads.

The status of being “export-oriented” and “operational” must be certified by the relevant trade bodies, such as the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and the Bangladesh Knitwear Manufacturers and Exporters Association.

Banks will directly disburse the payments into workers’ bank accounts, including through mobile financial services.

The facility will carry market-based interest rates. The loans must be repaid within a maximum of one year, including a three-month grace period. Repayment can be made on a monthly or quarterly instalment basis.

The central bank also barred banks from charging any additional fees, commissions or penalties beyond the regular interest on the loans.

The directive has been issued under Section 45 of the Bank Company Act, 1991.

BGMEA last week appealed to the governor to provide a loan equivalent to two months’ wages on easy terms as short-term support to ensure payment of salaries, allowances and bonuses.

Ahead of Eid-ul-Fitr, the government has released Tk2,500 crore under the Cash Incentive (CI) and Special Cash Incentive (SCI) schemes to meet the demand for foreign exchange in the export sector.

The funds were disbursed in two phases by the Ministry of Finance.

A senior ministry official told The Business Standard that exporters had requested the release of cash incentive funds, prompting the release of the third installment for the current fiscal year 2025-26.

On 19 February, Tk1,500 crore was released in the first phase, followed by another Tk1,000 crore yesterday.

Commercial banks will now claim the sector-wise cash incentive funds from the Bangladesh Bank, which will disburse the money according to the banks' requests.

Exporters will receive their due incentives through these commercial banks.

The government provides cash incentives for exports across 43 sectors, including domestic textiles, frozen shrimp and other fish, and leather products.

A 1% special cash incentive is also offered for ready-made garment (RMG) exports.

Incentive rates range from 0.30% to 10%, with the largest beneficiaries being the RMG and textile sectors.

Following the announcement, the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) expressed gratitude to the government for the timely release of funds ahead of Eid.

In a press release dated 3 March, BGMEA Acting Secretary Major Saiful Islam stated that BGMEA President Mahmud Hasan Khan thanked the government's top leadership, the finance minister, the commerce minister, and the central bank governor.

The National Board of Revenue (NBR) has sought budget proposals from business organisations across the country as it begins preparations for the 2026-27 fiscal year budget.

In a notification issued yesterday, the revenue board said that work on the upcoming budget has already commenced.

In line with its practice in recent years, the tax authority aims to formulate a participatory, people-oriented, and equitable budget by incorporating suggestions from taxpayers at different levels, chambers of commerce, trade associations, professional bodies, research institutions, and members of the intelligentsia.

Business chambers and associations have been requested to submit their written proposals to the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) by March 15.

A soft copy of the proposals should also be sent to the NBR via email at nbrbudget2026@gmail.com.

The NBR said the initiative is intended to make revenue mobilisation more meaningful, analytical, and representative, adding that all interested stakeholders are encouraged to participate in the process.