United News of Bangladesh

Bangladesh Association of Banks (BAB) has strongly demanded the swift identification and legal recovery of embezzled and looted funds from the banking sector to protect the interests of ordinary depositors. Welcoming the proposed national budget for fiscal year 2026-27, the apex body of private commercial bank owners, stated that merely recapitalising weak banks will not make the financial sector sustainable in the long run unless past irregularities and financial plundering are effectively resolved. Steps underway to resolve Islami Bank crisis, emergency liquidity support to be provided: Governor Abdul Hai Sarker, Chairman of BAB issued a post-budget statement following the presentation of the national budget in parliament. The government has allocated approximately Tk 40,000 crore for weak banks, which it termed a crucial step toward restoring stability in the banking sector. However, the association emphasised that to reap the actual benefits of this recapitalisation, the immediate recovery of looted assets must be ensured simultaneously. Strengthening banks with public money can only be successful when those who abused these funds are held strictly accountable, BAB added. The organisation further stressed that visible and punitive actions against those responsible are imperative to rebuild depositors' trust. "Legal action must be taken against willful defaulters and those who have crippled the banking system. Under no circumstances should they be allowed back into the financial sector," the statement reads, adding that such steps would not only restore financial discipline but also deter future irregularities. As part of comprehensive banking sector reforms, BAB highlighted the necessity of forming an effective Asset Management Company (AMC). Such an institution could play a pivotal role in reducing non-performing loans (NPLs) of weak banks and strengthening their balance sheets, it said. BAB also called for clear and transparent policy formulation regarding the management and disposal of shares and assets acquired through illicit financial irregularities. Warning of potential long-term risks, the association cautioned that if the recovery process is not executed effectively, bailouts using state funds will only offer temporary relief without yielding the desired structural results. It urged the government to implement a tripartite approach focusing equally on "Reform, Recovery, and Accountability" alongside the recapitalisation process.

Bangladesh Bank (BB) has provided an emergency liquidity support of Tk 2,500 crore for Islami Bank Bangladesh PLC to help the Shariah-based lender mitigate its severe cash crunch and resume suspended clearing operations. The central bank approved the liquidity support on Sunday, allocating the special fund directly into Islami Bank’s current account maintained with the BB, according to sources in both institutions. Following the financial injection, the bank's halted cheque clearing system has resumed. According to a top executive at Islami Bank, the bank has been facing an exceptional spike in cash demand. "Deposits are almost non-existent at the moment, while everyone is rushing to withdraw their funds," the official said on condition of anonymity. The liquidity strain escalated further following recent leadership shifts and administrative disputes. Before Eid-ul-Azha holidays on May 24, bank's then-chairman M Zubaidur Rahman resigned. Later that evening, former Bangladesh Bank Deputy Governor Md Khurshid Alam was appointed as an independent director and new chairman of the bank. Currently, five independent directors on Islami Bank's board, including the chairman, are central bank appointees. Following these changes, protests broke out under the banner of the "Islami Bank Sachetan Grahak Forum", pressing a seven-point demand that includes the removal of the new chairman. The unfolding situation at Islami Bank also triggered heated debates between treasury and opposition benches in Parliament. Amid growing public discourse, panic withdrawals intensified among clients, prompting Islami Bank to formally seek Tk 10,000 crore in emergency financial assistance from the central bank. Sunday's Tk 2,500 crore fund injection marks the first major deployment to stabilise the institution.

The Institute of Chartered Accountants of Bangladesh (ICAB) on Saturday expressed concern that the large bank borrowing targeted to meet the budget deficit for FY2026-27 could limit loan availability for the private sector and hinder private investment. "The deficit financing has been set at Tk 2.43 lakh crore, out of which Tk 1.12 lakh crore will be sourced from the banking system. This may restrict the availability of credit for the private sector and obstruct private investment," said the ICAB President NKA Min FCA. ICAB welcomes FY27 budget as business-friendly, flags crowding-out risk The premier accounting body shared its formal reflections on the proposed national budget during a press conference held at the Council Hall of ICAB Bhaban in the capital on Saturday. Welcoming the proposed Tk 9.38 lakh crore national budget placed by Finance Minister Amir Khosru Mahmud Chowdhury under the leadership of Prime Minister Taeque Rahman, ICAB noted that the budget reflects the government’s commitment to economic stability, revenue growth, job creation, and private sector development. ICAB praised the government's decision to undertake the challenge of implementing a Tk 3.16 lakh crore Annual Development Programme (ADP) despite global economic uncertainties, geopolitical tensions, and inflationary pressures. The institute highly appreciated the reflection of several ICAB recommendations in the proposed Finance Bill, noting that these changes will enhance business ease and improve the investment climate. Key positive direct and indirect tax measures highlighted by ICAB include: Abolition of Minimum Tax: The removal of the "minimum tax" provision to lower the effective tax rate for entities and the introduction of new provisions for advance income tax adjustment. Five-Year Tax Certainty: Setting the tax rates for the next five years, which will facilitate long-term investment planning. Startup Incentives: Exempting registered startups from the purviews of Sections 55 and 56 during their growth years alongside a 0% turnover tax. Content Creators Exempted: Inclusion of content creators and freelancers in the VAT exemption list to boost the digital economy. Reduced Appeal Deposits: The reduction of financial deposit requirements before filing appeals in Tribunals and High Courts across Income Tax, VAT, and Customs laws. Despite the positive steps, ICAB urged the government to review certain provisions that could trigger inflation or create practical hurdles for small businesses. The accounting body warned that the mandatory collection of 0.2% advance tax from retailers by manufacturers, importers, and suppliers could drive up inflation. It also pointed out that making the Business Identification Number (BIN) mandatory for trade license renewal and opening MFS merchant accounts might create operational difficulties for emerging micro-enterprises. Furthermore, ICAB termed the requirement of depositing 2% of duty, tax, and penalty for filing an appeal before the High Court Division as "not business-friendly" and urged a revision. Emphasizing transparency, ICAB stressed the need for a fully integrated digital tax system to minimize direct human interaction, thereby reducing harassment. The institute also called for strict monitoring and auditing of public expenditures, including the ADP and revenue spending, to maintain financial discipline and ensure public accountability. The press conference was moderated by MBM Lutful Hadi FCA, ICAB Council Member and Chairman of the Taxation and Corporate Laws Committee, while ICAB Vice President Md. Moniruzzaman FCA delivered the closing remarks. Earlier, Mostafa Kamal FCA, Acting Chief Executive Officer of ICAB, extended the welcome address, and Sarkar Nahidul Islam FCA, Director of Rahman Rahman Haq Chartered Accountants, presented the key highlights of the proposed national budget. The briefing was also attended by ICAB Vice President Md. Johurul Islam FCA, Council Members Mohammad Mahbubur Rahman FCA, Mohammed Redwanur Rahman FCA, Md. Yasin Miah FCA, Ziaur Rahman Zia FCA, Muhammad Emran Hossain FCA, and Mohammad Moin Uddin Riad FCA. Former ICAB President Md. Shahadat Hossain FCA and ICAB Fellow Member Snehasish Barua FCA, among others, were also present.

The Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI) has welcomed Bangladesh's largest-ever national budget for FY 2026–27 as a bold initiative to rebuild the economy, while flagging serious concerns over the achievability of an ambitious revenue collection target and the risk of taxpayer harassment without meaningful structural reforms. In a press statement issued on Saturday, MCCI President Kamran T. Rahman congratulated Finance and Planning Minister Amir Khosru Mahmud Chowdhury for presenting the 55th national budget, the first of the newly elected government, amounting to Tk 938,000 crore, equivalent to 13.73 percent of GDP. The chamber described the Tk 695,000 crore revenue collection target,18.20 percent higher than the revised target of the outgoing fiscal year as ambitious and expressed doubt over its feasibility. Of the total, Tk 604,000 crore has been assigned to the National Board of Revenue (NBR), representing a 20.08 percent increase over the revised target. MCCI noted that the NBR collected only Tk 326,928 crore, about 65 percent of its revised target through April of the current fiscal year, while ADP implementation stood at just 41.41 percent during the July–April period. “Without structural reforms, efforts to meet this target may lead to increased pressure and harassment of taxpayers,” the chamber warned, adding that additional taxation could raise prices of essential commodities and burden ordinary citizens. MCCI expressed concern over a sharp decline in total investment, which fell to 27.93 percent of GDP in FY 2025–26, the lowest in a decade. Private investment accounted for only 21.53 percent, with public investment at 6.40 percent. The chamber said the investment slump was eroding employment opportunities and heightening poverty risks. The chamber welcomed a Tk 144,338 crore allocation for social safety net programmes, up Tk 17,607 crore or 13.89 percent from the previous fiscal year, including dedicated funds for the Family Card Programme (Tk 14,500 crore), Farmer Card Programme (Tk 1,062.50 crore), and religious allowances (Tk 1,081 crore). MCCI also praised plans to raise education spending from 1.39 percent to 2.0 percent of GDP and health expenditure from 0.58 percent to 1.01 percent, calling them reflective of long-term commitment to human capital development. Among the welcome measures, MCCI commended proposed reforms to Tax Deducted at Source (TDS), reduced mandatory deposit requirements for tax appeals at tribunal and high court levels, quarterly VAT return filing, paperless VAT administration, and inclusion of labour within the VAT input definition. However, the chamber raised concerns over the abolition of the 5 percent minimum income tax slab in favour of a 10 percent rate, reduction of individual investment tax rebates from 15 percent to 10 percent, and the proposed increase in the highest tax rate from 30 percent to 35 percent from tax year 2028–29. It also flagged the absence of any proposal to rationalise or reduce the Minimum Turnover Tax on companies. MCCI warned that a proposed data connectivity and information-sharing framework could pose serious threats to data privacy without adequate legal and technological safeguards. Welcoming the Tk 60,000 crore “Stimulus Package 2026,” the BanglaBiz one-stop digital service platform, and expanded FTA, PTA and EPA trade agreements, MCCI said these would play an important role in attracting foreign investment and generating employment. The chamber called for quarterly reviews of budget implementation given prevailing global economic uncertainties, and reaffirmed its commitment to partnering with the government to foster a business-friendly environment. “The success of this mega budget will depend on institutional good governance, a harassment-free tax administration, and maintenance of macroeconomic stability,” the statement concluded.

Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) on Saturday welcomed the proposed national budget for fiscal year 2026-27, describing it as pragmatic and implementable, while flagging revenue mobilisation and efficient execution as the two most critical challenges ahead. In a written reaction to the Tk 9,38,000 crore budget, the country's largest ever and 18.7 per cent higher than the outgoing fiscal year, the apex trade body extended its congratulations to the Prime Minister and Finance Minister, noting that the budget gives priority to economic stability, investment, employment, production and social justice. “The size of the budget is large but implementation is not impossible, what is needed is foresight, efficiency and transparency,” FBCCI said in its statement on Saturday. FBCCI expressed optimism over the government's adoption of the "3R" framework: Recovery and Stabilisation, Restoration and Reconstruction, as the guiding economic strategy, saying it would help restore macroeconomic stability, boost investment and foster inclusive and sustainable growth. The body also supported GDP growth and inflation targets set at 6.5 per cent and 7.5 per cent respectively, expressing hope that disciplined fiscal management would help ordinary citizens regain purchasing power. FBCCI acknowledged that the total revenue target of Tk 6,95,000 crore, equivalent to 10.2 per cent of GDP, with the National Board of Revenue (NBR) assigned Tk 6,04,000 crore, represents a formidable challenge given current domestic and global economic conditions. The federation urged structural reforms at NBR and a revenue management system conducive to growth, trade and investment to meet the target. On the budget deficit of Tk 2,43,000 crore, 3.6 per cent of GDP, FBCCI cautioned the government to exercise restraint in borrowing from the banking sector, as it crowds out private sector credit and adversely affects investment and employment. It recommended greater reliance on concessional external financing at reasonable interest rates. The total interest payment burden, Tk 1,05,000 crore in domestic interest and Tk 22,500 crore in foreign debt servicing was described as a significant fiscal pressure. In a wide-ranging set of recommendations, FBCCI called on the government to focus on: Activation of investment-friendly economic zones; export diversification and new market exploration; human resource development in IT and electronics; reduction of administrative red tape and cost of doing business. Besides, strengthening of the capital market and expansion of the bond market; improved accountability in ADP implementation; interest rate reduction and banking sector reform; uninterrupted power and energy supply; logistics and supply chain efficiency; and development of legal frameworks for free trade zones were among the recommendations. FBCCI welcomed several budget provisions it said reflected its own prior proposals, including: mandatory online VAT return filing, quarterly VAT submission, online income tax return and refund systems, online single-window services, and an expanded plug-and-play industrial facility. The body also praised the raising of the tax-free income ceiling from Tk 3,50,000 to Tk 3,75,000 with provisions for gradual future increases, though it urged the government to maintain the 5 per cent tax slab and reduce the top tax rate from 35 per cent to 25 per cent. Welcoming the five-year lock-in on corporate tax rates, FBCCI also sought a 2.5 per cent reduction for listed companies to enhance competitiveness, and proposed lowering the minimum turnover tax on sales from 1 per cent to 0.5 per cent given the current slowdown. Among specific measures appreciated, FBCCI highlighted: the reduction of advance income tax on industrial raw material imports from 5 per cent to 4 per cent; reduction of source taxes on basic agricultural commodities including rice, wheat, potato, onion, garlic, ginger, salt, sugar and edible oil to 0.5 per cent; complete withdrawal of the 5 per cent regulatory duty on import of dates and all cooking spices; and reduced withholding tax on foreign loan interest for industrial investment from 20 per cent to 10 per cent. The federation also welcomed the full import duty waiver, along with VAT and supplementary duty on laptops, desktop computers, servers, printers and monitors, calling it a major push for IT sector development. On social protection, FBCCI commended free train travel for senior citizens above 65 years of age, a 25 per cent metro rail discount, and expansion in the number and coverage of social safety net beneficiaries. FBCCI welcomed the government's Tk 60,000 crore “Stimulus Package 2026” for easing credit flow to the private sector, along with a Tk 2,000 crore allocation for SME development through IDCOL, BIFFL and the SME Foundation. An additional Tk 500 crore allocation for women and youth entrepreneurship was termed a positive step. Tax and VAT exemptions for startup companies — including zero turnover tax, and full VAT exemption on local purchases and premises rental for startups were also praised. The proposed 20 per cent renewable energy target by 2030 and zero-import-duty on solar energy equipment until 2035 received FBCCI's support as part of a push for a sustainable energy framework. On the gold and jewellery sector, FBCCI praised the reduction of source tax on gold imports from 5 per cent to 0.5 per cent under the new bonded warehouse regulations, and supported the proposed replacement of 5 per cent VAT on jewellery services with a fixed charge of Tk 2,500 per unit. FBCCI said it is currently reviewing the Finance Bill and related income tax, VAT and customs notifications in consultation with its member organisations, and will submit a comprehensive set of post-budget recommendations to the government after the review is complete.

Gold prices in Bangladesh rebounded on Saturday after four consecutive reductions, with the Bangladesh Jewellers Association (BAJUS) raising the price of 22-carat gold by Tk 6,590 per bhori. Under the revised rates, the price of 22-carat gold has been set at Tk 224,940 per bhori (11.664 grams), effective from 10am on Saturday, according to a BAJUS statement. The association said the new prices were fixed in view of the increase in the price of pure gold (tejabi gold) in the local market and the overall market situation. The price of 21-carat gold has been set at Tk 214,734 per bhori, while 18-carat gold will cost Tk 184,058 per bhori. Gold produced under the traditional method has been priced at Tk 149,882 per bhori. BAJUS last adjusted gold prices on June 11, when it reduced the price of 22-carat gold by Tk 4,432 per bhori, setting it at Tk 218,350. So far in 2026, gold prices have been revised 74 times in the domestic market. Of these, prices were increased on 38 occasions and reduced 36 times. Alongside gold, BAJUS also increased silver prices. The price of 22-carat silver has been raised by Tk 291 per bhori to Tk 5,132, while 21-carat silver has been priced at Tk 4,899 per bhori. The price of 18-carat silver has been fixed at Tk 4,199 per bhori, and silver produced under the traditional method at Tk 3,149 per bhori. Silver prices have been adjusted 45 times so far this year, with increases recorded on 23 occasions and decreases on 22 occasions.

Bangladesh Bank Governor Md. Mostaqur Rahman has assured depositors of Islami Bank Bangladesh PLC that the central bank is taking immediate measures to resolve the bank's liquidity challenges, including providing emergency liquidity support. "Depositors will not face any inconvenience. They will be able to withdraw their money at any time," the Governor said while responding to questions from journalists regarding the banking sector at a post-budget press conference for FY2026-27 held at the Osmani Memorial Auditorium in Dhaka on Friday. BB appoints observer to Islami Bank to restore discipline, protect depositors He stated that the central bank has a number of regulatory tools at its disposal to manage the situation, and some of these collective measures will be implemented within the coming days. The Governor's remarks come at a time of heightened concern over mounting liquidity pressures at the country's largest Shariah-based commercial bank, which has sparked growing anxiety among depositors regarding regular access to their funds. Governor Rahman explicitly confirmed that any necessary emergency liquidity support required to stabilize Islami Bank will be fully provided by the central bank to safeguard public deposits and maintain overall financial sector stability.

Finance Minister Amir Khosru Mahmud Chowdhury has said the government expects inflationary pressures to ease gradually through structural reforms aimed at reducing the cost of doing business, improving efficiency and strengthening supply chains. “Inflation in Bangladesh is not a short-term phenomenon but the result of several years of accumulated pressures, compounded by global conflicts, rising import costs and weaknesses in the banking sector,” he said today (Friday), while addressing a post-budget press conference at the Osmani Memorial Auditorium. The finance minister, who presented his first budget yesterday, noted that inflation has remained above 9 percent for the past three years. External factors, including conflicts in the Middle East, have pushed up global commodity prices, while capital shortages in banks caused by loan defaults, fraud and money laundering have increased the cost of funds. He said that imported goods had become more expensive due to global developments and that Bangladesh had limited control over such external inflationary pressures. However, the government could reduce domestic inflation by lowering business costs through deregulation, administrative reforms and improved efficiency, he said. According to Amir Khosru, businesses in Bangladesh face excessive costs due to lengthy approval processes, bureaucratic delays, high borrowing costs, inefficiencies at ports and weaknesses in taxation and regulatory systems. “Inflation cannot be controlled by deploying police, regulatory agencies or government officials in markets. It has to be managed through sound policies and efficient administration,” he said. The newly elected BNP government's first budget set an inflation target of 7.5% for the next fiscal, against a GDP growth expectation of 6.5%. Khosru said the government would focus on improving ease of doing business, reducing unnecessary regulations and ensuring greater transparency across public institutions. He added that reforms in ports, logistics and procurement systems would also help lower costs. The finance minister stressed the need for long-term procurement planning, saying Bangladesh should maintain strategic reserves of fuel, food and fertiliser to reduce vulnerability to global market shocks. Referring to energy imports, he criticised past reliance on spot purchases and said the government intended to pursue longer-term procurement arrangements to secure better prices and ensure energy security. On the government’s decision to increase salaries for public servants, Khosru said the move was necessary to address rising living costs after years without significant adjustments. “When people face financial hardship, the tendency towards corruption increases. Improved salaries should help reduce that pressure while ensuring a better standard of living for government employees,” he said. The finance minister also highlighted employment generation as a central objective of the budget, saying investments in education, skills development and private-sector growth would help create jobs both at home and abroad. He said the government had placed particular emphasis on vocational education, reskilling and upskilling programmes to improve employability, especially among young people and educated jobseekers. “Investment means employment. Our focus is on creating demand for jobs through increased investment and improved skills,” he said. Khosru said the budget represented a shift from traditional approaches and reflected changing global economic realities. He reiterated the government’s commitment to reducing dependence on domestic bank borrowing, which he said often crowded out private-sector lending. He noted that planned borrowing from local banks had already been reduced compared with the previous fiscal year and that the government would continue this trend in the coming years. The minister also defended the budget’s emphasis on social protection programmes, saying the largest investments were being made in initiatives designed to support low-income and vulnerable groups. Programmes such as the Family Card, support for farmers, universal healthcare and preventive healthcare services were aimed at improving living standards while preparing beneficiaries for better employment opportunities, he said. Khosru placed special emphasis on the government’s proposed “creative economy” initiative, which seeks to integrate artisans, cultural workers, performers and rural entrepreneurs into the mainstream economy. He said the programme would provide financing, training, design support and market access to traditional craftsmen, weavers, potters, musicians and other creative workers whose contributions had long remained outside formal economic planning. The minister said the government had allocated Tk 800 crore to launch creative economy initiatives, including creative centres, cultural districts, tourism-linked projects and heritage restoration programmes. “Our objective is to monetise culture and creativity so that artists, craftsmen and performers can improve their livelihoods while contributing to economic growth,” he said. Khosru also said the government was reviewing outdated mouza land valuation rates, which are often significantly below market prices, to curb opportunities for whitening undisclosed income through property transactions. A committee has been formed to revise mouza rates and bring them closer to actual market values, although he acknowledged that the exercise would require a nationwide survey and could not be completed before the budget. Responding to concerns about implementation, the finance minister said the government would establish a high-powered task force and an online complaint platform to monitor reform measures and ensure accountability. “No one will be exempt from scrutiny if delays or violations occur. We are committed to implementation,” he said. Earlier, in his opening remarks, Khosru described the budget as an “inclusive” one prepared under exceptional circumstances within less than two months of the new government’s formation. He said the budget sought to move away from what he described as a patronage-based economic model and instead promote “economic democratisation” by extending opportunities to all sections of society. The minister said the government inherited an economy weakened by institutional erosion, financial mismanagement and global economic uncertainty, making budget preparation particularly challenging. He added that future public spending and development projects would be evaluated on four key criteria: value for money, return on investment, job creation and environmental sustainability. “The budget is for all Bangladeshis. No group, profession or community has been left outside its scope,” he said.

Bangladesh Bank Governor Md. Mostaqur Rahman on Friday issued a stern warning against financial fraudsters, declaring that those involved in money laundering will not be allowed to live in peace in Bangladesh. "We will not let those who have stolen the country’s money and smuggled it abroad stay in peace. The ongoing drive against money launderers will continue," the central bank governor said. He made the remarks while addressing journalists on contemporary economic issues, including money laundering and financial sector stability, in the post budget press conference. New Bangladesh Bank Governor outlines vision for investment-led growth The Finance Minister Amir Khosru Mahmud Chowdhury, Power and Energy Minister Iqbal Hasan Mahmud Tuku, NBR Chairman Abdur Rahman, Governor Md Mostaqur Rahman, many other ministers and secretaries of different ministries were present. Stating that those who have accumulated wealth through illicit financial flows will face rigorous accountability, the Governor added that the central bank, in coordination with relevant state agencies, is actively working to identify and track down stolen assets. Governor Rahman also assured that specific actions, including legal measures and international cooperation, are being leveraged to bring back the laundered money and penalize the perpetrators. The central bank chief emphasized that ensuring discipline and transparency in the banking sector remains a top priority for the regulatory body, and no concessions will be made for those involved in rampant corruption and financial irregularities. About the liquidity crisis of different banks including Islami Bank, the governor said that the central bank is taking steps to resolve the problem as soon as possible.

Asian stock markets posted strong gains on Friday while oil prices fell after US President Donald Trump said progress had been made in efforts to end the Iran war, boosting investor confidence across global markets. US stock futures also moved slightly higher following sharp gains on Wall Street. South Korea's Kospi index surged 7.8 percent to 8,370.82, recovering much of the losses linked to recent sell-offs in artificial intelligence-related stocks. The benchmark index has nearly doubled over the past six months, though it remains below its record closing high reached on June 2. Shares of Samsung Electronics jumped 11.2 percent, while chipmaker SK Hynix gained 7.2 percent. Japan's Nikkei 225 advanced 3.5 percent to 66,442.95, led by technology stocks. SoftBank Group rose 2 percent and semiconductor equipment manufacturer Tokyo Electron soared 10.3 percent. Hong Kong's Hang Seng index climbed 1.8 percent to 24,689.32, while China's Shanghai Composite gained 1.6 percent to 4,050.51. Australia's S&P/ASX 200 rose 1.9 percent to 8,798.10. Taiwan's Taiex added 2.6 percent and India's Sensex increased 1.2 percent. Investor sentiment improved after Trump said on Thursday that he had cancelled planned military strikes against Iran and claimed the United States had reached a significant understanding to end the conflict. He also suggested that an extension of the fragile ceasefire between the two sides could be agreed within days, although he provided few details. Markets had come under pressure earlier this week as tensions between Washington and Tehran intensified. Rising oil prices have fueled inflation concerns worldwide, particularly as the Strait of Hormuz, a crucial route for global oil and gas shipments, remained largely closed. Analysts at ING said there appeared to be more encouraging signs surrounding a possible agreement this time, although they cautioned that any ceasefire extension remained uncertain and could still prove fragile. Oil prices retreated as hopes for a diplomatic breakthrough increased. Brent crude, the international benchmark, fell 1.7 percent to $88.87 per barrel, while US benchmark crude dropped 1.6 percent to $86.33 per barrel. Both remained significantly above pre-war levels of around $70 a barrel. On Thursday, Wall Street recorded broad-based gains. The S&P 500 rose 1.8 percent to 7,394.30, the Dow Jones Industrial Average climbed 1.9 percent to 50,848.75, and the Nasdaq Composite gained 2.5 percent to 25,809.66. Technology and AI-related stocks have experienced heightened volatility in recent days amid concerns that rapid share price increases and heavy investment spending could signal a market bubble. Marvell Technology jumped 11.1 percent, while Oracle fell 8.5 percent despite reporting stronger-than-expected quarterly earnings, as investors worried about its growing spending commitments. Investors were also watching the highly anticipated Wall Street debut of SpaceX, Elon Musk's rocket company, which is expected to become the largest initial public offering on record with plans to raise about $75 billion. In currency trading, the US dollar strengthened to 160.22 Japanese yen from 159.93 yen, while the euro slipped slightly to $1.1574 from $1.1578.